Oncopeptides (ONCO) Trading update summary

Financial performance and guidance

• Q4 2025 net sales reached SEK 18.6 million, up 88% year-over-year and 125% versus 2024, with full-year 2025 sales totaling 71.2 million SEK.

• Full-year sales of Pepaxti more than doubled in 2025, led by strong growth in Italy, but offset by slower uptake in Germany and a doctors' strike in Spain.

• Sales in Spain were negatively impacted by a nationwide doctor strike, leading to results below projections and a shift in profitability expectations to 2027.

• Cost optimization and strategic reviews are underway, especially in Germany, to align costs with revenue and support profitability at the country level in 2026.

• Positive cash flow is now expected in 2027, later than previously anticipated.

Market dynamics and regional performance

• Italy exceeded expectations with 90% regional access and strong demand, validating the clinical experience strategy.

• Germany's growth was steady but limited by restricted access to healthcare professionals and increased competition, prompting a strategic focus on high-potential regions.

• Spain achieved 100% access but suffered a significant sales decline due to a high-participation doctor strike and seasonal factors.

• Greece showed positive momentum but experienced quarterly fluctuations due to centralized ordering and budget constraints.

• Commercialization phases completed in several European countries, with approximately 55% of market potential reached and market exclusivity in Europe secured until 2037.

Expansion and partnership strategy

• Active partnership discussions are ongoing for Central and Eastern Europe, with advanced talks and a non-binding licensing offer received in Japan.

• Japan is seen as a promising market with centralized prescribers and a regulatory pathway similar to Italy's dynamics.

• Global expansion includes licensing deals in South Korea and opportunistic partnerships in the MENA region, expected to contribute to 2026 revenues.

• Nordic expansion is challenged by small market size and complex reimbursement processes, with ongoing efforts in Norway, Sweden, and Finland.

• Partnerships are being pursued for market access and regulatory processes in various regions.