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.

Stock data

Market cap.SEK946.4m
Last closeSEK27.40
High / Low (52 weeks)SEK56.0 / SEK27.1
Stock market listingOMX
Forecast net cash (SEKm)44.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(5.2)(24.3)(47.8)
Relative *(9.2)(29.1)(55.9)

* % 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 16:41:15 GMT

Orexo AB v. Actavis Elizabeth LLC

Wed, 01 Feb 2017 20:26:15 GMT

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

Tue, 11 Aug 2015 06:39:29 GMT

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

Tue, 04 Aug 2015 18:36:27 GMT

Orexo Settles Abstral® 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 32.6 5.1
2017E 693.4 78.1 42.3 98.0 28.0 5.2
2018E 738.1 90.2 67.1 155.0 17.7 10.8

Last updated on 17/03/2017

Investment summary

Orexo delivered continued Zubsolv and Abstral revenue growth in FY16, a maiden positive FY EBITDA, a fifth consecutive quarter of positive operating cash flow and an improved balance sheet post a SEK99m bond repurchase. FY17 guidance is for positive EBITDA and continued Zubsolv US revenue growth. However, IP infringement litigation remains a stock overhang. The court ruling on Orexo's ’996 Zubsolv patent precludes Actavis generic launch before September 2019. Zubsolv’s IP portfolio includes patents extending to 2032 - the newly granted ’900 and ’421, with an appeal outcome on the invalidity of the ’330 patent expected around end-2017 - representing significant hurdles ahead of generic launch. News flow for FY17 includes potential EMA Zubsolv approval (Q417) and new product opportunities (new pipeline project(s) and new commercial product for promotion by the US Zubsolv sales force).

Last updated on 04/04/2017

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 04/04/2017

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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