Oncopeptides AB (OND) Q3 2026 Earnings Report

The call was strongly constructive, with accelerating Pepaxti sales, approximately 98% gross margins, lower operating expenses, improved operating leverage, strengthened financing, a positive CHMP opinion for third-line expansion, and positive initial human glioblastoma data. The main negatives were Q3 seasonality, a flat German market, the still-pending European Commission decision, uncertainty around the glioblastoma development path, additional clinical program costs, and the delayed Japanese partnership process. Highlights significantly outweighed the lowlights.

Management remains on track to achieve positive cash flow during 2027, with the cash flow guidance based on European Pepaxti commercial operations becoming self-sustaining; the target was expressed before the third-line opportunity, although third line “will help reach our target ... for sure.” Total operating cost “just below SEK 300 million” is expected to remain a relevant benchmark for the full year 2026, while the commercial part of Oncopeptides is expected to run “more or less on the same cost base” in 2027, excluding additional glioblastoma costs. For Q4, management is not commenting on the current quarter but expects, “granted that nothing really unexpected happens,” the trend to be “more similar to the year before,” with Q4 “commonly stronger than Q3” and “more into the 2024 trend rather than the 2025 trend.” The formal European Commission decision is expected “in the coming weeks,” “no later than 60 days following a CHMP decision,” followed by a German reimbursement dossier “within approximately one month” of a positive decision; glioblastoma development could reach market “rather sooner than later,” with a program “much shorter” than average time to market, including “accelerated approval in the U.S.,” “potential faster approval” in Europe, and “most likely orphan drug designation.”