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Orexo’s Q216 results pointed to positive Zubsolv momentum with evidence of net revenue growth, improving margins and encouraging market access developments. Financial discipline contributed to a Q216 SEK12.1m operating profit and a second successive quarter of positive operating cash flow. The new Maryland FFS Medicaid agreement should help boost Zubsolv’s penetration into the public market segment and ongoing expansion in US prescribing rights will be a key growth driver longer term. Ex-US, the recent Mundipharma licensing deal provides access to the global opioid dependence market. In the near term, however, uncertainty due to the ongoing Actavis litigation weighs on the current share price.

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