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1. Company Snapshot

1.a. Company Description

Swedish Orphan Biovitrum AB (publ), an integrated biotechnology company, researches, develops, manufactures, and sells pharmaceuticals in the therapeutic areas of haematology, immunology, and genetic and metabolic diseases in Europe, North America, and internationally.It offers Alprolix for haemophilia B; Doptelet treatment of thrombocytopenia; Elocta for haemophilia A; Gamifant for hemophagocytic lymphohistiocytosis(HLH); Kineret for cryopyrin associated periodic syndrome, rheumatoid arthritis, and still's disease; Orfadin to treat hereditary tyrosinaemia type-1; and Synagis for serious lower respiratory tract infection.The company It also provides other products, such as Akynzeo, Aloxi, Ammonul, Betapred, Caphosol, Fibclot, IVheBex, and Willfact.


In addition, it develops drug substance for ReFacto AF/Xyntha for Pfizer; BIVV001 for haemophilia A; and Nirsevimab for respiratory syncytial virus.The company has a strategic collaboration with Apellis Pharmaceuticals Inc.to develop pegcetacoplan for the treatment of multiple rare diseases, including paroxysmal nocturnal hemoglobinuria.


Swedish Orphan Biovitrum AB (publ) is headquartered in Solna, Sweden.

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1.b. Last Insights on SOBI

Recent positive drivers behind Swedish Orphan Biovitrum AB (publ) include: * Strong revenue growth, with a 14% increase in Q3 2024 revenue, driven by the company's immunology portfolio and strategic progress (Source: Swedish Orphan Biovitrum AB (publ) Q3 2024 report). * Significant pipeline momentum, with four abstracts highlighting data from its immunology portfolio to be presented at the ACR Convergence 2024 (Source: Sobi to present new data across its immunology portfolio at the ACR Convergence 2024). * FDA acceptance of Sobi North America's sNDA for thrombocytopenia therapy, supported by data from the AVA-PED-301 trial (Source: FDA accepts Sobi North America’s thrombocytopenia therapy sNDA). * Proposed appointment of David Meek as new Chair of the Board of Directors, bringing extensive experience from senior positions in the international pharmaceutical industry (Source: David Meek is proposed as new Chair of the Board of Directors of Sobi). * New data for emapalumab in the treatment of macrophage activation syndrome to be presented at the ACR conference, showing the effect of emapalumab in patients with MAS (Source: New data for emapalumab in the treatment of macrophage activation syndrome to be presented at the ACR conference).

1.c. Company Highlights

2. Sobi's Q2 2025 Earnings Report: Strong Growth Momentum Continues

Sobi's Q2 2025 earnings report showcased a strong financial performance, with revenues reaching SEK 6.2 billion, representing a 22% growth at constant currency. The adjusted EBITA margin was 34%, a notable achievement. The company's EPS came in at 1.84, slightly below estimates of 1.87. The strategic growth portfolio, which accounted for 55% of total revenues, grew 65% driven by strong performances from Altuvoct, Doptelet, Aspaveli, and Gamifant.

Publication Date: Jul -17

📋 Highlights
  • Strong Revenue Growth: Revenues reached SEK 6.2 billion, a 22% growth at constant currency, with an adjusted EBITA margin of 34%.
  • Strategic Growth Portfolio: The strategic growth portfolio accounted for 55% of total revenues and grew 65%, driven by Altuvoct, Doptelet, Aspaveli, and Gamifant.
  • Altuvoct and Aspaveli Performance: Altuvoct achieved sales of SEK 627 million in Q2, while Aspaveli saw continued growth in patient adoption despite competitive pressure.
  • Gamifant Growth and FDA Approval: Gamifant delivered an exceptional performance with 33% growth and received FDA approval for macrophage activation syndrome in Still's disease.
  • Financial Outlook and Investments: The company's financial outlook for 2025 remains unchanged, with revenue growth expected in the high single-digit percentage range and increased investments in pre-launch assets.

Segment Performance

Altuvoct achieved sales of SEK 627 million in Q2, reflecting strong growth momentum, with launches progressing well across Europe and the Middle East. Aspaveli saw continued growth in patient adoption, despite competitive pressure in the PNH space. A new royalty agreement with Apellis was signed, reducing ex-US royalty obligations by 90% until defined caps are reached, with an upfront payment of $275 million. Gamifant delivered an exceptional performance with 33% growth driven by robust demand, and the FDA approved Gamifant for macrophage activation syndrome in Still's disease, addressing a critical unmet medical need.

Financial Outlook and Guidance

The company's financial outlook for 2025 remains unchanged, with revenue growth expected in the high single-digit percentage range at constant exchange rates and an adjusted EBITA margin in the mid-30s percentage range. Investments in prelaunch assets, specifically NASP and Aspaveli in nephrology, will increase in the second half of the year. The company provided updates on its clinical trials, including the LOTIS-5 study of Zynlonta and the PAXIS study for the potential treatment of VEXAS.

Valuation and Estimates

Based on the current valuation metrics, Sobi trades at a P/E ratio of 23.78, a P/B ratio of 2.41, and an EV/EBITDA multiple of 11.43. The stock has a free cash flow yield of 5.64% and an ROIC of 8.02%. Analysts estimate next year's revenue growth at 12.5%, which could potentially drive the stock's performance. With a strong underlying performance driven by new products, Sobi's growth prospects seem intact, but the competitive landscape and generic entry for some products may pose challenges.

Management's Commentary and Strategy

Sobi's CEO, Guido Oelkers, expressed satisfaction with the company's development in H1, citing a strong momentum in pipeline development and launch success with Altuvoct in Europe. The company continues to focus on innovation, expanding its portfolio, and delivering transformative treatments and therapies to patients worldwide. Sobi's CFO, Henrik Stenqvist, provided an update on R&D expenditures, highlighting the company's commitment to upcoming launches and development projects.

3. NewsRoom

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Swedish Orphan Biovitrum (OM:SOBI): Evaluating Valuation After Recent 19% Share Price Climb

Nov -09

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Clinically meaningful pivotal study results for olezarsen in sHTG presented as a late breaker at AHA Scientific Sessions

Nov -08

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Sobi to present New One-Year Data on pegcetacoplan's efficacy in C3G and primary IC-MPGN and new outcome data on NASP at ASN Kidney Week

Nov -05

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Data presented at ACR Convergence 2025 highlight Sobi’s commitment to advancing care across rare and underserved inflammatory conditions

Oct -25

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Sobi showcases new data across rare inflammatory conditions at ACR 2025

Oct -24

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Change in the Sobi Board of Directors

Oct -21

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3 European Stocks Estimated To Be Undervalued By Up To 42.3%

Oct -21

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Sobi Q3 2025 report: Accelerated growth and portfolio momentum

Oct -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.45%)

6. Segments

Haematology

Expected Growth: 8%

Strong demand for rare disease treatments, increasing diagnosis rates, and growing awareness of bleeding disorders drive Haematology segment growth. Sobi's strong pipeline, strategic partnerships, and expanding geographic presence also contribute to the 8% growth rate.

Immunology

Expected Growth: 9%

Strong demand for rare disease treatments, increasing prevalence of immunological disorders, and strategic partnerships drive growth for Immunology segment of Swedish Orphan Biovitrum AB (publ), with a 9% growth rate. Novel therapies and pipeline advancements also contribute to this growth, as the company expands its presence in the global immunology market.

Specialty Care

Expected Growth: 10%

Swedish Orphan Biovitrum AB's Specialty Care segment growth is driven by increasing demand for rare disease treatments, expansion into new markets, and strategic partnerships. The company's strong pipeline, including promising therapies for hemophilia and immunology, contributes to its 10% growth. Additionally, investments in digital health and personalized medicine enhance patient outcomes, further fueling growth.

7. Detailed Products

Kineret

Kineret is a recombinant human interleukin-1 receptor antagonist used to treat rheumatoid arthritis, cryopyrin-associated periodic syndromes and other inflammatory diseases.

Orfadin

Orfadin is a medication used to treat hereditary tyrosinemia type 1, a rare genetic disorder that affects the breakdown of the amino acid tyrosine.

Kepivance

Kepivance is a recombinant human keratinocyte growth factor used to reduce the severity of oral mucositis in patients with hematologic cancers undergoing high-dose chemotherapy and radiation therapy.

Synagis

Synagis is a medication used to prevent serious lower respiratory tract disease caused by respiratory syncytial virus (RSV) in high-risk infants and young children.

8. Swedish Orphan Biovitrum AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Swedish Orphan Biovitrum AB (publ) is moderate due to the presence of alternative treatments and therapies for rare diseases.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Swedish Orphan Biovitrum AB (publ)'s products and the lack of alternative treatment options.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the dependence on a few key suppliers for raw materials and the potential for supply chain disruptions.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the biotechnology industry, including the need for significant research and development investments.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the biotechnology industry and the presence of established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.50%
Debt Cost 5.20%
Equity Weight 62.50%
Equity Cost 5.20%
WACC 5.20%
Leverage 59.99%

11. Quality Control: Swedish Orphan Biovitrum AB (publ) passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Ipsen

A-Score: 5.5/10

Value: 5.0

Growth: 6.0

Quality: 7.7

Yield: 1.2

Momentum: 6.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Hikma Pharmaceuticals

A-Score: 5.3/10

Value: 4.9

Growth: 4.4

Quality: 6.1

Yield: 5.0

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Almirall

A-Score: 5.0/10

Value: 4.3

Growth: 2.2

Quality: 4.3

Yield: 2.5

Momentum: 9.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Sobi

A-Score: 4.8/10

Value: 3.1

Growth: 7.3

Quality: 7.4

Yield: 0.0

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Siegfried Holding

A-Score: 4.4/10

Value: 4.4

Growth: 7.4

Quality: 5.5

Yield: 0.6

Momentum: 1.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Alvotech

A-Score: 2.9/10

Value: 5.1

Growth: 5.8

Quality: 5.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

342.6$

Current Price

342.6$

Potential

-0.00%

Expected Cash-Flows