Christine Rankin and Michael J Matly were elected as Board members at the Annual General Meeting. They replace David Colpman and Kirsten Detrick who have declined re-election.
UPPSALA, Sweden, April 28, 2022 /PRNewswire/ -- Promising start to 2022
Q1 2022 highlights
- Total net revenues of SEK 159.4 m (132.3)
- EBITDA of SEK 2.8 m (-23.9)
- Net earnings of SEK -23.6 m (-31.5)
- US Pharma segment (ZUBSOLV® US) net revenues of SEK 139.1 m (126.8), in local currency USD 14.8 m (15.1), US Pharma EBIT of SEK 84.0 m (66.1)
- Cash flow from operating activities of SEK -61.6 m (-47.8), cash balance of SEK 437.8 m (725.5)
- Earnings per share before and after dilution amounted to -0.69 (-0.92)
- Lead product ZUBSOLV® added to NY State Medicaid MAT Preferred Drug List as of March 22
- First sale of ZUBSOLV® to Accord Healthcare in the EU of SEK 4.6 m, incl. a small milestone payment
- Fredrik Järrsten appointed as new CFO, starting at latest in early September
Important events after the period
- Christine Rankin and Michael J Matly were elected as Board members at the Annual General Meeting. They replace David Colpman and Kirsten Detrick who have declined re-election.
- Orexo´s partner Gesynta Pharma’s drug candidate GS-248 (OX-MPI) granted Orphan Drug Designation in the US by the FDA for the treatment of systemic sclerosis
- Financial outlook 2022 updated, view page 11
| SEK m, unless otherwise stated | 2022 | 2021 | % change | 2021 |
| Net revenues | 159.4 | 132.3 | 20.5% | 565.0 |
| Cost of goods sold | -27.5 | -19.2 | 43.8% | -78.9 |
| Operating expenses | -145.1 | -149.9 | -3.2% | -700.2 |
| EBIT | -13.2 | -36.8 | 64.2% | -214.1 |
| EBIT margin | -8.3% | -27.8% | 19.6% | -37.9% |
| EBITDA | 2.8 | -23.9 | 111.7% | -161.0 |
| Earnings per share, before dilution, SEK | -0.69 | -0.92 | 25.0% | -6.51 |
| Earnings per share, after dilution, SEK | -0.69 | -0.92 | 25.0% | -6.51 |
| Cash flow from operating activities | -61.6 | -47.8 | -28.9% | -229.0 |
| Cash and cash equivalents | 437.8 | 725.5 | -39.7% | 504.1 |
CEO Comments - Nikolaj Sørensen, President and CEO
Making progress
“The primary value drivers for Orexo are our ability to maintain our solid financial position, based on strong profit contributions from ZUBSOLV®, establishing a new profitable business segment in digital therapeutics and develop new pharmaceuticals. I am pleased to report we have made good progress in all of these areas in the first quarter. To maintain a strong financial base is essential for Orexo and we have had a strong focus on cost efficiency in the quarter. This prudent financial management has led to a positive EBITDA of SEK 2.8 million for the quarter and good financial results compared to last year.”
Full CEO Comments can be read in attached 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 2 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, and Joseph DeFeo, CFO, will present the report and host a Q&A.
Please view the instructions below on how to participate.
Internet: https://tv.streamfabriken.com/orexo-q1-2022
Telephone: SE: +46 851 99 93 83 UK: +44 33 33 00 92 60 US: +1 64 67 22 49 56
Prior to the call presentation material will be available on Orexo´s website Investors/Reports, presentations, audiocasts.
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 April 28, 2022.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/orexo/r/orexo-interim-report-q1-2022,c3555083
The following files are available for download:
| Orexo Interim Report Q1 2022 |
View original content:https://www.prnewswire.com/news-releases/orexo-interim-report-q1-2022-301535022.html
SOURCE Orexo
Company Codes: Stockholm:ORX, OTC-PINK:ORXOY, ISIN:SE0000736415, RICS:ORX.ST
