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Confidential Draft 2012-10-29
Report for the Fourth Quarter and Full Year 2012
Stockholm, 21 February 2013
Geoffrey McDonough, CEO: "2012 was a year of significant progress for Sobi. We recorded double digit growth for Kineret® and Orfadin®, revitalized our distribution partnerships and extended our ReFacto® manufacturing agreement through 2020. We made significant progress with our pipeline and released positive top-line data for both of our long-lasting clotting factors for haemophilia in development with Biogen Idec, and with the approval of Kineret in NOMID1) by the US FDA. Finally, we have achieved our cost discipline targets for the year, and have executed on our strategy to improve the gross margin. At the outset of 2013 we initiated an important partnership in the Partner Products portfolio with Valeant®/PharmaSwiss, and we have also signed a collaboration with Savient for the co-promotion of Kineret in the United States. Today we will offer an additional placement of up to SEK 200 M against our existing bond to ensure that we can meet the opportunities presented by the pace and scale of our Haemophilia programs." Fourth quarter
 Total revenues increased by 8% to SEK 471.9 M (436.4). The corresponding period in 2011 included revenues from co-promotion for ReFacto AF/BeneFIX® and discontinued products of SEK 26 M.  Product revenues2) increased by 8% to SEK 356 M (330.1), with double digit growth for Kineret and  Gross margin increased to 57% (41%) driven by efficiency gains in production, and completion of tech transfer for Kineret.  FDA approved Kineret for treatment of NOMID.  Write-down of intangible asset related to Multiferon® in the amount of SEK 162 M. Full year 2012
 Total revenues increased to SEK 1,923.2 M (1,910.8). 2011 included revenues from co-promotion for ReFacto AF/BeneFIX and discontinued products of SEK 150 M.  Operating expenses decreased by 5% to SEK 941.2 M (994.6), reflecting the ongoing streamlining of  Gross margin at 54% (51%).  Sobi issued a 5-year senior unsecured bond loan in the amount of SEK 600 M.
 Sobi and Biogen Idec announced positive top-line results from A-LONG and B-LONG phase III clinical
studies of the companies' long-lasting recombinant coagulation factors, rFVIIIFc and rFIXFc. Both were effective in the control and prevention of bleeding, in routine prophylaxis and perioperative management, and were generally well-tolerated.
Outlook for 2013

 Total revenues for the full year 2013 are expected to be in the range of SEK 2,000 to 2,200 M  Revenues for — Core Products are expected to show high single-digit growth — Partner Products portfolio is expected to grow by about one third, and — ReFacto manufacturing and royalty are expected to show low single-digit growth.  Gross margin is expected to be in the range of 57-59%. 1) Neonatal Onset Multi-systemic Inflammatory Disorder (NOMID) is the most severe form of CAPS (Cryopyrin Associated Periodic 2) Product revenues include Core Products and Partner Products Full Year Report January - December 2012
Financial Summary

Full year
Amounts in SEK million Operating profit/loss before amortizations and non-recurring items Operating profit/loss Profit/loss for the period Earnings/loss per share, SEK Significant events after reporting period
 New distribution agreement signed with Valeant/PharmaSwiss.  New agreement signed with Savient for the co-promotion of Kineret in the United States.  Sobi offers additional bond up to the amount of SEK 200 M under the current bond loan.
Fourth quarter
Revenues
Total revenues for the fourth quarter 2012 were SEK 471.9 M (436.4). The corresponding period in 2011
included revenues from co-promotion for ReFacto AF/BeneFIX and discontinued products, of SEK 26 M.
Revenues by Business Area
Change Change %
Full year
Amounts in SEK million Other core products Discontinued products Co-promotion revenues ReFacto
Manufacturing revenues
Total revenues excl co-promotion, discontinued products and other revenues 3) Constant Exchange Rates Full Year Report January - December 2012 Core Products
Sales of Core Products for the fourth quarter increased by 20% to SEK 243.5 M (203.3). Sales of Kineret for the
fourth quarter increased by 20% to SEK 130.7 M (109.3) . Sales of Orfadin for the fourth quarter increased by
23% to SEK 91.3 M (74.2), in part reflecting differences in year-end order pattern.

Partner Products
Sales of Partner Products for the fourth quarter were SEK 112.5 M (126.8). Revenues for the previous year
include co-promotion for ReFacto AF/BeneFIX amounting to SEK 26.0 M. Adjusted for these items, total sales
increased by 12%. Sales of Kepivance® for the fourth quarter increased by 3% to SEK 21.7 M (21.0). Sales of
Yondelis® for the fourth quarter increased by 22% to SEK 17.5 M (14.4).

ReFacto
Revenues for ReFacto manufacturing and royalties for the fourth quarter increased by 9% to SEK 115.9 M
(106.2). Manufacturing revenues for the fourth quarter increased by 19% to SEK 92.7 M (77.9). Royalties for the
fourth quarter decreased by 18% to SEK 23.2 M (28.3), due to phasing.
Revenues by Region4)
Full year
Amounts in SEK million 4) Excluding ReFacto manufacturing and royalty revenues5) Revenues in the Nordic region include co-promotion for ReFacto AF/BeneFIX and discontinued products
Gross profit
Gross profit for the fourth quarter increased to SEK 267.4 M (180.3), corresponding to a gross margin of 57%
(41). The gross margin increase was due to efficiency improvements following the scale-up of the downstream
production process for ReFacto, and to completion of tech transfer process for Kineret. Gross profit for the
previous year includes co-promotion revenues of SEK 26.0 M.
Operating profit
Operating profit before amortization of intangible assets and non-recurring items (EBITA before non-recurring
items) for the fourth quarter increased to SEK 37.6 M (-115.8).
Overall operating expenses for the fourth quarter decreased to SEK 228.7 M (296.2) 6). Operating expenses for sales and administration for the fourth quarter were SEK 130.1 M (192.5) 7). Increased investment in the phase III program for Kiobrina® was offset by savings within R&D from the restructuring measures implemented in 2011. Amortization of intangible assets amounted to SEK -227.3 M (-203.9). Other operating revenues and expenses amounted to SEK -1.1 M (0.2). The company has evaluated the future potential of Multiferon, and deemed it prudent to write down the full value (SEK 162 M) of the relevant intangible asset. Current annual revenues from Multiferon are SEK 8 M. Operating profit (EBIT) amounted to SEK -192.8 M (-327.7). 6) Excluding amortization of intangible assets, non-recurring items, and other operating revenues and expenses 7) Excluding amortization of intangible assets Full Year Report January - December 2012 Net financial items and tax
Net financial items for the fourth quarter amounted to SEK -16.8 M (-19.1).
Tax for the fourth quarter amounted to SEK 66.9 M (358.6). Profit for the period
Profit for the fourth quarter amounted to SEK -142.7 M (11.8). Earnings per share amounted to SEK -0.54
(0.04).
Cash flow and investments
Cash flow from operations before changes in working capital in the fourth quarter amounted to SEK 15.8 M
(29.9). Non-cash items amounted to SEK 158.5 M (18.1) and were mainly due to amortization of product rights
and licenses.
Working capital impacted cash flow in the fourth quarter by SEK 141.5 M (105.1). The decline can be explained by decreased inventories, mainly for ReFacto and Kineret, as well as by reduction in accounts receivable and current receivables. Cash flow from investing activities amounted to SEK -19.1 M (-3.1).
Full year 2012
Revenues
Total revenues increased by 1% to SEK 1,923.2 M (1,910.8). 2011 included revenues from co-promotion for
ReFacto AF/BeneFIX and discontinued products, of SEK 150 M. Adjusted for these items and for currency
effects, total revenues increased by 8%.
Core Products
Sales of Core Products increased by 14% to SEK 925.1 M (812.3).
Total sales of Kineret increased by 15% to SEK 484.7 M (422.0), as a result of growth in both North America and Europe. Total sales of Orfadin increased by 13% to SEK 356.7 M (315.7). Sales were driven by growth in North America, most European markets, and in Middle East, Russia, and North Africa. Currency fluctuations for the full year were negligible for Kineret as well as for Orfadin, as the negative impact on EUR-based sales was balanced by a positive impact from USD-based sales.
Partner Products
Total sales of Partner Products amounted to SEK 419.2 M (523.6). 2012 includes revenues from co-promotion
of ReFacto AF/BeneFIX and discontinued products of SEK 12 M (150). Adjusted for these items and for
currency effects, total revenues increased by 9%.
Total sales of Kepivance increased by 6% to SEK 82.3 M (77.9). In 2012 Kepivance was launched in Canada. Total sales of Yondelis increased by 12% to SEK 55.4 M (49.4). The Partner Product portfolio was expanded in 2012 with new agreements for Promixin® in the Nordic countries, Germany and Central and Eastern Europe, for Buronil® in the Baltic States, Austria, the Czech Republic and Portugal, and for a new product based on Netupitant-Palonosetron in the Nordic countries. On 1 January, 2013 Sobi returned the rights for Willfact® in Germany to LFB but will retain the rights for the Nordic markets. Full Year Report January - December 2012 ReFacto
Total ReFacto manufacturing and royalty revenues amounted to SEK 565.8 M (575.0). Total manufacturing
revenues declined by 3% to SEK 436.0 M (451.7). The figure for 2011 includes validation batch deliveries in the
amount of SEK 42 M. Total royalties increased by 5% to SEK 129.8 M (123.3). In February 2012 Sobi and Pfizer
extended their supply agreement for ReFacto AF/XYNTHA® until 31 December 2020, with an option to renew.

Gross profit
Gross profit increased to SEK 1,040.4 M (974.6) and includes one-time costs of SEK 64 M relating to the transfer
of Kineret production, a milestone payment of SEK 13.1 M received for Orfadin and co-promotion revenues of
SEK 12.0 M.
The gross margin increased to 54% (51) as a result of higher utilization of the plant in Stockholm (which was closed for scheduled maintenance in July and August of 2011), efficiency improvements following the scale-up of the downstream production process for ReFacto, and of the completion of tech transfer process for Kineret. Operating profit
Operating profit before amortization of intangible assets and non-recurring items (EBITA before non-recurring
items) increased to SEK 404.1 M (127.3).
Operating expenses decreased to SEK -941.2 M (-994.6) 6) for the full year. Sales and administration expenses were SEK -539.6 M (-567.4) 7). Increased investment in the phase III program for Kiobrina was offset by savings within R&D from the restructuring measures implemented in 2011. Operating profit for the full year includes non-recurring items of SEK -34 M related to the amended purchase agreement with the sellers of Arexis on 30 March 2012. Amortization of intangible assets amounted to SEK -421.6 M (-368.1). Other operating revenues and expenses amounted to SEK 304.9 M (147.4). Operating profit (EBIT) improved to SEK -54.6 M (-318.6). Net financial items and tax
Net financial expense amounted to SEK -50.5 M (-52.2). The net financial items for the previous year were
positively impacted by currency effects.
Tax expense for the full year amounted to SEK 4.2 M (388.8). Profit for the period
Profit/loss for the period excluding write-downs amounted to SEK -100.9 M (17.9). Earnings per share
amounted to SEK -0.38 (0.07).
Cash flow and investments
Cash flow from operations before changes in working capital amounted to SEK 367.7 M (118.3). Non-cash items
amounted to SEK 468.6 M (100.4) and were mainly due to amortization of product rights and licenses.
Working capital impacted cash flow by SEK 37.9 M (-15.4). Inventories declined, mainly for ReFacto and Kineret, and this was offset by a reduction of current liabilities, mainly trade payables, which had a negative impact on working capital. Cash flow from investing activities increased to SEK -67.3 M (-43.7). Financial position
Cash and cash equivalents and short-term investments as of 31 December 2012 amounted to SEK 457.0 M
compared to SEK 219.0 M as of 31 December 2011.
Net debt as of 31 December 2012 amounted to SEK 143 M compared to SEK 481 M as of 31 December 2011. Full Year Report January - December 2012
Equity
Consolidated shareholders' equity as of 31 December 2012 amounted to SEK 4,837.9 M compared with
SEK 4,963.4 M as of 31 December 2011.
Research and Development
Positive top-line results from two phase III haemophilia studies
In the second half of 2012 Sobi and Biogen Idec announced positive top-line results from A-LONG and B-LONG,
two phase III clinical studies of the companies' long-lasting recombinant coagulation factors, rFVIIIFc and
rFIXFc, for the treatment of haemophilia A and B respectively. Both are rare inherited disorders that impair
blood coagulation.
The top-line results showed that both rFVIIIFc and rFIXFc were effective in the control and prevention of
bleeding and in routine prophylaxis and perioperative management, and were generally well-tolerated.
The A-LONG study results showed that:
 Individualized and weekly prophylactic regimens resulted in low single-digit median annualized  98% of bleeding episodes were controlled with one or two injections of rFVIIIFc  No patients developed inhibitors to rFVIIIFc Results from the B-LONG study showed that:  Prophylactic regimens resulted in low single-digit annualized bleeding rates.  Median dosing interval was 14 days in the individualized interval prophylaxis arm during the last 6 months on study.  Greater than 90% of bleeding episodes were controlled by a single injection of rFIXFc.  No patients developed inhibitors to rFIXFc. The primary efficacy and safety objectives were met in both studies and Biogen Idec plans to submit BLAs to the US Food and Drug Administration (FDA) in first half of 2013. During the year Biogen Idec and Sobi also initiated two global pediatric clinical trials, Kids A-LONG and Kids B-LONG, to study the treatment of children with Haemophilia A and B. For a summary of key data from B-LONG, see the press release dated 26 September 2012 and for A-LONG dated 31 October 2012, and further data presented at EAHAD dated 8 February 2013 atr at Enrolment in Europe continues for phase III registrational study for Kiobrina
Kiobrina is a recombinant human bile salt stimulated lipase (rhBSSL) being developed by Sobi as an oral enzyme replacement therapy to improve growth in preterm infants who receive pasteurised breast milk or infant formula. The on-going phase III study is designed to evaluate the efficacy, safety and tolerability of Kiobrina. The primary endpoint is growth velocity after four weeks. First patients were enrolled in July 2011 and the last patient is expected to be enrolled in the study in 1H 2013, with a follow-up period of twelve months. The trial is expected to enrol patients in approximately 70 centres across 10 European countries. The company continues to anticipate a potential launch for Kiobrina in late 2015. Full Year Report January - December 2012 Pediatric investigation plans for Orfadin and Kineret
Sobi has received formal agreements from the EMA Pediatric Committee on its Pediatric Investigation Plans (PIP) for Orfadin and Kineret. FDA approves Kineret for the treatment of NOMID
Sobi's application for Kineret for the indication of neonatal-onset multisystem inflammatory disease (NOMID)
in the US, filed in July 2012, was granted a priority review by the FDA and was approved by the authority in
December 2012. Kineret is the first and only FDA-approved therapy for NOMID.
In November Sobi filed an application for an EU Marketing Authorization with the European Medicines Agency
(EMA) for Kineret for the indication of cryopyrin associated periodic syndromes (CAPS).
Development pipeline
Phase III
Reg phase
Prevent growth restriction in premature infants Diuresis and seizures in neonates Reformulated Bumetanide 8) Only for Children Pharmaceuticals Life cycle management
Hereditary tyrosinemia type 1 Orfadin®, liquid formulation
Outlook for 2013

 Total revenues for the full year 2013 are expected to be in the range of SEK 2,000 to 2,200 M.  Revenues for — Core Products are expected to show high single-digit growth — Partner Products portfolio is expected to grow by about one third, and — ReFacto manufacturing and royalty are expected to show low single-digit growth.  Gross margin is expected to be in the range of 57-59%. Full Year Report January - December 2012 Other information

Personnel

As of 31 December 2012, the number of full-time employees was 478 (506).
Significant events after the reporting period
Distribution agreement signed with Valeant/PharmaSwiss
Sobi entered into an exclusive distribution agreement with Valeant/PharmaSwiss for the products Megace®,
Monopril®, Cefzil® and Duricef® for the treatment of indications within oncology, cardio-vascular and anti-
infective therapy areas. Under the terms of the agreement, Sobi will have exclusive distribution rights in
Ireland, United Kingdom, France, Italy, Germany, Spain, Finland, Sweden, Denmark, Norway, Austria, Belgium,
Liechtenstein, Netherlands, Portugal, and Luxembourg. The portfolio has current revenues of approximately
SEK 120 M in the Sobi territory.
Savient Co-promotion
Sobi has entered into an exclusive agreement with Savient for the co-promotion of Kineret (anakinra) in the
United States. Kineret is indicated for the reduction in signs and symptoms and slowing the progression of
structural damage in moderately to severely active rheumatoid arthritis (RA) in patients 18 years of age or
older who have failed one or more disease modifying antirheumatic drugs (DMARDs). Kineret is also indicated
in the U.S. for the treatment of children and adults with neonatal-onset multisystem inflammatory disease
(NOMID). Savient will market and promote Kineret beginning April 1, 2013. Sobi Inc. will remain responsible for
all Kineret commercial drug manufacturing, supply, and regulatory activities.

Sobi offers bond in the amount of up to SEK 200 M
Additional bond offering by way of a tap-issue under the current bond loan to ensure that we can meet the
opportunities presented by the pace and scale of our Haemophilia programs.


Full Year Report January - December 2012 Annual General Meeting 2013
The Annual General Meeting of Swedish Orphan Biovitrum AB will be held on Friday, 26 April 2013 in the
Wallenberg Auditorium at the Royal Swedish Academy of Engineering Sciences (IVA), Grev Turegatan 16,
Stockholm, Sweden.
The Board of Directors proposes paying no dividend for the 2012 financial year. The Annual Report for 2012 will be published onthree weeks before the AGM. It will also be
available at Sobi's headquarters at Tomtebodavägen 23 A in Solna.
Solna, 21 February 2013

Geoffrey McDonough
President and CEO
This year-end report has not been reviewed by the Company's auditors.
Forward-looking statement
This year-end report includes forward-looking statements. Actual results may differ from those stated. Internal
factors such as the successful management of research programs and intellectual property rights may affect
future results. There are also external conditions such as the economic climate, political changes and competing
research programs that may affect Swedish Orphan Biovitrum's results.

Full Year Report January - December 2012 Financial statements & Notes
The Group
Statement of Comprehensive Income

Full year
Amounts in SEK million Total cost of goods and services sold Gross profit
Sales and administration expenses 1) Research and development expenses 2) Non-recurring items 3) Other operating revenues/expenses Profit/loss after financial items
Income tax expense Profit/loss for the period
Other comprehensive income
Translation difference
Cash flow hedge (net of tax) Comprehensive income for the period
Earnings/loss per share (SEK) Earnings/loss per share after dilution (SEK) 1) Amortization and write-down of intangible assets included in Sales & Adm expenses 2) Amortization and write-down of intangible assets included in Research and Development expenses 3) Amortization and write-down of intangible assets included in non-recurring items Full Year Report January - December 2012 The Group
Balance Sheet

Amounts in SEK million ASSETS
Non-current assets
Intangible fixed assets 1)
Tangible fixed assets Financial fixed assets Total fixed assets
Accounts receivable Current receivables, non-interest bearing Cash and cash equivalents Total current assets
Total assets
EQUITY AND LIABILITIES
Long-term liabilities, non-interest bearing 2) Total long-term liabilities
Current liabilities
Short term debt
Current liabilities, non-interest bearing Total short-term liabilities
Total equity and liabilities
1) Including goodwill SEK 1,605.3 M2) The Swedish government has decided to make a reduction in the company tax rate from 26.3% to 22.0% as of 2013. The reduction have lead to a positive one-time effect related to a reduction of Sobi's net deferred tax liability amounting to approximately SEK 77 M.
The Group
Changes in Equity

Full year
Amounts in SEK million Change in accounting principle 1) Sharebased compensation to employees Comprehensive income for the period Equity, end of period
1)As a consequence of adopting new accounting principles, IAS 19, as from 1 January 2012, actuarial losses per 31 December 2011 has been charged to equity as an adjustment of opening balances.
Full Year Report January - December 2012 The Group
Cash Flow Statement

Full year
Amounts in SEK million Cash flow from operations before change in working capital
Change in working capital Cash flow from operations
Acquisition of business, net of cash acquired Investment in intangible fixed assets Investment in tangible fixed assets Divestment of tangible fixed assets Short-term investments Cash flow from investing activities
Loans - Raising/Amortization Cash flow from financing activities
Net change in cash
Liquid funds at the beginning of the period Translation difference in cash flow and liquid funds Liquid funds at the end of the period
Short-term investments Liquid funds and short-term investments at the end of the period
1) Depreciations, amortization and deferred tax:
Depreciation tangible fixed assets Amortization intangible assets Full Year Report January - December 2012 The Group
Key Ratios and Other Information
Full year
Amounts in SEK million Return on
Shareholders' equity Operating profit before amortizations and non-recurring items Operating profit before non-recurring items Per share data (SEK)
Shareholders' equity per share Shareholders' equity per share after dilution Cash flow per share Cash flow per share after dilution Number of ordinary shares Number of C-shares (In treasury) Average number of ordinary shares Outstanding warrants Number of shares after dilution Average number of ordinary shares after dilution Return on shareholders' equity Shareholders' equity per share after dilution Profit/loss after tax as a percentage of average shareholders' Shareholders' equity divided by the number of shares after Return on total capital Cash flow per share Profit/loss after financial items plus financial expenses as a Changes in cash and cash equivalents divided by the weighted percentage of average total assets. average number of outstanding shares. Gross profit Cash flow per share after dilution Net sales less cost of goods and services sold. Changes in cash and cash equivalents divided by the weighted average number of shares after dilution. Operating profit/loss before depreciation and amortization. Gross margin Gross profit as a percentage of net sales. Operating profit/loss before amortization. Equity ratio Shareholders' equity as a proportion of total assets. Operating profit/loss. Long-term and short-term liabilities to credit institutes less cash Profit   and cash equivalents. Net profit for the period. Non-recurring items Shareholders' equity per share Non-recurring items are defined as transactions of a Shareholders' equity divided by the number of shares. non-recurring nature. Full Year Report January - December 2012 The Group
Quarterly Trend Data
Amounts in SEK million Gross profit
Sales and administration expenses Research and development expenses % of sales
Other operating revenues/expenses EBITA before non-recurring items
Non-recurring items % of sales
EBIT margin

The Group
Revenues Trend by Business Line

Amounts in SEK million Other core products Discontinued products Co-promotion revenues Full Year Report January - December 2012 Parent Company
Profit and Loss Statement

Full year
Amounts in SEK million Total cost of goods and services sold Gross profit
Sales and Administration expenses 1) Research and Development expenses 2) Non recurring items Other operating revenues/expenses Result from participation in Group companies Financial expenses Profit/loss after financial items
Income tax expenses Profit/loss for the period
Other comprehensive income
Cash flow hedge (net of tax)
Comprehensive income for the period
1) Amortization and write-down of intangible assets included in Sales & Adm expenses 2) Amortization and write-down of intangible assets included in Research and Development expenses Full Year Report January - December 2012 Parent Company
Balance Sheet

Amounts in SEK million ASSETS
Fixed assets
Intangible fixed assets
Tangible fixed assets Financial fixed assets Total fixed assets
Current receivables, non-interest bearing Cash and cash equivalents Total current assets
Total assets
EQUITY AND LIABILITIES
Long-term liabilities, non-interest bearing Total long-term liabilities
Current liabilities
Current liabilities, non-interest bearing
Total short-term liabilities
Total equity and liabilities


Parent Company
Change in Shareholder's Equity

Full year
Amounts in SEK million Sharebased compensation to employees Comprehensive income for the period Equity, end of period
Full Year Report January - December 2012 Accounting and valuation principles and other information
Important accounting principles
Swedish Orphan Biovitrum AB (publ) prepares its consolidated financial statements in accordance with the Annual Accounts
Act, the Swedish Financial Reporting Board's recommendation RFR 1 Supplementary Accounting Rules for Groups, and the
International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the EU. The consolidated
financial statements have been prepared according to the historical cost convention, except in the case of financial assets
and financial assets and liabilities (including derivative instruments) which are measured at fair value in comprehensive
income. The parent company applies the Annual Accounts Act and RFR 2 Reporting for legal entities.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting.
Accounting principles applied are in accordance with those described in the 2011 Annual Report. Starting 1 January 2012,
the group is no longer applying the "corridor method" in the current IAS 19. Instead all actuarial gains and losses are
recognized in "Other comprehensive income" as incurred. Previous year´s unrecognized actuarial losses in the amount of
SEK 24.6 M are reported as a change in the accounting principle, directly against the opening balance of equity. More
detailed information about the Group's accounting and valuation principles can be found in the 2011 Annual Report which
is available at www.sobi.com.

Operating risks
All business operations involve risk. Managed risk-taking is necessary to maintain good profitability. Risk may be due to events in the external environment and may affect a certain industry or market. Risk may also be specific to a certain company. Swedish Orphan Biovitrum is exposed to three main risk categories: External risks such as patent infringements, competition within product concepts and decisions by authorities regarding product use and prices. Operational risk, e.g. due to the capital-intensive and risky nature of new drug development, dependence on external partners in various collaborations, product liability claims and laws and rules on the treatment of hazardous materials. Financial risks, such as currency risk, interest risk, credit risk and liquidity risk. A more detailed description of the Group's risk exposure and risk management is included in Swedish Orphan Biovitrum's
2011 Annual Report (see the Directors' Report).
Note 2
Shares and Warrants
Share capital,
Development in share capital and number
No of shares
Rights issue of class C shares Rights issue of class C shares 147,947,800
A preferential new share issue of class C shares was completed in September 2012, after which the total number of shares is 269,634,858. The class C shares are intended to ensure fulfillment of commitments under the company's long-term incentive programs. Issued shares break down as 265,226,598 ordinary shares and 4,408,260 class C shares. The ordinary shares carry one vote per share and the class C shares carry 1/10 of a vote per share. All class C shares are treasury shares. Full Year Report January - December 2012 Option and share based incentive programs
Share based incentive program 2010 A long-term, performance-based share program ("Share Program 2010") was adopted at the Annual General Meeting on 27 April 2010. Share Program 2010 covers management and key individuals in Swedish Orphan Biovitrum, and may involve a total maximum allocation of 429,925 shares in Swedish Orphan Biovitrum AB. The program is designed to allow the participant to invest in a number of shares and receive the equivalent number of shares free of charge if the individual stays with the Company for three years. Employees also have the opportunity to receive additional shares based on Swedish Orphan Biovitrum's performance over a three-year benchmark period. The program was implemented in December 2010 and the benchmark period extends from 13 December 2010 through 12 December 2013. Share based incentive program 2011 A long-term, performance-based share program ("Share Program 2011") was adopted at the Annual General Meeting on 28 April 2011. Share Program 2011 covers management and key individuals in Swedish Orphan Biovitrum and may involve a total maximum allocation of 583,993 shares in Swedish Orphan Biovitrum AB. The program is designed to allow the participant to invest in a number of shares and receive an equivalent number of shares free of charge if the individual stays with the Company for three years. Employees also have the opportunity to receive additional shares based on Swedish Orphan Biovitrum's performance over a three-year benchmark period. The program was implemented in December 2011 and the benchmark period extends from 15 December 2011 through 15 December 2014. Share based incentive program 2012 A long-term, performance-based share program ("Executive Program") was adopted at the Annual General Meeting on 26 April 2012. The Executive Program covers management and key individuals in Swedish Orphan Biovitrum and may involve a total maximum allocation of 670,800 shares in Swedish Orphan Biovitrum AB. The program is designed to allow the participant to invest in a number of shares and receive an equivalent number of shares free of charge if the individual stays with the Company for three years. Employees also have the opportunity to receive additional shares based on Swedish Orphan Biovitrum's performance over a three-year benchmark period. The program was implemented in May 2012 and the benchmark period extends from 14 May 2012 through 14 May 2015. A long-term, performance-based share program ("All Employee Program") was adopted at the Annual General Meeting on 26 April 2012. The All Employee Program covers permanent employees in Swedish Orphan Biovitrum and may involve a total maximum allocation of 24,800 shares in Swedish Orphan Biovitrum AB. The program is designed so that participants receive 100 shares free of charge if the performance criteria are met and if the individual stays with the Company for three years. The program was implemented in May 2012 and the benchmark period extends from 14 May 2012 through 14 May 2015. Share program for CEO 2011 The Extraordinary General Meeting held on 24 August 2011, adopted a performance-based, long-term share program for the CEO Geoffrey McDonough (the "CEO Share Program 2011"). The program is based on the CEO's own investment in shares in the market over a three-year period and includes the allotment of performance shares free of charge based on an increase in Swedish Orphan Biovitrum's share price during the performance period ending on 15 August 2014. For any allotment of performance shares to be possible, the share price at the end of the performance period must amount to more than SEK 25.77. A maximum of 500,000 performance shares may be allotted as follows: Pro-rata allotment of 400,000 performance shares If the share price at the end of the performance period amounts to at least SEK 45.00, 400,000 performance shares will be allotted. If the share price is between SEK 25.77 and SEK 45.00 at the end of the performance period, the portion of the 400,000 performance shares to be allotted will be calculated on a pro-rata basis. Threshold allotment 1 of 30,000 performance shares In addition to the pro-rata allotment, 30,000 performance shares will be allotted if the share price at the end of the performance period amounts to at least SEK 30.00. Threshold allotment 2 of 70,000 performance shares In addition to the pro-rata allotment and the threshold allotment 1, 70,000 performance shares will be allotted if the share price at the end of the performance period amounts to at least SEK 35.00. Full Year Report January - December 2012 In 2004 the real estate Paradiset 14 was transferred to a substantially foreign-owned limited liability partnership Nya
Paradiset KB, whereupon the participating interests in Nya Paradiset KB were sold to an external party at market price. On 3
March 2011 the Administrative Court ruled in favor of the Tax Agency's request, explaining that, based on the above
transfer and subsequent sale, Swedish Orphan Biovitrum will, under the tax law, be charged an amount of SEK 232.2 M as
revenue in the 2005 tax year. The company appealed to the Administrative Court of Appeal. A stay of proceedings was
issued in the case while awaiting the Supreme Administrative Court´s (SAC) verdict on another, separate tax avoidance
issue, known as the Cyprus case. On 30 May 2012 SAC delivered its verdict in the said case and Swedish Orphan Biovitrum's
tax case was taken up for continued consideration by the Administrative Court of Appeal and Swedish Orphan Biovitrum
will have the opportunity to supplement and strengthen its legal submission.
During the period, there have been no relevant developments in the proceedings. For further background, please refer to
the company's interim report for the third quarter 2012, note 3.
On 29 March 2012, Swedish Orphan Biovitrum amended its share purchase agreement regarding the acquisition in 2005 of
the pharmaceutical Company Arexis AB. As stated in Swedish Orphan Biovitrum's annual and quarterly reports, the sellers
of Arexis initiated arbitration as well as an expert determination procedure in 2011 regarding certain claims related to the
share purchase agreement. Both proceedings have been withdrawn as a consequence of the amended share purchase
agreement. According to the amended agreement, Swedish Orphan Biovitrum has no remaining development obligations
toward the sellers. Under the amended agreement, Swedish Orphan Biovitrum will pay the sellers a total of SEK 77 M, of
which SEK 43 M is for the future milestone obligations for the Kiobrina program. Swedish Orphan Biovitrum has paid SEK 36
M in connection with the signing of the agreement and will pay SEK 20 M in 2013 and SEK 21 M in 2014.
Note 4
Transactions with Related Parties
In January 2013 the company entered into an employment agreement with Bo Jesper Hansen as Executive Chairman. The new agreement entered into effect on 15 January, 2013, upon the expiry of the three year term of Bo Jesper Hansen´s previous employment agreement with the company. The new employment agreement is valid until May, 1st, 2014. Full Year Report January - December 2012 Telephone Conference
The interim report for the fourth quarter and full year 2012 will be presented by CEO Geoffrey McDonough, CFO Annika
Muskantor (Interim), COO Alan Raffensperger and Head of Investor Relations Jörgen Winroth at a media and analyst
telephone conference.
Time: Thursday, 21 February 2013 at 2 p.m. CET
To participate in the telephone conference, please call:
SE: +46 8 505 564 76
UK: +44 203 364 53 71
US: +1 877 679 29 93
A recording will be available afterwards at www.sobi.com under Investors & Media/Audio cast. Slides used in the
presentation will also be available on the website under Investors & Media/Presentations.

Financial calendar 2013
Interim Report, January-March, and Annual General Meeting
Interim Report, January-June Interim Report, January-September
Contact information
Investor Relations: Jörgen Winroth, tel: 08-697 20 00, cell: +1 347 224 0819, email
The above information has been made public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was released for publication on February 21 2013 at 8.30 CET.
About Sobi

Sobi is an international specialty healthcare company dedicated to rare diseases. Our mission is to develop and
deliver innovative therapies and services to improve the lives of patients. The product portfolio is primarily
focused on inflammation and genetic diseases, with three late stage biological development projects within
hemophilia and neonatology. We also market a portfolio of specialty and rare disease products for partner
companies. Sobi is a pioneer in biotechnology with world-class capabilities in protein biochemistry and
biologics manufacturing. In 2012, Sobi had total revenues of SEK 1.9 billion (€ 215 M) and about 480
employees. The share (STO: SOBI) is listed on NASDAQ OMX Stockholm. More information is available at

Source: http://www.sobi.com/PageFiles/541/Sobi_Q4-FY_2012_20130221_ENGLISH.pdf

Ford

Table of Contents Table of Contents Warning and control lights AM/FM stereo with CD AM/FM stereo with in-dash six CD Manual heating and air conditioning Rear window defroster Turn signal control Windshield wiper/washer control Steering wheel adjustment Locks and Security Anti-theft system 2005 05+ Mustang (197)Owners Guide (post-2002-fmt)USA_English (fus)

Vol-28, no.-1, june 11 micro.pmd

Bangladesh J Microbiol, Volume 28, Number 1, June 2011, pp 7-11 Prevalence of Ciprofloxacin and Nalidixic Acid Resistant Salmonella entericaserovar Typhi in Bangladesh Shirin Afroj1, Mohammad Ilias1, Maksuda Islam2, and Samir K Saha2* 1Department of Microbiology, University of Dhaka, Dhaka-1000, Bangladesh. 2Department of Microbiology, Dhaka Shishu (Children) Hospital,Dhaka-1207, Bangladesh