Swedish Orphan Biovitrum (Buy, TP: SEK264.00) - Covid-19 rears its ugly head
Following a strong performance in Q1 thanks to Covid-19, the tables were finally turned on Sobi. Q2 was weaker than expected, with Elocta and Gamifant sales disappointing the market. However, we note continued underlying patient growth for both products. We consider the readouts from CIT in Q4e and SEL-212 in Q3e likely triggers in H2. We reiterate our BUY but have trimmed our target price to SEK264 (267).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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