Jefferies cuts SOBI to 'hold' as competition weighs

Swedish Orphan Biovitrum AB (publ)

06/08/2024 11:11

** Jefferies cuts Swedish Orphan Biovitrum  SOBIV.ST  to
"hold" from "buy", citing increasing competition pressure for
the Swedish drug maker
    ** Brokerage sees Merck's  MRK.N  positive data for antibody
against lung infections caused by respiratory syncytial virus
(RSV), clesrovimab, as a downside risk to SOBI's Beyfortus sales
from 2025 onward
    ** It notes doctors seem to favour GSK's  GSK.L  Ojjaara
over SOBI's Vonjo in myelofibrosis patients with anemia, which
lowers peak sales potential  
    ** Jefferies expects increased capex on pipeline and
launches to weigh on adjusted EBITA margins from 2024 onward
    ** Out of 11 analysts covering SOBI, nine rate the stock
"buy" or "strong buy", one "hold" and one "sell"

 (Reporting by Anna Chaberska)
 ((Anna.chaberska@thomsonreuters.com))