Swedish Orphan Biovitrum (Hold, TP: SEK200.00) - Strong Q4 aided by Covid
Q4 earnings came in above our forecast, while 2022 guidance was in line with consensus, for organic growth in the high-single to low double-digits (CER) and an EBITA margin in the low-30s. Elocta sales stabilised in the quarter, with a small rise in the number of patients. We reiterate our HOLD, but have raised our target price to SEK200 (193) in light of our forecast changes.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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