Orexo Interim Report Q3 2024
UPPSALA,
Q3 2024 highlights
› Total net revenues of
› EBITDA of
› Net earnings of
› US Commercial segment net revenues of
› Cash flow from operating activities of
› Earnings per share before and after dilution amounted to
›
› For OX124, our high dose naloxone rescue medication for opioid overdose, a complete response letter was received from the FDA requesting additional technical data on the final commercial product as well as further information from a new human factors study (HF study). A new HF study was successfully conducted in July.
› The financial guidance for 2024 reiterated.
Important events after the end of the period
› An exploratory phase 1 clinical study was initiated for OX640 in participants with allergic rhinitis.
|
SEK m unless otherwise stated |
2024 Jul-Sep |
2023 Jul-Sep |
2024 Jan-Sep |
2023 Jan-Sep |
2023 Jan-Dec |
|
Net revenues |
136.5 |
156.1 |
429.7 |
472.8 |
638.8 |
|
Cost of goods sold |
-20.1 |
-22.8 |
-49.7 |
-68.8 |
-88.9 |
|
Operating expenses |
-138.1 |
-161.9 |
-422.3 |
-505.0 |
-659.5 |
|
EBIT |
-21.7 |
-28.6 |
-42.2 |
-100.9 |
-109.5 |
|
EBIT margin |
-15.9 % |
-18.4 % |
-9.8 % |
-21.3 % |
-17.1 % |
|
EBITDA |
-0.7 |
-9.5 |
20.2 |
-44.8 |
-32.5 |
|
Earnings per share, before dilution, SEK |
-1.21 |
-0.97 |
-2.51 |
-3.19 |
-3.73 |
|
Earnings per share, after dilution, SEK |
-1.21 |
-0.97 |
-2.51 |
-3.19 |
-3.73 |
|
Cash flow from operating activities |
-13.4 |
-21.9 |
-38.8 |
-92.4 |
-95.0 |
|
Cash and cash equivalents |
114.9 |
184.2 |
114.9 |
184.2 |
171.0 |
CEO Comments in brief
The third quarter has been challenging, starting with the delay of OX124's approval and, from a financial perspective, we had a marginally negative EBITDA. This negative EBITDA result was primarily due to higher legal costs, retrospective adjustments of the Abstral® royalties and lower Zubsolv® sales. The development was partly compensated by a 15 percent drop in expenses. Zubsolv prescription volumes in the US are stable, but sales were negatively impacted by a reduction in inventory levels at wholesalers and a weakening USD.
Looking beyond the third quarter, I am pleased to see Zubsolv sales continuing to show stable demand and growth in some segments. We remain optimistic that we can get OX124, our high dose rescue medication for opioid overdose, approved and expand treatment alternatives for patients suffering from opioid use disorder. In the quarter we made progress in our business development efforts, attracting new companies to leverage our AmorphOX® technology, and we continue to see interest in OX640. Also, there are signs that we are making some progress to resolve the legal disputes in the US.
President and CEO
Contact persons quarterly report
Fredrik Järrsten, EVP and CFO
ena Wange, IR & Communications Director
Tel: +46 18 780 88 00, +1 855 982 7658,
E-mail: ir@orexo.com.
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