SOBI (SOBI) Q2 2026 earnings summary

Executive summary

• Achieved 29% revenue growth at constant exchange rates (CER) in Q2 2026, with adjusted EBITA margin of 35% and robust performance across all regions and product portfolios.

• Strategic portfolio, including new launches like Aspaveli and Tryngolza, drove growth; positive REDUCE 2 trial data for pozdeutinurad and pipeline progress highlighted.

• Upgraded full-year 2026 outlook based on strong H1 results and margin evolution.

• Strategic portfolio revenue grew 53% at CER, now representing 65% of total revenue, up from 55% a year ago.

• Acquisition of Arthrosi completed, adding pozdeutinurad to the pipeline.

Financial highlights

• Q2 2026 total revenue: SEK 7,842M, up 29% at CER and 27% at actual rates year-over-year.

• Adjusted gross margin was 77%, in line with last year; adjusted EBITA was SEK 2,746M (35% margin, up from 34% last year).

• Q2 profit: SEK 1,098M (up 73%); adjusted EPS before dilution: SEK 4.00 (up 68%).

• Operating cash flow was SEK 1,912M, up 32% year-over-year.

• Net debt at quarter-end was SEK 16,126M, mainly due to the Arthrosi acquisition; net debt/EBITA ratio of 1.3x.

Outlook and guidance

• Full-year 2026 revenue growth outlook raised to mid-to-high teens percentage at CER (from low double-digit), and adjusted EBITA margin to mid-to-high 30s (from mid-30s).

• H2 growth expected to moderate due to high comparables, but momentum to continue, led by ALTUVOCT, Doptelet, and Gamifant.

• Key drivers include continued Altuvoct launch and critical investments in pipeline assets.

• Beyfortus royalties and cost shifts (NASP) to benefit H2 margins; continued cost discipline emphasized.