The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Shelly Chen - Barclays Investment - Analyst
: Congratulations on Altuvoct to achieve 57% share in Germany. Just wondering if this would adjust your expectations for the market share of
Altuvoct in haemophilia A market across Europe? And also, can you perhaps share some initial feedback from Switzerland and Spain market?
Question: Mattias Haggblom - Handelsbanken Capital Markets - Analyst
: Two questions, please. So firstly, your partner, Sanofi, stated last week that due to lower immunization rates in the US during Q1, before to shift in
Q4 may be stored and used for RSVs in '25, '26. So, question goes, has your partner quantified to Sobi how much they think remains in stock? And
how, if at all, has that informed your outlook for '25?
And then secondly, if you could remind us of your appetite for M&A in light of the very rapidly deleveraging balance sheet and if there is an appetite,
what profiles are you looking for? And if there is no appetite, why not?
Question: Christopher Uhde - SEB Equities - Analyst
: I think my thing I'm wondering most about is what are the gating factors for launching Altuvoct in France and UK now left? That's my first. And my
second is just with Aspaveli competition, we saw this kind of I mean, decent performance last quarter, but definitely missed expectations.
Now well ahead of expectations and very good growth, how should we think about the dynamics in PNH? And let's say, are there specific patient
groups where you feel or niches where you feel more, I don't know, insulated or stronger relative to the competition? Could we see price pressure?
Or was that a factor in Q4 '24?
Question: Harry Gillis - Berenberg Bank - Analyst
: You mentioned some operational improvements relating to Vonjo. I was just wondering if you could please expand on those and what they entail
and perhaps some of the measures you're taking to help drive growth of that product? And then just a quick one on the Gamifant indication
expansion. So obviously, the PDUFA is end of June. Just wondering, should we see some sort of sales inflection in the second half of this year? Will
this be more of a gradual increase over the next couple of years? Thank you.
Question: Yifeng Liu - HSBC Bank PLC - Analyst
: Was wondering if you could comment on the sort of environment of BD and given all the macro volatility and unknowns, et cetera? And has
anything changed on your approaches to BD? And secondly, perhaps you could comment on some of the changes we see maybe with the FDA
and how do you see that affect your regulatory activities?
Question: Natalia Webster - RBC Capital Markets - Analyst
: I have two follow-ups. The first on Vonjo. Given Q1 was also impacted by some stocking effects, are you expecting this product to grow on a full
year basis given the operational improvements you talked about? And my second question, following up on BTE. Is there a desire to add novel
molecules to the pipeline as apart from NASP, the development pipeline looks to be predominantly focused online extensions for marketed drugs
at the moment?
Question: Christopher Uhde - SEB Equities - Analyst
: It's on Vonjo, and just understanding the dynamic in Q1 here because, of course, we know that there's been a lot of catastrophic impact that is new
for oncology drugs. So, I'm just wondering, can you help us understand it sounded like destocking was the bigger effect than the catastrophic. Is
that correct? And then how much for the remainder of 2025, is it really improvement in strategy that you're working on and execution versus just
sort of more passive from volume growth on the current efforts?
Question: Harry Gillis - Berenberg Bank - Analyst
: Just a quick one on Elocta. I was wondering if you could quantify the phasing benefit you saw from that one in Q1. And perhaps I think you had a
negative phasing effect, if you could also quantify that. I guess no one's discussed it yet, but sorry to go there. But if we're going to think about
potential tariffs, I appreciate there's lots of unknowns at the moment and it's all speculation.
But just to give us a sort of sense if pharmaceutical tariffs were to be introduced in the US, how exposed is Sobi? Which products are affected, which
products that you sell in the US to US manufacturing? And any sense of the sensitivity at your EBITA line or earnings about what, let's say, a 20%
tariff could do. I appreciate this is speculation and you might not be able to give exact numbers.
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