Swedish Orphan Biovitrum (Buy, TP: SEK275.00) - Strong start to 2020
Pre-announced preliminary Q1 revenues and EBITA revealed significant beats versus expectations, fuelled by increased demand in the wake of the Covid-19 outbreak, but the full-year guidance was reiterated. While the significant beat in Q1 was likely largely driven by temporary factors, the growth trajectory in haemophilia patient numbers looks intact, implying continued momentum for the company’s haemophilia products. 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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