Swedish Orphan Biovitrum AB (publ)

Strong Q3 growth & guidance upgrade (most important “good” point) - Q3 revenue: SEK 9.1bn, +16% YoY at CER (+26% excluding Beyfortus/RVS royalty phasing impact). - Adjusted EBITDA: SEK 4.1bn, 45% margin (vs 47% in Q3 prior year). - YTD through Q3: +23% revenue growth at CER; EBITDA margin 40% YTD. - Full-year 2026 outlook raised for revenue (still based on CER): high teens to low 20s % (previously mid-to-high teens). EBITDA margin guidance unchanged: mid-to-high 30s %.

Operational drivers: portfolio growth across products & regions (good) - Hematology growth: +29% at CER; combined hemophilia A portfolio: +48%. - Altuvoct: +125% at CER; total hemophilia A sales SEK 2.35bn (+48%); launched in 32 countries; structured wave 2 still has room, wave 3 ahead. - Aspaveli: SEK 417m (+32%); reached 2026 target of 400–500 nephrology patients by end of Q3 (ahead of full-year timeframe). - Doptelet: SEK 1.8bn (+29%) (strong across all 3 major regions). - Gamifant: SEK 834m (+12%); for the year +28% YTD; growth supported by new patients and international label expansion.

Pipeline & approvals accelerate near-term launch/earnings opportunities (opportunities) - Tryngolza (sHTG): positive CHMP opinion; expected EC approval later in 2026; company expects launch ~2 months earlier than prior expectation (linked to severe hypertriglyceridemia >880 mg/dL). - Japan approvals (rare disease expansion): - Gamifant approved for HLH / MAS in Japan. - Aspaveli (C3G / IC-MPGN) approved in Japan. - Together described as unlocking opportunities in large rare disease markets. - Pint Pharma acquisition completed (Oct 2): creates a Latin America launch platform (opportunity for broader international growth). - Development readouts ahead: - Posetiristat: filing on track mid-2027 (driven by progressive gout studies). - Gamifant EVEREST in iDS: Phase 2b/3; first patient start mid-2027, top-line readout 2028; potential FDA submission 2029. - Lacutamab partnership (Innate): Phase III acceleration potential; target to generate revenues as early as 2028 (with risk-managed partnering).