Well positioned to advance pipeline to value inflection points
Financial summary January – March
Operational highlights January – March
Significant events January – March
Significant events after the end of the period
| SEK m unless otherwise stated | 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec |
| Net revenues | 5.0 | 13.2 | 26.0 |
| Cost of goods sold | -0.5 | -4.7 | -14.5 |
| Operating expenses | -79.5 | -84.7 | -364.3 |
| Of which research and development expenses/operating expenses, % | 54 | 56 | 64 |
| EBIT | -75.0 | -76.3 | -352.7 |
| EBIT margin % | neg. | neg. | neg. |
| EBITDA | -66.1 | -65.2 | -285.7 |
| Earnings per share, before dilution, SEK | -3.00 | -2.63 | -11.65 |
| Earnings per share, after dilution, SEK | -3.00 | -2.63 | -11.65 |
| Cash flow from operating activities | -33.3 | -41.6 | -195.4 |
| Cash and cash equivalents Orexo | 333.8 | 119.1 | 912.4 |
| Cash and cash equivalents payable to Dexcel | 52.3 | — | — |
| Total Cash and cash equivalents | 386.2 | 119.1 | 912.4 |
| Unless otherwise stated, all data refers to continued operations post Zubsolv US divestment as of Dec. 31 2025. Discontinued operations is presented in Note 10. | |||
CEO comments in brief
“With the divestment of Zubsolv® US, Orexo has entered a new phase. A stronger financial position allows us to step up investments in R&D, with our AmorphOX® technology at the core. During the quarter, we made good progress, particularly in the OX640 program, where we are preparing to initiate our first pivotal clinical studies later this year. It is also encouraging to see how our R&D teams are continuing to use AmorphOX to improve stability and bioavailability in challenging molecules such as peptides. Finally, I am pleased with how the organization has handled the transition following the Zubsolv US divestment, including the care and respect shown to colleagues who needed to leave the US organization.”
Uppsala, Sweden, April 28, 2026
Nikolaj Sørensen
President and CEO
For full CEO Comments see PDF
Contact persons
Nikolaj Sørensen, President and CEO
Fredrik Järrsten, EVP and CFO
Lena Wange, IR & Communications Director
+46 18 780 88 00
ir@orexo.com
Presentation
April 28, at 2 pm CEST analysts, investors and media are invited to attend a presentation, incl. a Q&A. Participants may access the event via live webcast or teleconference through the following link:
https://investorcaller.com/events/orexo/orexo-q1-report-2026
Prior to the call, presentation material will be available on the website under Investors/Rapport archive.