Company Reports

Sobi announced that CEO Guido Oelkers has informed the board of directors that he will step down by Feb. 1, 2027, to become CEO of BioNTech. Sobi's shares fell 7% on Aug. 3.

Sobi delivered second-quarter revenue of SEK 7.84 billion, an increase of 29% year over year at constant exchange rates. Management raised its 2026 outlook to revenue growth in the mid- to high teens and adjusted EBITA margin reaching the mid- to high 30s.

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was primarily a specialty pharmaceutical firm focused on in-licensing and commercializing therapies in Europe. Since then, successful launches of hemophilia treatments Elocta and Alprolix, along with a series of acquisitions and partnerships, have expanded Sobi's geographic reach into the US and broadened its presence across hematology and immunology.

Sobi reported first-quarter revenue of SEK 7.18 billion, rising 24% year over year at constant exchange rates. Hematology revenue increased 24%, largely driven by sales of Altuvoct and Doptelet, which grew 186% and 44% from the prior year, respectively.

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was largely a specialty pharmaceutical firm in-licensing rights to market drugs in Europe. Since then, the successful launches of hemophilia drugs Elocta and Alprolix in Europe and other international markets, and several acquisitions and collaborations have expanded Sobi's business geographically (to the US) and into new therapeutic areas (in immunology and hematology). Sobi's acquired immunology drugs (Astra's Synagis and Beyfortus, Novimmune's Gamifant, Apellis' Aspaveli) and hematology drugs (Dova's platelet drug Doptelet, ADC's blood cancer drug Zynlonta, and CTI's Vonjo) help drive long-term growth prospects. We think Sobi is taking the right steps to diversify and boost long-term growth, and that the firm warrants a narrow moat rating.

Sobi reported 2025 revenue of SEK 28.2 billion, rising 15% year over year at constant exchange rates. Management anticipates revenue in 2026 will grow at a low-double-digit percentage at constant exchange rates. Investors sent the stock up 8% on Feb 5.

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was largely a specialty pharmaceutical firm in-licensing rights to market drugs in Europe. Since then, the successful launches of hemophilia drugs Elocta and Alprolix in Europe and other international markets, and several acquisitions and collaborations have expanded Sobi's business geographically (to the US) and into new therapeutic areas (in immunology and hematology). Sobi's acquired immunology drugs (Astra's Synagis and Beyfortus, Novimmune's Gamifant, Apellis' Aspaveli) and hematology drugs (Dova's platelet drug Doptelet, ADC's blood cancer drug Zynlonta, and CTI's Vonjo) help drive long-term growth prospects. We think Sobi is taking the right steps to diversify and boost long-term growth, and that the firm warrants a narrow moat rating.

Sobi reported net sales of SEK 7.7 billion in the third quarter, a 13% increase on a reported basis compared with last year. Management raised its outlook for the year and expects revenue growth in the low double digits and adjusted EBITA margin in the mid- to high-30s as a percentage of revenue.

Swedish Orphan Biovitrum reported second-quarter results, highlighted by 13% year-over-year growth. Its strategic portfolio accounted for 55% of revenue in the quarter. Management's underlying business outlook is unchanged.

Swedish Orphan Biovitrum reported solid first-quarter results with total revenue increasing 3% to SEK 6.46 billion. Sobi is tracking our expectations, and we maintain our fair value estimate of SEK 357 per share. Shares are currently trading in 4-star territory at an 18% discount to our fair value estimate.

Swedish Orphan Biovitrum reported strong year-end results, highlighted by annual revenue increasing nearly 18% to SEK 26 billion. Royalties on RSV prophylactic, Beyfortus, from partner Sanofi continued to be a strong growth driver, delivering SEK 3 billion in revenue. We've adjusted our forecasts and raised our fair value estimate to SEK 357 per share from SEK 343 due to strong performance from Sobi's strategic portfolio, which delivered 84% revenue growth over 2023.

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was largely a specialty pharmaceutical firm in-licensing rights to market drugs in Europe. Since then, the successful launches of hemophilia drugs Elocta and Alprolix in Europe and other international markets and several acquisitions and collaborations have expanded Sobi's business geographically (to the US) and into new therapeutic areas (in immunology and hematology). Sobi's acquired immunology drugs (Astra's Synagis and Beyfortus, Novimmune's Gamifant, Apellis' Aspaveli) and hematology drugs (Dova's platelet drug Doptelet, ADC's blood cancer drug Zynlonta, and CTI's Vonjo) help bolster long-term growth prospects. We think Sobi is taking the right steps to diversify and boost long-term growth, and that the firm warrants a narrow moat rating.

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was largely a specialty pharmaceutical firm in-licensing rights to market drugs in Europe. Since then, the successful launches of hemophilia drugs Elocta and Alprolix in Europe and other international markets and several acquisitions and collaborations have expanded Sobi's business geographically (to the US) and into new therapeutic areas (in immunology and hematology). Sobi's acquired immunology drugs (Astra's Synagis and Beyfortus, Novimmune's Gamifant, Apellis' Aspaveli) and hematology drugs (Dova's platelet drug Doptelet, ADC's blood cancer drug Zynlonta, and CTI's Vonjo) help bolster long-term growth prospects. We think Sobi is taking the right steps to diversify and boost long-term growth, and that the firm warrants a narrow moat rating.

We’re maintaining our SEK 343 fair value estimate for Swedish Orphan Biovitrum following a very strong third-quarter performance. The highlight was nearly SEK 1.5 billion in royalties on RSV prophylactic Beyfortus from partner Sanofi, which helped drive Sobi's total revenue growth of 39% at constant exchange rates (16% excluding the RSV franchise). While we’ve adjusted our near-term forecast to account for management’s new midteens revenue growth guidance for 2024 (up from low double digits previously), adjusted EBITA margin guidance is unchanged in the mid-30s, which to us implies that the strong performance of Beyfortus (which has a strong impact on margins) could have mostly pulled revenue forward that we had anticipated for the fourth quarter. Sanofi should have more detail on Beyfortus demand on its quarterly call on Oct. 25. We continue to see this product holding a very strong profile in the long run, even as competition (Merck’s clesrovimab) appears to be approaching the market with somewhat similar data.

We’re lowering our Morningstar Uncertainty Rating for Swedish Orphan Biovitrum to Medium from High. We had previously been concerned about the firm’s reliance on factor replacement therapies in hemophilia for its long-term growth prospects, but a series of targeted acquisitions in hematology and immunology have helped diversify revenue, extend duration of patent protection, and support long-term growth. Sobi's revenue concentration from its hemophilia drugs has already declined from a peak of 60% in 2018 to 40% in 2023, and we expect it to fall to the mid-30s in the future. New products like long-acting hemophilia drug Altuviiio (launching in Europe in 2024), gout drug SEL-212 (launching in 2025), and myelofibrosis drug Vonjo should help drive sales and profit growth over the next several years. We maintain our SEK 343 fair value estimate and narrow moat rating for the firm, and we think shares look slightly undervalued at recent prices.

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was largely a specialty pharmaceutical firm in-licensing rights to market drugs in Europe. Since then, the successful launches of hemophilia drugs Elocta and Alprolix in Europe and other international markets and several acquisitions and collaborations have expanded Sobi's business geographically (to the US) and into new therapeutic areas (in immunology and hematology). Sobi's acquired immunology drugs (Astra's Synagis and Beyfortus, Novimmune's Gamifant, Apellis' Aspaveli) and hematology drugs (Dova's platelet drug Doptelet, ADC's blood cancer drug Zynlonta, and CTI's Vonjo) help bolster long-term growth prospects. We think Sobi is taking the right steps to diversify and boost long-term growth, and that the firm warrants a narrow moat rating.

We’re maintaining our SEK 343 fair value estimate for Swedish Orphan Biovitrum following solid second-quarter results (12% revenue growth, 28% adjusted EBITA margin) that put the firm on track to meet its new higher guidance of double-digit revenue growth and maintained guidance of mid-30s adjusted EBITA margin for the full year.

We’re raising our moat rating for Sobi from none to narrow after a reassessing the firm’s long-term competitive advantages. We had previously been concerned about the firm’s reliance on factor replacement therapies in hemophilia for its long-term growth prospects, but a series of targeted acquisitions in hematology and immunology have helped diversify revenue, extend duration of patent protection, and support long-term growth. In hemophilia, the upcoming launch of once-weekly hemophilia product Altuviiio in Europe is also likely to extend Sobi’s growth in this market. We think the firm has an interesting niche in rare disease markets, which means it doesn’t require high spending to support manufacturing or a large primary care-focused salesforce, and it can find affordable acquisition targets that might be too small to interest its larger biopharma peers. We’ve also lowered our assumed cost of equity for Sobi from 9% to 7.5%, as we think the firm’s lengthening track record of profitability reduces its reliance on capital markets and contributes to its below-average systematic risk. After upgrading Sobi’s moat and lowering its cost of equity, we’ve raised our fair value estimate to SEK 343 from SEK 252, and we now see shares as slightly undervalued.

As recently as 2016, Swedish Orphan Biovitrum, or Sobi, was largely a specialty pharmaceutical firm in-licensing rights to market drugs in Europe. Since then, the successful launches of hemophilia drugs Elocta and Alprolix in Europe and other international markets and several acquisitions and collaborations have expanded Sobi's business geographically (to the US) and into new therapeutic areas (in immunology and hematology). Sobi's acquired immunology drugs (Astra's Synagis and Beyfortus, Novimmune's Gamifant, Apellis' Aspaveli) and hematology drugs (Dova's platelet drug Doptelet, ADC's blood cancer drug Zynlonta, and CTI's Vonjo) help bolster long-term growth prospects. We think Sobi is taking the right steps to diversify and boost long-term growth, and that the firm warrants a narrow moat rating.

Sobi’s top line grew 19% in a particularly strong first quarter, and we’re maintaining our SEK 252 fair value estimate. Management maintained its full-year forecast for high-single-digit revenue growth at constant exchange rates and an adjusted EBITA margin in the mid-30s, and we think the firm looks on track to maintain this level of growth and EBITA margin for the next several years. However, we do not assign Sobi a moat, given competitive pressures in the hemophilia market and Sobi’s lack of internal innovation to support its intangible assets beyond our 10-year explicit forecast.