Orexo AB

ORX.ST

Medical - Pharmaceuticals · Healthcare

Price

kr 13.86

-0.16 (-1.14%)

Market Cap

kr 486.9M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Orexo is a Swedish pharmaceutical company that develops and sells medicines for addiction and mental health conditions. Its main product is Zubsolv, a tablet used to treat opioid use disorder, which competes in the U.S. market against other buprenorphine-based treatments. The company also has a digital therapeutics division that builds app-based tools to support addiction recovery.

Orexo earns most of its revenue from U.S. sales of Zubsolv through prescriptions written by doctors and addiction specialists. It is a small-cap company headquartered in Uppsala, Sweden, but heavily dependent on the American market for income. The negative margins reflect ongoing investment in its digital health pipeline and the cost of competing against generic alternatives that have eroded Zubsolv's market share over time. The key risk is continued pricing pressure from generics, while the main growth opportunity lies in whether its digital therapeutics products can generate meaningful new revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-97.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-148.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 233M/ year

↓ Declining (-31% vs prior year)

896.5% of revenue

49.8x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

50.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

kr 277M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Orexo AB has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 34.3M (2021) → 34.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

97.1%

Premium pricing power — 97.1% gross margin

Profit after running costs

Operating Margin

-2948.6%

Losing money on operations — -2948.6%

Return on the money invested

ROCE

-115.4%

Weak — -115.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-76.7%

Shrinking sales (-76.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

9.5%

Modest free cash flow (9.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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