Orexo’s partner Trinity Health gives patients within their healthcare network access to vorvida® and deprexis®, the digital therapies for alcohol misuse and depression respectively.
UPPSALA, Sweden, Nov. 3, 2022 /PRNewswire/ -- Advancing the pipeline facilitating future growth
Q3 2022 highlights
- Total net revenues of SEK 161.0 m (145.9)
- EBITDA of SEK -32.4 m (-47.4), EBITDA excluding legal costs and costs for non-repeating clinical trials, SEK 14.3 m (-13.4)
- Net earnings of SEK -26.5 m (-52.0)
- US Pharma segment (ZUBSOLV® US) net revenues of SEK 150.1 m (136.4), in local currency USD 14.2 m (15.8), US Pharma EBIT of SEK 70.2 m (78.5)
- Cash flow from operating activities of SEK -60.7 m (-79.7), cash and invested funds of SEK 443.9 m (588.1) a reduction of SEK 23,8 m from SEK 467.7 m in Q2
- Earnings per share before and after dilution amounted to -0.77 (-1.51)
- Phase 1 clinical study initiated for OX640, a nasal epinephrine rescue medication for allergic reactions
- The digital therapy deprexis®, for depression, reimbursed within the US Veterans Affairs Federal Supply Schedule
- First patent granted for OX640
- Orexo‘s partner Trinity Health gives patients within their healthcare network access to vorvida® and deprexis®, the digital therapies for alcohol misuse and depression respectively
Important events after the period
- Positive data announced from phase 1 clinical study for OX640
- Ed Kim, M.D., appointed as Chief Medical Officer, replacing Michael Sumner, M.D.
- Last patient enrolled in the clinical trial of MODIA®, the digital therapy for opioid use disorder
| SEK m, unless otherwise stated | 2022 | 2021 | 2022 | 2021 | % change | 2021 |
| Net revenues | 161.0 | 145.9 | 468.3 | 421.0 | 10.3 % | 565.0 |
| Cost of goods sold | -28.0 | -21.3 | -76.7 | -58.6 | 31.6 % | -78.9 |
| Operating expenses | -182.8 | -183.7 | -504.3 | -512.4 | -0.5 % | -700.2 |
| EBIT | -49.8 | -59.0 | -112.8 | -150.0 | 15.6 % | -214.1 |
| EBIT margin | -31.0 % | -40.5 % | -24.1 % | -35.6 % | 9.5 % | -37.9 % |
| EBITDA | -32.4 | -47.4 | -62.1 | -112.6 | 31.6 % | -161.0 |
| Earnings per share, before dilution, SEK | -0.77 | -1.51 | -2.50 | -4.59 | 49.0 % | -6.51 |
| Earnings per share, after dilution, SEK | -0.77 | -1.51 | -2.50 | -4.59 | 49.0 % | -6.51 |
| Cash flow from operating activities | -60.7 | -79.7 | -107.8 | -148.4 | 23.8 % | -229.0 |
| Cash and invested funds | 443.9 | 588.1 | 443.9 | 588.1 | -24.5 % | 504.1 |
CEO Comments - Nikolaj Sørensen
Aiming at profitability
“Returning to profitability is a prime objective for Orexo and today’s financial environment accentuates the need to secure our ability to finance investments in future growth drivers with contributions from our commercial assets and R&D partnerships based on our pipeline and the amorphOX® platform. As a first step we have set a key objective for 2022 to become profitable on an EBITDA level, when removing non-repeating external expenses. We have defined these as external expenses related to clinical studies and legal processes. In the third quarter these expenses exceeded SEK 45 million and the EBITDA result was minus SEK 32 million. This makes me comfortable that we have EBITDA profitability in sight.”
To read the full CEO Comments view attached PDF
For further information, please contact
Nikolaj Sørensen,
President and CEO,
Fredrik Järrsten,
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, Fredrik Järrsten, CFO, and Robert Rönn, SVP and Head of R&D will present the report and host a Q&A.
Please view the instructions below on how to participate.
Internet: https://ir.financialhearings.com/orexo-q3-2022
Telephone: SE: +46 8 50 55 83 53 UK: +44 33 33 00 92 63 US: +1 64 67 22 49 56
Prior to the call presentation material will be available on Orexo´s website Investors/Reports/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 am CET on November 3, 2022.
The following files are available for download:
| Orexo Q3 2022 Interim Report published Nov. 3 at 8 am CET |
View original content:https://www.prnewswire.com/news-releases/orexo-interim-report-q3-2022-301667250.html
SOURCE Orexo
Company Codes: Stockholm:ORX, OTC-PINK:ORXOY, ISIN:SE0000736415, RICS:ORX.ST
