SOBI 1st-qtr 2015 results way ahead of analysts’ forecasts

Nordic biotech firm Swedish Orphan Biovitrum (STO: SOBI) announced this morning that revenues for the first quarter of 2015 have leapt 39% (on a constant exchange basis) to 865 million Swedish kronor ($103.3 million), well ahead of the 695 million kronor expectations of analysts polled by Reuters.

Product revenue was 633 million kronor, up 40% (at CER). Earnings before interest, taxes and amortization (EBITA) came in at 172 million kronor, compared to a loss of 288 million kronor for the like quarter of 2014, more than double the 695 million kronor expected by analysts. Gross margin was 60% compared with 56% a year earlier.

Just last week SOBI confirmed that it had received a takeover approach, but did not identify the likely suitor (thought to be either Pfizer or Biogen (The Pharma Letter April 27). However, the company made no further comment as part of its results announcement. SOBI’s shares were up 2.2% at 135.80 kronor by 07.18 GMT, giving the business a market capitalization of 36.7 billion kronor. The excellent first-quarter performance potentially raises the price its suitor would have to pay, suggested Reuters.