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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.SEK2429.6m
Last closeSEK70.30
High / Low (52 weeks)SEK72.9 / SEK29.1
Stock market listingOMX
Forecast net cash (SEKm)232
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceuticals & healthcare

Price performance

%1m3m12m
Actual11.611.952.2
Relative *8.716.362.4

* % Relative to local index

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Company news

Report From Orexo ABĀ“s Annual General Meeting, April 6 2017

Thu, 06 Apr 2017 16:43:53 GMT

Orexo AB ADR 2018 Q1 - Results - Earnings Call Slides

Mon, 08 Jan 2018 07:18:45 GMT

Orexo AB ADR

Tue, 31 May 2016 15:39:27 GMT

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

Mon, 02 Oct 2017 06:20:50 GMT

Orexo: US FDA Approves ZUBSOLVĀ® 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 51.7 35.6 84.00 83.7 15.8
2017A 643.7 57.4 29.7 67.00 104.9 16.7
2018E 858.9 185.6 178.5 579.53 12.1 10.1
2019E 915.1 264.8 214.9 602.36 11.7 8.7

Last updated on 17/12/2018

Investment summary

Orexo generated positive EBITDA and operating cash flow generation in FY16 and FY17, and have guided for this to continue in FY18. US commercial and public formulary coverage is dynamic but exclusive contracts with Humana, among other insurers, are having a positive impact on US Zubsolv volumes and sales. The IP infringement appeal on the US Zubsolv IP was resolved in Orexo's favor. Zubsolv generics are precluded before September 2032 and other patent cases against Actavis are ongoing. Zubsolv was approved in Europe in 2018 and is being partnered in the EU. Orexo's focus now shifts to business development, M&A and sales force leverage while its CoGS reduction is expected to result in a material improvement in profitability.

Last updated on 02/01/2019

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 02/01/2019

Key management

Martin Nicklasson, Chairman
Nikolaj Sorensen, CEO
Joseph DeFeo, CFO

Company address

Virdings alle 32 A
Uppsala
754 50
Sweden
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