Geoffrey McDonough, CEO: "The first quarter marks a solid beginning for 2012 with consistent growth across our product business lines. We finalized two significant transactions with Pfizer and made an important revision of the agreement regarding the acquisition of Arexis and have no remaining obligations towards the sellers for any development program including Kiobrina®. We are focusing on creating a strong base for growing our commercial portfolio and to improve operational efficiency. The first phase in the establishment of the new subsidiary in the US was finalized during the quarter. In addition we are very pleased to have received approval for our Pediatric Investigation Plans for both Kineret® in new indications and for Orfadin® in a liquid formulation. At approval the new Orfadin formulation would also extend the orphan designation in Europe through 2017."
- Total revenues declined by 6% to SEK 506.7 M (537.4), and by 3% adjusted for currency and discontinued products.
- Product revenues [1] (#_ftn1))rose by 10% to SEK 365.6 M (332.1), and by 16% adjusted for currency effects and discontinued products, mainly driven by Core Products.
- Gross margin declined to 51% (53%), mainly due to costs for the transfer of Kineret production and the divestment of the co-promotion rights for ReFacto AF®/BeneFIX® as of 15 February 2012.
- Proceeds of SEK 307.5 M from the divestment of the co-promotion rights included in operating profit.
- Operating profit also includes non-recurring items of SEK -34 M related to the amended purchase agreement with the sellers of Arexis on 30 March 2012.
- The previously published outlook for 2012 remains unchanged.
Telephone Conference
The interim report for the first quarter 2012 will be presented by CEO Geoffrey McDonough, COO Alan Raffensperger and CFO Lars Sandström at a media and analyst telephone conference.
Time: Thursday, 26 April 2012 at 2 p.m. (CET)
To participate in the telephone conference, please call:
SE: +46 (0)8 505 597 72
UK: +44 (0)207 750 99 50
US: + 1 866 676 58 70
A recorded version will be available afterwards at www.sobi.com under Investors & Media/Audio cast. Slides used in the presentation will also be available on the web site under Investors & Media/Presentations.
For more information, please contact:
Lars Sandström, CFO, Telephone: +46 8 697 26 33
The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was released for public distribution on 26 April 2012 at 8.30 CET.
[1] (#_ftnref1)) Product revenues include Core Products and Partner Products.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Swedish Orphan Biovitrum AB (publ) via Thomson Reuters ONE
