Q4 2024 highlights
› Total net revenues of SEK 160.3 m (166.0)
› EBITDA of SEK 28.9 m (12.4)
› Impairment of intangible assets Deprexis® of SEK 71.1 m (0) and Vorvida® of SEK 28.1 m (0)
› Net earnings of SEK -116.2 m (-18.6), adjusted net earnings amounted to SEK -18.9 m (-18.6)
› US Commercial segment net revenues of SEK 152.1 m (151.3), in local currency USD 14.1 m (14.2)
› Cash flow from operating activities of SEK 6.2 m (-2.6), cash and cash equivalents of SEK 123.3 m (171.0)
› Earnings per share before and after dilution amounted to SEK -3.37 (-0.54)
› Orexo agreed with GAIA on terminating the partnership for Deprexis
›Friedrich von Bohlen und Halbach elected as new board member at an Extraordinary General Meeting
›Patent litigation against Sun Pharmaceutical Industries reagarding Zubsolv® in the US was resolved
›Collaboration entered with Abera Bioscience to develop nasal powder vaccines based on the drug delivery technology AmorphOX®
›Financial outlook for 2025 on page 16.
Important events after the end of the period
›Positive topline data showed from clinical study of OX640, a nasal powder-based adrenaline product, in participants with allergic rhinitis
›Future rights to royalties for OX-MPI, a new treatment for endometriosis, converted to shares in Gesynta Pharma valued at SEK 19 m and recognized in Q4 2024.
| SEK m unless otherwise stated | 2024 Oct-Dec | 2023 Oct-Dec | 2024 Jan-Dec | 2023 Jan-Dec |
| Net revenues | 160.3 | 166.0 | 590.0 | 638.8 |
| Cost of goods sold | -22.3 | -20.1 | -72.1 | -88.9 |
| Operating expenses | -235.9 | -154.5 | -658.2 | -659.5 |
| EBIT | -98.0 | -8.6 | -140.3 | -109.5 |
| EBIT margin % | neg. | neg. | neg. | neg. |
| Adjusted EBIT | 1.2 | -8.6 | -41.2 | -109.5 |
| Adjusted EBIT margin % | 0.7 | neg. | neg. | neg. |
| EBITDA | 28.9 | 12.4 | 48.9 | -32.5 |
| Earnings per share, before dilution, SEK | -3.37 | -0.54 | -5.89 | -3.73 |
| Earnings per share, after dilution, SEK | -3.37 | -0.54 | -5.89 | -3.73 |
| Cash flow from operating activities | 6.2 | -2.6 | -32.6 | -95.0 |
| Cash and cash equivalents | 123.3 | 171.0 | 123.3 | 171.0 |
CEO Comments in Brief: Resolving issues, unlocking more flexibility
We end 2024 with an intense fourth quarter. The settlement in the patent litigation for Zubsolv® was an important milestone which in combination with continued stable revenue from Zubsolv gives us confidence that Zubsolv US will be an important contributor to our financial stability and ability to finance investments in other growth drivers. With the settlement we can start the process to clean the table and set a strategy to drive the long-term growth and shareholder value.
Operationally, we saw mixed developments during the quarter. The timeline for OX124, our overdose rescue medication, has been extended, primarily due to delivery delays of components from one of our subcontractors. For OX640, our promising nasal drug for the treatment of anaphylaxis, we completed the second clinical study in December, this time in patients with allergic rhinitis. I am pleased with the successful data from the study, which further underscores that we have an exciting asset in our pipeline. Thanks to the AmorphOX technology we once again managed to show excellent bioavailability and we are confident OX640 will be a product with clear competitive advantages.
Uppsala, Sweden, February 6, 2025
Nikolaj Sørensen
President and CEO
To read full version of CEO Comments see PDF.
Contact persons quarterly report:
Nikolaj Sørensen, President and CEO
Fredrik Järrsten, EVP and CFO
Lena Wange, IR & Communications Director
Tel: +46 18 780 88 00, +1 855 982 7658,
E-mail: ir@orexo.com.
Presentation
On Feburary 6, at 2 pm CET analysts, investors and media are invited to attend a presentation, incl. a Q&A.
To attend via teleconference where you can ask questions verbally:
https://conference.financialhearings.com/teleconference/?id=5007431
When registered you will be provided phone numbers and a conference ID to access the conference.
To attend via webcast:
https://orexo.events.inderes.com/q4-report-2024
Prior to the call, presentation material will be available on the website under Investors/Rapport archive
This information is information that Orexo AB 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 2025-02-06 08:00 CET.
