Swedish Orphan Biovitrum AB (SWTUY.PK), commonly known as Sobi, experienced a rise of approximately 3% in its stock price during morning trading in Stockholm. This uptick follows the biopharmaceutical company's announcement on Thursday of significantly improved earnings and revenue figures for the third quarter.
Additionally, Sobi has revised its fiscal 2024 revenue forecast upwards. The company now predicts an increase in revenue by a mid-teens percentage at constant exchange rates (CER), up from the previously projected low double-digit growth. The forecast for the adjusted EBITA margin remains steady at a mid-30s percentage of revenue.
For the third quarter, Sobi's earnings per share soared to 4.27 Swedish kronor, compared to 0.30 krona in the previous year. Adjusted earnings per share were 4.36 kronor, a notable increase from 0.54 krona a year ago.
The company's EBIT (Earnings Before Interest and Tax) reached 2.04 billion kronor, a substantial rise from last year's 547 million kronor. EBITA (Earnings Before Interest, Tax, and Amortization) was recorded at 2.92 billion kronor, compared to 1.44 billion kronor in the prior year, resulting in a margin of 42%, which surpasses last year's 28%. The adjusted EBITA margin also improved to 43% from 30% in the previous year.
Overall revenue saw a 33% increase, totaling 6.89 billion kronor, up from 5.17 billion kronor in the previous year. At constant exchange rates, revenue climbed 39%.
In Stockholm, Sobi's shares were trading at 335.20 kronor, reflecting a 3.01% increase.
