# Swedish Orphan Biovitrum (SOBI.ST)

Canonical: https://gigainvestors.com/s/SOBI.ST

Analysis as of: 2026-10-16T07:35:06.150Z. Financial observations: FY2002–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 441.20 per share; close as of 2026-10-15.

Estimated value: low SEK 192.35 per share, central SEK 243.51 per share, high SEK 284.19 per share. Buy at or below the central value SEK 243.51 per share. Valuation as of 2026-10-16T07:35:06.150Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.25×

- FY2018: 0.34×

- FY2019: 0.32×

- FY2020: 0.32×

- FY2021: 0.24×

- FY2022: 0.20×

- FY2023: 0.18×

- FY2024: 0.22×

- FY2025: 0.29×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 30.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.3%

- ROIC, second-lowest year: 10.9%

- Typical minus recent gross margin: 30.4 pp

- Typical gross margin (annual median): 74.0%

- Recent gross margin (lower of latest and 3-year median): 43.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.0%

- FY2017: 22.5%

- FY2018: 54.5%

- FY2019: 13.5%

- FY2020: 13.0%

- FY2021: 11.3%

- FY2022: 11.1%

- FY2023: 7.6%

- FY2024: 10.9%

- FY2025: 20.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 23B

- Net income, five-year total: SEK 12B

- Return on incremental invested capital: 85.8%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 9.8 pp

- Working capital / revenue, final three-year average: 43.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.58×

- FY2022: 1.28×

- FY2023: 0.27×

- FY2024: 1.15×

- FY2025: 21.88×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 22.5% vs 10.9%

- Per-share earnings: 3.01 to 7.03 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.7%

- Ordinary dilution, 5-year annual growth: 3.4%

- Market cap gain: SEK 89B

- Cumulative retained earnings: SEK 22B

- Diluted shares, 10-year annual growth: 2.7%

- Diluted shares, 5-year annual growth: 3.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.2%

- Per-share value change: SEK 4.02

- Per-share value, starting three-year median: SEK 3.01

- Per-share value, ending three-year median: SEK 7.03

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 55B

- Cumulative net income, 10 years: SEK 23B

- ROIC, first three-year median: 22.5%

- ROIC, last three-year median: 10.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 3.01

- FY2017: SEK 4.27

- FY2018: SEK 8.97

- FY2019: SEK 11.23

- FY2020: SEK 11.00

- FY2021: SEK 9.01

- FY2022: SEK 8.43

- FY2023: SEK 7.03

- FY2024: SEK 11.19

- FY2025: SEK 1.37

### accounting: pass

- Sloan accruals: -12.0%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 17.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.30×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.7%

- FY2017: -1.7%

- FY2018: 1.9%

- FY2019: -0.7%

- FY2020: -4.1%

- FY2021: -5.7%

- FY2022: -3.7%

- FY2023: -2.8%

- FY2024: -4.6%

- FY2025: -12.0%

## Holders

## Price story

Price needs cash profits to grow 11.1% a year for ten years · "Sobi's 2025 annual revenue and adjusted EBITA margin exceed previous outlook" (finance.yahoo.com, Jan 2026) · sales +8.5%

Story as of 2026-10-16T10:00:03.643Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

- 2026-01-15: Sobi's 2025 annual revenue and adjusted EBITA margin exceed previous outlook ([finance.yahoo.com](https://finance.yahoo.com/news/sobis-2025-annual-revenue-adjusted-121300834.html))

### Sales · FY2024–2025

sales +8.5%; source https://filings.xbrl.org/549300124Y3MQI87PT35/2024-12-31/ESEF/SE/0/sobi-2024-12-31-sv/reports/sobi-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 5.2B 

- FY2017: SEK 6.5B 

- FY2018: SEK 9.1B 

- FY2019: SEK 14B 

- FY2020: SEK 15B 

- FY2021: SEK 16B 

- FY2022: SEK 19B 

- FY2023: SEK 22B 

- FY2024: SEK 26B 

- FY2025: SEK 28B 

### Gross margin · FY2025

gross margin 43.6%; source https://filings.xbrl.org/549300124Y3MQI87PT35/2024-12-31/ESEF/SE/0/sobi-2024-12-31-sv/reports/sobi-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: 70.1% 

- FY2017: 71.5% 

- FY2018: 73.6% 

- FY2019: 76.6% 

- FY2020: 78.9% 

- FY2021: 77.6% 

- FY2022: 74.4% 

- FY2023: 45.0% 

- FY2024: 77.8% 

- FY2025: 43.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are SEK 28.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 28238000000; grossProfit 12320000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOBI.ST: Swedish Orphan Biovitrum AB (publ), a biopharma company, provides medicines in the areas of haematology, immunology, and specialty care in Europe, North America, the Middle East, Asia, and Australia. The company operates through three segments: Haematology, Immunology, and Specialty Care. It offers Alprolix for haemophilia B; ALTUVOCT for the treatment and prophylaxis of bleeding in patients with haemophilia A; Aspaveli/Empaveli for treating adult patients with paroxysmal nocturnal haemoglobinuria; Doptelet for the treatment of immune thrombocytopenia and thrombocytopenia; Elocta/Eloctate for the treatment and prophylaxis of bleeding in patients with haemophilia A; Gamifant for treating hemophagocytic lymphohistiocytosis; Kineret for the treatment of cryopyrin-associated periodic syndrome, rheumatoid arthritis, familial Mediterranean fever, deficiency of interleukin-1 receptor antagonist, and systemic juvenile idiopathic arthritis; Orfadin for hereditary tyrosinemia type 1 and alkaptonuria; Synagis for the prevention of serious lower respiratory tract infection caused by respiratory syncytial virus in infants and young children; VONJO, a kinase inhibitor indicated for the treatment of post-polycythemia vera or post-essential thrombocythemia myelofibrosis; and Zynlonta for treating adult patients with relapsed or refractory diffuse large and high grade B-cell lymphoma. The company also provides other medicines, such as Akynzeo, Jyseleca, Tegsedi, and Waylivra, as well as develops drug substances for ReFacto AF/Xyntha for Pfizer. The company has collaboration agreements with Sanofi, Apellis Pharmaceuticals, Inc., ADC Therapeutics SA, and Cartesian Therapeutics, Inc. The company is in strategic partnership with Innate Pharma SA to enable initiation of the TELLOMAK-3 confirmatory Phase 3 study in cutaneous T cell lymphoma. The company was incorporated in 1939 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 43.6% to 77.8% during 2023–25; it earns 13.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 45%.

- Source: https://filings.xbrl.org/549300124Y3MQI87PT35/2024-12-31/ESEF/SE/0/sobi-2024-12-31-sv/reports/sobi-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 77.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 43.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.15025334018126035],[2017,0.2254920973645803],[2018,0.5454916495078088],[2019,0.13528529867453673],[2020,0.13008674163473657],[2021,0.11335210387033798],[2022,0.11111654614479473],[2023,0.07566233974743877],[2024,0.10899443385647914],[2025,0.20558408051702556]]; median 0.13268602015463665. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 164465000; owner earnings 1085317000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 139445000; owner earnings 1483144000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 71806600.59511256; upkeep 506070399.40488744; owner earnings 2396298600.595113. Growth capex / owner earnings = 0.029965631402229936.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 26390737.95918417; upkeep 3825609262.040816; owner earnings 1358590737.9591842. Growth capex / owner earnings = 0.019425083081920008.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 370000000; owner earnings 4235800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 1477000000; owner earnings 3366200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 86096577.71739864; upkeep 4856903422.282601; owner earnings 657896577.7173986. Growth capex / owner earnings = 0.13086643194909836.

- Source: https://filings.xbrl.org/549300124Y3MQI87PT35/2024-12-31/ESEF/SE/0/sobi-2024-12-31-sv/reports/sobi-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 3005000000; owner earnings 4478600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 40000000; owner earnings 10459400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOBI.ST SharesStats.PercentInsiders = 9.799 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years; actual growth was 42%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.14647297087267808. Price 441.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.901740559077801 → FY2025 29.999498067560108. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-11: SEK 93.22 per share

- 2016-12: SEK 101.92 per share

- 2017-01: SEK 106.79 per share

- 2017-02: SEK 117.01 per share

- 2017-03: SEK 123.12 per share

- 2017-04: SEK 130.67 per share

- 2017-05: SEK 130.29 per share

- 2017-06: SEK 124.17 per share

- 2017-07: SEK 117.49 per share

- 2017-08: SEK 113.19 per share

- 2017-09: SEK 119.40 per share

- 2017-10: SEK 118.44 per share

- 2017-11: SEK 110.13 per share

- 2017-12: SEK 107.27 per share

- 2018-01: SEK 132.29 per share

- 2018-02: SEK 130.72 per share

- 2018-03: SEK 142.27 per share

- 2018-04: SEK 180.38 per share

- 2018-05: SEK 171.36 per share

- 2018-06: SEK 186.69 per share

- 2018-07: SEK 227.14 per share

- 2018-08: SEK 278.34 per share

- 2018-09: SEK 248.34 per share

- 2018-10: SEK 178.43 per share

- 2018-11: SEK 187.79 per share

- 2018-12: SEK 184.35 per share

- 2019-01: SEK 204.02 per share

- 2019-02: SEK 191.70 per share

- 2019-03: SEK 208.32 per share

- 2019-04: SEK 165.24 per share

- 2019-05: SEK 161.52 per share

- 2019-06: SEK 170.83 per share

- 2019-07: SEK 178.81 per share

- 2019-08: SEK 155.12 per share

- 2019-09: SEK 144.09 per share

- 2019-10: SEK 146.05 per share

- 2019-11: SEK 152.68 per share

- 2019-12: SEK 147.57 per share

- 2020-01: SEK 164.43 per share

- 2020-02: SEK 156.22 per share

- 2020-03: SEK 161.42 per share

- 2020-04: SEK 181.48 per share

- 2020-05: SEK 195.62 per share

- 2020-06: SEK 205.55 per share

- 2020-07: SEK 175.08 per share

- 2020-08: SEK 185.06 per share

- 2020-09: SEK 206.99 per share

- 2020-10: SEK 146.81 per share

- 2020-11: SEK 152.35 per share

- 2020-12: SEK 158.65 per share

- 2021-01: SEK 151.06 per share

- 2021-02: SEK 131.53 per share

- 2021-03: SEK 133.39 per share

- 2021-04: SEK 137.59 per share

- 2021-05: SEK 133.68 per share

- 2021-06: SEK 149.05 per share

- 2021-07: SEK 160.66 per share

- 2021-08: SEK 179.52 per share

- 2021-09: SEK 226.09 per share

- 2021-10: SEK 222.55 per share

- 2021-11: SEK 210.42 per share

- 2021-12: SEK 176.80 per share

- 2022-01: SEK 174.61 per share

- 2022-02: SEK 185.73 per share

- 2022-03: SEK 213.00 per share

- 2022-04: SEK 198.20 per share

- 2022-05: SEK 195.05 per share

- 2022-06: SEK 211.28 per share

- 2022-07: SEK 212.72 per share

- 2022-08: SEK 225.04 per share

- 2022-09: SEK 205.93 per share

- 2022-10: SEK 194.19 per share

- 2022-11: SEK 216.92 per share

- 2022-12: SEK 206.03 per share

- 2023-01: SEK 221.98 per share

- 2023-02: SEK 230.29 per share

- 2023-03: SEK 230.67 per share

- 2023-04: SEK 238.22 per share

- 2023-05: SEK 208.23 per share

- 2023-06: SEK 200.97 per share

- 2023-07: SEK 196.77 per share

- 2023-08: SEK 211.60 per share

- 2023-09: SEK 223.40 per share

- 2023-10: SEK 229.40 per share

- 2023-11: SEK 249.60 per share

- 2023-12: SEK 267.00 per share

- 2024-01: SEK 292.00 per share

- 2024-02: SEK 254.60 per share

- 2024-03: SEK 267.20 per share

- 2024-04: SEK 285.40 per share

- 2024-05: SEK 282.40 per share

- 2024-06: SEK 283.60 per share

- 2024-07: SEK 279.80 per share

- 2024-08: SEK 320.00 per share

- 2024-09: SEK 327.00 per share

- 2024-10: SEK 333.00 per share

- 2024-11: SEK 302.40 per share

- 2024-12: SEK 317.40 per share

- 2025-01: SEK 335.80 per share

- 2025-02: SEK 315.60 per share

- 2025-03: SEK 287.40 per share

- 2025-04: SEK 293.00 per share

- 2025-05: SEK 293.20 per share

- 2025-06: SEK 288.20 per share

- 2025-07: SEK 269.60 per share

- 2025-08: SEK 287.20 per share

- 2025-09: SEK 286.80 per share

- 2025-10: SEK 327.20 per share

- 2025-11: SEK 338.80 per share

- 2025-12: SEK 332.80 per share

- 2026-01: SEK 337.00 per share

- 2026-02: SEK 395.40 per share

- 2026-03: SEK 392.20 per share

- 2026-04: SEK 427.80 per share

- 2026-05: SEK 442.20 per share

- 2026-06: SEK 462.00 per share

- 2026-07: SEK 470.60 per share

- 2026-08: SEK 449.80 per share

- 2026-09: SEK 440.40 per share

- 2026-10: SEK 427.20 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 18.81 per share, central SEK 21.60 per share, high SEK 24.71 per share

- FY2017: low SEK 25.80 per share, central SEK 29.95 per share, high SEK 34.06 per share

- FY2018: low SEK 96.74 per share, central SEK 120.76 per share, high SEK 139.34 per share

- FY2019: low SEK 118.59 per share, central SEK 143.24 per share, high SEK 166.64 per share

- FY2020: low SEK 129.96 per share, central SEK 163.18 per share, high SEK 190.45 per share

- FY2021: low SEK 146.91 per share, central SEK 186.07 per share, high SEK 216.94 per share

- FY2022: low SEK 137.74 per share, central SEK 179.58 per share, high SEK 209.55 per share

- FY2023: low SEK 70.88 per share, central SEK 89.44 per share, high SEK 104.23 per share

- FY2024: low SEK 159.46 per share, central SEK 203.45 per share, high SEK 237.43 per share

- FY2025: low SEK 177.17 per share, central SEK 224.26 per share, high SEK 261.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:51.616Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300124Y3MQI87PT35/2024-12-31/ESEF/SE/0/sobi-2024-12-31-sv/reports/sobi-2024-12-31-sv.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.