Most everything is looking up for Orexo, the company reported on its second quarter earnings call on Tuesday. That is, everything but its digital therapies pipeline.
The Swedish pharmaceutical company, which makes almost all of its money from U.S. sales of its drug for opioid dependence, notched a number of important victories in the quarter: It successfully defended its patents in a case against Sun Pharmaceuticals, it resolved a packaging issue that was holding up the approval of its long-acting rescue medication, and it grew revenues for Zubsolv, its most important product. The company trimmed its losses to 12.6 million SEK, or $1.2 million, and executives reported that with fewer one-time expenses on the horizon, profitability was “in sight.”
“We are at an exciting turning point for the company and I hope our self confidence and optimism is something that you can share,” CEO Nikolaj Sørensen said on the company’s earnings call while cautioning that “there’s a lot more work to be done.”