Edison Investment Research - Orexo AB (ORX) Orexo - Record quarter reflecting shifting US market

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Edison Investment Research

Sean Conroy

Orexo - Record quarter reflecting shifting US market

Orexo reported a record performance for Q319 with revenue of SEK231.2m (+6.7% year-on-year). The top line was lifted by a combination of factors including currency and a shift in the reimbursement landscape for Zubsolv in the US toward higher-margin business, translating into a record EBIT of SEK105.9m, over three times that of Q318, and SEK135.7m in operating cash flow. Orexo ended the period with SEK813m in cash (SEK524m net), which we expect the company will reinvest in new assets and its pipeline, including the initiation of a Phase I study of OX338 (complete in Q419).

31/10/2019 5 EN

Underlying

Orexo AB

Orexo is a pharmaceutical company and engaged in the development and commercialization of drugs based on patented drug delivery technologies primarily in Sweden and the United States. Co.'s product portfolio includes Zubsolv® tablets for maintenance treatment of opioid dependence; Abstral® for the treatment of breakthrough pain in cancer patients; Edluar®, an active substance zolpidem and for the treatment of short-term insomnia; Diabact UBT, which is used to diagnose the presence of Helicobacter pylori, a bacterium that causes gastric ulcers; and Heliprobe System, which is a doctor's office test to detect the presence of the gastric ulcer bacterium, Helicobacter pylori.

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SE0000736415 Nasdaq Nordic Stockholm Sweden

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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