SOBI (SOBI) Q4 2024 earnings summary

Executive summary

• Achieved full-year 2024 revenue growth of 19% to SEK 26,027M, with Q4 revenue up 8% year-over-year at constant exchange rates.

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

• Strategic growth portfolio expanded rapidly, now representing up to 55% of Q4 revenues, driven by launches and new indications.

• Significant pipeline progress with multiple regulatory filings and launches, including Altuvoct, Aspaveli, and Gamifant.

• Board proposes no dividend for 2024; David Meek elected as new Chair.

Financial highlights

• Q4 revenues reached SEK 7,436M, surpassing SEK 7 billion in a single quarter for the first time.

• Profit for the period was SEK 3,879M for FY 2024, up 36% year-over-year; Q4 profit SEK 1,391M, up 36%.

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

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

• Net debt reduced to SEK 15,194M from SEK 19,265M at the end of 2023; 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.

• Margin expansion anticipated beyond 2025 as scale increases and launch-related expenses moderate.