Swedish Orphan Biovitrum AB (publ) Q2 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brian Balchin - Jefferies - Analyst : Hey, thanks for the question. Just one on Vonjo. So Guido, you said you're currently penetrating around 8% of the US MF market. So how confident are you in kind of trading up to 30% just in light of the strategic initiatives you've implemented? I guess, have you seen a shift in physicians prescribing behavior more towards NCCN guidelines? Or is it still kind of in line with the label? Cheers.

Question: Brian Balchin - Jefferies - Analyst : Got it. Thank you. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JULY 16, 2024 / 12:00PM, SOBIV.ST - Q2 2024 Swedish Orphan Biovitrum AB (publ) Earnings Call

Question: Viktor Sundberg - Nordea Markets - Analyst : Yes, hi. Thanks for taking my questions. I have two, if I may. So also on Vonjo here, I just wondered a bit about the difference here between the outcome of these couple of quarters versus what you envisioned for the product when you acquired it. I guess you must have known that you would lay off part of the CTI team to reap the synergies here. But just wondered what kind of -- what the reasons behind the kind of sluggish uptake we see right now versus what you expected when you acquired the products and the reason behind that. And also appreciate if you can relate that to the SEK36 million provided here at the final week of the quarter, if that's a reasonable uptake for Q3. And a quick second one also on Altuvoct and the dynamics here with Elocta. How do you think we should view the erosion of Elocta sales in Europe going forward? I know that in the US, Elocta lost quite a lot of sales, I believe, around 35% in the quarters after Altuviiio was approved, but consensus figures in Sobi remain quite flat in '25 versus '24 for Elocta. So should the market perhaps factor in higher erosion of sales for Elocta when Altuvoct gains market share? Or should we have anything in the back of our mind when we model sales for Sobi -- in the Sobi territory versus the US? Thank you.

Question: Viktor Sundberg - Nordea Markets - Analyst : Thank you.

Question: Mattias HSggblom - Handelsbanken Capital Markets - Analyst : Yeah, thank you so much. Two questions, please. Firstly, there were a number of products that exceeded consensus expectations in the quarter, including Doptelet, Elocta, and Kineret. Could you talk about to what extent there were any one-off tenders or orders that drove the beat by those products or if their performance reflected underlying dynamics in the quarter? And then secondly, on Gamifant based on consensus expectations, the product will approach SEK2 billion in revenues this year. Back in 2020, at the CMD, you called out the peak sales potential of SEK4 billion to SEK5 billion. So can you remind me the importance of the potential approval in secondary HLH for Gamifant in order to accomplish these peak sales?

Question: Mattias HSggblom - Handelsbanken Capital Markets - Analyst : Thank you so much.

Question: Alistair Campbell - Royal Bank of Canada - Analyst : Thanks so much. Two questions, please. First of all, just to go back to Vonjo. I mean, it is sort of striking that your key competitor GSK with Ojjaara has been launching very well and gaining traction pretty nicely there. So just to get a sense of why you think that's happening for Ojjaara versus Vonjo in terms of the competitive dynamic. Does that come down to a broader label for them or perceived efficacy advantage? Or is it maybe something to do with tolerability as a sense of how those two drugs stack up? And then maybe just one for Henrik in terms of R&D. Obviously, R&D stepping up this year as you integrate CTI. But as we look forward into 2025 not sort of specific guidance, but just broadly, how should we think about the moving parts in terms of perhaps some trials completing versus others coming on like additional Vonjo studies? Is it still going to be upward tension for R&D in 2025? Thank you.

Question: Alistair Campbell - Royal Bank of Canada - Analyst : Thank you.

Question: Harry Gillis - Berenberg - Analyst : Thank you very much. So I also just have a couple of questions on Vonjo, please. So I was wondering of the 8% share that you have today, whether it would be possible for you to provide some information on how much of that, as it stands today, is coming from the less than 50,000 platelet group and those with between 50,000 to 100,000. And then any sort of feedback you're hearing from physicians today about how they decide between Vonjo and Ojjaara and how confident you are that you can ultimately highlight the benefits of Vonjo and start accelerating that sales ramp. And just looking to the longer term, clearly, the sales have been a bit slower than you had hoped, but has this impacted the longer-term potential in myelofibrosis specifically? Thank you.

Question: Christopher Uhde - SEB - Analyst : Hi, there. Thanks very much for taking my questions. So I might have misunderstood this from before, but I believe that you have said in the past that you're really targeting the community or local office setting with Vonjo rather than the institutional setting and where, let's say, GSK maybe is more focused, which strikes me as a little unconventional. Is that the correct strategy? Why do you think that's the better route than the usual sort of institutional KOL-led launch? And if I could squeeze in a second one. You've previously talked about on Vonjo, having life cycle management trials. None has been announced yet, and I just wondered why the delay? Is it the organization? Or is it something else? Thank you.

Question: Christopher Uhde - SEB - Analyst : Thanks so much.

Question: Erik Hultgsrd - Carnegie Investment Bank AB - Analyst : Sorry, I was on mute. But thanks a lot for taking my question. Regarding Vonjo, I guess it's quite obvious that you haven't been successful enough to get your message out to physicians to change sort of prescriber behavior. So how much of that is just a question of time, that it takes time to get the messaging out? And how much is actually related to sort of investments behind the product? So are you considering increasing the number of sales reps or investing more behind other type of channels to get the message out? Thank you.

Question: Erik Hultgsrd - Carnegie Investment Bank AB - Analyst : Thank you so much.

Question: Alexander Niall - Deutsche Bank - Analyst : Hi, it's Niall Alexander from Deutsche Bank. Thanks for taking my question. It's one on margin outlook. So you've historically provided some guidance for FY25. So thinking of hemophilia's momentum on the slow start to Vonjo, if your profit margins can get to north of 40% in the midterm. And then if I can squeeze in a very quick one. If you have -- if we have any appetite for further acquisitions going forward? Thanks. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JULY 16, 2024 / 12:00PM, SOBIV.ST - Q2 2024 Swedish Orphan Biovitrum AB (publ) Earnings Call

Question: Yifeng Liu - HSBC - Analyst : Hello, thanks for taking my question. I just got one in there. You commented on the overall sort of myelofibrosis market in first half remains flat. And how was -- how should we think about moving part of it in terms of going to H2 and maybe 2025? Do you see any sort of upside and trends. Any color you can provide on that, please? Thank you.