In This Article:
UPPSALA, Sweden, Oct. 24, 2024 /PRNewswire/ --
Q3 2024 highlights
› Total net revenues of SEK 136.5 m (156.1)
› EBITDA of SEK -0.7 m (-9.5)
› Net earnings of SEK -41.9 m (-33.3)
› US Commercial segment net revenues of SEK 131.0 m (140.4), in local currency USD 12.6 m (13.0)
› Cash flow from operating activities of SEK -13.4 m (-21.9), cash and cash equivalents of SEK 114.9 m (184.2)
› Earnings per share before and after dilution amounted to SEK -1.21 (-0.97)
› Orexo AB´s sustainability work ranked among the top five percent of all 70,000 businesses worldwide reviewed by EcoVadis
› For OX124, our high dose naloxone rescue medication for opioid overdose, a complete response letter was received from the FDA requesting additional technical data on the final commercial product as well as further information from a new human factors study (HF study). A new HF study was successfully conducted in July.
› The financial guidance for 2024 reiterated.
Important events after the end of the period
› An exploratory phase 1 clinical study was initiated for OX640 in participants with allergic rhinitis.
| SEK m unless otherwise stated | 2024 Jul-Sep | 2023 Jul-Sep | 2024 Jan-Sep | 2023 Jan-Sep | 2023 Jan-Dec |
| Net revenues | 136.5 | 156.1 | 429.7 | 472.8 | 638.8 |
| Cost of goods sold | -20.1 | -22.8 | -49.7 | -68.8 | -88.9 |
| Operating expenses | -138.1 | -161.9 | -422.3 | -505.0 | -659.5 |
| EBIT | -21.7 | -28.6 | -42.2 | -100.9 | -109.5 |
| EBIT margin | -15.9 % | -18.4 % | -9.8 % | -21.3 % | -17.1 % |
| EBITDA | -0.7 | -9.5 | 20.2 | -44.8 | -32.5 |
| Earnings per share, before dilution, SEK | -1.21 | -0.97 | -2.51 | -3.19 | -3.73 |
| Earnings per share, after dilution, SEK | -1.21 | -0.97 | -2.51 | -3.19 | -3.73 |
| Cash flow from operating activities | -13.4 | -21.9 | -38.8 | -92.4 | -95.0 |
| Cash and cash equivalents | 114.9 | 184.2 | 114.9 | 184.2 | 171.0 |
CEO Comments in brief
The third quarter has been challenging, starting with the delay of OX124's approval and, from a financial perspective, we had a marginally negative EBITDA. This negative EBITDA result was primarily due to higher legal costs, retrospective adjustments of the Abstral® royalties and lower Zubsolv® sales. The development was partly compensated by a 15 percent drop in expenses. Zubsolv prescription volumes in the US are stable, but sales were negatively impacted by a reduction in inventory levels at wholesalers and a weakening USD.