“This is our third consecutive quarter of more than 30 percent quarter-on-quarter sales growth," says Sofia Heigis, CEO of Oncopeptides. "The results reflect robust organic growth in our largest market, Germany, combined with faster-than-expected market access in both Spain and Italy. With July sales also confirming our strong topline momentum with tripled sales compared to the same month last year, we remain confident we are on track to profitability by the end of 2026.”

Financial overview April - June

• Net sales amounted to SEK 19.2 (8.2) million
• Operating profit amounted to SEK -56.2 (-73.3) million
• Profit after tax amounted to SEK -62.8 (-73.2) million
• Earnings per share, before and after dilution -0.30 (-0.48) SEK
• Cash and cash equivalents at the end of the period amounted to SEK 70.1 (383.3) million

Significant events April - June

• New Real-World Data support effectiveness and tolerability of Pepaxti in heavily pretreated Multiple Myeloma patients.
• Oncopeptides launches new Real-World Evidence study of Pepaxti in Spain, first patient enrolled.
• U.S. Food and Drug Administration removes clinical hold of OPD5.

Events after the period

• Oncopeptides’ drug Pepaxti included in European Guidelines for the treatment of multiple myeloma.
• Oncopeptides announces net sales for Q2 2025.
• Oncopeptides announces acceptance of Spanish and Italian Real-World data at IMS Annual Meeting.
• Oncopeptides Partners with SD Pharma to further broaden Pepaxti reach in Spain.
• Oncopeptides announces rights issue.

Financial overview of the group

Conference call for investors, analysts and the media 
Investors, financial analysts, and media are invited to participate in a webcast and a subsequent Q&A session at 09:00 CET today.
 
The presentation will be hosted by Sofia Heigis, CEO, together with Henrik Bergentoft, CFO. The webcast will be held in English and published on the website of Oncopeptides – www.oncopeptides.com/en – in conjunction with the start of the presentation.
 
Information for participants
If you wish to participate via webcast, please use the link below.
https://oncopeptides.events.inderes.com/q2-report-2025
 
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.inderes.com/teleconference/?id=5005747
 
CEO Statement
The second quarter of 2025 marks yet another strong step forward for Oncopeptides, with net sales, as previously announced, amounting to SEK 19.2 million – an increase of 45 percent compared to the first quarter, 135 percent versus the same period last year, and 145 percent for the first half of the year compared to the same period in 2024. This is our third consecutive quarter of more than 30 percent quarter-on-quarter sales growth. The results reflect robust organic growth in our largest market, Germany, combined with faster-than-expected market access in both Spain and Italy. With July sales also confirming our strong topline momentum with tripled sales compared to the same month last year, we remain confident we are on track to profitability by the end of 2026.

In Germany, targeted commercial and medical activities have driven an acceleration in demand, making a significant contribution to overall growth. In Spain, uptake has been supported by swift regional access which we will work to strengthen in H2 through our recently announced partnership with SD Pharma, which will broaden Pepaxti’s reach to additional hospitals and regions without increasing our cost base. Italy has exceeded our early expectations, with the majority of regions already unlocked at hospital level and positive momentum into the third quarter.
 
In July, Pepaxti was recommended in the updated European Hematology Association–European Myeloma Network guidelines. It was also recognized as an option for patients relapsing after CAR-T or ADC therapy, underscoring the drug’s differentiated value in advanced disease. This endorsement from leading experts is expected to further support physician awareness and adoption across Europe.
 
We also continue to see growing interest in Pepaxti from the real-world clinical community. In April, new real-world data from the University of Catania reinforced Pepaxti’s effectiveness and tolerability in heavily pretreated patients, including those with high-risk features. In July, we announced that real-world evidence from centers in Spain and Italy will be presented at the upcoming International Myeloma Society Annual Meeting in September, adding to the growing body of independent research reflecting positive experiences with Pepaxti in clinical practice.
 
While we remain fully focused on driving growth in our key European markets, we continue to pursue opportunities to expand Pepaxti’s reach globally. Most importantly, our partnership discussions in Japan are progressing, and we are currently in advanced discussions with one highly reputable partner, with the due diligence process at a late stage, based on a non-binding offer which is in line with market practice and which includes several significant upfront and milestone payments and a double-digit royalty, with the partner assuming all costs related to regulatory activities and commercialization in Japan. Additionally, we have also received a non-binding offer from another potential partner which we are considering in parallel.
 
To ensure we have the financial flexibility to sustain our growth trajectory to, irrespective of when we conclude a partnership in Japan, reach positive cash flow by end of 2026 and progress our pipeline, we have announced today that we are launching a rights issue of up to SEK 150 million. The proceeds will primarily support our ongoing commercialization in Europe.
 
With three consecutive quarters of strong double-digit growth, accelerated market access, increasing clinical endorsement, and a strengthened financial foundation, we are entering the second half of the year with confidence. We will continue to execute with commercial and financial discipline, advance our partnerships, and leverage both clinical and real-world evidence to reinforce Pepaxti’s position as an important treatment option for patients with advanced multiple myeloma.
 
Stockholm, August 21, 2025
 
Sofia Heigis, CEO