SOBI (SOBI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 24% at constant exchange rates (CER), reaching SEK 7,184M, with a 38% adjusted EBITDA/EBITA margin, driven by strong commercial execution, disciplined cost management, and strategic investments for long-term growth.

• Strategic portfolio revenue rose 55% at CER, now representing 63% of total revenues, with six major product launches and pipeline progress including ALTUVOCT, Gamifant, Aspaveli (C3G, IC-MPGN), Tryngolza, and the acquisition of Arthrosi.

• Completed the acquisition of Arthrosi Therapeutics, adding pozdeutinurad and strengthening the gout and immunology pipeline.

• Robust performance across all regions, with key products scaling effectively and strong momentum in both established and new markets.

• Major launches and regulatory progress included Aspaveli approval in EU nephrology, Tryngolza EMA filing, and positive Gamifant EMBRACE study data.

Financial highlights

• Q1 2026 revenues reached SEK 7,184M, up 24% at CER and 11% at actual rates; adjusted EBITDA/EBITA margin was 38% (up from 36%), and adjusted EBITA was SEK 2,751M (up 17%).

• Profit for the period was SEK 1,318M, up 51% year-over-year; adjusted EPS before dilution was SEK 4.11, up 49%.

• Operating cash flow was SEK 1,126M, down from SEK 2,295M, mainly due to working capital build-up and acquisition-related payments.

• Net debt increased to SEK 17,740M, with a net debt to EBITDA ratio of 1.5x.

• Adjusted gross margin was 77%, in line with last year.

Outlook and guidance

• Full-year 2026 outlook unchanged: low double-digit revenue growth at CER and adjusted EBITDA/EBITA margin in the mid-30s percent.

• Key cost drivers for 2026 include pre-launch and launch costs for Aspaveli, Tryngolza, and NASP, as well as R&D costs from the Arthrosi acquisition and continued Gamifant development.

• Revenue ambition remains at approximately SEK 55 billion by 2030, supported by a diversified pipeline and multiple launches through 2028.