Orexo Q3 2021 Interim Report
Orexo AB reported a challenging Q3 2021 with total net revenues of SEK 145.9 m, slightly down from SEK 150.3 m in Q3 2020. Net earnings were SEK -52.0 m, an improvement over SEK -84.9 m last year. The US Pharma segment generated net revenues of SEK 136.4 m (USD 15.8 m), while EBITDA remained negative at SEK -47.4 m. Operating cash flow also reported a decline of SEK -79.7 m. Positive highlights included a signed partnership with Sober Grid and the initiation of a pivotal trial for lead asset OX124. A commercial agreement was also established with Benefis Health System.
- US Pharma segment revenue increased to SEK 136.4 m compared to SEK 143.8 m in the previous quarter.
- EBIT improved to SEK 78.5 m for the US Pharma segment.
- Partnership agreement with Sober Grid to provide access to digital therapeutics.
- Commercial agreement for VORVIDA® and DEPREXIS® with Benefis Health System.
- Lead asset OX124 entered pivotal trial, indicating progress in drug development.
- Total net revenues decreased from SEK 150.3 m in Q3 2020 to SEK 145.9 m.
- Net earnings remained negative at SEK -52.0 m compared to SEK -84.9 m last year.
- EBITDA worsened to SEK -47.4 m from SEK -20.9 m in the previous year.
- Cash flow from operating activities deteriorated to SEK -79.7 m from SEK -12.9 m in Q3 2020.
UPPSALA, Sweden, Nov. 3, 2021 /PRNewswire/ --
Q3 2021 highlights
- Total net revenues of SEK 145.9 m (150.3)
- Net earnings of -52.0 SEK m (-84.9)
- EBITDA of SEK -47.4 m (-20.9)
- US Pharma segment (ZUBSOLV® US) net revenues of SEK 136.4 m (143.8), in local currency USD 15.8 m (16.2), US Pharma EBIT of SEK 78.5 m (72.4)
- Cash flow from operating activities of SEK -79.7 m (-12.9), cash balance of SEK 588.1 m (593.3)
- Earnings per share before dilution amounted to -1.51 (-2.45)
- Commercial partnership agreement signed with Sober Grid, the largest global social media network for people in addiction recovery, giving a large group of users access to VORVIDA® and DEPREXIS®
- Lead pharmaceutical pipeline asset, OX124 - a rescue medication for overdoses, entered pivotal trial
- Commercial agreement for VORVIDA® and DEPREXIS® signed with Benefis Health System, a leading regional health network
Important events after the period
- MODIA™ paper published in the Journal of Medical Internet Research Mental Health
- Updated financial outlook, FY 2021
SEK m, unless otherwise stated |
2021 |
2020 |
2021 |
2020 |
2020 |
Net revenues |
145.9 |
150.3 |
421.0 |
504.4 |
663.6 |
Cost of goods sold |
-21.3 |
-14.5 |
-58.6 |
-54.3 |
-65.6 |
Operating expenses |
-183.7 |
-165.4 |
-512.4 |
-459.0 |
-617.9 |
EBIT |
-59.0 |
-29.6 |
-150.0 |
-8.9 |
-19.9 |
EBIT margin, % |
-40.5 |
-19.7 |
-35.6 |
-1.8 |
-3.0 |
EBITDA |
-47.4 |
-20.9 |
-112.6 |
17.9 |
19.0 |
Earnings per share, before dilution, SEK |
-1.51 |
-2.45 |
-4.59 |
-1.00 |
-2.45 |
Earnings per share, after dilution, SEK |
-1.51 |
-2.45 |
-4.59 |
-1.00 |
-2.45 |
Cash flow from operating activities |
-79.7 |
-12.9 |
-148.4 |
28.0 |
16.8 |
Cash and cash equivalents |
588.1 |
593.3 |
588.1 |
593.3 |
505.3 |
CEO Comments
Good third quarter for ZUBSOLV®
"I am pleased to report that the third quarter showed continued stabilization and for the first time since 2019, ZUBSOLV® grew both revenues and profit from the previous quarter. The development of ZUBSOLV® is important to enable the continued investments in establishing our digital therapeutics (DTx) business and advancing our pharma pipeline. Mental health issues have grown significantly during Covid-19, which will inevitably lead to a significant increase in patients needing treatment. However, while demand has sharply increased, healthcare providers have been severely impacted by Covid-19 during 2021, resulting in patients suffering from reduced access to treatment, and healthcare providers' ability to assess and implement new innovative treatment methods like DTx has been limited. Fortunately, as the impact from Covid-19 diminishes, the priority and attention to address the significant rise in mental illnesses is increasing. This has led to improvements in our progress with new healthcare providers to test and implement our digital therapies, such as a new agreement with a leading regional health network, Benefis Health System."
For full CEO Comments view the 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 1.00 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, Dennis Urbaniak, EVP Digital Therapeutics and Joseph DeFeo, CFO, will present the report and host a Q&A. Questions can also be sent in advance to ir@orexo.com, no later than 11.00 am CET.
Please view the instructions below on how to participate.
Internet: https://tv.streamfabriken.com/orexo-q3-2021
Telephone: SE +46 8 50 55 83 56 UK +44 33 33 00 92 70 US +1 64 67 22 49 56
The presentation material will be available on Orexo´s website prior to the audiocast, view Investors/Reports, presentations and audicasts
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 November 3, 2021.
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SOURCE Orexo
