Swedish Orphan Biovitrum (SOBI) Q4 2025 earnings summary

Executive summary

• Achieved 16% Q4 revenue growth at constant currency, with 37% growth in the strategic portfolio and strong performance across all regions, driven by innovative medicines and new product launches.

• Full-year 2025 revenue grew 15% at constant currency, with all regions contributing and a 40% adjusted EBITDA/EBITA margin, reflecting operational excellence and cost alignment.

• Strategic acquisitions, notably Arthrosi Therapeutics, and product launches such as Aspaveli and Olezarsen, have strengthened the pipeline and positioned the business for future leadership in key therapeutic areas.

• Six high-value medicines are expected to launch by 2028, radically transforming the company’s trajectory.

• Significant pipeline progress with pivotal Tryngolza data, Gamifant proof-of-concept, and regulatory submissions for Aspaveli and NASP.

Financial highlights

• Q4 revenues reached SEK 7,821M, up 16% at constant currencies; full-year revenue was SEK 28,238M, up 15% at CER.

• Adjusted gross margin improved to 81% in Q4 (from 78% prior year); full-year adjusted gross margin was 79%.

• Q4 adjusted EBITDA/EBITA margin was 41%, up from 34% last year; full-year margin reached 40% (up 4 points year-over-year).

• Q4 profit for the period was SEK 1,862M, up 34% year-over-year; adjusted EPS before dilution was SEK 5.70, up 42%.

• Operating cash flow for Q4 was SEK 2,981M, up 66% year-over-year; net debt at year-end was SEK 10,081M.

Outlook and guidance

• 2026 revenue expected to grow at a low double-digit percentage at CER, with adjusted EBITDA/EBITA margin anticipated in the mid-30s percentage of revenue.

• Significant investments planned in 2026 for launches and development, including Aspaveli, Olezarsen, Arthrosi, and Gamifant, which will moderate EBITDA/EBITA margin.

• No dividend proposed for 2025.

• Key drivers include continued Altuvoct launch, investments in Aspaveli and NASP, Tryngolza filing, and incorporation of Arthrosi.