SOBI (SOBI) Q1 2025 earnings summary

Executive summary

• Achieved 3% revenue growth in Q1 2025 at constant exchange rates, with total revenue reaching SEK 6,465 M and strategic portfolio growth of 46%, now representing 50% of total revenue.

• Adjusted EBITDA/EBITA margin was 36%, with profit for the period up 9% to SEK 875 M; strong launches and adoption of Altuvoct, Doptelet, Aspaveli, Kineret, and Gamifant.

• Excluding RSV and discontinued ReFacto revenues, portfolio growth reached 23% at CER.

• Significant pipeline progress with regulatory filings and clinical milestones for Gamifant and Aspaveli, including FDA priority review and EU submissions.

• Vonjo revenues declined 6% year-over-year due to stocking and gross-to-net adjustments but are expected to recover.

Financial highlights

• Revenue grew 3% year-over-year to SEK 6,465 M; adjusted gross profit rose 5% to SEK 4,968 M; gross margin stable at 75–77%.

• Adjusted EBITA was SEK 2,352 M (up 1%), with an adjusted EBITA margin of 36%; profit for the period was SEK 875 M (up 9%).

• Operating cash flow reached SEK 2,295 M; net debt reduced to SEK 12,657 M; equity ratio improved to 56%.

• EPS before dilution increased 9% to SEK 2.55; adjusted EPS rose 2% to SEK 2.75.

• Operating expenses grew 8% year-over-year at CER, driven by launch and pre-launch investments.

Outlook and guidance

• Full-year 2025 outlook unchanged: revenue expected to grow by a high single-digit percentage at CER, with adjusted EBITDA/EBITA margin in the mid-30s percent.

• Continued strong contributions expected from Altuvoct launches and Beyfortus royalties.

• Increased investments planned in pre-launch assets (NASP, Aspaveli in nephrology) and R&D for new indications.