Strong outlook clouded by legal expenses- Updated 30 October
Orexo’s Q3 report showed continued strong performance for the Zubsolv US business, but slow initial uptake of Zubsolv in Europe and higher legal expenses than we had expected. Therefore, we make slight negative revisions to our near-term Zubsolv sales forecast for the EU and assume somewhat higher costs. However, a solid performance and outlook for Zubsolv in the US, coupled with improved guidance for the manufacturing efficiency programme, reaffirms the long-term prospects.
|Commissioned research: Combatting the US opioid epidemic, 27 June 2018|
|Orexo is a fully integrated, speciality pharmaceuticals company based in Uppsala, Sweden, and with commercial operations in the US. Its 2017 revenue stemmed mostly from opioid addiction (76%) and breakthrough cancer pain (18%) drugs, based on its proprietary formulation technology platform. Orexo had an EBITDA margin of 12% in 2017, which we estimate will increase to 17% by 2019.
Marketing material commissioned by Orexo.
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