olivLaw · European equity research
Swedish Orphan Biovitrum AB (publ) SOBI.ST
Sweden · Nasdaq Stockholm · ISIN SE0000872095 · Vertical: Listed companies from Sweden
Swedish Orphan Biovitrum (Sobi) is a global biopharma company treating people with rare and serious diseases in haematology, immunology and specialty care. Revenues rose 18 percent to 26 027 MSEK in 2024, and the strategy relies on an expanding strategic portfolio.
At the close of 05 Nov 2026, Swedish Orphan Biovitrum AB (publ) (SOBI.ST) stock was 493.60 SEK (+2.28% on the day), with beta 0.63, 52-week range 317.00–493.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.7
- strong (55–70)
- Bollinger (20, 2)
- 415.15 – 501.33
- in the upper half of the band · %B 0.91 · band width 18.8%
- SMA 50 / 200
- 448.94 / 429.93
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 12.54 / 8.80
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.2% | −0.6% | +15.8 pp | — |
| 3 months | +10.7% | −4.2% | +14.9 pp | — |
| 6 months | +11.1% | +4.3% | +6.8 pp | — |
| Year to date | +48.3% | +7.5% | +40.8 pp | — |
| 1 year | +51.0% | +9.9% | +41.1 pp | −8.5% |
| 3 years | +115.9% | +49.8% | +66.1 pp | +12.3% |
| 5 years | +122.1% | +42.8% | +79.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 18.8 bn | 22.1 bn | 26.0 bn |
| Revenue YoY | unavailable | +17.7% | +17.6% |
| Net income | 2.6 bn | 2.4 bn | 3.9 bn |
| Net income YoY | unavailable | −8.7% | +61.3% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 14.0% | 10.9% | 14.9% |
| Free cash flow | 4.5 bn | 3.6 bn | 7.2 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.1 bn SEK
- Financial debt
- 12.4 bn SEK
- Net debt
- 11.3 bn SEK
- Equity
- 40.3 bn SEK
- Total assets
- 75.4 bn SEK
- Debt / equity
- 0.31x
- Current ratio
- 1.04x
- ROE
- 10.5%
- ROA
- 5.2%
- FCF margin
- 27.7%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 18.8 bn | 22.1 bn | 26.0 bn | esef· 08 May 2025verified |
| Cost of revenue | 4.8 bn | 5.0 bn | 5.8 bn | esef· 08 May 2025verified |
| Gross profit | 14.0 bn | 17.1 bn | 20.2 bn | esef· 08 May 2025verified |
| Research & development | 2.4 bn | 2.8 bn | 3.5 bn | esef· 08 May 2025verified |
| Operating income | 3.8 bn | 4.1 bn | 5.6 bn | esef· 08 May 2025verified |
| Interest expense | 497.0 m | 1.2 bn | 1.3 bn | esef· 08 May 2025verified |
| Pre-tax income | 3.3 bn | 3.0 bn | 4.4 bn | esef· 08 May 2025verified |
| Income tax | 683.0 m | 546.0 m | 528.0 m | esef· 08 May 2025verified |
| Net income | 2.6 bn | 2.4 bn | 3.9 bn | esef· 08 May 2025verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 904.0 m | 1.1 bn | esef· 08 May 2025verified |
| Inventories | 3.3 bn | 3.9 bn | 4.2 bn | esef· 08 May 2025verified |
| Current assets | 11.2 bn | 12.2 bn | 13.2 bn | esef· 08 May 2025verified |
| Total assets | 52.5 bn | 74.0 bn | 75.4 bn | esef· 08 May 2025verified |
| Long-term debt | 3.0 bn | 11.4 bn | 12.4 bn | esef· 08 May 2025verified |
| Current liabilities | 14.9 bn | 19.1 bn | 12.6 bn | esef· 08 May 2025verified |
| Equity | 26.5 bn | 33.9 bn | 40.3 bn | esef· 08 May 2025verified |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.6 bn | 4.5 bn | 7.4 bn | esef· 08 May 2025verified |
| Capex | 72.0 m | 873.0 m | 170.0 m | esef· 08 May 2025verified |
| Free cash flow | 4.5 bn ≈ | 3.6 bn ≈ | 7.2 bn ≈ | esef· 08 May 2025derived |
| Investing cash flow | -1.5 bn | -21.9 bn | -3.1 bn | esef· 08 May 2025verified |
| Financing cash flow | -2.9 bn | 17.0 bn | -4.0 bn | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.3% | 43 (vs peers) | 31% |
| Net margin · Quality | 14.9% | 89 (vs peers) | 19% |
| FCF conversion · Quality | 185.8% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Swedish Orphan Biovitrum AB (publ) (SOBI.ST). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 26.0 bn SEK in 2024; YoY growth 17.6%; net margin 14.9%; ROE 10.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.9%
- FCF conversion: 185.8%
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for SOBI.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Swedish Orphan Biovitrum (Sobi) is a global biopharma company treating people with rare and serious diseases in haematology, immunology and specialty care. Revenues rose 18 percent to 26 027 MSEK in 2024 1, and the strategy relies on an expanding strategic portfolio.
SWOT
Strengths
- Diversified rare disease portfolio with products protected by market exclusivity, and royalty income that provides stable revenue.
- Solid growth in revenue and margins, with rising operating profit and strong operating cash flows.
- Specialist expertise in rare disease treatments and international partnerships, including a new joint company in South Korea.
Weaknesses
- Dependence on a few major products, such as Elocta, could make revenue vulnerable to declines in their sales.
- Net debt remains high, which limits financial flexibility for investments or acquisitions.
- The decline in Synagis sales shows the vulnerability of older products to competing new therapies.
Opportunities
- Expanding launches of Altuvoct, Vonjo and Zynlonta into new markets could support revenue growth over the medium term.
- Regulatory approvals in China and the EU can open access to large markets for existing and new products.
- Development of the strategic portfolio could increase the share of high-margin products in total revenue.
Threats
- Competition from new therapies for rare diseases and haemophilia could reduce the market share of existing products.
- Pricing pressure from health systems and reimbursement authorities could affect margins.
- Currency fluctuations can change reported revenue in Swedish kronor, as the gap between reported and constant currency growth shows.
Risks
- Dependence on key productshigh
Revenue is concentrated in a few products, and a decline in their sales could affect financial results.
- Indebtednessmedium
High net debt could limit the company's ability to finance new investments if cash flows fall.
- Competition from new therapiesmedium
The emergence of more effective or easier-to-administer treatments could reduce the market share of existing products.
- Currency risklow
Exchange rate changes can influence reported revenue and margins in Swedish kronor.
- Regulation and reimbursementmedium
Changes in reimbursement policies or delays in regulatory approvals could postpone product launches.
Investment thesis
What would need to be true (bull case)
- Strong growth in revenue and operating profit shows that the strategic portfolio can support expansion over the medium term.
- Operating cash flow rose significantly, which could allow net debt to be reduced gradually.
- Approvals in the EU and China open new markets for exclusivity-protected products, which could accelerate revenue growth.
What would break the thesis
- Revenue remains concentrated in a few products, and a decline in any of them could affect the total result.
- High net debt limits financial flexibility, especially if cash flows were to decline.
- Competition from new therapies and pricing pressure could reduce margins over the long term.
What to watch
- Sales development of Altuvoct and Vonjo in new markets2025
- Level of net debt and operating cash flownext 10-K
- Impact of competition on Elocta and Kineret revenue2025
- Effect of exchange rates on reporting in Swedish kronorQ1 2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sobi is a global biopharma company focused on people living with rare and serious diseases. It offers innovative treatments in three areas: haematology, immunology and specialty care, with about 1 800 employees across Europe, North America, the Middle East, Asia and Australia 1. Operating profit rose to 5 625 MSEK in 2024 1.
The haematology area includes Elocta, Altuvoct, Alprolix, Doptelet, Aspaveli/Empaveli, Zynlonta and Vonjo, plus royalty income from Sanofi products and manufacturing of drug substance for Pfizer 1. Revenue from this area was 16 429 MSEK in 2024 1.
The company strengthened its balance sheet in 2024 through operating cash flow of 7 388 MSEK 1, which allowed it to reduce net debt, although investments and bond issues remain important for funding growth.
Segments
Haematology
Haematology was the largest revenue generator in 2024, at 16 429 MSEK 1. Doptelet grew strongly to 3 870 MSEK 1, while Vonjo and Aspaveli/Empaveli continued launches and patient growth.
Immunology
Immunology generated revenue of 8 332 MSEK in 2024 1. Kineret rose to 2 854 MSEK 1, while royalty income from Beyfortus reached 3 010 MSEK 1, offsetting the decline in Synagis sales to 591 MSEK 1.
Specialty Care
Specialty Care includes Orfadin, Tegsedi and Waylivra, with combined revenues smaller than the other areas. Its contribution to total revenue remains limited, but the portfolio diversifies the revenue base.
Market context
Sobi operates in the rare disease market, where medicines benefit from market exclusivity and high prices, but volumes are small and dependence on regulatory approvals is high. In 2024 the company obtained approvals in the EU and China, including for Altuvoct and Doptelet 1.
Growth in royalty income tied to partner products and expansion in the International region shows how the company diversifies its revenue sources. Results, however, depend on adoption speed in markets where products are launched.
Trends
- Expansion of new productstailwind
Launches of Altuvoct, Vonjo and Zynlonta have grown the revenue base, and approvals in the EU and China extend access to new markets. If adoption continues, the strategic portfolio could sustain growth.
- Biosimilar and new therapy competitionheadwind
The decline in Synagis sales after the Beyfortus launch shows how new therapies can reduce revenue from existing products. For other products, competitive pressure could reduce market share.
- Pricing and reimbursementmixed
Health systems may negotiate lower prices for expensive rare disease medicines, which could affect profit margins. The effect depends on regional reimbursement policies.
- Exchange ratesmixed
The gap between reported growth and constant currency growth shows the impact of currencies on revenue. Exchange rate movements can change results in Swedish kronor.
Competitive position
Sobi competes with large biotechnology and pharmaceutical companies developing treatments for rare and haematological diseases. In haemophilia and immunology, competition includes newer injectable therapies with less frequent dosing, which could affect the market share of existing products.
In the rare disease market, the competitive edge rests on specialist expertise and a portfolio protected by exclusivity. Competitors with greater resources can, however, accelerate launches, which could shorten Sobi's exclusivity periods.
- Sanofi
Partner paying Sobi royalties on Eloctate, Alprolix, Altuviiio and Beyfortus, and also a competitor in immunology through its own products.
- PfizerPFE
Customer for manufacturing of ReFacto AF/Xyntha drug substance, an activity closed in 2024, and a major player in haematology.
- Novo NordiskNVO
Important player in rare disease treatments and haemophilia therapies, with products competing directly with Sobi's.
- TakedaTAK
Company with a strong rare disease and haematology portfolio that can compete in the same therapeutic segments.
News & filings
In the press
- Mihai Stanciu, Sobi România şi Bulgaria: De la statul român avem nevoie de predictibilitate, încredere şi de un parteneriatZiarul Financiar · 28 Sept 2026 · RO
- Innate Pharma (IPHA) Closes Sobi Deal. Can the New Funding Keep Drug Trials on Track?Yahoo Finance — News · 23 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Swedish Orphan Biovitrum AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.