Q1 2025 highlights
› Total net revenues of SEK 146.2 m (139.3)
› EBITDA of SEK 5.9 m (15.9)
› Net earnings of SEK -15.9 m (-8.9)
› US Commercial segment net revenues of SEK 133.0 m (129.3), in local currency USD 12.5 m (12.4)
› Cash flow from operating activities of SEK 32.9 m (-18.9), cash and cash equivalents of SEK 119.1 m (198.0)
› Earnings per share before and after dilution amounted to SEK -0.46 (-0.26)
› Positive topline data showed from clinical study of OX640, a nasal powder-based epinephrine 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.
Important events after the end of the period
› Orexo in collaboration with Abera Bioscience announced positive in-vivo data for powder-based intranasal vaccine formulated with the AmorphOX® technology.
| SEK m unless otherwise stated | 2025 Jan-Mar | 2024 Jan-Mar | 2024 Jan-Dec |
| Net revenues | 146.2 | 139.3 | 590.0 |
| Cost of goods sold | -20.7 | -13.3 | -72.1 |
| Operating expenses | -130.7 | -130.7 | -658.2 |
| EBIT | -5.2 | -4.7 | -140.3 |
| EBIT margin % | neg. | neg. | neg. |
| EBITDA | 5.9 | 15.9 | 48.9 |
| Earnings per share, before dilution, SEK | -0.46 | -0.26 | -5.89 |
| Earnings per share, after dilution, SEK | -0.46 | -0.26 | -5.89 |
| Cash flow from operating activities | 32.9 | -18.9 | -32.6 |
| Cash and cash equivalents | 119.1 | 198.0 | 123.3 |
CEO comments in brief: Stable commercial business in a volatile market
I'm pleased to report a stable start to 2025 from financial and product development perspectives. Our financial results in the quarter are in line with our expectations, including a positive EBITDA and only a slight decline in our cash position, caused solely by a weakening of the USD in March. Cash flow from operations is positive and have improved since last year. This is pleasing given that the first quarter can often be a challenging period, characterised by inventory reductions at wholesalers and a recurring seasonal decline in market demand due to resetting of deductibles, and formulary changes.
We're continuing to work with our nasal device supplier. As we're yet to have a firm delivery date for the device, we're now looking to resubmit OX124 to the FDA in mid-2026. Interest in OX640 from potential partners has increased since we in January reported positive results from our second OX640 clinical study, where we showed strong potential for a differentiated product.
Uppsala, Sweden, May 6 2025
Nikolaj Sørensen
President and CEO
For full CEO comments see attached 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 May 6, at 2 pm CEST analysts, investors and media are invited to attend a presentation, incl. a Q&A.
To attend via teleconference where you can ask questions verbally:
Use this link (1): Orexo Q1 Report 2025
When registered you will be provided phone numbers and a conference ID to access the conference.
To attend via webcast:
Use this link (2): Orexo Q1 Report 2025
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 2025-05-06 08:00 CEST.
