SOBI (SOBI) Q4 2025 earnings summary

Executive summary

• Achieved 16% Q4 revenue growth at constant currency, with 37% growth in the strategic portfolio and 15% full-year growth, maintaining a 40% adjusted EBITDA/EBITA margin for 2025.

• Strategic portfolio now represents 65% of Q4 revenues, reflecting a shift to high-value, innovative assets.

• Major launches and approvals included Aspaveli in nephrology (EU), Olezarsen in FCS (Germany), and acquisition of Arthrosi for gout.

• Significant pipeline progress with Tryngolza Phase 3 data, Gamifant IDS proof of concept, and regulatory submissions for Aspaveli and NASP.

• Six high-value medicines expected to launch by 2028, positioning the business for long-term growth.

Financial highlights

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

• Adjusted gross margin for Q4 was 81% (full-year 79%); adjusted EBITDA/EBITA margin was 41% in Q4 and 40% for the full year.

• Q4 adjusted EBITA was SEK 3,217M; Q4 profit for the period was SEK 1,862M, up 34% year-over-year.

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

• Q4 adjusted EPS before dilution was SEK 5.70, up 42% year-over-year.

Outlook and guidance

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

• Key investments in 2026 include launches for Aspaveli, Olezarsen, and integration of Arthrosi, moderating EBITDA margin.

• Beyfortus royalties expected to be stable or moderately positive, with no exaggerated growth assumptions.

• 2026 seen as a transition year with higher OpEx due to multiple launches; margins expected to return toward 40% longer term.

• No dividend proposed for 2025.