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Drugmaker SOBI sees Q3 operating profit at 1.17 billion crowns, raises 2021 outlook

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STOCKHOLM (Reuters) - Swedish drugmaker Orphan Biovitrum (SOBI) narrowed on Monday its full-year outlook to the upper end of the range, as it announced preliminary third-quarter figures.

SOBI last month agreed an $8 billion takeover by U.S. private equity firm Advent International and Singapore's sovereign wealth fund.

The company estimates operating profit (EBITA) in the July-September quarter at 1.17 billion crowns ($133.5 million), up from 933 million a year ago, it said in a statement.

"In view of the ongoing public offer, the Board of Directors of SOBI has decided to announce preliminary headline numbers for the third quarter," the company said.

SOBI added that it was now expecting full-year revenues between 14.5 billion and 15 billion crowns, and an operating margin (EBITA) of 33-35%.

Its previous forecast had been for revenues of 14 billion to 15 billion crowns with a 30-35% margin.

SOBI, which has suffered from weakened demand for its drugs as healthcare has focused on COVID-19 during the pandemic, added that it was expecting quarterly sales of 3.76 billion crowns.

Its best-selling drug, established haemophilia A treatment Elocta, with 4.6 billion crowns in 2020 revenues, is facing competition from Roche's Hemlibra.

SOBI's full third-quarter report is due to be published on October 22.

($1 = 8.7617 Swedish crowns)

(Reporting by Helena Soderpalm, Editing by Nick Zieminski)

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