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.SEK939.5m
Last closeSEK27.20
High / Low (52 weeks)SEK56.0 / SEK26.4
Stock market listingOMX
Forecast net cash (SEKm)9.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual0.7(5.6)(39.3)
Relative *(0.9)(11.4)(51.1)

* % Relative to local index

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Company news

Orexo Receives USD 2.5 Million Milestone Payment From AstraZeneca as OX-CLI ...

Fri, 02 Jun 2017 06:22:30 GMT

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

Tue, 11 Aug 2015 06:39:29 GMT

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

Tue, 04 Aug 2015 18:36:27 GMT

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

Wed, 23 Nov 2016 01:09:31 GMT

Orexo Settles AbstralĀ® US Patent Litigation with Actavis

Tue, 27 Oct 2015 07:35:33 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 32.4 5.1
2017E 696.5 71.3 29.3 39.0 69.7 6.2
2018E 750.1 107.7 82.8 192.0 14.2 6.8

Last updated on 14/06/2017

Investment summary

Orexo has received a $2.5m (c SEK22m) milestone from AstraZeneca on the start of Phase I trials for respiratory programme, OX-CLI (also known as AZD9898). Orexo now has two clinical assets (the other being Phase III-ready acute pain programme OX-51) and three preclinical projects (OX-MPI [inflammation] plus two novel formulation technologies). This milestone does not impact FY17 guidance but indicates growing momentum in the early-stage development pipeline. We expect further news on new product opportunities this year; both pipeline project(s) and commercial product(s) for US promotion, in addition to potential EMA approval of Zubsolv (Q417).

Last updated on 09/06/2017

Industry outlook

The US buprenorphine/naloxone market is worth >$2bn. 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 01/06/2017

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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