Slide 1: A commercial-stage pharma company developing drugs through cutting-edge drug delivery technologies
A commercial-stage pharma company, developing drugs through cutting-edge drug delivery technologies Sep. 1st, 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: Orexo in brief
3 Orexo in brief Comments Q2 Strong cash generation Net Revenue LTM 1 from lead product 30 years of experience Addresses unmet needs developing improved within opioid use disorder SEK m 5.850 pharmaceuticals based on (OUD) and other areas proprietary drug delivery where our technologies can technolo
Slide 4: Commercial products and development pipeline
4 Commercial products and development pipeline Approved and/or Launched Product or Project/Indication/Technology Partners Exploratory Preclinical Clinical development phases Registration US EU RoW Zubsolv® Opioid Use Disorder (OUD) / Sublingual platform Commercial Abstral® Breaktrough Cancer Pain /
Slide 5: Commercial
5 Commercial Robust US commercial platform addressing the opioid crisis 5
Slide 6: Committed to improve the life of patients suffering from OUD
6 Committed to improve the life of patients suffering from OUD The unmet need in the US 5.9 m 51,000 the number of fatal overdoses are dependent on opioids1 caused by opioids annually2 2.3 m USD 1,500 bn are undergoing treatment1 The societal cost of the US opioid crisis3 Our approach Medication-Ass
Slide 7: Q2 2025: Improved growth in the bup/nal market
7 Q2 2025: Improved growth in the bup/nal market Buprenorphine/naloxone market development1 Market development by payer segment YoY NTRx Q2 YoY +4% • Medicaid segment growth stagnating at +1% following Q2 QoQ +2% Medicaid disenrollment • Commercial segment growth of +11% as patients 6 000 000 switch
Slide 8: AmorphOX
AmorphOX® The next-generation drug delivery technology unlocks a broad range of new opportunities in the development of innovative drugs
Slide 9: AmorphOX is a unique drug delivery technology
9 AmorphOX® is a unique drug delivery technology The challenge AmorphOX unique strengths Amorphous materials, commonly used in drug development, are rapidly absorbed but tend to be unstable limiting routes of administration, distribution and storage 1 AmorphOX unique properties ensure physical and c
Slide 10: The scalable AmorphOX platform takes Orexo beyond the OUD treatment area
10 The scalable AmorphOX® platform takes Orexo beyond the OUD treatment area Examples of both internal and partnered projects Small molecules Peptides Biologics Apomorphine Olanzapine Eletriptan Cetrorelix Enzyme Virus like Attenuated particle Virus Retained titer levels, Retained activity after Ret
Slide 11: AmorphOX strategy focuses on large molecules and intranasal rescue medications
11 AmorphOX® strategy focuses on large molecules and intranasal rescue medications Progess internal • Izipry® (OX124) targeting opioid overdose rescue • OX640 aimed at treating anaphylaxis medication • OX390 focused on overdoses from illicit drugs projects • OX125 for opioid overdose (currently paus
Slide 12: Izipry (registration phase) – powder-based intranasal rescue medication for opioid overdose
12 Izipry (registration phase) – powder-based intranasal rescue medication for opioid overdose • Izipry, formulated with AmorphOX®, is designed to combat overdoses from synthetic opioids, which make up more than 90% of opioid overdose incidents. • Izipry includes naloxone in a powder form, enhancing
Slide 13: Izipry differentiation and US market opportunity
13 Izipry differentiation and US market opportunity High-dose Rescue Temperature Insurance Clinical efficacy reliability stability coverage integration Designed to Provides an Low sensitivity to As a prescription Potential for co- address overdoses important tool for temperature product, Izipry is p
Slide 14: OX640 (clinical phase) – emergency treatment of allergic reactions, incl. anaphylaxis
14 OX640 (clinical phase) – emergency treatment of allergic reactions, incl. anaphylaxis Rescue drugglobal Epinephrine market Growth rate CAGR • First line treatment today: intramuscular auto-injectors. In in the US (USD) market size 2024 (USD) 1 2024-2032 1 2024 the first nasal product was approved
Slide 15: Financial & legal
15 Financial & legal 15
Slide 16: YTD 2025: Full-year financial forecast confirmed, incl. achieving positive EBITDA in 2025
16 YTD 2025: Full-year financial forecast confirmed, incl. achieving positive EBITDA in 2025 Income statement Jan-Jun Jan-Jun FY FY Comments Q2 SEK m 2025 2024 2024 2023 YTD 2025 developments & legal update ✓ Zubsolv US NR impacted negatively by a non-recurring rebate Net revenues (NR) 264.5 293.2 5
Slide 17: Future value drivers
17 Future value drivers
Slide 18: Approach for expansion
Q 2 2 0 2 5 P R E S E N TAT I O N 18 Approach for expansion Maintain Zubsolv® revenue streams in USD Growing revenues & Obtain FDA approval and initiate US launch of Izipry profit contributions Achieve milestones and receive royalties from existing and upcoming partnered products. Improving
Slide 19: Thanks
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