Orexo: Interim Report January-June 2016
12 7월 2016 - 3:25PM
Business Wire
Regulatory News:
Unless otherwise stated in this report, all data refers to the
Group. Figures in parentheses relate to the corresponding period in
2015.
Positive cash flow and EBIT. Expansion of Zubsolv® to new
markets and improved market access position in the US.
Second quarter 2016
· Total net revenues MSEK 188.2 (126.5).
· Zubsolv net revenue MSEK 178.2 (91.1).
· Earnings after tax MSEK 5.0 (-84.6).
· Earnings per share SEK 0.14 (-2.46).
· Cash flow from operating activities MSEK 20.0 (-35.6).
· Cash and cash equivalents MSEK 252.9 (282.1).
· Zubsolv was selected by the State of Maryland as the exclusive
preferred buprenorphine/naloxone agent for the FFS Medicaid
Formulary effective July 1, 2016.
· A license agreement was signed with Mundipharma, which obtains
ex-US global rights to Zubsolv. The upfront payment of MEUR 7 (MSEK
65.4) is fully included as revenue in the quarter. The agreement
also includes potential future royalties and milestone
payments.
First half year 2016
· Total net revenues MSEK 339.2 (275.5).
· Zubsolv net revenue MSEK 276.6 (185.6).
· Earnings after tax MSEK -29.5 (-100.1).
· Earnings per share SEK -0.85 (-2.91).
· Cash flow from operating activities MSEK 42.5 (-29.0).
· AstraZeneca acquired all rights to Orexo´s OX-CLI project for
MUSD 5 (MSEK 40.8). The agreement also includes potential future
royalties and milestone payments.
Important event after the period
· The United States Department of Health and Human Services
(HHS) announced an increase in the buprenorphine patient cap from
100 to 275.
MSEK
2016 2015 2016
2015 2015 Apr-Jun Apr-Jun
Jan-Jun Jan-Jun Jan-Dec Net revenues 188.2
126.5 339.2 275.5 643.3 EBIT 12.1 -77.3 -14.1 -85.4 -169 EBITDA
17.2 -74.2 -2.3 -79.3 -88.3 Earnings after tax 5 -84.6 -29.5 -100.1
-198 Earnings per share, SEK 0.14 -2.46 -0.85 -2.91 -5.74 Cash flow
from operating activities 20 -35.6 42.5 -29 -102.2 Cash and cash
equivalents 252.9 282.1 252.9 282.1 198.1
Teleconference
CEO Nikolaj Sørensen and CFO Henrik Juuel will present the
report at a teleconference on July 12, 2016, at 2:00pm CET.
Presentation slides are available via the link and on the
website.
Internet:
https://wonderland.videosync.fi/2016-07-12-orexo-q2report
Telephone: +46 8 566 426 62 (SE), +44 20 300 898 04
(UK) or +1 855 753 2236 (US).
CEO’s comments
During the quarter Orexo attained several important objectives
and continues to build additional financial strength with a
positive EBIT and for the second consecutive quarter a positive
cash flow.
I am encouraged by and enthusiastic about the opportunities for
Orexo arising from the announcement the increase in the number of
patients each physician can treat for opioid dependence in the US
from 100 to 275. I am confident this market expansion will benefit
Zubsolv® and Orexo.
In light of the expected growth in patient access treatment, I
am pleased to announce that effective July 1st Zubsolv is the only
preferred buprenorphine/naloxone product within the largest Fee For
Service (FFS) Medicaid program in the US, the state of Maryland.
The Maryland decision strengthens Orexo´s and Zubsolv’s position in
the increasingly important public segment.
Prior to the implementation of the Maryland agreement and
anticipated market growth following the cap lift, I was pleased to
see our net sales of Zubsolv in the US grow during the quarter by
nearly 15 percent compared to Q1, driven by a mix of increased
demand, inventory and improved gross to net ratio.
Opioid dependence is a growing global epidemic and today 20
million people outside the US are estimated to suffer from the
disease. I am looking forward to a successful partnership with
Mundipharma to make Zubsolv available to patients across the world.
For Orexo the priority has been to find a partner with an
international organization covering all of the key markets for
Zubsolv and with a strong track record of successful launch and
commercialization of many products on a global scale. Besides
creating value from the launch of Zubsolv outside the US, we are
also expecting other scale effects which will positively contribute
to the creation of value and support our progress towards
sustainable profitability.
I am proud to see that we achieved a positive EBIT and cash flow
in this quarter due to the closure of the Mundipharma agreement and
a continued overall improved financial performance. In this quarter
our expenses for the on-going patent litigation against Actavis in
the US have increased, due to the completion of the trial in the
district court of Delaware. We remain confident that the court will
support our claims and the validity of our patents for Zubsolv,
enabling us to fully capitalize on the opportunities materializing
this quarter and early July.
Nikolaj Sørensen
CEO and President
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version on businesswire.com: http://www.businesswire.com/news/home/20160711006479/en/
Orexo ABNikolaj Sørensen, CEO or Henrik Juuel, EVP and CFOTel:
+46 (0)18 780 88 00E-mail: ir@orexo.com
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