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Orexo AB
(ORX)
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Rating:44Neutral
Price Target:
kr5.00
▼(-63.07% Downside)
Action:Reiterated
Date:10/23/26
The score is weighed down primarily by weak financial performance (sharp revenue contraction, large losses, and worsening cash burn) and strongly bearish technicals (deep downtrend with negative momentum). The earnings call provides some offset due to tangible development and regulatory milestones and cost-reduction efforts, but near-term funding and execution risks remain prominent. Valuation offers limited support given a negative P/E and no dividend data.
Positive Factors
Low current leverage
Orexo currently has low debt relative to equity, which reduces immediate solvency pressure and provides more flexibility than a highly leveraged structure. This balance-sheet support can help the company continue development and manage obligations while it works to restore profitability.
Negative Factors
Severe revenue contraction
The sharp decline in revenue indicates that Orexo’s current commercial base is substantially smaller than in the prior period. Combined with a very large net loss and negative operating margins, this weakens internal funding capacity and raises execution pressure on newer products.
Read all positive and negative factors
Positive Factors
Negative Factors
Low current leverage
Orexo currently has low debt relative to equity, which reduces immediate solvency pressure and provides more flexibility than a highly leveraged structure. This balance-sheet support can help the company continue development and manage obligations while it works to restore profitability.
Read all positive factors
Orexo AB (ORX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr181.94M
Dividend YieldN/A
Average Volume (3M)120.39K
Price to Earnings (P/E)―
Beta (1Y)0.39
Revenue Growth-97.68%
EPS Growth-83.26%
CountrySE
Employees61
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-10.69
Shares Outstanding35,127,056
10 Day Avg. Volume121,463
30 Day Avg. Volume120,394
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)2.12
Price to Sales (P/S)40.09
P/FCF Ratio6.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-9.78
Revenue Forecast (FY)kr19.00M
Orexo AB Business Overview & Revenue Model
Company Description
Orexo AB (publ), a specialty pharmaceutical company, develops and commercializes pharmaceuticals and digital therapies in the United States, European Union, the United Kingdom, and internationally. Its products include Zubsolv tablets for the trea...
How the Company Makes Money
Orexo makes money primarily by commercializing prescription pharmaceutical products and, where applicable, by partnering its product candidates or technologies.
Key revenue streams:
1) Product sales (net revenue): Orexo’s core earnings have histo...
Orexo AB Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Positive
The call had a cautiously positive operational tone, with meaningful progress on Izipry, OX640, OX390, semaglutide, partnerships, and cost restructuring. However, the company continues to face substantial financial pressures, including low revenue, a SEK 118 million loss from continued operations, negative cash flow, reduced own cash of SEK 62 million, large historical Zubsolv-related obligations, and pending regulatory and partnering milestones. The number and importance of development milestones and the planned rights issue outweighed the challenges, supporting an overall positive sentiment.Positive Updates
Progress in Strategic Transformation
Orexo said it made substantial progress toward becoming a platform-focused company, including restructuring its balance sheet and operations, streamlining costs, and focusing on partnerships around the AmorphOX platform.
Negative Updates
Low Quarterly Revenue
Revenue from continued operations was SEK 0.8 million in Q3. Abstral royalties were low because individual country royalty agreements continue to expire, while Edluar royalties declined following generic product launches in Canada.
Read all updates
Q3-2026 Updates
Positive
Negative
Progress in Strategic Transformation
Orexo said it made substantial progress toward becoming a platform-focused company, including restructuring its balance sheet and operations, streamlining costs, and focusing on partnerships around the AmorphOX platform.
Read all positive updates
Company Guidance
Orexo expects Izipry to have a six months of review time, with approval expected in the end of Q1 next year; OX640 is on track to start its pivotal trial in Q4, with results expected in first half of next year, potentially into the beginning of Q2, and the company expects to announce the trial start also in this quarter. Normalized OpEx was SEK 55 million or SEK 18 million per month, but the 18 is higher than where they are aiming, and OpEx is expected to further decline in 2027, with cash flow getting closer to the EBITDA; the ambition is to have a runway taking the company past 2027 without income from partnering. The Zubsolv earn-out is expected in Q1 of next year, BARDA resource contribution is up to $54 million, and the DOJ payment is provisioned at up to $4 million over several years, while no significant numbers are foreseen from Zubsolv rebates moving from now on.Orexo AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.60M | 26.00M | 590.00M | 638.80M | 624.30M | 565.00M |
| Gross Profit | -7.60M | -55.50M | 517.90M | 549.90M | 552.00M | 486.10M |
| EBITDA | -302.10M | -285.90M | 34.50M | -22.00M | -73.90M | -141.30M |
| Net Income | -375.00M | -129.80M | -203.00M | -128.30M | -177.60M | -223.50M |
Balance Sheet | ||||||
| Total Assets | 377.00M | 1.30B | 594.80M | 786.60M | 1.11B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 152.60M | 912.40M | 123.30M | 171.00M | 351.80M | 504.10M |
| Total Debt | 6.60M | 492.20M | 476.00M | 473.80M | 539.60M | 550.50M |
| Total Liabilities | 199.60M | 812.20M | 721.10M | 727.70M | 915.10M | 924.10M |
| Stockholders Equity | 177.40M | 490.60M | -126.30M | 58.90M | 193.90M | 349.60M |
Cash Flow | ||||||
| Free Cash Flow | -98.40M | 173.00M | -37.30M | -113.90M | -180.50M | -281.80M |
| Operating Cash Flow | -93.40M | 173.00M | -32.70M | -95.00M | -156.60M | -229.00M |
| Investing Cash Flow | 635.00M | 635.90M | -5.30M | 200.80M | -234.70M | -52.90M |
| Financing Cash Flow | -496.80M | -2.30M | -15.50M | -70.10M | -21.40M | 250.60M |
Orexo AB Technical Analysis
Negative
13.54
Price Trends
11.58
Negative
15.36
Negative
19.69
Negative
Market Momentum
-2.09
Positive
13.43
Positive
10.69
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ORX, the sentiment is Negative. The current price of 13.54 is above the 20-day moving average (MA) of 8.31, above the 50-day MA of 11.58, and below the 200-day MA of 19.69, indicating a bearish trend. The MACD of -2.09 indicates Positive momentum. The RSI at 13.43 is Positive, neither overbought nor oversold. The STOCH value of 10.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ORX.
Orexo AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr40.33B | 58.47 | 15.54% | ― | <0.01% | -6.75% | |
58 Neutral | kr156.74B | 114.41 | 3.54% | ― | 13.54% | -68.79% | |
52 Neutral | kr286.72M | -2.97 | -97.06% | ― | 4.74% | 66.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr888.06M | 43.13 | 65.99% | ― | ― | ― | |
45 Neutral | kr485.55M | -2.65 | -26.00% | ― | ― | 44.46% | |
44 Neutral | kr181.94M | -0.49 | -115.03% | ― | -97.68% | -83.26% |
* Healthcare Sector Average
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Orexo AB Corporate Events
Orexo Deepens R&D-Driven Transformation Amid Losses and Capital Raise
Oct 22, 2026
Orexo AB reported weak third-quarter financials from its continued operations, with net revenues falling to SEK 0.8 million and a widened net loss, reflecting heavy investment in research and development. Cash flow from operating activities was de...
Orexo to Present Q3 2026 Interim Results in Live Investor Call
Oct 16, 2026
Orexo AB is a Swedish pharmaceutical company focused on treatments for severe diseases and life‑saving rescue medications. Its core innovation is the proprietary AmorphOX drug delivery technology, designed to improve bioavailability and stab...
Orexo’s AmorphOX® tech shows promising oral semaglutide bioavailability
Oct 14, 2026
Orexo AB has reported promising initial results from its first preclinical in vivo pharmacokinetic study of an oral semaglutide tablet formulated with its AmorphOX® drug delivery technology. The lead formulation showed bioavailability compara...
Orexo launches 250 MSEK rights issue to fund pipeline and strengthen finances
Oct 6, 2026
Orexo AB plans a rights issue of about 250 MSEK, subject to shareholder approval, to bolster its balance sheet and fund key development programs including the OX640 pivotal trial, continued work on OX390 and the AmorphOX platform, and completion o...
Orexo convenes EGM to approve rights issue and capital authorizations
Oct 6, 2026
Orexo AB has called an Extraordinary General Meeting for 6 November 2026 in Stockholm, inviting shareholders to participate either in person, by proxy, or through postal voting subject to registration and voting-right procedures. The meeting will ...
Orexo Resubmits High-Dose Opioid Overdose Rescue Drug IZIPRY for FDA Review
Sep 29, 2026
Orexo, a Swedish pharma company specializing in severe disease therapies and rescue medications, is leveraging its proprietary AmorphOX platform to enhance drug absorption, stability, and delivery. Listed on Nasdaq Stockholm and OTCQX in the U.S.,...
Orexo Wins FDA Green Light to Advance Needle‑Free Anaphylaxis Treatment OX640
Sep 14, 2026
Orexo AB has secured U.S. FDA acceptance of its Investigational New Drug application for OX640, a powder‑based intranasal epinephrine candidate for emergency treatment of anaphylaxis. Based on the AmorphOX platform, OX640 aims to offer a nee...
Orexo Wins BARDA Funding Boost to Extend OX390 Overdose Rescue Development
Sep 10, 2026
Orexo AB has secured a contract modification from BARDA that extends the initial development phase of its OX390 rescue medication project to the end of 2027 and adds USD 2.99 million in funding. The deal raises the potential total value of the mul...
Orexo CFO Fredrik Järrsten to Step Down as Company Streamlines Operations
Sep 1, 2026
Orexo AB has announced that Chief Financial Officer Fredrik Järrsten will resign and leave the company in December 2026 after four years in the role. Järrsten, who also oversaw several administrative functions and previously business dev...
Orexo Moves to Settle U.S. DOJ Probe With Non‑Prosecution Deal
Aug 31, 2026
Orexo AB has reached a non‑binding agreement in principle with the U.S. Department of Justice to resolve a long‑running investigation that began in 2020. The deal would involve a USD 4 million payment over several years and a capped co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.