Swedish Orphan Biovitrum (Buy, TP: SEK259.00) - Confidence dented by CIT miss
We have cut our target price to SEK259 (264) following the miss with Doptelet in CIT. This miss has dented the market’s confidence in Sobi’s diversification strategy more than it has reduced our forecasts. There is no point sugar-coating it: following a string of bad news, Sobi needed a win with CIT. That said, we still like the story and see c77% of growth in 2019–2022e from recently acquired products. We thus reiterate our BUY.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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