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.SEK1294.3m
Last closeSEK37.45
High / Low (52 weeks)SEK52.0 / SEK26.4
Stock market listingOMX
Forecast net cash (SEKm)153.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(4.1)(24.4)34.2
Relative *(8.9)(22.5)30.6

* % 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

Orexo AB ADR

Tue, 31 May 2016 15:39:27 GMT

Report from Orexo AB's Annual General Meeting

Thu, 12 Apr 2018 16:18:45 GMT

Orexo: Favorable outcome from Zubsolv® patent infringement litigation against ...

Wed, 16 Nov 2016 08:03:45 GMT

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

Tue, 11 Aug 2015 06:33:45 GMT

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2016A 705.9 74.4 35.6 84.4 44.4 7.0
2017A 643.7 78.2 29.7 67.0 55.9 7.0
2018E 714.1 129.1 111.2 257.5 14.5 7.8
2019E N/A N/A N/A N/A N/A N/A

Last updated on 14/02/2018

Investment summary

Orexo generated positive EBITDA and operating cash flow generation in FY17; highlighting a second profitable year. For 2018, US commercial and public formulary coverage has improved, which should have a positive impact on US Zubsolv sales from 1 January vs 2017 sales. IP infringement litigation remains an overhang. The court ruling on the ’996 Zubsolv patent precludes Actavis generic launch before September 2019; Orexo has filed a separate ‘996 US IP infringement suit against Actavis for their Suboxone/Subutex generics. Zubsolv’s IP portfolio includes patents extending to 2032 (’900 and ’421) which with an appeal outcome on the invalidity of ’330 expected around end-2017, represent significant hurdles ahead of generic launch. EMA has approved Zubsolv for Europe and partner Mundipharma should launch in Q218.

Last updated on 02/03/2018

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 02/03/2018

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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