Orexo’s First Half Net Revenue Increases To SEK144.6m

Orexo has reported net revenues of SEK29.6m for the second quarter of 2009, compared to SEK56.2m for the same period in 2008. The company has also reported a loss after tax at SEK56.9m, as compared to SEK28.3m for the same period in 2008. The loss per share was SEK2.53, compared to SEK1.31 for the previous year.

For the six month ended June 2009, the net revenue was SEK144.6m, compared to SEK80.2m for the same period previous year. The loss after tax was recorded at SEK90.5, compared to SEK103.1m. The loss per share was SEK4.19, compared to SEK4.77 for the same period in 2008.

Torbjorn Bjerke, president and CEO of Orexo, said: “This half year has been a period of significant progress for Orexo. We see good growth in our revenue stream and a significant reduction in loss on our way to profitability.

“The trend for our product portfolio implies that the risks and costs will now become lower. This, together with other streamlining throughout the business, will result in staff reductions by approximately 25 people, mainly on the new chemical entity research side. Our research activities at the Karolinska Institute will be fully integrated into our headquarters site in Uppsala enabling a more effective and lean R&D organization. The above, combined with increased royalty revenues, mean that we are coming increasingly closer to our goal of being a sustainably profitable pharmaceutical company,” he added.