Swedish Orphan Biovitrum (Buy, TP: SEK191.00) - Continued headwinds in Q1e
Q1 looks set to be another tough quarter. We expect sales of cSEK3.4bn (-15% YOY) as the pandemic’s effects continue to hit. Focus is likely going to be on weak Elocta and Synagis performance – we forecast sales down 19% and 25% YOY, respectively. We expect a gradual revaluation as news flow mainly connected to Sobi’s latest acquisition (the ex-US rights of pegcetacoplan) slowly begin to turn around negative investor sentiment. We reiterate our BUY and SEK191 target price, based on a 2022e EV/EBITDA of c11x.Swedish Orphan Biovitrum AB is a healthcare company focused on rare diseases. Co. develops, manufactures and commercializes treatments with a particular focus on four therapeutic areas: Inflammation, Genetics & Metabolism, Haemophilia and Neonatology. Co. also markets a portfolio of rare disease products for partner companies. Co.'s pipeline programmes include research and development focused on recombinant protein drugs in late preclinical and clinical phase for indications.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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