SWEDISH ORPHAN BIOVITRUM AB : CFO roadshow takeaways

研报英文原文证据摘录

SWEDISH ORPHAN BIOVITRUM AB : CFO roadshow takeaways

olidated Arthrosi R&D costs for half the quarter (deal closure on

09-Feb) and SG&A investments are expected to rise as both NASP in Chronic Refractory Gout and Tryngolza in sHTG

approach launch in 2H/2027 respectively. 2026 guidance currently calls for LDD revenue growth and a mid-30s margin,

BNPP/Cons forecast 16% CER revenue growth and a 38/37% margin for FY26 respectively. We believe the step-up in

costs is reflected in numbers.

The company continues to strike a positive tone on the Gout portfolio ahead of NASP’s PDUFA in June and Ph III data

from pozdeutinurad (REDUCE-2 topline data expected in Q2); the franchise was highlighted as relatively

underappreciated by the Street vs other growth drivers given heavy risk-adjustments to forecasts in place. BNPP/Cons

forecast SEK2.2/0.6bn in 2035/28e respectively. Our recent TP upgrade highlights potential HSD upside should we de-

risk our pozdeutinurad forecasts (worth SEK36/sh in our Bull-bear analysis). Ahead of Novo’s Mim8 launch later in

2026, company keen to point out that they expect greater competition for Roche’s Hemlibra than for Altuvoct given

Mim8’s positioning in the non-factor market. The company’s SEK10bn+ PYS targets assume a c.40% share of the Hem

A market, leaving room for significant non-factor market share. We note Tryngolza’s 2027 launch in sHTG remains a

lesser point of focus for investors despite the blockbuster potential (BNPP/Cons SEK10.5/7.5bn) and initial launch of

the smaller FCS indication earlier this year where the company was keen to highlight their early engagement with lipid

centers which will be key prescribing centers for the broader sHTG indication. We note Ionis have recently updated