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Orexo Interim Report Q2 2022

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Orexo's Q2 2022 report highlights significant financial improvement with total net revenues reaching SEK 147.8 million, up from SEK 142.8 million last year. The US Pharma segment, particularly ZUBSOLV®, generated net revenues of SEK 139.6 million. Despite net losses of SEK 35.8 million, earnings per share improved to -1.04 from -2.15. Cash flow from operations increased positively to SEK 14.5 million.

Positive
  • Total net revenues increased by 3.5% year-over-year, reaching SEK 147.8 million.
  • US Pharma segment revenues rose to SEK 139.6 million, a significant contributor to overall growth.
  • Improvement in EBITDA, with a reduction of losses to SEK -32.5 million from -41.1 million.
  • Cash flow from operating activities improved to SEK 14.5 million from -20.9 million, indicating better operational efficiency.
Negative
  • Net earnings remained negative at SEK -35.8 million, although improved from -73.7 million last year.
  • Cash and invested funds decreased by 31.2%, falling to SEK 467.7 million from SEK 679.7 million.

UPPSALA, Sweden, July 14, 2022 /PRNewswire/ -- 

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

  Apr-Jun 

                         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.  

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/orexo/r/orexo-interim-report-q2-2022,c3601018

The following files are available for download:

https://mb.cision.com/Main/694/3601018/1604207.pdf

Orexo Interim Report Q2 2022 published July 14

Cision View original content:https://www.prnewswire.com/news-releases/orexo-interim-report-q2-2022-301586488.html

SOURCE Orexo

FAQ

What were Orexo's total net revenues in Q2 2022?

Orexo reported total net revenues of SEK 147.8 million in Q2 2022.

How did Orexo's EBITDA change in Q2 2022?

Orexo's EBITDA improved, with losses narrowing to SEK -32.5 million from SEK -41.1 million in the previous year.

What is Orexo's cash flow from operating activities for Q2 2022?

In Q2 2022, Orexo reported a positive cash flow from operating activities of SEK 14.5 million.

What were Orexo's earnings per share in Q2 2022?

Earnings per share for Orexo in Q2 2022 were SEK -1.04, improved from SEK -2.15 in the same quarter of the previous year.

What is the financial outlook for Orexo in 2022?

Orexo reiterated its financial outlook for 2022, indicating confidence in its future performance.

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