Swedish Orphan Biovitrum (Buy, TP: SEK265.00) - Set for another strong quarter
We expect a continuation of the favourable trends in Q3 (despite seasonally lower activity). The major difference versus Q3 2021 is that we believe sales of Synagis will be down c50% YOY due to a slower RSV season. On the other hand, we forecast continued growth in newly launched products, translating into higher sales YOY, but a lower adj. EBITA margin (due to changes in the sales mix). The Q3 results are due at 08:00CET on 27 October. We reiterate our BUY and SEK265 target price.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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