Orexo AB (ORX) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

go ahead. Thank you very much and welcome to all of you dialing into this first quarter presentation. So the first quarter for REGSO, it feels strange, but it feels a little like it's been less eventful, at least compared to our fourth quarter, where we both had legal settlement and also a larger legal restructuring of our balance sheet. I think this year has started very much in line with our expectations. We did know that there were some challenges from the commercial side and the changes of Medicare system, of Medicare policies in the US. We were, of course, unaware of all of the macro volatility that we have seen, but here it actually feels like we have been insulated at least so far from a lot of the changes that has been happening on a more geopolitical and macro basis. And I'll come back to that a little later. Moving into the presentation, first of all the legal disclaimer and a short presentation of the agenda for today where I will talk a little about the summary of the quarter, go through some business updates. Frederik will take us through some of our financials and legal overview before I will finalize with some of our value drivers for the company. So a short update on the quarter. We started the quarter the year with a positive EBITDA, which is very much in line with our guidance for the year and how we ended last year with positive EBITDA. It's quite natural in the way we're running the business that we see some volatility between quarters, not at least driven by inventory changes at the wholesalers. as the amount of money that we're rolling through the system in the US is significantly higher than our net revenues. Our gross revenues is more than twice that number. So it has a big effect is the inventory levels of the wholesalers, payment of rebates ...