Orexo Interim Report Q4 2022, incl. Full Year Report
Important steps forward in a challenging environment
Q4 2022 highlights
- Total net revenues of SEK 156.1 m (144.0)
- EBITDA of SEK -53.1 m (-48.5), EBITDA excluding legal costs and costs for non-repeating clinical trials, SEK -0.1 m (-10.5)
- Net earnings of SEK -91.8 m (-66.0)
- US Pharma segment (ZUBSOLV® US) net revenues of SEK 142.6 m (133.6), in local currency USD 13.3 m (15.1), US Pharma EBIT of SEK 77.0 m (72.2)
- Cash flow from operating activities of SEK -48.9 m (-80.6), cash and invested funds of SEK 351.9 m (504.1) a reduction of SEK 92,0 m from SEK 443.9 m in Q3
- Earnings per share before and after dilution amounted to -2.67 (-1.92)
- Positive data announced from first clinical study for OX640
- Ed Kim, M.D., appointed as Chief Medical Officer, replacing Michael Sumner, M.D.
- Last patient enrolled in the clinical trial for MODIA®
- Financial outlook provided for 2023, see page 12
Important events after the period
- Exploratory feasibility studies of amorphOX® initiated in collaboration with two leading biopharmaceutical and vaccine companies
| SEK m, unless otherwise stated | 2022 Oct-Dec |
2021 Oct-Dec |
% change quarter | 2022 Jan-Dec |
2021 Jan-Dec |
% change year |
| Net revenues | 156.1 | 144.0 | 8.4% | 624.3 | 565.0 | 10.5% |
| Cost of goods sold | -25.9 | -20.3 | 27.8% | -102.6 | -78.9 | 30.1% |
| Operating expenses | -201.3 | -187.8 | 7.2% | -705.6 | -700.2 | 0.8% |
| EBIT | -71.1 | -64.1 | 11.0% | -183.9 | -214.1 | -14.1% |
| EBIT margin | -45.6% | -44.5% | 1.1% | -29.5% | -37.9% | -8.4% |
| EBITDA | -53.1 | -48.5 | 9.5% | -115.2 | -161.0 | -28.4% |
| Earnings per share, before dilution, SEK | -2.67 | -1.92 | 39.1% | -5.17 | -6.51 | -20.6% |
| Earnings per share, after dilution, SEK | -2.67 | -1.92 | 39.1% | -5.17 | -6.51 | -20.6% |
| Cash flow from operating activities | -48.9 | -80.6 | -39.4% | -156.6 | -229.0 | -31.6% |
| Cash and invested funds | 351.9 | 504.1 | -30.2% | 351.9 | 504.1 | -30.2% |
CEO Comments - Nikolaj Sørensen
Well positioned to capture new market opportunities and reach profitability
"In the quarter we saw steady progress in our pipeline, in particular the broadening of the application of amorphOX® to new categories of molecules, in partnership with leading international biopharmaceutical companies communicated early in 2023. It is also encouraging to see new market opportunities for ZUBSOLV® and MODIA® in the US due to the largest change in legislation for treatment of opioid use disorder (OUD) since the launch of ZUBSOLV®, removing most restrictions on the prescription of buprenorphine for the treatment of OUD. As expected, EBIT in Q4 was affected by high non-recurring operating costs and the continued strength of the USD. On a full year basis, our financial development compared to last year is positive with improved revenues and EBIT, although both affected by FX fluctuations. The main concern in the quarter is our digital therapies and consequently in beginning of 2023 we have re-organized our US commercial operations in the US to increase focus on sales and improve efficiencies."
To read the full CEO Comments view attached PDF
For further information, please contact
Nikolaj Sørensen, President and CEO, Fredrik Järrsten, EVP and CFO, or Lena Wange, IR & Communications Director
Tel: +46 18 780 88 00, +1 855 982 7658, E-mail: ir@orexo.com.
Presentation
At 2 pm CET the same day as the announcement of the report Orexo invites analysts, investors and media to attend a presentation where Nikolaj Sørensen, CEO and Fredrik Järrsten, CFO, will present the report and host a Q&A.
To attend via teleconference where you can ask questions verbally use this link:
https://conference.financialhearings.com/teleconference/?id=5003429
When registered you will be provided phone numbers and a conference ID to access the conference.
To attend via webcast:
https://ir.financialhearings.com/orexo-q4-2022
Prior to the call presentation material will be available on Orexo´s website Investors/Reports/Audiocasts.
This information is information that Orexo AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above at 8 am CET on January 26, 2023.