Swedish Orphan Biovitrum’s (STO: SOBI) quarterly report from last week did not contain major surprises. Net revenues were up 7% when adjusted for currency effects and discontinued products. Sobi says that mandatory price reductions implemented in many European countries in 2010 continue to weigh on results.
Sobi concluded a rights issues during the quarter and has put emphasis on cost reductions, which showed in expenses being reduced by 12%. The company expects revenues to increase 1-5% for the year on number of product launches and an increase in orders from Pfizer. Expenses will be up on Kiobrina phase III trial for optimizing fat absorption and thus preventing growth retardation in preterm infants.
Today Swedish Orphan Biovitrum and Biogen Idec announced positive results from a phase 1/2a trial on VIII Fc fusion protein (rFVIIIFc), in which the product candidate was well tolerated and demonstrated an approximately 1.7-fold increase in half-life compared with Advate (currently available drug produced by Baxter International Inc) in 16 previously-treated patients with severe haemophilia A. Sobi's stock closed down a notch.
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