Orexo Interim Report Q2 2022
Good tailwind in the financial development
Q2 2022 highlights
- Total net revenues of SEK 147.8 m (142.8)
- EBITDA of SEK -32.5 m (-41.1)
- Net earnings of SEK -35.8 m (-73.7)
- US Pharma segment (ZUBSOLV® US) net revenues of SEK 139.6 m (126.0), in local currency USD 14.2 m (15.0), US Pharma EBIT of SEK 77.2 m (61.6)
- Cash flow from operating activities of SEK 14.5 m (-20.9), cash and invested funds of SEK 467.7 m (679.7)
- Earnings per share before and after dilution amounted to -1.04 (-2.15)
- Christine Rankin and Michael J Matly were elected as Board members at the Annual General Meeting. They replace David Colpman and Kirsten Detrick who have declined re-election.
- Orexo´s partner Gesynta Pharma's drug candidate GS-248 (OX-MPI) granted Orphan Drug Designation in the US by the FDA for the treatment of systemic sclerosis
Important events after the period
- First clinical study initiated for OX640, a nasal adrenaline rescue medication for allergic reactions
- The digital therapy deprexis® reimbursed within the US Veterans Affairs Federal Supply Schedule
- Financial outlook 2022 reiterated
| SEK m, unless otherwise stated |
2022 |
2021 Apr-Jun |
2022 Jan-Jun |
2021 Jan-Jun |
% change |
2021 Jan-Dec |
| Net revenues | 147.8 | 142.8 | 307.3 | 275.1 | 3.5% | 565.0 |
| Cost of goods sold | -21.2 | -18.1 | -48.7 | -37.4 | 17.5% | -78.9 |
| Operating expenses | -176.4 | -178.7 | -321.5 | -328.7 | -1.3% | -700.2 |
| EBIT | -49.7 | -54.0 | -62.9 | -90.9 | 7.9% | -214.1 |
| EBIT margin | -33.6% | -37.8% | -20.5% | -33.1% | 4.2% | -37.9% |
| EBITDA | -32.5 | -41.1 | -29.7 | -65.2 | 20.9% | -161.0 |
| Earnings per share, before dilution, SEK | -1.04 | -2.15 | -1.73 | -3.07 | 51.6% | -6.51 |
| Earnings per share, after dilution, SEK | -1.04 | -2.15 | -1.73 | -3.07 | 51.6% | -6.51 |
| Cash flow from operating activities | 14.5 | -20.9 | -47.1 | -68.7 | 169.5% | -229.0 |
| Cash and invested funds | 467.7 | 679.7 | 467.7 | 679.7 | -31.2% | 504.1 |
CEO Comments
A leader in providing new innovative treatment solutions for patients suffering from opioid dependence
"I am pleased to report ZUBSOLV® demand fully stabilized versus Q1, contributing to an improved development for our main business, US Pharma. Comparing to last year US Pharma net revenues increased by 11 percent driven by a strong USD and a favorable payer mix, offsetting a negative development in ZUBSOLV® demand. With a significant exposure to the US dollar also in our expenses, I am particularly pleased to see a continued improved EBITDA compared to last year, which supports an increase in our cash position of 30 million. The financial development should be seen in the light of our continued investment in future growth drivers, in particular the finalizing of OX124, our opioid overdose rescue medication, for registration in the US later this year. Additionally, we are launching and in parallel running a large clinical trial for MODIA®, our digital therapy for opioid use disorder (OUD), also in the US. These investments are all important elements in a comprehensive solution to improve access to treatment and outcome for patients suffering from OUD."
To read the full CEO Comments view attached PDF.
For further information, please contact
Nikolaj Sørensen, President and CEO, Joseph DeFeo, 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, Joseph DeFeo, CFO, and Dennis Urbaniak, SVP Digital Therapeutics, will present the report and host a Q&A.
Please view the instructions below on how to participate
Internet: https://tv.streamfabriken.com/orexo-q2-2022
Telephone: SE: +46 8 56 64 27 04 UK: +44 33 33 00 92 63 US: +1 64 67 22 49 56
Prior to the call presentation material will be available on Orexo´s website Investors/Reports, presentations, 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 8.00 am CET on July 14, 2022.