Investing.com -- Shares of Swedish Orphan Biovitrum AB (STO:SOBI) climbed about 3% today after the company updated its revenue forecast for FY24, signaling stronger growth than previously anticipated.
The biopharmaceutical company now expects revenue to reach SEK 26,000m, which would mark a 19% growth at constant exchange rates (CER). This outlook surpasses the prior guidance which projected mid-teens CER growth, despite a 1% foreign exchange headwind observed during the first nine months.
The upgraded forecast has outperformed RBC analyst Alistair Campbell's projection of a 14% reported revenue growth, or approximately 15% at CER, to SEK 25,322m for 2024.
"Sobi's new guidance is around 3% ahead of our forecast. Consensus of SEK 25,710m is closer to the new guidance, but this still represents a 1% improvement," stated Campbell.
The company's revised guidance not only beats Campbell's expectations but also slightly edges past the consensus estimate of SEK 25,710m.
Despite the increased revenue outlook, Sobi's margin guidance remains consistent, with an adjusted EBITA margin expected to be in the mid-30s percentage of revenue.
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