SOBI (SOBI) Q3 2025 earnings summary

Executive summary

• Achieved 21% revenue growth at constant exchange rates (CER) in Q3 2025, driven by a 39% increase in the strategic growth portfolio and strong commercial execution, with total revenue of SEK 7,776M.

• Adjusted EBITDA/EBITA margin reached 47%, reflecting robust business momentum and disciplined cost control.

• Significant pipeline progress, including regulatory milestones for NASP, approval and promising data for Tryngolza (olezarsen), and strong launches for key products.

• Non-cash impairment of Vonjo/Bonjour by SEK 6.6 billion due to competitive pressures and lower-than-expected sales, impacting reported EBIT but not cash flow or adjusted EBITA.

• Upgraded guidance for both sales and EBITDA/EBITA for the full year 2025, reflecting continued momentum.

Financial highlights

• Q3 total revenue was SEK 7,776M, up 21% at CER and 13% year-over-year; year-to-date revenue up 15% at CER.

• Adjusted EBITDA/EBITA was SEK 3,672M, with a margin of 47% (up from 43% last year); adjusted EPS before dilution was SEK 6.11, up 40% year-over-year.

• Operating cash flow was SEK 1,840M in Q3, up from SEK 1,201M last year.

• Net debt at quarter-end was SEK 12,177M, reduced from SEK 16,880M sequentially; equity ratio at 54%.

• Non-cash impairment of Vonjo/Bonjour by SEK 6,612M, impacting reported EBIT.

Outlook and guidance

• Upgraded 2025 revenue guidance to low double-digit percentage growth at CER (previously high single-digit).

• Adjusted EBITDA/EBITA margin guidance raised to mid-to-high 30s percent of revenue.

• Continued growth expected in Q4, especially from Altuvoct, DOPTELET, and GAMIFANT.

• Operating expenses expected to increase in Q4 due to launch investments and R&D ramp-up.