Swedish Orphan Biovitrum (SOBI) Q4 2024 earnings summary

Executive summary

• Achieved SEK 26,027M in full-year 2024 revenue, up 19% year-over-year, with Q4 revenue of SEK 7,436M and 8–9% quarterly growth at constant exchange rates.

• Adjusted EBITDA/EBITA margin was 36% for the year and 34% for Q4, reflecting strong portfolio performance and ongoing investments in launches and pipeline.

• Strategic growth portfolio expanded 87% at CER, now 48% of revenue, driven by launches and expansion in hematology and immunology.

• Significant pipeline progress with approvals, filings, and label expansions for Altuvoct/Altuviiio, Aspaveli, Gamifant, and Vonjo.

• Board proposes no dividend for 2024; David Meek elected as new Chair; third consecutive year in DJSI Europe.

Financial highlights

• Q4 revenue reached SEK 7,436M, the first time exceeding SEK 7 billion in a quarter.

• Full-year profit for 2024 was SEK 3,879M, up 61% year-over-year; Q4 profit SEK 1,391M, up 36%.

• Adjusted EPS before dilution for FY 2024 was SEK 11.83, up 26–38%; Q4 adjusted EPS SEK 4.03, up 26%.

• Operating cash flow for FY 2024 was SEK 7,388M, up 65–67% year-over-year.

• Net debt reduced to SEK 15,194M from SEK 19,265M; net debt/EBITDA at 1.6x.

Outlook and guidance

• 2025 revenue expected to grow at a high single-digit percentage at constant exchange rates.

• Adjusted EBITDA/EBITA margin for 2025 guided to mid-30s, reflecting continued investment in launches and R&D.

• Focus on Altuvoct launch, commercial portfolio progress, and new regulatory submissions.

• Margin expansion expected longer-term as scale increases and launch investments moderate.