Swedish Orphan Biovitrum (Buy, TP: SEK275.00) - Signs of weakening Gamifant sales
We expect continued strong YOY growth despite Q3 being a seasonally weak quarter for Swedish Orphan Biovitrum (Sobi). Lower prescription levels for Gamifant in the US are indicative of weaker sales than we initially expected. We are in line with consensus on the top line and 8% above on EPS and have only made minor adjustments to our 2019 estimates. We reiterate our BUY and SEK275 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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