Swedish Orphan Biovitrum (Buy, TP: SEK365.00) - Haemophilia the highli...

Q1 sales beat our forecast by 5% and adj. EBITA outperformed by 8%. Overall, we believe the highlight in the report was the stronger haemophilia result than expected, with solid growth in Altuvoct and a smaller decline for Elocta than forecast. The weak spot was Vonjo sales, which missed our estimate by 28% and consensus by 29%, with management citing stocking issues. We reiterate our BUY and SEK365 target price.

Efficient execution

Q1'25: delivering on EBITA

Heads-up for report 29 April

New CEO, new execution

Q1: New CEO with track record

Pipeline the main trigger in 2025

Meagre Q1 ahead, but long-term case intact

Swedish Orphan Biovitrum (Buy, TP: SEK365.00) - Slightly below consens...

We forecast a decent quarter, despite some difficult revenue comparables, with no manufacturing revenues, lower Elocta sales and lower Beyfortus royalties YOY, unlikely to be fully compensated by new product growth, such as for Altuvoct. Meanwhile, the company continues to invest in its recently launched products (and coming launches), which should be well known by the market. We reiterate our BUY and SEK365 target price.

Pioneering into sepsis

Intervacc AB: 2 directors

Two Directors at Intervacc AB bought 2,410,000 shares at between 0.970SEK and 1.016SEK. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...

Oncopeptides (Buy, TP: SEK2.00) - Softer-than-expected earnings

Although Q4 earnings were weaker than we expected, operating expenses were higher (partly due to borderline one-off costs; R&D-related for an EMA facility inspection). We have lowered our sales forecasts for Pepaxti in Europe. However, we believe 2025 will be important for the company, as sales should start to ramp up in Italy and Spain. We reiterate our BUY, but have reduced our target price to SEK2.0 (2.5).

Q4 report: weak upward trend

Patience is a virtue

Q4: Year-end sales bump

Swedish Orphan Biovitrum (Buy, TP: SEK365.00) - Investing for growth

SOBI reported in line with its pre-announced earnings. We expected a higher margin than consensus. Guidance for 2025 was for high-single-digit growth and an adj. EBITA margin in the mid-30s. We believe our margin assumptions have been too high, and have thus made adjustments. However, as SOBI has several new launches and multiple clinical trials, we believe the investments in sales and marketing are sound. We reiterate our BUY, despite lowering our estimates, and have raised our target price to ...

Investing in product launches

Heads-up for report Wed, 5 February

FY'24 topline upgrade, margin unchanged

A closer look at GBS and NiceR