Q2 2026 Oncopeptides AB Earnings Call Transcript
Key Points
- Net sales surged 62% year-over-year in Q2 2026, with first-half sales up 74%, driven by strong performance in Germany, Italy, and Spain.
- Gross margin remained high at 98% for the first half, demonstrating efficient revenue conversion and scalability.
- Operating expenses decreased 2% in the first half, with G&A costs down, reflecting disciplined cost management while supporting growth.
- Cash position strengthened to 158 million SEK after a rights issue, providing a solid financial base to achieve positive cash flow in 2027.
- Submitted Type II variation to EMA to expand Pepaxti's label to third-line multiple myeloma, potentially doubling the target patient population and treatment duration.
- Expanded European reach through a distribution agreement with Salus Group covering 11 CEE countries, with first milestone achieved in Slovenia.
- Initiated glioblastoma window-of-opportunity study, with first patient dosed and safety review completed, targeting a high unmet need market.
- Over 1,000 patients treated with Pepaxti in Europe, generating real-world evidence and peer-to-peer advocacy.
- Presented five scientific abstracts and hosted a well-attended symposium at EHA, reinforcing clinical positioning.
- Germany progressing towards country-level profitability, with steady growth in new patient starts and prescriber base.
- Spain's market remains stressed due to ongoing HCP strikes, limiting access and creating uncertainty for second-half sales.
- Greece contributed no sales in Q2 due to budget constraints and stock reshuffling, highlighting dependency on authority ordering.
- Japan partnership discussions have faced delays, with the previous exclusive partner causing setbacks, though new discussions are underway.
- US market is not a current focus, with regulatory challenges and a long path to approval, limiting potential growth.
- Q3 sales outlook is uncertain due to seasonal vacation periods affecting ordering dynamics, making near-term performance unpredictable.
- Type II variation approval timeline is uncertain, with CHMP opinion expected between September and November, but subject to EMA feedback complexity.
- CEE expansion is still early, with first sales expected only in 2027, and price negotiations in Slovenia are unpredictable.
- Operating expenses are expected to remain around 300 million SEK for the full year, with Q2 and Q4 heavier due to congresses, limiting near-term cost reductions.
- Cash flow positivity is only targeted for 2027, with no specific quarter guidance, indicating potential variability in achieving this milestone.
- Glioblastoma program is at an early stage, with clinical validation still needed to confirm blood-brain barrier penetration and efficacy.
Welcome to OncoPeptide's second quarter earnings call for 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to CEO Sophia Hagus and CFO Henrik Bergentoft. Please go ahead.
Welcome to the Oncopeptides webcast for the second quarter of 2026.
Please note the disclaimer regarding forward-looking statements.
Today's presentation is led by me, Sophia Hegis and our CFO, Hendrik Variantoft.
We delivered net sales of 31.1 million SEC in Q2 2026, representing a 62% increase compared to Q2 2025.
For the first half of the year, net sales reached 56.5 million SEC, up with 74% year-over-year.
Following the rights issue completed earlier this year, our cash position stood at 158 million SEC at the end of the second quarter.
We remain on track towards
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