Swedish Orphan Biovitrum (Hold, TP: SEK355.00) - Strong quarter, raise...

SOBI reported a very strong Q3, with beats of 15% on the top line and c42% on adj. EBITA. The company increased its guidance for the 2024 top line but reiterated it for margins. The latter indicates higher operating costs in Q4, and this dampened the share price yesterday. We reiterate our HOLD but have raised our target price to SEK355 (335) on updated forecasts.

Igniting the Beyfortus booster

Q3: Beyfortus beats at the start of RSV season

Heads-up for Q3 report, Thursday 24 October

Full steam ahead with Beyfortus and Efan alfa

Q3 sales: ABGSCe above cons. on higher Beyfortus, Altuviiio royalties. Higher opex on sales activity could weigh on adj. EBITA. We still BUY the dip on rock-solid mid-term outlook.

Swedish Orphan Biovitrum (Hold, TP: SEK335.00) - Royalties and Vonjo i...

We believe the stock market will focus on two items in the Q3 report: Beyfortus royalties and Vonjo sales. Sales of Vonjo have disappointed thus far, but growth looks set to improve. Sanofi had Beyfortus manufacturing issues last RSV season, but these seem to have been addressed, which should lead to clearly higher royalties. However, a strong share-price performance has led us to downgrade to HOLD (BUY). We reiterate our SEK335 target price.

Swedish Orphan Biovitrum AB: 4 directors

Two Directors at Swedish Orphan Biovitrum AB sold after exercising options 154,526 shares at between 313.384SEK and 318.870SEK. The significance rating of the trade was 71/100. 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 ...

VALIANT validates Aspaveli

Swedish Orphan Biovitrum (Buy, TP: SEK335.00) - Solid Q2, but Vonjo on...

SOBI reported Q2 earnings that were generally stronger than expected, with sales beating consensus by c6% (results were 5% above our forecast) and adj. EBITA by c4% (3% above our estimate). However, the market became concerned by weaker-than-expected Vonjo sales (missed consensus for Q2 by c11%). On the other hand, sales for Gamifant and Doptelet and Kineret outperformed consensus. The company raised its sales guidance to low double-digit growth from the high single-digits. We reiterate our BUY ...

Q2: more light to come in H2

Solid Q2: sales +11% and adj. EBITA +22% y-o-y CER growth. Next share triggers in H2 (autumn). Reiterate BUY and TP of SEK 310.

Q2'24: solid but not extraordinary

Q2 preview - a cool spring (republished)

ABGSCe sales slightly below consensus ahead of Q2. We expect a seasonal dip in the adj. EBITA margin. EU Efan alfa launch the next major trigger.

Swedish Orphan Biovitrum (Buy, TP: SEK335.00) - In line with Q2e conse...

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 (Buy, TP: SEK335.00) - Strong start to 2024

The Q1 earnings were above our forecast, even though some of the positive effects were one-offs (manufacturing revenues, among others). We believe Vonjo sales have bottomed out and we should be back at QOQ growth from Q2. The haemophilia franchise enjoyed stronger than expected growth, but some of this was due to phasing between quarters (hence this might hurt Q2 sales slightly). We reiterate our BUY and have increased our target price to SEK335 (320).

Q1 shows core SOBI sales model works

Strong Q1 numbers, 20% CER growth and 5-15% adj EBITA beat. Vonjo questions remain, but Q1 shows that SOBI sales model works. EPS +1-2% and unchanged BUY, as core case is reaffirmed.

Q1'24: strong sales and decent margin

Swedish Orphan Biovitrum (Buy, TP: SEK320.00) - Vonjo sales likely to ...

We forecast still-soft Vonjo sales in Q1, as we believe new patients will not fully compensate for those coming off treatment until Q2, when we expect growth to return. We are slightly below consensus for Q1e and 2024e (Q1 results due at 08:00 CET on 25 April). We reiterate our BUY and SEK320 target price.