Report
Patrik Ling
EUR 91.72 For Business Accounts Only

Swedish Orphan Biovitrum (Buy, TP: SEK275.00) - Gearing up for future growth

Sobi delivered a strong Q4, in line with expectations, with 2019 revenues of SEK14.3bn and adj. EBITA of SEK6.2bn. For 2020, we have tweaked our top-line estimate to SEK15.5bn, but have cut our EBITA forecast by c6%, given the increased investments in commercial and R&D in 2020e needed for future growth. We reiterate our BUY and SEK275 target price.
Underlying
Swedish Orphan Biovitrum AB

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Patrik Ling

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