Slide 1: 2025 outlook remains amid FX headwinds & non-recurring effect
2025 outlook remains amid FX headwinds & non-recurring effect Interim Report Q2 2025, July 16, 2025
Slide 2: Legal disclaimer
2 Legal disclaimer • This presentation, which is personal to the recipient, has been prepared and produced by Orexo AB (publ) (“Orexo”) solely for the benefit of investment analysis and may not be used for any purpose other than assessment of investments concerning Orexo. Unless otherwise stated, Or
Slide 3: Agenda & presenters
Q 2 2 0 2 5 P R E S E N TAT I O N 3 Agenda & presenters 1 2 3 4 Nikolaj Sørensen President and CEO Q2 in brief Business update Financial & Future value • US Commercial legal overview drivers • Products under • Financial Development development • Legal update Fredrik Järrsten EVP and Chief Financial
Slide 4: The quarter in brief
Q 2 2 0 2 5 P R E S E N TAT I O N 4 The quarter in brief
Slide 5: 2025 outlook remains amid FX headwinds and non-recurring rebate payments
Q 2 2 0 2 5 P R E S E N TAT I O N 5 2025 outlook remains amid FX headwinds and non-recurring rebate payments Net revenues 118 FX headwind (SEK 12 m impact on net sales) and non-recurring SEK M rebate payment (SEK 9 m) resulted in negative EBITDA Zubsolv® revenue grows QoQ in USD when excluding non-
Slide 6: Geopolitical factors and US domestic politics continue to be unpredictable
Q 2 2 0 2 5 P R E S E N TAT I O N 6 Geopolitical factors and US domestic politics continue to be unpredictable FX impact on EBIT reduced due to natural hedge Tariffs • No impact on Zubsolv. Zubsolv is manufactured in the US for the US market and Zubsolv for Europe will soon be manufactured in Europe
Slide 7: US Commercial
Q 2 2 0 2 5 P R E S E N TAT I O N 7 Business update US Commercial 7
Slide 8: Improved growth in the bup/nal market
Q 2 2 0 2 5 P R E S E N TAT I O N 8 Improved growth in the bup/nal market Buprenorphine/naloxone market development1 NTRx Q2 YoY +4% Market development by payer segment YoY Q2 QoQ +2% • Medicaid segment growth stagnating at +1% 6 000 000 following Medicaid disenrollment • Commercial segment growth o
Slide 9: Protecting Zubsolv USD revenue and EBIT Contribution
Q 2 2 0 2 5 P R E S E N TAT I O N 9 Protecting Zubsolv USD revenue and EBIT Contribution Market growth expected to continue despite changes in Medicaid • Slight acceleration in market growth • Significant funding available from the opioid settlements, which could fill a potential gap following lower
Slide 10: Products under development
Q 2 2 0 2 5 P R E S E N TAT I O N 10 Business update Products under development 10
Slide 11: Device components for IZIPRY (OX124) delivered
Q 2 2 0 2 5 P R E S E N TAT I O N 11 Device components for IZIPRY (OX124) delivered Supply of critical- a component scalable drug received lateplatform delivery Q2 • Orexo has initiated the process to complete the FDA required testing with expected filing mid-2026 • Stability data is the main driver
Slide 12: OX640: Manufacturing is ready for upscaling and meet significant global demand
Q 2 2 0 2 5 P R E S E N TAT I O N 12 OX640: Manufacturing is ready for upscaling and meet significant global demand • Existing manufacturing capacity capable to launch and ramp up global OX640 distribution • Full commercial manufacturing lines are set up and qualified awaiting FDA approval (as part
Slide 13: OX640: Partnering discussions ongoing
Q 2 2 0 2 5 P R E S E N TAT I O N 13 OX640: Partnering discussions ongoing OX640 – upscale to commercial manufacturing initiated Leveraging existing Izipry supply chain, from powder manufacturing to fully automated filling and packaging process Dose & Tech Manufacture clinical Stability, reliabili
Slide 14: OX640: Narcan transformed the opioid rescue market – a good analogue for intranasal epinephrine
Q 2 2 0 2 5 P R E S E N TAT I O N 14 OX640: Narcan transformed the opioid rescue market – a good analogue for intranasal epinephrine • Until 2015 Opioid overdose rescue medication was pre-filled syringes or a non-FDA approved After a slow start in 2015 133 nasal application on a pre-filled syringe w
Slide 15: AmorphOX®: Spray-dried powder technology
Q 2 2 0 2 5 P R E S E N TAT I O N 15 AmorphOX®: Spray-dried Drug Optionally, other powder technology excipients Carrier such as materials permeability enhancer Cost-efficient powder formulation technology that is applicable for a wide range of (sensitive) APIs to allow for various dosage forms and a
Slide 16: AmorphOX® strategy focuses on large molecules and rescue medications
Q 2 2 0 2 5 P R E S E N TAT I O N 16 AmorphOX® strategy focuses on large molecules and rescue medications Advance internal rescue medication projects AmorphOX value propositions Izipry® (OX124) for opioid overdose OX640 for anaphylaxis OX390 for overdoses with an illicit drug Powder-based form
Slide 17: Financial & legal
Q 2 2 0 2 5 P R E S E N TAT I O N 17 Financial & legal 17
Slide 18: Zubsolv® net revenue in Q2 affected by FX impact and non-recurring rebate
Q 2 2 0 2 5 P R E S E N TAT I O N 18 Zubsolv® net revenue in Q2 affected by FX impact and non-recurring rebate Net revenue per segment Jan - Dec Q2 2025 Q2 2024 H1 2025 H1 2024 Comments Q2 SEK m 2024 Zubsolv® US 113.5 147.9 246.5 277.2 560.3 Zubsolv US Net revenue declined YoY with SEK 34 m primar
Slide 19: Total operating expenses 14.4% lower than Q2 last year
Q 2 2 0 2 5 P R E S E N TAT I O N 19 Total operating expenses 14.4% lower than Q2 last year Jan - Dec Income statement SEK m Q2 2025 Q2 2024 H1 2025 H1 2024 Comments Q2 2024 Net revenues 118.2 154.0 264.5 293.2 590.0 OPEX lower YoY considering mainly: • Lower selling expenses due to timing of activi
Slide 20: Positive cash flow (excl. exchange rate differences) SEK +3.7 m
Q 2 2 0 2 5 P R E S E N TAT I O N 20 Positive cash flow (excl. exchange rate differences) SEK +3.7 m Jan - Dec Comments Q2 Cash Flow SEK m Q2 2025 Q2 2024 H1 2025 H1 2024 2024 Cash flow from operating Cash and cash equivalents (SEK 121 m) increased with SEK 2 m from -0.7 -6.5 32.1 -25.4 -32.6 activi
Slide 21: Financial outlook
Q 2 2 0 2 5 P R E S E N TAT I O N 21 Financial Metric Outlook 2025 Reaffirmed/ revised outlook Key market development The buprenorphine/naloxone market will grow 2-5 percent, Reaffirmed 2025 based on current growth trajectory Lead product net Zubsolv® net sales in USD in the Reaffirmed sales range o
Slide 22: US government agency investigation related to ZUBSOLV®
Q 2 2 0 2 5 P R E S E N TAT I O N 22 US government agency investigation related to ZUBSOLV® Legal Subpoena issued by the US authorities update On July 14, 2020, Orexo became aware of an investigation by the US authorities which is ongoing Based on communications from the US authorities, the comp
Slide 23: Future value drivers
Q 2 2 0 2 5 P R E S E N TAT I O N 23 Future value drivers
Slide 24: Approach for expansion
Q 2 2 0 2 5 P R E S E N TAT I O N 24 Approach for expansion Maintain Zubsolv® revenue streams in USD Growing revenues & Obtain FDA approval and initiate US launch of OX124 profit contributions Achieve milestones and receive royalties from existing and upcoming partnered products. Improving E
Slide 25: Thanks
25 Thanks www.orexo.com You can also follow Orexo on LinkedIn, X and YouTube.