Swedish Orphan Biovitrum (Buy, TP: SEK360.00) - We expect continued strong growth
Q3 is likely to continue the trend of strong YOY growth (Q3 results due on 31 October at 08:00 CET). However, we expect a temporary dip in QOQ growth for the haemophilia franchise due to seasonality. We deviate only slightly from consensus on Q3e and FY 2018e, but we are more optimistic on 2019e, where we are significantly above consensusSwedish 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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