Orexo (ORX)

Business description

Orexo is a Swedish speciality pharma company, with expertise in drug delivery/reformulation technologies (in particular sublingual formulations) and a US commercial infrastructure for opioid dependence therapy Zubsolv (also filed in Europe). Orexo also has two clinical assets and three preclinical programmes.

Stock data

Market cap.SEK1198.5m
Last closeSEK34.70
High / Low (52 weeks)SEK53.0 / SEK26.4
Stock market listingOMX
Forecast net cash (SEKm)62.7
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual18.823.5(36.6)
Relative *25.030.8(42.8)

* % Relative to local index

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Company news

Report From Orexo AB´s Annual General Meeting, April 6 2017

Thu, 06 Apr 2017 16:43:53 GMT

3.00

Wed, 20 Nov 2013 13:23:50 GMT

Orexo: US FDA Approves ZUBSOLV® for Induction of Buprenorphine Maintenance ...

Tue, 11 Aug 2015 06:39:29 GMT

Actavis Infringed Orexo's Zubsolv Patent, Del. Judge Rules

Wed, 23 Nov 2016 01:09:31 GMT

Orexo: ZUBSOLV® Market Access Update on Agreement with CVS Caremark and ...

Tue, 04 Aug 2015 18:36:27 GMT

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2015A 646.2 (99.9) (203.6) (607.0) N/A N/A
2016A 705.9 76.7 35.6 84.0 41.3 6.5
2017E 688.0 87.8 43.4 72.0 48.2 5.9
2018E 729.1 117.6 93.1 216.0 16.1 7.4

Last updated on 08/08/2017

Investment summary

US net sales of Zubsolv (for the treatment of opioid dependence) grew 10% y-o-y to SEK124.1m in a market where volume growth was driven by the larger (46% of all subscriptions), less profitable and more competitive public segment (Zubsolv has 27% market access). Despite a testing quarter we believe the market’s view of Zubsolv’s prospects is too pessimistic; Q3/Q417 should gain from the addition of Zubsolv to the state of Wisconsin’s preferred formulary for it Medicaid programme. Additionally, Zubsolv recently gained a preferred (now reimbursable) position on the CVS Caremark 2018 formulary, taking its access to the commercial sector to over 90%. Abstral royalties, which are loaded to H217, should aid in achieving FY17 forecasts.

Last updated on 08/08/2017

Industry outlook

Opioid dependence diagnosis/treatment rates are low due to social stigma, limited access to therapy in parts of the US and affordability. Competition includes Suboxone film (Indivior), Bunavail (BDSI) and six generic bup/nal tablets.

Last updated on 03/08/2017

Key management

Martin Nicklasson, Chairman
Nikolaj Sorensen, CEO
Henrik Juuel, CFO

Company address

Virdings alle 32 A
Uppsala
754 50
Sweden
View website