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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

Swedish Orphan Biovitrum AB's recent performance was driven by significant growth and strategic progress. The company's Q4 and FY 2025 report revealed strong results, exceeding previous outlook for revenue and adjusted EBITA margin. A strategic acquisition of Arthrosi Therapeutics, strengthening pipeline for gout treatment, contributed to growth. Additionally, Sobi's participation in key scientific events, such as EAHAD 2026 and ASH 2025, showcased its commitment to haematology and scientific advances. The European Commission's approval of Aspaveli for C3G and Primary IC-MPGN treatment also boosted prospects.

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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Sobi Capital Markets Day 2026: Bringing brilliant ideas to life and building the next chapter with ambition to deliver SEK 55bn by 2030

Feb -18

Source: prnewswire.com

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Sobi Q4 and FY 2025 report: Closing the year with significant growth and strategic progress

Feb -05

Source: prnewswire.com

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Sobi to Showcase Scientific advances and Commitment to the Haemophilia community at EAHAD 2026

Feb -03

Source: prnewswire.com

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Sobi Receives European Commission Approval for Aspaveli® (pegcetacoplan) for the Treatment of C3G and Primary IC-MPGN

Jan -16

Source: prnewswire.com

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Sobi's 2025 annual revenue and adjusted EBITA margin exceed previous outlook

Jan -15

Source: prnewswire.com

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Invitation: Sobi's Q4 and FY 2025 report

Jan -14

Source: prnewswire.com

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Sobi to advance Gamifant® (emapalumab) in interferon-gamma-driven sepsis (IDS) based on EMBRACE topline data

Jan -07

Source: prnewswire.com

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Save the Date: Sobi to host a Capital Markets Day on 18 February 2026

Dec -18

Source: prnewswire.com

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: 6.0/10

Value: 4.8

Growth: 6.0

Quality: 7.9

Yield: 1.2

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Almirall

A-Score: 5.1/10

Value: 4.3

Growth: 2.2

Quality: 5.0

Yield: 1.9

Momentum: 9.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Hikma Pharmaceuticals

A-Score: 5.0/10

Value: 5.5

Growth: 4.4

Quality: 6.3

Yield: 5.6

Momentum: 2.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Sobi

A-Score: 4.8/10

Value: 2.8

Growth: 7.3

Quality: 5.5

Yield: 0.0

Momentum: 7.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Siegfried Holding

A-Score: 4.3/10

Value: 4.6

Growth: 7.4

Quality: 5.5

Yield: 0.6

Momentum: 0.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Alvotech

A-Score: 2.9/10

Value: 6.0

Growth: 5.6

Quality: 5.7

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

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

406.2$

Current Price

406.2$

Potential

-0.00%

Expected Cash-Flows