Swedish Orphan Biovitrum AB on Monday reported a 21% rise in third-quarter revenue at constant currencies, but a significant writedown on its cancer drug Vonjo pushed the company to a net loss.
The rare-disease specialist said revenue for the quarter rose to 7.78 billion Swedish kronor from 6.89 billion kronor a year earlier, driven by strong sales in its haematology and immunology divisions.
However, the company recorded a non-cash impairment charge of 6.61 billion kronor related to the product and marketing rights for Vonjo.
This resulted in an operating loss of 3.86 billion kronor, compared with a profit of 2.04 billion kronor in the same period last year.
Despite the writedown, Vonjo is still projected to be a long-term growth driver, according to the company.
Buoyed by the strong sales momentum, Sobi raised its full-year 2025 forecast, which it had already pre-announced on Sunday.
It now expects revenue to grow by a low double-digit percentage at constant exchange rates, up from a previous forecast of high-single-digit growth.
The company also lifted its adjusted profit margin outlook to the mid-to-high 30s percentage of revenue, citing disciplined cost control and effects from recent organizational changes.
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