Orexo AB (ORX) AI Stock Analysis

• Market Cap: kr1.18B
• Dividend Yield: N/A
• Average Volume (3M): 101.19K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: -8.79%
• EPS Growth: -91.09%
• Country: SE
• Employees: 110
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.90
• Shares Outstanding: 34,710,640
• 10 Day Avg. Volume: 22,969
• 30 Day Avg. Volume: 101,192
• PEG Ratio: -0.05
• Price to Book (P/B): -4.78
• Price to Sales (P/S): 1.02
• P/FCF Ratio: -16.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: kr29.00 ▼(-18.19% Downside)

Orexo AB's overall stock score is primarily impacted by its weak financial performance, characterized by declining revenues and persistent losses. While technical indicators and earnings call insights provide some positive signals, the company's valuation and financial health pose significant risks.

Positive Factors

Strong Gross Profit Margin

A robust gross profit margin indicates effective cost management and pricing power, which can support long-term profitability despite other financial challenges.

Innovative Product Focus

Orexo's focus on unmet medical needs in opioid dependence and mental health provides a competitive edge and potential for sustainable revenue growth as these markets expand.

Improvement in Free Cash Flow

The improvement in free cash flow suggests better cash management and operational efficiency, which can enhance financial stability and support future investments.

Negative Factors

Declining Revenues

Declining revenues indicate challenges in maintaining market share and demand for products, which could undermine long-term growth prospects and financial health.

Negative Equity Position

A negative equity position highlights financial distress and potential solvency issues, which can limit the company's ability to raise capital and invest in growth opportunities.

High Leverage and Liquidity Issues

High leverage and liquidity challenges can strain cash flow and limit operational flexibility, posing risks to the company's ability to sustain operations and invest in growth.

Orexo AB Business Overview & Revenue Model

Company Description

Orexo AB (publ), a specialty pharmaceutical company, develops and commercializes pharmaceuticals and digital therapies in the United States, Europe, and the United Kingdom. Its products include Zubsolv tablets for the treatment of opioid dependence; Abstral for the treatment of breakthrough pain in cancer patients; and Edluar for the treatment of short-term insomnia. The company's development products comprise OX124, a medication for naloxone rescue; OX125, a medication for nalmefene rescue; OX640, a medication for allergic reactions; and OX338 sublingual tablet formulation of ketorolac for treatment of moderate to severe pain. It is also developing OX-MPI program for the treatment of microvascular diseases in chronic inflammatory conditions. The company's digital therapies comprise deprexis therapy for the treatment of mild to severe depression; vorvida for alcohol use disorder; and modia for opioid use disorder. Orexo AB (publ) was incorporated in 1994 and is headquartered in Uppsala, Sweden.

How the Company Makes Money

Orexo generates revenue through the sale of its pharmaceutical products, particularly Zubsolv, which is marketed in various countries, mainly in the United States. The company's revenue model includes direct sales to pharmacies and healthcare providers, as well as royalties and milestone payments from partnerships with other pharmaceutical companies. Orexo has established strategic collaborations with various organizations to enhance its product offerings and expand its market reach, which contributes significantly to its earnings. Additionally, Orexo's focus on innovation and development of new products allows it to tap into new markets and revenue streams, further solidifying its financial position.

Orexo AB Financial Statement Overview

Summary

Orexo AB faces significant financial challenges with declining revenues, persistent losses, high leverage, and negative equity. Despite some improvement in cash flow, the company's financial health remains strained, indicating a need for strategic interventions.

Income Statement

Orexo AB's income statement shows a concerning trend with declining revenues and consistent net losses over recent years. The gross profit margin remains strong at 86.7% TTM, but the company struggles with significant negative EBIT and net profit margins, indicating operational inefficiencies. Despite a slight revenue growth in TTM, the overall trajectory suggests financial instability.

Balance Sheet

The balance sheet of Orexo AB reveals a negative stockholders' equity, indicative of financial distress. The debt-to-equity ratio cannot be calculated due to negative equity, underscoring high leverage and potential solvency issues. An equity ratio of -30.5% TTM highlights a precarious capital structure with total liabilities outweighing total assets.

Cash Flow

Orexo AB has shown slight improvement in free cash flow recently, moving from negative to positive territory TTM. However, the operating cash flow remains weak relative to net income, reflecting difficulties in converting sales to cash. Despite the improvement in free cash flow, the overall cash flow position suggests liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	561.20M	590.00M	638.80M	624.30M	565.00M	663.60M
Gross Profit	489.70M	517.90M	549.90M	521.70M	486.10M	598.00M
EBITDA	28.00M	58.60M	-22.10M	-73.90M	-141.30M	16.80M
Net Income	-213.80M	-203.00M	-128.30M	-177.60M	-223.50M	-84.40M
Balance Sheet
Total Assets	533.40M	594.80M	786.60M	1.11B	1.27B	1.23B
Cash, Cash Equivalents and Short-Term Investments	121.30M	123.30M	171.00M	351.80M	504.10M	505.30M
Total Debt	495.60M	476.00M	473.80M	539.60M	550.50M	291.00M
Total Liabilities	730.40M	721.10M	727.70M	915.10M	924.10M	674.40M
Stockholders Equity	-197.00M	-126.30M	58.90M	193.90M	349.60M	558.50M
Cash Flow
Free Cash Flow	24.20M	-37.20M	-113.90M	-180.50M	-281.80M	-172.90M
Operating Cash Flow	25.00M	-32.60M	-95.00M	-156.60M	-229.00M	16.80M
Investing Cash Flow	-20.70M	-5.30M	200.80M	-234.70M	-52.90M	-189.10M
Financing Cash Flow	-13.30M	-15.50M	-70.10M	-21.40M	250.60M	-111.30M

Orexo AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 35.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ORX, the sentiment is Positive. The current price of 35.45 is above the 20-day moving average (MA) of 26.99, above the 50-day MA of 27.22, and above the 200-day MA of 22.64, indicating a bullish trend. The MACD of 1.88 indicates Negative momentum. The RSI at 75.00 is Negative, neither overbought nor oversold. The STOCH value of 94.80 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ORX.

Orexo AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
KLAR	49 Neutral	kr250.90M	-3.46	-530.21%	―	―	17.42%
NANEXA	48 Neutral	kr644.23M	-15.64	-48.65%	―	-60.33%	58.04%
ORX	47 Neutral	kr1.18B	-5.92	―	―	-8.79%	-91.09%
ALZCUR	43 Neutral	kr221.21M	-4.76	-90.66%	―	―	15.74%
ERMA	43 Neutral	kr135.01M	-1.51	―	―	―	―
ENZY	38 Underperform	kr509.74M	-9.41	―	―	19.17%	24.53%

Orexo AB Corporate Events

Orexo Completes Zubsolv US Rights Deal With Dexcel to Refocus on AmorphOX Pipeline

Orexo has completed its transaction with Dexcel Pharma USA, acquiring the full US rights to Zubsolv, its buprenorphine/naloxone sublingual tablet for opioid use disorder, for an upfront cash consideration of USD 91 million plus USD 3.8 million in inventory value and potential contingent payments of up to USD 16.8 million tied to net sales in 2026–2027. The company plans to use the proceeds to redeem its outstanding corporate bond and to sharpen strategic focus on its AmorphOX-based pipeline, including overdose and anaphylaxis rescue drugs such as Izipry, OX640 and OX390, while adopting a partnering-led development model that aims to reduce risk, support investment in biologics applications like GLP‑1 agonists and vaccines, and leverage its US legacy and BARDA collaboration for future commercialization.

The most recent analyst rating on (SE:ORX) stock is a Hold with a SEK29.00 price target. To see the full list of analyst forecasts on Orexo AB stock, see the SE:ORX Stock Forecast page.

Orexo Sells US Rights to Zubsolv to Dexcel to Repay Debt and Fund AmorphOX Pipeline

Orexo AB has agreed to sell the full US rights to its opioid use disorder treatment Zubsolv to Dexcel Pharma USA for a fixed purchase price of USD 91 million plus USD 4–5 million for inventory at closing, and potential contingent payments of up to USD 16.8 million tied to 2026–2027 sales. The deal, expected to close by January 31, 2026, follows a strategic review and will allow Orexo to redeem its outstanding corporate bond and become debt-free, while many US employees will transition to Dexcel to ensure continuity of Zubsolv supply and support. Freed-up capital will be directed toward advancing Orexo’s key growth drivers, including its AmorphOX-based pipeline with rescue medications Izipry for opioid overdose, OX640 for anaphylaxis, and OX390 for adulterated overdoses, the latter co-funded by up to USD 51 million from BARDA, and to expanding AmorphOX into biomolecules such as GLP-1 agonists and vaccines under a partnering-focused business model.

The most recent analyst rating on (SE:ORX) stock is a Hold with a SEK29.00 price target. To see the full list of analyst forecasts on Orexo AB stock, see the SE:ORX Stock Forecast page.

Orexo AB Reports Q3 2025 Financials and Secures BARDA Award

Orexo AB reported a decrease in net revenues and a negative EBITDA for Q3 2025, with significant costs associated with LTIP programs impacting financial results. However, the company showcased positive in-vivo data for a new intranasal GLP-1 agonist medication supported by its AmorphOX® technology and secured a substantial award from BARDA for developing an intranasal rescue medication, indicating potential future growth and innovation.

The most recent analyst rating on (SE:ORX) stock is a Hold with a SEK23.00 price target. To see the full list of analyst forecasts on Orexo AB stock, see the SE:ORX Stock Forecast page.

Orexo AB Announces Nomination Committee for 2026 AGM

Orexo AB has announced the appointment of its Nomination Committee for the Annual General Meeting scheduled for May 7, 2026. The committee, representing approximately 34% of the company’s voting power, includes members from Novo Holdings, The Danish Labour Market Supplementary Pension, and private investors. This strategic move ensures diverse representation and stakeholder engagement in Orexo’s governance, potentially impacting its future strategic decisions.

The most recent analyst rating on (SE:ORX) stock is a Hold with a SEK23.00 price target. To see the full list of analyst forecasts on Orexo AB stock, see the SE:ORX Stock Forecast page.

Orexo AB to Present Q3 2025 Interim Report and Project Updates

Orexo AB has announced that it will release its Q3 2025 Interim Report on October 23, followed by a presentation featuring updates on its partnership with BARDA and the OX390 project. This event will include insights from the CEO, CFO, and Chief Medical Officer, and will be accessible via live audiocast and teleconference, highlighting the company’s ongoing strategic developments and stakeholder engagement.

The most recent analyst rating on (SE:ORX) stock is a Hold with a SEK23.00 price target. To see the full list of analyst forecasts on Orexo AB stock, see the SE:ORX Stock Forecast page.