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 the year and higher earnings forecast.

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

• Second half expected to remain strong, though growth rates may moderate due to tougher comparisons, especially for Gamifant.

• Margin guidance upgrade reflects top-line growth, expense timing, and business outperformance; optimism for NASP approval in the U.S. next year.

• On track or ahead of mid- and long-term targets, with SEK 55 billion revenue ambition by 2030 de-risked by recent portfolio progress.

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 shows strong uptake, aided by a new device and differentiated clinical data; targeting 400–500 patients.

• C3G business is becoming increasingly relevant, with stable patient base and confidence in SEK 700 million–1 billion market opportunity.

• Gamifant expanding into secondary HLH and MAS, with clinical development for sepsis underway; sepsis indication seen as a multi-billion SEK opportunity.

Pipeline and development updates

• Gout franchise built around NASP and a new URAT1 inhibitor, with clean safety and high efficacy in Phase III; U.S. patient pool estimated at 200,000.

• Pozdeutinurad Phase III data to be presented at ACR in November and early next year, with regulatory submission planned for end of H1.

• Confident in resolving NASP manufacturing issues; launch preparations underway with significant team hires.

• Tryngolza for FCS and sHTG leverages experience in rare diseases; significant opportunity in severe and moderate triglyceride patients in Europe.

• Competitive positioning in lipidology seen as strong, with statistically significant ApoC-III reduction and early market lead.