Orexo (ORX) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered positive EBITDA of SEK 5.9m, with stable Zubsolv revenues in both SEK and USD, despite currency headwinds and policy challenges.

• Cash flow from operations improved to SEK 33m, with total cash position affected by USD/SEK exchange rates.

• OX640 attracted strong partner interest after a second successful clinical trial, with ongoing due diligence and accelerated discussions.

• OX124 development progressing, with key component delivery expected in July 2025 and regulatory filing targeted for mid-2026.

• Net earnings were SEK -15.9m, mainly due to higher financial costs and negative FX impact.

Financial highlights

• Total Q1 revenue was SEK 146.2m, with Zubsolv U.S. commercial contributing SEK 133m (USD 12.5m), up 2.9% year-over-year.

• Positive EBITDA of SEK 5.9m, with US Commercial EBIT margin improved to 33.1% from 24.6% year-over-year.

• Cash and cash equivalents at period end were SEK 119.1m, down from SEK 123.3m at year-end 2024.

• Cash flow from operations was SEK 32.9m, driven by working capital improvements.

• Net loss widened to SEK -15.9m from SEK -8.9m year-over-year, mainly due to higher financial costs and negative FX impact.

Outlook and guidance

• 2025 guidance reaffirmed: market growth of 2%-5%, Zubsolv net sales of USD 50–55m, OpEx of SEK 460–500m, and positive group EBITDA.

• FX rate assumption for 2025 is USD/SEK 10.50; natural hedge on costs dampens FX impact on EBIT.

• Currency volatility remains a key consideration; a 10% decline in USD/SEK would be partially offset at EBIT level.