Orexo AB (ORX) AI Stock Analysis

• Market Cap: kr807.64M
• Dividend Yield: N/A
• Average Volume (3M): 101.19K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• 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 ▲(23.14% Upside)

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 (ORX) is a Swedish pharmaceutical company focused on developing and commercializing innovative pharmaceuticals for the treatment of opioid dependence and pain management. The company operates primarily in the pharmaceutical sector, with a core portfolio that includes its flagship product, Zubsolv, which is used for the treatment of opioid use disorder. Orexo is also involved in research and development of new therapies, aiming to address unmet medical needs within the pain management and addiction treatment markets.

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: Negative
• Last Price: 23.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ORX, the sentiment is Negative. The current price of 23.55 is below the 20-day moving average (MA) of 25.10, below the 50-day MA of 28.53, and above the 200-day MA of 22.00, indicating a neutral trend. The MACD of -1.18 indicates Negative momentum. The RSI at 33.58 is Neutral, neither overbought nor oversold. The STOCH value of 27.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
NANEXA	50 Neutral	kr538.71M	-13.08	-48.65%	―	-60.33%	58.04%
ORX	47 Neutral	kr807.64M	-4.04	―	―	-8.79%	-91.09%
ALZCUR	47 Neutral	kr243.62M	-5.24	-90.66%	―	―	15.74%
KLAR	41 Neutral	€157.42M	-2.17	-530.21%	―	―	17.42%
ENZY	38 Underperform	kr400.51M	-7.40	―	―	19.17%	24.53%

Orexo AB Corporate Events

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.

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.

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.

Orexo AB Enhances R&D with Strategic Move to Uppsala Science Park

Orexo AB is relocating to new premises in Uppsala Science Park as part of a strategic initiative to enhance its research and development capabilities. This move aims to foster greater collaboration, innovation, and sustainability while offering state-of-the-art laboratories and flexible office spaces. The new location is expected to reduce costs through efficient space utilization and lower energy consumption, thereby strengthening Orexo’s ability to attract and retain talent, which is crucial for developing future innovative medicines.

Orexo Secures $8 Million for OX390 Development from BARDA

Orexo AB’s US subsidiary has received an $8 million award from BARDA to support the development of OX390, an intranasal rescue medication for opioid overdoses. This funding is part of a larger potential $50.9 million package contingent on meeting specific milestones. OX390 aims to address the growing issue of adulterated opioid overdoses in the US using Orexo’s AmorphOX technology, with the company retaining commercial rights upon FDA approval.

Orexo AB to Participate in Pareto Securities’ 16th Annual Healthcare Conference

Orexo AB announced its participation in the 16th Annual Healthcare Conference organized by Pareto Securities, scheduled for September 16, 2025, in Stockholm, Sweden. During the event, Robert Rönn, SVP and Head of R&D, will present the company’s developments, and both he and Lena Wange, Investor Relations Director, will be available for one-on-one meetings. This participation highlights Orexo’s ongoing engagement with the healthcare investment community and its commitment to showcasing its advancements in pharmaceutical solutions, potentially enhancing its industry positioning and stakeholder relations.