Oncopeptides AB (publ)

Net sales in Q2 2026 were SEK 31.1 million, up 62% versus Q2 2025. First-half net sales were SEK 56.5 million, up 74% year over year, and first-half gross margin was 98%. First-half operating expenses declined 2% to SEK 146.9 million, and EBIT loss improved to SEK 86.2 million from SEK 116.1 million. Cash was SEK 158 million at the end of Q2, following a March rights issue that contributed SEK 167 million after transaction costs. Management reiterated that it expects positive cash flow during 2027 and said full-year operating expenses should be around SEK 300 million, with Q3 slightly lower than Q2.

Sofia Heigis framed the quarter as evidence that the company is executing across commercial, regulatory, clinical, and partnership fronts despite a lean organization. She emphasized Pepaxti’s European growth, the EMA Type II variation to move into third-line multiple myeloma, the first patient dosed in the glioblastoma study, and the Salus distribution deal covering 11 Central and Eastern European countries. Her tone was upbeat but practical, repeatedly stressing external validation, peer-to-peer advocacy, and the need to keep working market by market.

Henrik Bergentoft highlighted that sales growth is translating efficiently into gross profit, citing a 98% gross margin for the first half. He pointed to disciplined spending, with first-half operating expenses down 2% to SEK 146.9 million and G&A down to SEK 16.7 million from SEK 18.6 million in the quarter, while R&D was SEK 23.5 million and sales and marketing was SEK 40.8 million. He said the rights issue materially strengthened liquidity, leaving SEK 158 million in cash, and reiterated the goal of cash flow positivity during 2027; he also guided full-year operating expenses to roughly SEK 300 million.

Analyst questions focused on Spain, the timing of revenue from the Salus CEE partnership, operating expense trends, Japan, Greece, the U.S., and Q3. Management said Spain improved late in Q2 but second-half access remains uncertain because of possible strikes and limited HCP availability; in CEE, they expect first sales from Salus sometime in 2027 after price/listing steps, starting with Slovenia. They also said Q3 expenses should be slightly lower than Q2, Japan remains in partner discussions due to delays with the prior exclusive partner, Greece did not contribute in Q2 because of budget constraints, and the U.S. is not currently a focus.