Swedish Orphan Biovitrum (Buy, TP: SEK335.00) - In line with Q2e consensus
We are just c2% above consensus on Q2e sales and fully in line on adj. EBITA (results are due at 08:00 CET on 16 July). We expect the market to focus on Vonjo, due to the disappointing Q4–Q1 sales (we forecast a c20% increase QOQ), and look for comments on the launch plans for Altuvoct (recently approved in the EU). We reiterate our BUY and SEK335 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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