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Orexo AB
(ORX)
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Rating:46Neutral
Price Target:
kr15.00
▼(-1.57% Downside)
Action:Reiterated
Date:07/18/26
The score is held down primarily by weak financial performance (large losses, margin deterioration, and revenue contraction) and a clearly negative price trend below all major moving averages. The earnings call provides partial support from pipeline milestones and BARDA-backed progress, but this is offset by significant cash burn and ongoing DOJ uncertainty; valuation is difficult to justify on earnings due to a negative P/E.
Positive Factors
Improved solvency
Trailing-twelve-month leverage has materially improved, leaving Orexo with very low reported debt versus equity. Lower structural leverage reduces refinancing and interest risks, giving management more optionality to fund development, negotiate partnerships, and withstand regulatory or commercial delays over the next 2–6 months.
Negative Factors
Persistent unprofitability
The core business remains structurally loss-making with negative gross profit and steep operating and net margins. Sustained losses erode shareholder equity generation, limit reinvestment capacity, and make the company reliant on external financing or partnerships to fund growth, representing a multi-month durability risk until commercial margins recover.
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Positive Factors
Negative Factors
Improved solvency
Trailing-twelve-month leverage has materially improved, leaving Orexo with very low reported debt versus equity. Lower structural leverage reduces refinancing and interest risks, giving management more optionality to fund development, negotiate partnerships, and withstand regulatory or commercial delays over the next 2–6 months.
Read all positive factors
Orexo AB (ORX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr513.35M
Dividend YieldN/A
Average Volume (3M)101.19K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth-76.75%
EPS Growth-42.26%
CountrySE
Employees61
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-8.81
Shares Outstanding35,127,056
10 Day Avg. Volume22,969
30 Day Avg. Volume101,192
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)2.12
Price to Sales (P/S)40.09
P/FCF Ratio6.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-9.03
Revenue Forecast (FY)kr26.00M
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, European Union, the United Kingdom, and internationally. Its products include Zubsolv tablets for the trea...
How the Company Makes Money
Orexo makes money primarily by commercializing prescription products and, where applicable, receiving related income tied to those products. Historically, a key revenue stream has been net product sales from its OUD medication sold in the U.S., wh...
Orexo AB Earnings Call Summary
Earnings Call Date:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: strong scientific and programmatic progress (positive in vivo data for OX390, Izipry filing on track, OX640 progression, BARDA funding, and business development momentum) and valuable strategic assets (long IP life, AmorphOX platform interest). However, short-term financials are challenged by material one-off costs (GAIA settlement), ongoing DOJ uncertainty, substantial quarterly cash burn and low revenues. Management has clear plans to reduce run-rate OpEx and pursue partnerships and financing, but timing and DOJ resolution are key near-term risks.Positive Updates
Progress on Clinical Programs
Multiple programs advanced: OX390 completed a positive in vivo study; Izipry (OX124) is on track to be filed with the FDA in September (expected 6-month review); OX640 is on track to start the nasal allergy challenge study in Q4 with upscaling to commercial-scale manufacturing planned.
Negative Updates
Significant Negative Quarterly Result and Cash Burn
Net loss for continued operations was -SEK 102.5 million. Cash flow from continued operations was -SEK 98 million and total cash flow for the quarter was -SEK 112 million, driving a quarter-on-quarter cash decrease of SEK 109 million (a ~28% decline from end-Q1 cash of SEK 386 million to total SEK 277 million).
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Q2-2026 Updates
Positive
Negative
Progress on Clinical Programs
Multiple programs advanced: OX390 completed a positive in vivo study; Izipry (OX124) is on track to be filed with the FDA in September (expected 6-month review); OX640 is on track to start the nasal allergy challenge study in Q4 with upscaling to commercial-scale manufacturing planned.
Read all positive updates
Company Guidance
Management guided that Izipry filing is on track for September (Q3 2026) with an expected FDA review of ~6 months (targeting approval by end Q1 2027), OX640 nasal allergy‑challenge study is planned to start in Q4 2026, the OX390 program reported positive in vivo results and remains largely BARDA‑financed (BARDA reimbursement SEK 4.5m this quarter), and a GLP‑1 in vivo study is scheduled for Q3 2026; financially they reported Q2 net revenues SEK 3.5m, cash of SEK 233m (SEK 277m total including SEK 44m payable to Dexcel), Q2 OpEx SEK 107m (≈SEK 60m excluding non‑recurring items; annualized ≈SEK 240m), other operating income +SEK 5m, net finance +SEK 1m, net loss from continued operations -SEK 102.5m, cash flow from continued operations -SEK 98m (total quarterly cash flow -SEK 112m, FX +SEK 2.6m), rebate provisions largely phased out by year‑end with ~SEK 3m remaining, a SEK ~200m external cost envelope flagged for OX640 across H2 2027–H1 2028 (majority of spend in that period), GAIA settlement added ~SEK 20m to admin, Swedish headcount reduced ~10%, and IP runways stated to at least 2044 for OX640 (GLP‑1 extension to ~2047); DOJ settlement talks are ongoing, legal fees remain elevated, and insurance is expected to cover part of any settlement.Orexo AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
55
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 130.50M | 26.00M | 590.00M | 638.80M | 624.30M | 565.00M |
| Gross Profit | 110.50M | -55.50M | 517.90M | 549.90M | 552.00M | 486.10M |
| EBITDA | -250.70M | -285.90M | 58.60M | -22.10M | -73.90M | -141.30M |
| Net Income | -308.40M | -129.80M | -203.00M | -128.30M | -177.60M | -223.50M |
Balance Sheet | ||||||
| Total Assets | 514.60M | 1.30B | 594.80M | 786.60M | 1.11B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 276.90M | 912.40M | 123.30M | 171.00M | 351.80M | 504.10M |
| Total Debt | 9.90M | 492.20M | 476.00M | 473.80M | 539.60M | 550.50M |
| Total Liabilities | 243.30M | 812.20M | 721.10M | 727.70M | 915.10M | 924.10M |
| Stockholders Equity | 271.30M | 490.60M | -126.30M | 58.90M | 193.90M | 349.60M |
Cash Flow | ||||||
| Free Cash Flow | 12.40M | 173.00M | -37.30M | -113.90M | -180.50M | -281.80M |
| Operating Cash Flow | 14.20M | 173.00M | -32.70M | -95.00M | -156.60M | -229.00M |
| Investing Cash Flow | 640.00M | 635.90M | -5.30M | 200.80M | -234.70M | -52.90M |
| Financing Cash Flow | -497.60M | -2.30M | -15.50M | -70.10M | -21.40M | 250.60M |
Orexo AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | kr705.25M | -43.68 | -16.59% | ― | 79.13% | 55.77% | |
46 Neutral | kr513.35M | -1.67 | -136.72% | ― | -76.75% | -42.26% | |
46 Neutral | kr838.42M | -11.46 | -234.11% | ― | ― | -32.27% | |
45 Neutral | kr22.38M | -0.33 | ― | ― | -86.56% | 8.75% | |
43 Neutral | kr450.27M | -10.01 | ― | ― | 3.26% | 16.82% | |
42 Neutral | kr211.54M | -3.39 | 479.69% | ― | -99.01% | -1.33% |
* Healthcare Sector Average
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Orexo AB Corporate Events
Orexo Advances Nasal Rescue Pipeline as Losses Deepen in Q2 2026
Jul 16, 2026
Orexo reported second-quarter 2026 net revenues of SEK 3.5 million and an EBIT loss of SEK 103.3 million, reflecting heavy RD-driven operating expenses and continued negative margins following the divestment of its Zubsolv US business. Cash flow f...
Orexo strengthens partnership strategy with new business development chief
Jun 9, 2026
Orexo has bolstered its leadership team by appointing biopharma executive Raheleh Nassaji as Senior Vice President of Business Development, a move aimed at reinforcing its partnership-driven growth strategy around the AmorphOX technology platform....
Orexo posts positive in‑vivo data for nasal overdose reversal candidate OX390
May 19, 2026
Orexo has reported positive pre‑clinical in‑vivo data for OX390, an investigational intranasal atipamezole product using its AmorphOX platform to reverse overdoses involving xylazine and medetomidine, powerful alpha‑2 agonists fo...
Orexo AGM Backs Board, Expands Capital Flexibility and Incentive Plans
May 7, 2026
Orexo’s annual general meeting re-elected its five-member board, confirmed Friedrich von Bohlen und Halbach as chairman, and retained Ernst Young as auditor, while approving board and committee fees, including an additional share-based fee ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.