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Orexo: Sales came in better than expected - Nordea

Orexo reported its Q2 numbers this morning with sales of SEK 142.8, 2.1% ahead of our expectations (SEK139.9) and down 20% from last year (SEK 179.1m). EBITDA was -41.1 (38% more negative than we expected) and the reported opex was SEK -178m (-12% vs our estimates). Sales of Zubsolv came in at SEK 126m, a decline of 30% y/y and 4.5% below our forecast. The spending increase is attributable to improved R&D expenses related to OX124 and digital therapies. The financial outlook is unchanged. Deviation table below.

Orexo reported its Q2 numbers this morning with sales of SEK 142.8, 2.1% ahead of our expectations (SEK139.9) and down 20% from last year (SEK 179.1m). EBITDA was -41.1 (38% more negative than we expected) and the reported opex was SEK -178m (-12% vs our estimates). Sales of Zubsolv came in at SEK 126m, a decline of 30% y/y and 4.5% below our forecast. The spending increase is attributable to improved R&D expenses related to OX124 and digital therapies. The financial outlook is unchanged. Deviation table below.
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