ORXNasdaq StockholmHealth CareIFRS · SEK

Orexo

Orexo is a Swedish pharmaceutical company focused on developing, manufacturing, and commercializing proprietary drug products and drug-delivery technologies. Its portfolio includes marketed medicines such as Zubsolv, Abstral, Edluar, vorvida, and MODIA, alongside the AmorphOX powder-based delivery platform and related development collaborations.

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Revenue26.0m SEK
−95.6 %y/y
Operating profit (EBIT)-353m SEK
−151.4 %y/y
EBIT margin-1,356.5%
−1,332.8 ppy/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-500-2500250500750m SEK2020: 664 m SEK2020: EBIT -20 m SEK20202021: 565 m SEK2021: EBIT -214 m SEK20212022: 624 m SEK2022: EBIT -184 m SEK20222023: 639 m SEK2023: EBIT -110 m SEK20232024: 590 m SEK2024: EBIT -140 m SEK20242025: 26 m SEK2025: EBIT -353 m SEK202526-353
RevenueOperating profit (EBIT)
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Business

Share of revenue
Prescription medicines55 %

Branded pharmaceutical products sold through commercial and partner channels.

Drug-delivery technology20 %

AmorphOX platform and related formulation capabilities licensed or partnered with others.

Digital therapeutics5 %

Software-based products used to support treatment and patient engagement.

Development and collaboration revenue20 %

Revenue from partnering, formulation work, and related development services.

Customers

Orexo sells to wholesalers, commercial partners, and other counterparties involved in pharmaceutical distribution and development. Its end markets include patients treated for opioid dependence, acute pain, and other therapeutic areas addressed by its branded products and platform-based collaborations.

Pharmaceutical wholesalers

Buy finished medicines for downstream distribution to pharmacies and healthcare channels.

Commercial partners

License or collaborate on AmorphOX formulations and related product development.

Patients and prescribers

Use Orexo-branded therapies such as Zubsolv, Abstral, and Edluar through the healthcare system.

Digital health users

Adopt vorvida and MODIA for treatment support and behavior-focused care.

Research and clinical partners

Support clinical trials, formulation work, and product development programs.

Strategy

Orexo’s strategy centers on innovation in drug formulation and on expanding the AmorphOX platform through partnerships and collaborations. The company also emphasizes proprietary products, patent protection, and internal development capabilities to create differentiated therapies and extend the reach of its technology.

Expand AmorphOX partnershipsMedium term

Partnerships can scale the platform across more molecules and indications without relying only on internal commercialization.

Advance proprietary product innovationMedium term

New formulations and products support differentiation and extend the company’s commercial base.

Strengthen IP and patent protectionLong term

Intellectual property helps defend product value and supports long-term partnering economics.

Geography

Orexo’s revenue is concentrated in the US and Europe, with the 2025 note showing EU & UK as the largest market and the US as a smaller but important market. The company also has rest-of-world sales, reflecting a broader international footprint for selected products and partnerships.

Risks

Orexo faces typical pharmaceutical risks around regulation, clinical development, product quality, and supply chain reliability, plus IT and cyber risks tied to data and operations. Its revenue base also depends on reimbursement, pricing deductions, and partner execution, while foreign exchange and liquidity management matter because the business operates internationally and carries financial obligations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply chain and manufacturing risk1Regulatory and political changes2Clinical trial execution risk3Foreign exchange risk4IT and cyber security risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply chain and manufacturing riskImpact: HighLikelihood: Medium

    Dependence on suppliers and contract manufacturing can create quality or continuity issues.

    ExposureProduct supplyLaunch timingCost of goods
  2. Regulatory and political changesImpact: HighLikelihood: Low

    Drug development and commercialization depend on changing healthcare rules and approval standards.

    ExposureDevelopment timelinesMarket accessCompliance costs
  3. Clinical trial execution riskImpact: HighLikelihood: Low

    Protocol deviations, safety incidents, or GCP noncompliance can delay programs and damage credibility.

    Exposure: Pipeline development and regulatory submissions

  4. Foreign exchange riskImpact: MediumLikelihood: Medium

    A meaningful share of revenues and expenses is denominated in USD, creating transaction and translation exposure.

    Exposure: Reported earnings and equity

  5. IT and cyber security riskImpact: MediumLikelihood: Low

    Data breaches, malware, phishing, and hardware failures can disrupt operations and expose sensitive information.

    Exposure: Operational continuity and confidential data

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Accounting

Judgemental items
Revenue recognition with variable consideration

Drug sales are recorded net of estimated price deductions and returns, which can materially change revenue timing and level.

Impact: Net sales and provisions

Inventory valuation and obsolescence

Finished products and work in progress are tested against sales forecasts and shelf life.

Impact: Cost of goods sold and inventory carrying value

Accounts receivable and customer concentration

A large share of receivables is concentrated in a few customers, increasing collectability judgment.

Impact: Credit losses and working capital

Foreign currency accounting

USD exposure creates transaction and translation effects, and the company notes no hedging instruments used.

Impact: Financial items and equity

Borrowings and lease accounting

Debt and lease balances affect leverage, interest expense, and balance sheet presentation.

Impact: Net financial items and liabilities

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Last updated: 24/09/2026