Orexo Interim Report Q1 2023
Focusing operations on Orexo´s strengths
Q1 2023 highlights
- Total net revenues of SEK 158.8 m (159.4)
- EBITDA of SEK -41.1 m (2.8), EBITDA excluding legal costs and costs for non-repeating clinical trials, SEK 20.9 m (32.2)
- Net earnings of SEK -63.9 m (-23.6)
- US Pharma segment (ZUBSOLV® US) net revenues of SEK 140.3 m (139.1), in local currency USD 13.5 m (14.8), US Pharma EBIT of SEK 74.3 m (84.0)
- Cash flow from operating activities of SEK -61.6 m (-61.6), cash and invested funds of SEK 278.9 m (437.8)
- Earnings per share before and after dilution amounted to -1.86 (-0.69)
- Exploratory feasibility studies of amorphOX® initiated in collaboration with two international biopharmaceutical and vaccine companies
- New Drug Application (NDA) submitted with the FDA for OX124, high-dose rescue medication for opioid overdose
Important events after the end of the period
- Due to issues in the outsourced packaging line FDA has requested Orexo to resubmit the NDA, which is planned to take place in Q3, 2023
| SEK m, unless otherwise stated | 2023 Jan-Mar |
2022 Jan-Mar |
% change quarter | 2022 Jan-Dec |
| Net revenues | 158.8 | 159.4 | -0.4% | 624.3 |
| Cost of goods sold | -28.7 | -27.5 | 4.2% | -102.6 |
| Operating expenses | -189.4 | -145.1 | 30.6% | -705.6 |
| EBIT | -59.3 | -13.2 | 350.0% | -183.9 |
| EBIT margin | -37.4% | -8.3% | 29.1% | -29.5% |
| EBITDA | -41.1 | 2.8 | -1,567.9% | -115.2 |
| Earnings per share, before dilution, SEK | -1.86 | -0.69 | 169.6% | -5.17 |
| Earnings per share, after dilution, SEK | -1.86 | -0.69 | 169.6% | -5.17 |
| Cash flow from operating activities | -61.6 | -61.6 | 0.0% | -156.6 |
| Cash and invested funds | 278.9 | 437.8 | -36.3% | 351.9 |
Comments by the CEO, Nikolaj Sørensen
Navigating troubled waters
"As expected, the first quarter has been intensive for Orexo with submission of the of OX124 file to the FDA, completion of the District Court Hearing in the patent litigation and integration of the DTx team into the US Pharma organization. ZUBSOLV® sales in SEK was in line with last year, supported by currency tailwinds, and ZUBSOLV® US sales have stabilized comparing to Q4 in USD. As expected, EBITDA compared to last year is lower explained by the increase in non-repeating expenses. These expenses will decline in the next quarters as we approach the critical milestones for the company with the decision in the District Court and the completion of the MODIA® clinical trial. Removing these non-repeating expenses from the P&L, EBITDA would have been positive in the quarter. I am disappointed with the news right after the quarter ended, that we had issues with the packaging line for OX124 and need to make a new submission to FDA later this year. If the final tests at our contract manufacturing partner are successful, we are expecting to resubmit the OX124 file with the FDA in Q3."
For full CEO comments view the attached PDF
For further information, please contact
Nikolaj Sørensen, President and CEO, Fredrik Järrsten, EVP and CFO, or Lena Wange, IR & Communications Director
Tel: +46 18 780 88 00, +1 855 982 7658, E-mail: ir@orexo.com.
Presentation
At 2 pm CET the same day as the announcement of the report Orexo invites analysts, investors and media to attend a presentation where Nikolaj Sørensen, CEO and Fredrik Järrsten, CFO, will present the report and host a Q&A.
To attend via teleconference where you can ask questions verbally use this link:
https://conference.financialhearings.com/teleconference/?id=200679
When registered you will be provided phone numbers and a conference ID to access the conference.
To attend via webcast:
https://ir.financialhearings.com/orexo-q1-2023
Prior to the call presentation material will be available on Orexo´s website Investors/Reports/Audiocasts.
This information is information that Orexo AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above at 8 am CET on April 27, 2023.