Orexo Interim Report Q4 2025, incl. Full Year Report
Turning a transformative deal into new opportunities
Q4 2025 highlights
›Dexcel Pharma USA aquired all rights to Zubsolv® US on December 31, at a purchase price of USD 91 m plus the value of inventory of USD 3.8 m. Furthermore, Orexo is entitled to a contingent consideration of up to USD 16.8 m, based on future net sales during 2026 and 2027.
›Total net revenues of SEK 3.3 m (8.2) for continued operations and SEK 138.6 m (152.1) for discontinued operations (Zubsolv US business)
›Net earnings for the period is SEK 724.8 m (-116.2) of which SEK -115.6 m (-177.8) relates to continued operations and SEK 840.4 m (61.6) to discontinued operations
›Cash flow for the period is SEK 811.0 m (0.5 m) of which SEK -18.8 m (-95.2) relates to continued operations and SEK 829.8 m (95.7) to discontinued operations
›Earnings per share for continued operations before dilution SEK -3.33 (-5.15) and after dilution amounted to SEK -3.33 (-5.15)
›The Board of Directors proposes that no dividend is paid for the financial year 2025.
Significant events after the end of the period
›No significant events after the end of the period.
| Continued operations, SEK m unless otherwise stated | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
| Net revenues | 3.3 | 8.2 | 26.0 | 29.7 |
| Cost of goods sold | -2.6 | -5.2 | -14.5 | -18.7 |
| Operating expenses | -103.9 | -172.3 | -364.3 | -438.2 |
| EBIT | -103.2 | -169.3 | -352.7 | -427.2 |
| EBIT margin % | neg. | neg. | neg. | neg. |
| EBITDA | -70.0 | -55.2 | -285.7 | -262.1 |
| Earnings per share. before dilution, SEK | -3.33 | -5.15 | -11.65 | -13.86 |
| Earnings per share. after dilution, SEK | -3.33 | -5.15 | -11.65 | -13.86 |
| Cash flow from operating activities | -23.6 | -89.5 | -195.4 | -326.5 |
| Cash and cash equivalents | 912.4 | 123.3 | 912.4 | 123.3 |
CEO Comments in brief
Zubsolv® divestment unlocks financial strength and sharpens strategic focus
During the last days of 2025, we executed the most transformative strategic move since launching Zubsolv in the US - the sale of Zubsolv US rights to Dexcel. The transaction significantly strengthens the financial position of Orexo and enables continued investment in the AmorphOX technology and pipeline programs. I am also pleased to report that we have met our financial objectives for 2025, when removing the effects of the Zubsolv transaction. This includes a positive EBITDA for the year, despite continued strong currency headwinds.
Uppsala, Sweden, February 5, 2026
Nikolaj Sørensen
President and CEO
Contact persons quarterly report
Nikolaj Sørensen, President and CEO
Fredrik Järrsten, EVP and CFO
Lena Wange, IR & Communications Director.
Tel: +46 18 780 88 00, +1 855 982 7658,
E-mail: ir@orexo.com.
Presentation
On February 5, at 2 pm CET 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-q4-report-2025
Prior to the call, presentation material will be available on the website under Investors/Rapport archive.