Q2 2024 Swedish Orphan Biovitrum AB (publ) Earnings Call Transcript
Key Points
- Swedish Orphan Biovitrum AB (BIOVF) reported a significant top-line growth of 11% in Q2, with an adjusted EBITA margin of 28%.
- Hematology growth was driven by continued sales of Doptelet, Aspaveli, and the addition of Vonjo, with Elocta and Alprolix also contributing through geographic expansion.
- The company received European approval for Altuvoct in hemophilia A and filed SEL-212 to the FDA under fast track designation for chronic refractory gout.
- Strong performance in the immunology segment, particularly with Gamifant sales reaching SEK522 million.
- The company upgraded its revenue guidance for 2024 to low double-digit growth, previously high single digit, with an adjusted EBITDA margin in the mid-30s.
- Vonjo's market penetration has been slower than expected, currently holding only an 8% market share in the myelofibrosis market.
- The company faced challenges with the integration of CTI, including the loss of key sales management leaders.
- There were significant sales of Doptelet to China last year, which if excluded, would have shown a higher revenue growth of 26%.
- Operating expenses grew by 22% at constant currencies compared to the same period in 2023, driven by increased R&D expenses.
- The overall myelofibrosis market has been flat in the first half of 2024, impacting the growth potential for Vonjo.
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Hello, everyone. This is Guido Oelkers, CEO of Sobi. We are delighted to welcome you to the second-quarter 2024 conference call for investors and analysts. We posted this presentation to sobi.com earlier today.
We would like to remind you, please go to slide number 2 of the usual provisions on statements about expectations and projections of future events. And unless stated otherwise, we will be making comments that mostly relate to the second quarter at constant exchange rate in million Swedish krona.
Please turn to slide number 3. Today, we plan to cover the key aspects of our Q2 report. I'm joined by Henrik Stenqvist, our CFO; Lydia Abad-Franch, our Head of R&D and Chief Medical Officer. During the Q&A session, we will be joined by Armin Reininger, our Senior Scientific Adviser as well. We plan to review the presentation first and then have a Q&A under around 3:00 PM Swedish Time. (Operator Instructions)
With this said, let's go right
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