Orexo reported its Q3 numbers this morning with net sales at SEK145.9m, 14.5% ahead of our estimates, down 3% y/y. EBITDA came in at SEK -47m which is less negative than our expectations at SEK -52m. The sales beat vs our expectations is mainly attributable to Zubsolv sales at SEK 136m compared to our estimates at SEK 120.7m. For the first time since 2019, Zubsolv had a positive growth from the previous quarter, keeping us confident that the demand is continuously stable. With the launch of MODIA in Q4, the company is expecting to see both commercial and cost synergies that could fuel continued profit from Zubsolv.
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