SOBI (SOBI) Q4 2025 earnings summary

Executive summary

• Achieved 16% Q4 revenue growth at constant currency, led by 37% growth in the strategic portfolio and strong performance across all regions.

• Full-year 2025 revenue grew 15% at constant currency, with all regions contributing and a 40% adjusted EBITDA/EBITA margin.

• Strategic portfolio now represents 65% of Q4 revenues, reflecting a shift to high-value, innovative assets.

• Major pipeline milestones include EU approval of Aspaveli in nephrology, pivotal Tryngolza data, and acquisition of Arthrosi Therapeutics to strengthen the gout franchise.

• Entering 2026 with strong momentum and multiple launches planned through 2028.

Financial highlights

• Q4 revenues reached SEK 7,821M, up 16% at constant currency; full-year revenue was SEK 28,238M, up 15% at constant currency.

• Adjusted gross margin improved to 81% in Q4; full-year adjusted gross margin was 79%.

• Q4 adjusted EBITDA/EBITA margin was 41%, up from 34% last year; full-year margin was 40%.

• Q4 profit for the period was SEK 1,862M, up 34% year-over-year; adjusted EPS before dilution was SEK 5.70, up 42%.

• Operating cash flow for Q4 was SEK 2,981M; net debt at year-end was SEK 10,081M.

Outlook and guidance

• 2026 revenue expected to grow at low double-digit percentage at constant currency.

• Adjusted EBITDA/EBITA margin guided to mid-30s percentage of revenue, reflecting increased investment in launches and R&D.

• Key investments in 2026 include launches for Aspaveli, Olezarsen, and integration of Arthrosi.

• Margins expected to recover longer-term as new products mature and cost-saving initiatives take full effect.

• No dividend proposed for 2025.