Swedish Orphan Biovitrum (Buy, TP: SEK315.00) - Healthy revenue growth in Q2e
We expect continued healthy revenue growth in Q2 (due on 17 July at 08:00 CET). However, as in Q1, investments in its commercial platform are likely to have a dilutive effect on the EBITA margin. This will probably continue throughout 2019 as additional R&D restructuring costs will be taken this year. We are c1.5% above Q2 consensus on EPS and 2.5% above on revenues. A potential positive surprise could come from stronger than expected growth in Gamifant sales. We reiterate our BUY and SEK315 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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