Orexo AB (ORX) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.875 be earmarked to treat opioid addiction. And maybe this is the time when you can actually 00:00:04.875 -- 00:00:10.248 start digging into that pile of money. But I will also notice 00:00:10.248 -- 00:00:13.852 that Medicaid is very important for us and for the market. 00:00:13.852 -- 00:00:17.115 But the rebates that we're paying in Medicaid, that's high. 00:00:17.115 -- 00:00:21.960 It's something you see on the sales numbers for this quarter that we see some negative 00:00:21.960 -- 00:00:26.305 impact on price because we have some good development in some of the large Medicaid payers. 00:00:26.305 -- 00:00:28.787 But we're paying a higher average price on Medicaid. 00:00:28.787 -- 00:00:33.372 That means that some of these patients who might lose their Medicaid insurance 00:00:33.372 -- 00:00:38.389 move over to commercial insurance. We actually only need a percentage of these 00:00:38.389 -- 00:00:43.954 patients to move before we will have a neutral impact on our EBIT level. 00:00:44.077 -- 00:00:49.244 Then on foreign exchange, it's something that, of course, is hitting us 00:00:49.244 -- 00:00:54.431 quite dramatically with a change. I think we started the year with an exchange rate 00:00:54.431 -- 00:00:59.518 to the dollar with 11 Swedish kronor per dollar, and we ended the 00:00:59.518 -- 00:01:04.826 quarter here with 9.5%. So that is a dramatic decline in the value 00:01:04.826 -- 00:01:09.252 of the dollar. The positive part is that if you actually look at the financials and on 00:01:09.252 -- 00:01:15.321 our operational expenses, then we have nearly a 00:01:15.321 -- 00:01:17.684 full natural hedge. 00:01:17.684 -- 00:01:22.732 Of course, we will lose some money as a lot of our EBIT is coming from US 00:01:22.732 -- 0...