Q4 and FY Results 2013 Geoffrey McDonough │ CEO Alan Raffensperger │ COO Mats-Olof Wallin │ CFO Stockholm | 20 February 2014 Highlights Q4 2013 Business Financial Q4 2013 (Q4 2012) • Received approval for Kineret® for treatment of rare disease CAPS in the EU • Total revenues: SEK 611 M (472) • Sobi to take direct responsibility for Orfadin® in the Americas • Product revenues: SEK 448 M (356) • Announced novel complement C5 inhibitor program to enter phase 1 (SOBI002) • Gross Margin: 59% (57) • Gained rights to distribute Ravicti® in Middle East from Hyperion Therapeutics, Inc. • EBITA: SEK 65 M (35) • Awarded Best Biotech Pipeline at World Orphan Drug Congress 2 • An increase of 29% • An increase of 26% • End of quarter cash position: SEK 445 M • Earnings per share: SEK -0.05 (-0.54) Consolidated Results Q4 Financial Highlights 700 SEK M 500 • Total Revenues: SEK 611 M (472) 611 600 • an increase of 29% 472 • Gross Margin: 59% (57) 400 300 358 • EBITA: SEK 65 M (35) 267 • Cash Flow from operating activities: SEK 4 M (157) 200 157 100 65 35 4 0 Q4-12 Total revenues 3 Gross profit Q4-13 EBITA Cash flow from operating activities Consolidated Results Full Year Financial Highlights 2 500 • Total revenues: SEK 2,177 M (1,923) 2,177 2 000 • an increase of 13% 1,923 • Product revenues: SEK 1,558 M (1,344) • an increase of 16% 1 500 SEK M 1,284 • Gross Margin: 59% (54) 1,040 • EBITA: SEK 211 M (367) 1 000 500 • Cash Flow from operations: SEK 185 M (406) 367 406 211 185 0 YTD -12 Total revenues 4 Gross profit YTD -13 EBITA Cash flow from operating activities • Year-end cash position: SEK 445 M FY Revenue by Business Line Early Stage Development Programmes Haemophilia +16% Inflammation SEK 562 M Neonatology Genetics & Metabolism SEK 450 M Partner Products SEK 546 M ReFacto AF® SEK 619 M +9% 5 +29% +3% ReFacto® Sales (SEK M): ReFacto 250 1 000 • Q4 revenue for manufacturing and royalty was SEK 163 M (116) • an increase of 40% 200 800 150 600 100 400 50 200 ReFacto Manufacturing ReFacto 4Q rolling 6 Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 Q4-11 Q3-11 Q2-11 0 Q1-11 0 ReFacto Royalty • FY revenue: SEK 619 M (566) • an increase of 9% • Q4 manufacturing revenue was SEK 146 M (93) • Q4 includes validation batches of SEK 43 M • FY includes validation batches of SEK 66 M • Q4 royalty revenue was SEK 16 M (23) Results Q4 2013 Alan Raffensperger │ COO Stockholm | 20 February 2013 Kineret • Q4 revenue was SEK 164 M (131) Sales (SEK million): Kineret 200 600 • an increase of 25% • FY revenue: SEK 562 M (485) 150 400 • an increase of 16% (CER 19%) 100 • Strong US performance 200 50 • Received EU approval for Kineret for treatment of rare disease CAPS 2011 2013 Kineret 4Q rolling Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 2012 Quarterly 8 Q2-12 Q1-12 Q4-11 Q3-11 Q2-11 0 Q1-11 0 Orfadin • Q4 revenue was SEK 91 M (91) Sales (SEK M): Orfadin 120 400 350 100 300 80 • an increase of 3% (CER 5%) 250 60 200 • Volume continues to grow in all markets 150 40 100 20 50 • Higher rebates in the US under the Affordable Care Act Quarterly Orfadin 4Q rolling Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 Q4-11 Q3-11 Q2-11 0 Q1-11 0 9 • FY revenue: SEK 366 M (357) • Sobi to take direct responsibility for Orfadin in North America effective 1 April 2014 Partner Products • Q4 revenue was SEK 173 M (113) Sales (MSEK): Partner Products 200 600 • an increase of 53% • FY revenue: SEK 546 M (423) 150 400 • an increase of 29% (CER 31%) 100 200 50 2011 10 2012 Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 Q4-11 Q3-11 Q2-11 0 Q1-11 0 2013 Current portfolio Co-promotion revenues Discontinued products Current portfolio 4Q rolling • Growth from new products (e.g. Xiapex®, Cometriq™, Megace®) and base portfolio (e.g. Yondelis®, Ruconest® and Defibrotide) Financials Q4 and FY 2013 Mats-Olof Wallin │ CFO Stockholm | 20 February 2013 Income Statement Q4-13 Q4-12 Full year 2013 Full year 2012 611 472 2,177 1,923 Gross profit Gross Margin 358 59% 267 57% 1,284 59% 1,040 54% Sales and Administration -192 -130 -621 -540 Research and development -102 -99 -456 -402 2 -1 3 305 65 38 211 404 – -3 – -37 65 34 211 367 -70 -227 -278 -422 Financial income/expenses Income tax expense -5 -6 -3 -193 -17 67 -67 -57 31 -55 -51 4 Profit/loss for the period -13 -143 -93 -101 Amounts in SEK M Total revenues Other operating revenues/expenses Adjusted EBITA Non-recurring items EBITA Amortizations and write-downs EBIT 12 Balance Sheet Dec Dec Amounts in SEK M 2013 2012 ASSETS Intangible Tangible and financial 4 637 152 4 533 130 Total non-current assets 4 789 4 663 Inventories Accounts recievable Other Receivable Cash and equivalent 726 415 145 445 700 343 143 457 Total current assets 1 730 1 643 Total Asset 6 519 6 307 4 769 4 838 796 307 647 588 372 509 Total liabilities 1 750 1 469 Total equity and liabilities 6 519 6 307 EQUITY AND LIABILITIES Equity Long term debt Long term liabilities Short term liabilities 13 Cash Flow and Net Debt 500 50% 400 40% 300 30% 200 20% 100 10% 300 SEK M SEK M 200 100 0 Cash flow from operations 14 Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 Q1-12 -100 Change in working capital Net debt Net debt / Equity Q4-13 Q3-13 Q2-13 Q1-13 Q4-12 Q3-12 Q2-12 0% Q1-12 0 Summary and Outlook Geoffrey McDonough │ CEO Stockholm | 20 February 2013 Two Years Ago 16 Today 2011: Adjusted EBITA SEK -21 M • 2 500 Non-recurring SEK 78 M (restructuring) • Multiferon SEK -149 M 2 000 2012: Adjusted EBITA SEK 97 M • Non-recurring SEK 37 M (Arexis) • Co-promotion Pfizer SEK -307 M 1 000 2 177 900 1 923 1 911 800 700 1 500 600 M SEK GM 59% 500 1 000 GM 54% GM 51% 400 300 367 500 211 100 50 0 0 2011 2012 Total revenues 17 200 Gross profit 2013 EBITA Adjusted EBITA Planned Key Events* 2014 -- 2016 Sobi’s Key Milestones Kineret Orfadin NOMID approval US NOMID launch US CAPS approval EU 1 European launch CAPS Kepivance Filling of liquid formulation in US and EU 1 Assume direct Orfadin sales in NA Factor VIII Kiobrina SOBI002 Phase I Phase I Phase I Phase I 1 Phase I begins Phase II Phase II Phase II Phase II 2 Phase I data Phase III Phase III Phase III 1 US launch 1 US launch 1 Results of European phase III trial 2 EMA filing + opt-in 2 EMA filing + opt-in 2 Beginning US Phase III trial 3 European approval 3 European approval 1 Discussion with FDA on possible label expansion for Head/Neck CA 2 Decision on approval of liquid formulation in EU Factor IX 3 Decision on approval of liquid formulation in US 3 File for EU approval 4 European launch Sobi’s Milestones by Timeline Completed 2014 1 1 1 1 1 2 1 2015 1 2 3 *Timing within years is illustrative – no event sequence is implied. 18 2 3 3 2 2016 4 2 3 Strategic Priorities 1. Near-term focus on growth in key therapeutic areas, with sustainable positive cash flow from operations. We are here 2. Medium-term investments to ensure successful commercialization of our late-stage pipeline. 3. Long-term growth will come organically and through acquisitions in key therapeutic areas. 19 Outlook 2014 Revenues MSEK 2,300 to 2,500 Gross Margin 58-60% Operating costs Operating costs are expected to increase as the company continues to prepare for the planned launch of the three phase 3 pipeline projects. The outlook was first published in the 2013 Q4 report on 20 February 2014. 20 Summary 1. Diversified commercial portfolio focused on improving cash flow and profitability 2. Working to efficiently commercialize our proprietary innovative medicines for rare disease patients globally 3. Business model oriented to building value through partnerships from global early stage biologics development to late stage specialty distribution in Europe 21
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