Swedish Orphan Biovitrum (Buy, TP: SEK330.00) - Look beyond the guidance
The Q4 results were strong overall, with total revenues of SEK9.1bn and EBITA of SEK3.6bn, meaning Sobi beat the top end of its revised guidance from Q3 2018 for both items. For 2019, we maintain our top-line estimate of cSEK13.4bn, but have cut our EBITA by c4% given the announcement of investments in R&D and SG&A in 2019. We reiterate our BUY and SEK330 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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