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.SEK1478.3m
Last closeSEK42.80
High / Low (52 weeks)SEK52.0 / SEK26.4
Stock market listingOMX
Forecast net cash (SEKm)62.7
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(4)38.116.9
Relative *(4.2)35.08.8

* % Relative to local index

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Company news

Orexo AB ADR

Wed, 20 Nov 2013 13:23:50 GMT

Mundipharma and Orexo Announce EU Regulatory Submission for Zubsolv®

Tue, 04 Oct 2016 06:18:37 GMT

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

Thu, 06 Apr 2017 16:43:53 GMT

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

Tue, 11 Aug 2015 06:39:29 GMT

Orexo Signs Asset Purchase Agreement With Gesynta Pharma AB for OX-MPI

Mon, 02 Oct 2017 06:20:50 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) (607.3) N/A N/A
2016A 705.9 74.4 35.6 84.4 50.7 8.0
2017E 614.2 70.1 21.1 30.6 139.9 7.2
2018E 714.1 129.1 111.2 257.5 16.6 9.2

Last updated on 13/12/2017

Investment summary

Orexo’s Q3 highlighted a strong financial quarter. Zubsolv US revenue declines of 15% vs Q316 (Q316 benefited from significant one-time wholesaler stocking of Zubsolv) were offset by tight cost control, which resulted in positive EBITDA and operating cash flow generation for an eighth consecutive quarter. For 2018, US commercial and public formulary coverage has improved, which will have a positive impact on US Zubsolv sales from 1 January vs 2017 sales. However, a continued skew towards the public market segment in the US opioid dependency market class in general has led to downward revisions to our US Zubsolv peak sales forecasts. Also, the EMA has approved Zubsolv for Europe and partner Mundipharma should launch in H118. Our revised valuation is SEK2.7bn.

Last updated on 13/12/2017

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 02/11/2017

Key management

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

Company address

Virdings alle 32 A
Uppsala
754 50
Sweden
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