Orexo AB (ORX.ST) Stock Analysis & Winston Score

Orexo is a Swedish pharmaceutical company that develops and sells medicines for addiction and mental health conditions. Its main product is Zubsolv, a tablet used to treat opioid use disorder, which competes in the U.S. market against other buprenorphine-based treatments. The company also has a digital therapeutics division that builds app-based tools to support addiction recovery.

Orexo earns most of its revenue from U.S. sales of Zubsolv through prescriptions written by doctors and addiction specialists. It is a small-cap company headquartered in Uppsala, Sweden, but heavily dependent on the American market for income. The negative margins reflect ongoing investment in its digital health pipeline and the cost of competing against generic alternatives that have eroded Zubsolv's market share over time. The key risk is continued pricing pressure from generics, while the main growth opportunity lies in whether its digital therapeutics products can generate meaningful new revenue.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-96.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-728.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$233M/ year

↓ Declining (-31% vs prior year)

896.5% of revenue

49.8x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

50.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$386M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$386M cash & investments at current burn rate

Revenue declining

Orexo AB's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 34.3M (2021) → 34.6M (2025)

Score breakdown

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Quality

Gross Margin

-86.0%

Thin — -86.0% gross margin

Operating Margin

-1660.0%

Losing money on operations — -1660.0%

ROCE

-22.8%

Weak — -22.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-58.9%

Shrinking sales (-58.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

61.1%

Converts sales into free cash efficiently (61.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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