SOBI (SOBI) Morgan Stanley 24th Annual Global Healthcare Conference summary

Financial performance and outlook

• Achieved 29% Q2 growth and 26% year-to-date, prompting upgraded guidance to high teens for 2026 and higher earnings forecast in the mid-to-high 30s% range.

• Strong growth driven by new launches and strategic products, with pipeline progress supporting future performance.

• Second half of 2026 faces tougher comparisons due to strong prior-year results, especially for Gamifant, but continued absolute growth is expected.

• Margin guidance upgrade reflects top-line growth, expense timing, and business outperformance; optimism for NASP approval in 2027 after addressing CMC issues.

• On track or ahead of midterm targets for 2027–2028 and SEK 55 billion (~$5.6–5.7B) revenue ambition by 2030, with de-risked growth from ASPAVELI and TRYNGOLZA.

Product portfolio and launches

• ALTUVOCT launch structured in three waves, with significant growth potential remaining in Wave 2 and 3 markets; strong patient and KOL feedback.

• Over 70% of ALTUVOCT patients in Wave 1 markets switched from competitors; Hemophilia A franchise expected to more than double in coming years.

• ASPAVELI's European nephrology launch for C3G/MPGN shows strong uptake, aided by a new device and differentiated clinical data.

• C3G business expected to become increasingly relevant, with market opportunity estimated at SEK 700 million–1 billion.

• Gamifant expanding into secondary HLH and MAS, with ongoing clinical development and a pivotal trial planned for a sepsis indication, representing a multi-billion dollar opportunity.

Pipeline and strategic initiatives

• Gout franchise built around NASP and a new URAT1 inhibitor, with positive Phase III data and a large U.S. patient pool; regulatory submissions planned for H1 2027.

• TRYNGOLZA targets FCS and severe hypertriglyceridemia, leveraging experience in rare diseases and a focused launch strategy; significant patient potential in Europe.

• Competitive positioning in lipidology seen as strong, with statistically significant ApoC-III reduction and a head start over rivals.

• Extensive payer engagement in Europe supports confidence in pricing and reimbursement for new launches.

• Active business development and licensing strategy, exemplified by the Innate Pharma partnership, aims to balance opportunity with funding discipline.