Swedish Orphan Biovitrum (Buy, TP: SEK285.00) - Continued healthy growth
SOBI’s Q4 earnings were stronger than we expected. Sales beat our estimate by c5%, and the adj. EBITA beat our forecast by 7%. The gross margin miss was offset by lower SG&A as a proportion of sales; thus, the adj. EBITA margin was c50bp above our forecast. 2023 guidance was in line with our expectation (low- to mid-single digit organic growth and an adj. EBITA margin in the low 30%s). We reiterate our BUY and have raised our target price to SEK285 (265).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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