Orexo Interim Report Q4 2022, incl. Full Year Report
Orexo announced its Q4 2022 results with total net revenues of SEK 156.1 million, up from SEK 144.0 million in Q4 2021, showing a positive 8.4% increase. The U.S. Pharma segment contributed significantly, with net revenues of SEK 142.6 million. However, EBITDA was SEK -53.1 million, and net earnings were SEK -91.8 million, reflecting substantial operational costs. Cash flow from operations was negative at SEK -48.9 million, with total cash and investments decreasing to SEK 351.9 million. Positive advancements include the first clinical study results for OX640 and the last patient enrolled in the MODIA trial. Financial outlook for 2023 was also provided.
- Total net revenues increased by 8.4% from SEK 144.0 million in Q4 2021 to SEK 156.1 million in Q4 2022.
- U.S. Pharma segment net revenues were SEK 142.6 million, up from SEK 133.6 million year-over-year.
- Positive data from the first clinical study of OX640 announced.
- Last patient enrolled in the clinical trial for MODIA.
- EBITDA remains in negative territory at SEK -53.1 million, compared to -48.5 million in Q4 2021.
- Net earnings significantly worsened to SEK -91.8 million from SEK -66.0 million year-over-year.
- Cash flow from operating activities reported as SEK -48.9 million.
- Cash and invested funds decreased by 30.2% to SEK 351.9 million from SEK 504.1 million.
UPPSALA, Sweden,
Q4 2022 highlights
- Total net revenues of
SEK 156.1 m (144.0) - EBITDA of
SEK -53.1 m (-48.5), EBITDA excluding legal costs and costs for non-repeating clinical trials, SEK -0.1 m (-10.5) - Net earnings of
SEK -91.8 m (-66.0) - US Pharma segment (ZUBSOLV® US) net revenues of
SEK 142.6 m (133.6), in local currencyUSD 13.3 m (15.1), US Pharma EBIT ofSEK 77.0 m (72.2) - Cash flow from operating activities of
SEK -48.9 m (-80.6), cash and invested funds ofSEK 351.9 m (504.1) a reduction ofSEK 92,0 m fromSEK 443.9 m in Q3 - Earnings per share before and after dilution amounted to -2.67 (-1.92)
- Positive data announced from first clinical study for OX640
Ed Kim , M.D., appointed as Chief Medical Officer, replacingMichael Sumner , M.D.- Last patient enrolled in the clinical trial for MODIA®
- Financial outlook provided for 2023, see page 12
Important events after the period
- Exploratory feasibility studies of amorphOX® initiated in collaboration with two leading biopharmaceutical and vaccine companies
SEK m, unless otherwise stated | 2022 | 2021 | % change | 2022 | 2021 | % change |
Net revenues | 156.1 | 144.0 | 8.4 % | 624.3 | 565.0 | 10.5 % |
Cost of goods sold | -25.9 | -20.3 | 27.8 % | -102.6 | -78.9 | 30.1 % |
Operating expenses | -201.3 | -187.8 | 7.2 % | -705.6 | -700.2 | 0.8 % |
EBIT | -71.1 | -64.1 | 11.0 % | -183.9 | -214.1 | -14.1 % |
EBIT margin | -45.6 % | -44.5 % | 1.1 % | -29.5 % | -37.9 % | -8.4 % |
EBITDA | -53.1 | -48.5 | 9.5 % | -115.2 | -161.0 | -28.4 % |
Earnings per share, before dilution, SEK | -2.67 | -1.92 | 39.1 % | -5.17 | -6.51 | -20.6 % |
Earnings per share, after dilution, SEK | -2.67 | -1.92 | 39.1 % | -5.17 | -6.51 | -20.6 % |
Cash flow from operating activities | -48.9 | -80.6 | -39.4 % | -156.6 | -229.0 | -31.6 % |
Cash and invested funds | 351.9 | 504.1 | -30.2 % | 351.9 | 504.1 | -30.2 % |
CEO Comments - Nikolaj Sørensen
Well positioned to capture new market opportunities and reach profitability
"In the quarter we saw steady progress in our pipeline, in particular the broadening of the application of amorphOX® to new categories of molecules, in partnership with leading international biopharmaceutical companies communicated early in 2023. It is also encouraging to see new market opportunities for ZUBSOLV® and MODIA® in the US due to the largest change in legislation for treatment of opioid use disorder (OUD) since the launch of ZUBSOLV®, removing most restrictions on the prescription of buprenorphine for the treatment of OUD. As expected, EBIT in Q4 was affected by high non-recurring operating costs and the continued strength of the USD. On a full year basis, our financial development compared to last year is positive with improved revenues and EBIT, although both affected by FX fluctuations. The main concern in the quarter is our digital therapies and consequently in beginning of 2023 we have re-organized our US commercial operations in the US to increase focus on sales and improve efficiencies."
To read the full CEO Comments view attached PDF
For further information, please contact
Tel: +46 18 780 88 00, +1 855 982 7658, E-mail: ir@orexo.com.
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