Orexo Ab Stock Price, News & Analysis

Orexo reported its Q1 2023 financial results, with net revenues of SEK 158.8 million, slightly down from SEK 159.4 million in Q1 2022. The company experienced a significant EBITDA decline, reporting SEK -41.1 million compared to SEK 2.8 million last year. Net earnings also saw a loss of SEK -63.9 million, worse than the previous SEK -23.6 million. Despite stable ZUBSOLV® sales in both SEK and USD, operating expenses surged by 30.6%, totaling SEK 189.4 million. A New Drug Application for OX124 has been submitted to the FDA, but challenges in the packaging line require a resubmission planned for Q3 2023. Cash flow from operations stood at SEK -61.6 million, with cash reserves down to SEK 278.9 million.

On April 18, 2023, Orexo AB held its annual general meeting, confirming the board of directors with eight members, including James Noble as chairman. The board received a fee of SEK 3,550,000, and an additional SEK 1,050,000 for independent members, contingent upon acquiring shares in Orexo. The meeting approved the financial statement for 2022, with no dividends declared. Authorization was granted for share issuances and repurchases up to 20% and 10% of shares, respectively. Two new long-term incentive programs (LTIP 2023 and LTIP Stay-on 2023) were adopted for selected employees. Orexo reported total net sales of SEK 624 million for 2022, primarily from its product ZUBSOLV® for opioid use disorder.