Swedish Orphan Biovitrum AB (publ)

Sobi reported Q2 revenue of just under SEK 7.8 billion, up 29% at constant exchange rates. Adjusted gross margin was 77%, in line with last year. Adjusted EBITA was SEK 2.8 billion, equal to a 35% margin versus 34% a year ago. Operating cash flow was SEK 1.9 billion versus SEK 1.4 billion in Q2 last year, and net debt was just above SEK 16 billion with net debt-to-EBITA at 1.3x versus 1.5x in the prior quarter. For full-year 2026, Sobi raised revenue growth guidance to mid-to-high teens at CER from low double digits and lifted adjusted EBITA margin guidance to mid-to-high 30s from mid-30s.

Guido Oelkers framed the quarter as a broad-based and high-quality performance, emphasizing 29% revenue growth, a 35% adjusted EBITA margin, and momentum across the strategic portfolio. He repeatedly pointed to ALTUVOCT, Doptelet, and Gamifant as key drivers and said the company is entering the second half with increasing confidence. On pipeline, he highlighted positive REDUCE 2 data for pozdeutinurad, progress on Gamifant in interferon-gamma driven sepsis, and a clear resubmission path for NASP despite the CRL.

Henrik Stenqvist said the quarter’s financials were strong across the board: revenue of SEK 7.8 billion, 77% adjusted gross margin, adjusted EBITA of SEK 2.8 billion, and operating cash flow of SEK 1.9 billion. He noted operating expenses rose, with SG&A up 15% at CER and R&D up 47% at CER, mainly due to Aspaveli nephrology, NASP, Tryngolza, and the addition of Arthrosi development programs. He also explained that the raised 2026 margin outlook reflects strong H1 performance, Beyfortus seasonal royalties, some NASP costs shifting into 2027, and continued investment in launches and the Gamifant IDS program, while still maintaining cost discipline.

Analysts pressed on competition in severe hypertriglyceridemia, especially Arrowhead, and management said Sobi believes it has a lead position, strong sHTG and acute pancreatitis reduction data, and a time advantage, while cautioning the trials are not directly comparable. Questions on NASP focused on the CRL and resubmission timing; management said the issues are CMC/manufacturing-related, not efficacy or safety-related, the FDA meeting has not yet been scheduled, and the resubmission estimate of 6-12 months is Sobi’s current estimate. Analysts also asked about Gamifant sepsis and whether the program would be U.S.-based; management said the current regulatory path is Europe-first for speed, with only early discussions with U.S. experts so far, while still aiming for a global asset over time.