Oncopeptides (ONCO) Q1 2026 earnings summary

Executive summary

• Net sales reached SEK 25.4 million in Q1 2026, up 91% year-over-year from SEK 13.3 million in Q1 2025, driven by strong demand in Italy and renewed growth in Germany.

• Cash position at quarter-end was SEK 205.2 million, bolstered by a completed rights issue of approximately SEK 200 million.

• Operating expenses decreased by 11% year-over-year, reflecting disciplined cost management and organizational adjustments.

• Strategic focus remains on European commercialization of Pepaxti, with mid- and long-term plans to expand into new geographies and indications, notably glioblastoma.

• Expansion plans include a Type II variation submission to EMA to move Pepaxti into third-line treatment, potentially doubling the addressable patient population.

Financial highlights

• Revenue grew 91% year-over-year, driven by strong uptake in Italy and Germany, despite ongoing challenges in Spain.

• Gross margin reached 99%, reflecting a scalable business model and high-quality revenue base.

• Operating expenses for the quarter were SEK 62.6 million, down from SEK 73.2 million in Q1 2025.

• EBIT improved to SEK -37.5 million from SEK -59.8 million year-over-year.

• Net profit was SEK -32.2 million, a significant improvement from SEK -60.7 million in Q1 2025.

Outlook and guidance

• On track to achieve positive cash flow by 2027.

• Full-year 2026 operating costs expected to be below 2025 levels, with some seasonality in Q2 and Q4 due to congress activities.

• Anticipates initial regulatory feedback on third-line expansion in H2 2026 and a final EC decision in H1 2027.

• Plans to expand Pepaxti into third-line therapy, potentially doubling the addressable patient population and treatment cycles.

• Glioblastoma study to begin in 2026, targeting proof-of-concept for PDC platform in brain tumors.