With several launches underway and partnerships driving sales growth, Sobi is gaining momentum in its quest to become a force in hematology.
During the second quarter, the Swedish drugmaker saw the most growth (PDF) from its hematology profile, which reported a 13% year-over-year sales increase to 3.86 billion Swedish krona ($363 million). The results fall in line with Sobi’s stated strategy, which calls for the company to “lead in hematology," grow in immunology, “go global” and capture “the value of the pipeline.”
Meanwhile, Sobi's immunology franchise generated sales growth of 7% last quarter, and its specialty care sales increased by 12% compared with the same period in 2023.
More than 40% of Sobi’s total quarterly revenue came from the company’s “strategic portfolio" of growth drivers, a group that includes brands such as Apellis-partnered Empaveli, blood clot med Doptelet, ultra-rare hyperinflammation drug Gamifant and recently acquired myelofibrosis treatment Vonjo.
Doptelet, generating 928 million Swedish Kronas ($87.29 million) during the quarter, was a standout in that lineup. The drug was the centerpiece of Sobi’s 2019 buy of Dova Pharmaceuticals for $915 million. In Dova's custody, the 2016-approved med generated just $3.5 million in the second quarter of 2019. Sobi took on the asset to form the center for its hematology portfolio and now touts "increased uptake" in the U.S.
Vonjo, meanwhile, came from the company's buyout of CTI BioPharma last year. The drug was meant to complement Doptelet in the company's growing hematology collection.
Now, “early launch insights” have prompted the company to tweak its launch approach, according to Sobi's investor presentation. Those changes include an “expanded sales force management and structure," plus improvements in the company's field-based organization, according to the presentation.
Vonjo currently holds around 8% of the U.S. myelofibrosis market, and the company expects to expand internationally by 2025.
Sobi also has some key royalty deals that it hopes will drive sales growth. The company markets Sanofi’s hemophilia A treatment Altuviiio in Europe, North Africa, Russia, and most Middle Eastern markets and just scored a European marketing authorization for the therapy, which is branded as Altuvoct in the region.
The company also shares a portion of Sanofi’s U.S. net sales on its AstraZeneca-partnered respiratory syncytial virus (RSV) antibody Beyfortus as part of an updated contract in 2023.
Those royalty deals should “become a catalyst for transformation,” Sobi said in its earnings presentation.
Meanwhile Empaveli, which is branded as Aspaveli in Europe, just nabbed a key label expansion from European regulators allowing the blood disease therapy to be used as a monotherapy for the first-line treatment of paroxysmal nocturnal haemoglobinuria (PNH) in Europe. The drug is enjoying growth momentum as patients switch over to Aspaveli across Sobi's markets, the company said, contributing to a 77% spike in revenue during the quarter.
All in all, the company’s total revenues reached 5.44 billion Swedish Krona ($512 million) during the period, an 11% increase. For 2024, Sobi expects to grow by a “low-double-digit” percentage.