2025 outlook remains amid currency headwinds and non-recurring effect

Q2 2025 highlights
› Total net revenues of SEK 118.2 m (154.0), including a non-recurring rebate payment of SEK 8.9 m
› EBITDA of SEK -10.1 m (5.0)
› Net earnings of SEK -39.8 m (-35.9)
› US Commercial segment net revenues of SEK 113.5 m (147.9), in local currency USD 11.8 m (13.9)
› Cash flow from operating activities of SEK -0.7 m (-6.5), cash and cash equivalents of SEK 121.3 m (139.7)
› Earnings per share before dilution and after dilution amounted to SEK -1.15 (-1.04)
›Orexo in collaboration with Abera Bioscience announced positive in-vivo data for powder-based intranasal vaccine formulated with the AmorphOX® technology
› Clinical data for OX640, an intranasal rescue medication for anaphylaxis with powder-based epinephrine, was presented at the EAACI Congress in Glasgow, UK
› Friedrich von Bohlen elected new Chairman of the Board at the Annual General Meeting. He replaced James Noble who declined re-election.
› 2025 financial outlook reiterated.

Important events after the end of the period
›No important events after the end of the period.

CEO Comments in brief

During the quarter, sales were strongly affected by the weaker US-dollar and also by a non-recurring rebate payment of SEK 9 million related to Zubsolv® US sales from previous years. The decline in sales resulted in a negative EBITDA of SEK -10 million. When adjusted for currency impact and the non-recurring rebate payment, Zubsolv sales increased from the first quarter and EBITDA would have been positive for the period. The forecast for achieving a positive EBITDA for the full year remains unchanged. I am pleased to report we slightly improved our cash position, partly by selling SEK 10 million of the corporate bond to finance the unexpected rebate payment.

As Zubsolv is present on a highly competitive market with slow market growth, future value creation is expected to come from products using our next-generation drug delivery technology AmorphOX®. In the development pipeline, I am pleased to report OX124, our high-dose rescue medication for opioid overdose, is now ready for commercial manufacturing and the tests requested by the FDA can be initiated. The next product based on the AmorphOX platform will be OX640, our product for the treatment of anaphylaxis, and I note the interest in partnering with Orexo for the final development and commercialization of OX640 from both global and regional players.

Uppsala, Sweden, July 16, 2025
Nikolaj Sørensen
President and CEO

For full CEO Comments see PDF

Contact persons quarterly report:
Nikolaj Sørensen, President and CEO,
Fredrik Järrsten, EVP and CFO, or Lena Wange,
IR & Communications Director.
Tel: +46 18 780 88 00, +1 855 982 7658,
E-mail: ir@orexo.com.

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