Swedish Orphan Biovitrum (Buy, TP: SEK320.00) - Set for strong Q4
We expect solid Q4 earnings (results due at 08:00 CET on 8 February), driven by Beyfortus royalties, Vonjo, and Gamifant sales. We forecast a Q4 gross margin of 80.2% and improved sales growth from the integration of the Vonjo and Doptelet sales force while costs should be kept at bay. We reiterate our BUY and have increased our target price to SEK320 (300) on estimate revisions.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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