Interim report
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Orexo in transformation Q3 2026 Interim Report October 22, 2026
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Interim Report Q3 2026 2 Financial summary July – September Total net revenues of SEK 0.8 m (4.8) Net earnings for the period are SEK -117.9 m (-99.7) Cash flow for the period is SEK -124.3 m (-15.7) Earnings per share before and after dilution SEK -3.36 (-2.87) Net earnings for the period for discontinued operations is SEK 21.5 m (69.8). Operational highlights July – September Izipry™: The NDA resubmission to the FDA was completed on 29 September, addressing the items identified in the Complete Response Letter. Potential FDA approval expected in the first half of 2027 OX640: The FDA accepted the IND application for the treatment of anaphylaxis, enabling initiation of the pivotal clinical program planned for Q4 2026 OX390: BARDA provided an additional USD 2.99 million, extending the initial development stage to the end of 2027 and supporting further FDA-required activities A non-binding agreement in principle was reached with the US Department of Justice (DOJ) to settle the investigation ongoing since 2020 Significant events after the end of the period On October 6, the Board resolved on a rights issue of approximately SEK 250 million, subject to approval by an e xtraordinary general meeting on November 6, 2026 Orexo reports encouraging bioavailability in first in vivo study of oral semaglutide formulation based on AmorphOX® QUARTER IN BRIEF Content Quarter in brief ..................................................................................2 About Orexo ......................................................................................3 CEO comments ................................................................................4 Technology .......................................................................................6 Pipeline & partnership .....................................................................8 Operational development ..............................................................9 Financial development ..................................................................10 Other information ..........................................................................12 Financial reports, notes and key figures....................................14 SEK m unless otherwise stated 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Net revenues 0.8 4.8 9.3 22.8 26.0 Cost of goods sold -0.1 -0.1 -0.6 -4.9 -14.5 Operating expenses -99.3 -92.8 -285.4 -267.4 -364.3 Of which research and development expenses/operating expenses, % 48 62 49 59 64 EBIT -98.5 -88.0 -276.8 -249.5 -352.7 EBIT margin % neg. neg. neg. neg. neg. EBITDA -90.4 -76.8 -251.5 -215.7 -285.7 Earnings per share before dilution, SEK -3.36 -2.87 -9.31 -8.32 -11.65 Earnings per share after dilution, SEK -3.36 -2.87 -9.31 -8.32 -11.65 Cash flow from operating activities -118.1 -70.1 -244.7 -165.1 -195.4 Cash and cash equivalents Orexo 62.1 105.6 62.1 105.6 912.4 Outstanding rebates related to the Dexcel agreement 25.9 — 25.9 — — Cash and cash equivalents payable to Dexcel 64.6 — 64.6 — — Total Cash and cash equivalents 152.6 105.6 152.6 105.6 912.4 Unless otherwise stated, all data refers to continued operations post Zubsolv US divestment as of Dec. 31 2025. Discontinued operations are presented in Note 10. ”Izipry™ and OX640 are approaching important value-creating milestones. With the Izipry application resubmitted to the FDA and the pivotal OX640 trial planned to start in Q4, we are entering a period with several important near-term oppor- tunities.” Nikolaj Sørensen, President and CEO Note: Izipry, nasal rescue medication for opioid overdose, incl. high dose of naloxone; OX640, nasal rescue medication for severe allergic reactions, incl. anaphylaxis; OX390, nasal rescue medication for adulterated overdose. OX640, nasal powder-based rescue medication for anaphylaxis
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Interim Report Q3 2026 3 Rooted in science, proven in market Orexo is a Swedish pharmaceutical company dedicated to advance treatments for severe diseases and life-saving rescue medications to meet future healthcare needs. AmorphOX® is at the heart of Orexo’s innovation – a proprietary powder-based drug delivery technology that enhances bioavailability and stability for both small and large molecules. This groundbreaking technology enables new possibilities in route of administration, manufacturing, and distribution of drugs. The expanding pipeline, powered by the AmorphOX platform, spans multiple therapeutic areas and delivery routes, accelerating the development of cutting-edge pharmaceuticals. ABOUT OREXO Contact persons Nikolaj Sørensen, President and CEO Fredrik Järrsten, EVP and CFO +46 18 780 88 00 ir@orexo.com Presentation October 22, at 2 pm CEST analysts, investors and media are invited to attend a presentation, incl. a Q&A. Participants may access the event via live webcast or teleconference through the following link: https://investorcaller.com/events/orexo/orexo-q3- report-2026 Prior to the call, presentation material will be available on the website under Investors/Rapport archive. Financial calendar February 4, 2027, 7 am Interim Report Q4 2026, incl. Full Year Report March 24, 2027 Annual and Sustainability Report 2026 April 27, 2027, 7 am Interim Report Q1 2027 June 14, 2027 Annual General Meeting July 15, 2027, 7 am Interim Report Q2 2027 October 21, 2027, 7 am Interim Report Q3 2027 Go to full IR calendar: https://orexo.com/ investors/calendar/ Stay updated www. orexo.com You can follow us on: LinkedIn, X and YouTube. Heritage 4 Drugs developed from idea to market¹ >25 Markets where these drugs have been approved Innovation >8 Years of experience with next-generation drug delivery technology AmorphOX >500 AmorphOX-based formulations under research 5 Clinical trials with AmorphOX technology >100 AmorphOX patents and patent applications 1. Of these four drugs, three are based on Orexo’s first-generation drug delivery technology – the sublingual. This information is information that Orexo AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication through the agency of the contact persons set out above at 7 am CEST on October 22, 2026.
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Interim Report Q3 2026 4 CEO COMMENTS Resolving the DOJ investigation After six years of investigation, I am pleased that Orexo has reached a settlement in principle with the DOJ. Under the proposed agreement, Orexo would pay USD 4 million in installments over several years, along with a capped contingent payment equal to five percent of net sales if specified sales thresholds are met in 2030–2031. Pursuing a settlement does not constitute an admission of wrongdo- ing; rather, it reflects the significant cost of continuing the process and the need to focus on Orexo’s future develop- ment. Since the August announcement, discussions with the DOJ have continued, primarily concerning the two former employees who are also part of the investigation. Closing the US commercial operations and investing in the future The Q3 financial result was significantly affected by the final stages of restructuring the US operations and the DOJ settlement. During the quarter, we continued to invest in our projects as they approach key milestones. Quarterly expenses also included nearly SEK 24 million in external costs for commercial-scale production of OX640 and completion of the reliability and stability studies required for the Izipry resubmission. Cash flow was negatively affected by the operating result, final rebate payments related to 2025 Zubsolv sales, and the settlement payment to close the final part of our digital mental health business. The quarter-end cash position was SEK 152.6 million, of which SEK 90.5 million related to 2026 Zubsolv® sales payable to Dexcel or as rebates to payers. Administrative circumstances have delayed the BARDA payment in Q3 related to Q1–Q3 2026 expenses, which will have a positive cash effect in Q4 instead. With the restructuring of the US commercial operations complete, expenses and cash outflow are expected to decline in Q4 and into 2027. Continued reductions in Orexo in transformation CEO comments in brief During the quarter, we made strong progress in transforming Orexo, resolving long-standing matters and advancing our future growth. In August, after six years of investigation, we announced a settlement in principle with the DOJ. In September, we submitted Izipry™ to the US Food and Drug Administration (FDA). Our other programs also advanced: the FDA accepted the IND for OX640, and BARDA increased funding for OX390 by USD 2.99 million, bringing the total contract value to USD 53.8 million. In early October, we announced a rights issue to strengthen our financial position, enhance our position in potential partnership discussions, and provide the resources needed to execute our business plan.
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Interim Report Q3 2026 5 Izipry™ and OX640 are approaching important value-creating milestones. CEO COMMENTS that is surpassing xylazine in parts of the US. In 2024, it became the most common adulterant in the illicit opioid supply in the Philadelphia area. Estimated to be more than 100 times as potent as xylazine, medetomidine reinforces the urgent need for a rescue treatment such as OX390. Expanding AmorphOX into large molecules We see significant potential to create value by applying AmorphOX® to large molecules, with GLP-1 agonists and vaccines as our primary focus areas. In Q3, we conducted our first in vivo study of oral semaglutide to assess whether AmorphOX could improve its bioavailability. The lead formulation achieved bioavailability comparable to the reference product before any optimization of the formulation. These results deepen our understanding of AmorphOX and oral semaglutide delivery. We will now work with our industry partner to further explore other drug delivery pathways with an aim to reach superior bio-availability. In vaccines, we continued to advance our understanding of how AmorphOX could be applied and strengthened the scientific rationale for this opportunity. We have initiated collaborations with leading US and Swedish vaccine research institutions to evaluate the platform and explore non-dilutive funding. Discussions are underway to assess mRNA, DNA, and live attenuated virus vaccines formulated with AmorphOX, focusing on viability, stability, and immunogenicity. Building a new company based on extensive experi- ence in product development Within six months, Orexo could have a fifth product advance from concept to regulatory approval, receive results from the pivotal OX640 trial, and make further progress in applying AmorphOX to GLP-1 agonists and fixed costs will improve control over our financial runway. Together, the rights issue and the Zubsolv® earn-out will provide a stronger financial foundation as we build a compa- ny that relies primarily on business development for funding. Development programs reaching key milestones After successfully completing the stability and reliability studies required by the FDA for Izipry™, we resubmit- ted the application as planned in the third quarter, with potential approval in the first half of 2027. Meeting the FDA’s requirements and advancing the resubmission are key milestones in our partnering strategy. As we complete the final supporting analyses, we are intensifying efforts to secure a US commercial partner. vaccines. In parallel, ongoing business development discussions for our development programs and AmorphOX technology are creating new partnering opportunities. To support Orexo’s long-term viability, we continue to streamline operations and increase flexibility in the cost base, extending our financial runway. In 2026, we made significant organizational changes, relocated our offices in Sweden and in the US to more suitable facilities, and eliminated nearly all legacy costs from the former US commercial operations. Potential value drivers near-term 2026 Launched products Zubsolv EU IzipryTM NDA accepted by FDA for review OX640 Pivotal trial start OX390 H2 Preparations for execution of non- clinical program Explore GLP-1 agonist / vaccines Additional in-vivo studies 2027 Launched products Zubsolv US earn-out IzipryTM FDA approval Partnering OX640 Pivotal trial results read out Start final pivotal trials OX390 H1 Initiation of non- clinical program Explore GLP-1 agonists / vaccines First human studies (if in-vivo are successful) Partnering is a continuous process for all projects without specific target dates We are building a more focused Orexo, with AmorphOX at the core of future growth. We will enter 2027 as a leaner, more efficient organization with a pipeline of near-term commercial and partnering opportunities and a differentiated drug delivery technology. AmorphOX has demonstrated the ability to deliver high bioavailability, thermal stability, and needle-free administration of sensitive medicines. These attributes address growing demand, particularly for biomolecules, for patient-friendly delivery, reduced dependence on cold-chain distribution, and longer shelf life. Uppsala, Sweden, October 22, 2026 Nikolaj Sørensen President and CEO Our OX640 development program for treatment of anaphylactic shock progressed well during the quarter. The FDA accepted our Investigational New Drug (IND) application, enabling preparations to continue for the pivotal nasal allergy challenge trial scheduled to begin in Q4. To support the trial and the required stability and reliability studies, we scaled manufacturing to commercial levels and produced 12,000 units of OX640 during the quarter. Testing is underway, and we remain on schedule to start the trial on time and report pivotal results in Q1 2027. For OX390, BARDA approved a contract modification extending the initial development stage through 2027 and increasing funding by up to USD 2.99 million. Following discussions with the FDA, the modification supports addi- tional scientific and technical work to align the program with evolving regulatory expectations and strengthen the path toward a future submission and potential approval. The need for OX390 is underscored by the emergence of medetomidine, a newer and more potent alpha-2 agonist
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Interim Report Q3 2026 6 TECHNOLOGY Technology – AmorphOX AmorphOX ® is a powder-based drug delivery technology that stabilizes amorphous materials – such as peptides and biologics – and is designed to support high bioavailability, enabling next-generation drug development. Time (minutes) AmorphOX® Traditional liquid Plasma concentration Superior pharmaco kinetic (PK) properties with more rapid onset, higher peak and overall exposure Drug Carrier materials Optionally, other excipients such as permeability enhancer AmorphOX key attributes Versatile applications Adaptable across multiple therapeutic areas and formulations. Ultra-fast absorption Designed for rapid onset, improving treatment efficiency. Superior bioavailability Maximizes active ingredient performance for optimal outcomes. Stabilizes peptides and biologics Protects sensitive molecules, ensuring integrity and efficacy. Needle-free delivery Enhances patient comfort and compliance with non-invasive options. Preservative-free formulation Clean, safe, and aligned with modern health standards. Reduces complexity and risk of microbial contamination compared to liquid sprays. Small molecules Epinephrine 0.3% after 24 months Peptides Semaglutide 0.1% after 6 months Biologics Protein (spike protein). Retained activity after 3 months (40°C) Examples: Chemical degradation after accelerated stability studies at 40°C/75% RH Clinically validated, stable technology AmorphOX has been validated in multiple clinical studies across nasal rescue medications, including naloxone (Izipry™), nalmefene (OX125), and epinephrine (OX640). The technology forms an amorphous composite that delivers rapid absorption, high bioavailability, and strong physical and chemical stability across temperature ranges, while maintaining rapid dissolution. A versatile, modality agnostic drug delivery platform AmorphOX supports small molecules, peptides, proteins, and vaccines across multiple routes of administration, including nasal, oral, sublingual, and parenteral, and can be formulated as powders, tablets, capsules, or powders for reconstitution.
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Interim Report Q3 2026 7 TECHNOLOGY Leveraging the AmorphOX® design space to tailor formulations for each API Medical need/TPP API Formulation candidate Final f ormulation Final commercial product Analysis of critical parameters In-vivo studies Process optimization Enabling tailored formulation and product development with AmorphOX Note: TPP. Target Product Profile. API, Active Pharmaceutical Ingredient Competitive advantage through a proven, scalable manufacturing platform Images: Spray dryer and filling equipment used in Orexo’s FDA-inspected production sites. Image 1, An active substance solution that is subsequently spray dried into powder. Image 2, Operator control for spray drying process. Image 3, Spray dried AmorphOX powder. Image 1 Image 2 Image 3
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Interim Report Q3 2026 8 Pipeline & partnership PIPELINE & PARTNERSHIP Projects in brief OX472 OX472 is a project investigating applying the AmorphOX® powder-based formulation technology to GLP-1 agonists. Initially the development has been focused on intrana- sal semaglutide and an in-vivo proof-of-concept study demonstrated promising pharmacokinetic data for intranasal AmorphOX formulations in comparison to oral semaglutide tablets (Rybelsus®).1 These results support the continued development of AmorphOX to enable needle-free intra- nasal delivery of large molecules, such as semaglutide and other peptides, offering improved convenience, potential adherence benefits, no refrigeration requirement, and the possibility of extended dosing intervals. The AmorphOX technology could also support other routes of administra- tion, and these are explored in parallel with the intranasal administration. OX472 is protected by patents and patent applications until 2047. Vaccine An intranasal influenza vaccine, developed with Abera Bioscience, combines the AmorphOX powder-based formulation technology with Abera’s BERA™ vaccine platform. In-vivo proof-of-concept data in rats demonstrated robust systemic and mucosal immune responses (IgG and IgA), comparable to a liquid nasal formulation. The results support the potential of AmorphOX for developing thermostable, needle-free mucosal vaccines. OX640 The aim with OX640 is to develop a powder-based intranasal epinephrine product for the emergen- cy treatment of severe allergic reactions, including anaphylaxis. Epinephrine is a very unstable active ingredient sensitive to chemical degradation, particularly when exposed to elevated temperatures, which is the reason why the vast majority of today’s commercial epinephrine products have limited shelf-life and restrictive storage conditions. During the third quarter of 2026, the IND application was cleared by the FDA and commercial-scale supply of the clinical product configuration is ongoing to support the planned initiation of the first pivotal clinical study in Q4 2026. OX640 is protected by patents and patent applications until 2044. OX390 Orexo is developing, OX390, in partnership with the Biomedical Advanced Research and Development Authority (BARDA). OX390 builds on the substance atipamezole, combined with a novel formulation and route of administration supported by the AmorphOX platform. It is intended to reverse respiratory depression from adulterated opioid overdoses, a growing issue in the US due to the spread of animal tranquilizers, namely xylazine and medetomidine. There are no known competitor products on the market. OX390 is protected by patents and patent applications until 2046. Izipry™ Opioid overdose is a life-threatening condition, characterized by loss of consciousness and respiratory depression. Based on the A morphOX technology, Orexo has developed a high- dose naloxone rescue medication, Izipry, designed to reverse opioid overdoses, including those from highly potent synthetic opioids such as fentanyl and fentanyl analogues. During the third quarter of 2026, Orexo resubmitted the NDA for Izipry to the FDA for review Izipry is protected by patents until 2039. Development program Technology Partnership Preclinical Clinical Registration Approved Exploratory/ Large molecules OX472 GLP-1 agonist, semaglutide Vaccine, influenza Own projects/ Small molecules OX640, epinephrine, allergic reaction OX390, atipamezole, overdose caused by adulterated drugs Izipry™, naloxone, overdose caused by opioids Launched products Approved products developed by Orexo Zubsolv® US, opioid dependence Sublingual platform Zubsolv EU, opioid dependence Sublingual platform Abstral®, breakthrough cancer pain Sublingual platform Edluar®, insomnia Sublingual platform TM US EU EU, US, RoW EU, US, RoW 1. Rybelsus® is a registered trademark of Novo Nordisk A/S.
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Interim Report Q3 2026 9 Power partners’ proprietary projects with the AmorphOX technology Proprietary projects drive greater value capture and renewed commercialization opportunities for Orexo, either standalone or together with a partner New applications of the AmorphOX technology are key to unlocking substantial future value creation and partnership generation OPERATIONAL DEVELOPMENT DEVELOP EXPLORE PARTNER 3 strategic focus areas to maximize value of the AmorphOX technology Q3 2026 developments Q3 2026 developments 9Discussions progressed with multiple potential collaboration partners regarding the application of the AmorphOX platform across small molecule, peptide, and vaccine development programs. Out-licensing activities for Izipry and OX640 continued, with a focus on securing a commercial partner for Izipry following its FDA submission, ahead of a potential launch subject to regulatory approval. Q3 2026 developments 9Izipry™ – The New Drug Applica - tion (NDA) for Izipry was resubmitted to the FDA during the third quarter of 2026. The submission included supportive stability and reliability data generated from studies of the final commercial product. Orexo continues preparations to support the review process while advancing ongoing partnering discussions. 9OX640 – Several important milestones were achieved during the quarter. The IND application was cleared by the FDA, enabling initiation of the first pivotal clinical study, which remains planned for the fourth quarter of 2026. Commercial- scale supply activities are ongoing to support the upcoming clinical program. Activities related to study start-up and final preparations for the pivotal study continued according to plan. 9OX390 – Following a Type C meeting with the FDA in May, the scope of the nonclinical program has been finalized based on FDA feedback. Product development activities have successfully demonstrated favorable stability, supporting progression to the manufacturing of test material for use in upcoming nonclinical studies. BARDA has agreed to provide an additional USD 2.99 million to extend the initial development phase of OX390 to the end of 2027. 9For the GLP-1 semaglutide program with intranasal delivery, formulation development continued with focus on strategies to improve permeability and preparations to conduct in vitro studies during H2 2026. 9Orexo completed the first preclinical in vivo pharmacokinetic study of an oral semaglutide tablet formulated using the proprietary AmorphOX technology. The AmorphOX® tablets demonstrated bioavai- lability comparable to that of the reference tablet. The results indicate that the ability of the AmorphOX powder to co-localize the active ingredient with supporting excipients may enhance oral bioavailability. Additional formulation optimization studies are planned to further improve bioavai- lability and support the continued advancement of the program. 9Discussions with potential collabora- tion partners on the use of AmorphOX in vaccine development progressed.
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Interim Report Q3 2026 10 Financial development On December 31, 2025, Orexo closed the transaction with Dexcel Pharma USA acquiring the full rights to Zubsolv® in the US. The upfront consideration paid at closing of the transaction amounted to USD 91 m plus the value of inventory of USD 3.8 m. Furthermore, Orexo is entitled to a contingent consideration of up to USD 16.8 m, based on future net sales during 2026 and 2027. Following the transaction, segment reporting has ceased and operations are no longer monitored on a segment basis. The Q3 financial reporting therefore reflects continued operations previously reported within the US Commercial and HQ & Pipeline segments, while the Zubsolv US business is presented as discontinued operations in Note 10. Net revenues Total net revenues for Q3 amounted to SEK 0.8 m (4.8). The decrease is mainly explained by lower Abstral® and Edluar® royalties, while Zubsolv ex-US royalties remained stable. Total net revenues amounted to SEK 9.3 m (22.8) for the first nine months. Cost of goods sold Cost of goods sold (COGS) for Q3 amounted to SEK 0.1 m (0.1) and to SEK 0.6 m (4.9) for the first nine months. Operating expenses Total operating expenses were positively impacted by lower costs related to long-term incentive programs, primarily reflecting reduced provisions for social security fees following the decline in the share price to SEK 13.76 (24.00) at the end of the quarter. This resulted in a positive impact of SEK 4.8 m (-12.9), reflected across all functions. Selling expenses amounted to SEK 1.1 m (5.2) for Q3. The decrease is mainly explained by lower costs for product strategy activities and reduced personnel costs. Selling expenses amounted to SEK 3.1 m (10.7) for the first nine months. Administrative expenses amounted to SEK 14.8 m (31.3) for Q3, of which DOJ related expenses amounted to SEK 4.3 m (4.5) The decrease is otherwise mainly attribut- able to generally lower spending and reduced personnel costs. Administrative expenses amounted to SEK 108.4 m (92.2) for the first nine months. Research and development costs amounted to SEK 54.1 m (57.2) for Q3. The decrease is mainly explained by lower internal costs partly offset by higher external costs for OX640. Research and development costs amounted to SEK 157.6 m (156.9) for the first nine months. Other operating income and expenses amounted to SEK -29.4 m (0.9) for Q3. This is mainly explained by a provision of SEK -34.6 m (0.0) for a settlement that Orexo has reached in principle with the DOJ and higher exchange rate losses of SEK -2.6 m (-0.2) derived from revalua- tions of parent company balance sheet items in foreign currency, predominantly in USD. This was partly offset by a higher BARDA reimbursement of OX390 related costs of SEK 6.9 m (0.0). Other operating income and expenses amounted to SEK -16.4 m (-7.6) for the first nine months. Operating profit EBITDA amounted to SEK -90.4 m (-76.8) for Q3 and SEK -251.5 m (-215.7) for the first nine months. EBIT amounted to SEK -98.5 m (-88.0) for Q3 and SEK -276.8 m (-249.5) for the first nine months. Net financial items and tax Net financial items for Q3 amounted to SEK 2.7 m (-11.6) and are mainly explained by absence of bond loan costs of SEK 0.0 m (-11.3) following the early redemption of the corporate bond in Q1 2026, positive unrealized exchange rate impact of SEK 1.5 m (-0.9) derived from the parent company’s foreign currency bank accounts in USD and higher interest income from bank accounts of SEK 1.3 m (0.8). Net financial items amounted to SEK -25.5 m (-38.0) for the first nine months. Total tax expenses for Q3 amounted to SEK -22.1 million (0.0), primarily reflecting a non-cash reduction of SEK 21.9 million in the deferred tax asset of Orexo US Inc. The reduction follows a reassessment of expected future taxable profits following the sale of the US rights to Zubsolv to Dexcel Pharma USA on December 31, 2025. Total tax expenses amounted to SEK -23.3 m (-0.2) for the first nine months. Orexo performs regular assessments of its deferred tax asset and adjusts according to the recognition requirements of IAS 12. Net earnings Net earnings for Q3 amounted to SEK -117.9 m (-99.7) and SEK -325.6 m (-287.7) for the first nine months. FINANCIAL DEVELOPMENT Note: Unless otherwise stated, all numbers refer to the Group and relate to the current quarter, while numbers in parentheses refer to the corresponding period in the previous year.
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Interim Report Q3 2026 11 FINANCIAL DEVELOPMENT Cash and cash flow Cash flow from operating activities amounted to SEK -118.1 m (-70.1) for Q3 and was impacted primarily by negative operating earnings. Negative changes in working capital were mainly driven by payment of earlier accrued GAIA settlement and handling fees of SEK -27.8 m (0.0) in relation to termination of DMHP. Cash flow from operating activities amounted to SEK -244.7 m (-165.1) for the first nine months. Total cash flow for the period amounted to SEK -126.6 m (-14.9) excluding a positive USD currency effect of SEK 2.3 m (-0.8). Under the transition agreement entered into in connec- tion with the divestment of Zubsolv® to Dexcel, Orexo continues, on behalf of Dexcel, to be responsible for sales of Zubsolv to certain partners and make rebate payments to third parties during a transition period until the end of 2026. The working capital items affected are account pay- ables and other liabilities. As of September 30, 2026, total cash and cash equivalents amounted to SEK 152.6 m (105.6) of which cash and cash equivalents payable to Dexcel amounted to SEK 64.6 m (0.0) and SEK 25.9 m (0.0) related to outstanding rebate payments linked to Zubsolv sales under the Dexcel agreement. Excluding these temporary working capital items, Orexo’s cash position end of Q3 amounted to SEK 62.1 m (105.6) m. Interest-bearing liabilities amounted to SEK 0.0 m (472.3), i.e. a positive total net cash position of SEK 152.6 m (-366.7). Cash and cash equivalents decreased by SEK 124.3 m from Q2 2026. Investments Gross investments in tangible and intangible fixed assets amounted to SEK 3.1 m (0.0) for Q3 and SEK 5.0 m (0.0) for the first nine months. Equity Shareholders’ equity on September 30, 2026, was SEK 177.4 m (-224.3). Discontinued operations Net earnings for Q3 amounted to SEK 21.5 m (69.8) explained mainly by a positive impact from a revaluation of the contingent consideration following the Zubsolv transaction with Dexcel Pharma, post transaction related restructuring costs and reimbursements. Net earnings amounted to SEK -5.1 m (202.3) for the first nine months. Parent company Net revenues for Q3 amounted to SEK 0.8 m (4.8), the decrease is mainly explained by lower Abstral® and Edluar® royalties. Total net revenues amounted to SEK 9.3 m (22.8) for the first nine months. EBIT amounted to SEK -98.2 m (-62.3) for Q3 and to SEK -308.2 m (-174.9) for the first nine months. Earnings before tax amounted to SEK -47.0 m (-48.6) for Q3 mainly explained by higher operating expenses from intercompany transfer price adjustment and higher other operating expenses due to a provision for DOJ settlement of SEK 34.6 m (0.0). Higher positive financial items are explained by dividends of 5 MUSD from wholly owned subsidiary Orexo US inc. partly offset by lower interest income from intercompany loan following Dexcel trans- action. Earnings before tax amounted to SEK -257.6 m (-134.0) for the first nine months. Investments in equipment for the development organiza- tion for Q3 amounted to SEK 3.1 m (0.0) and to SEK 4.8 m (0.0) for the first nine months. As of September 30, 2026, cash and cash equivalents in the parent company amounted to SEK 53.9 m (21.6). Parent company shareholders’ equity at September 30, 2026, was SEK 334.2 m (911.8). The decrease over the same period last year is mainly explained by negative operating results.
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Interim Report Q3 2026 12 OTHER INFORMATION Sustainability Sustainability continues to be important to Orexo, but several of the activities prior to the divestment of Zubsolv® US to Dexcel Pharma USA as of December 31, 2025, are less relevant for Orexo in the new structure. The sustainability work will contin- ue, but with a more focused agenda aligned with the company’s current operations. Risks and uncertainty factors Orexo works continuously and proactively to identify, assess, and mitigate both existing and emerging risks. Significant risks and uncertainties are described in Note 4, Dispute, in the Interim Report, as well as in the Annual Report for 2025. In relation to the risk described in Note 4, In September 2026, the Company reached a non-binding agreement in principle with the U.S. Department of Justice (“DOJ”) on the principal terms of a settlement, including a payment of USD 4 million in installments over several years and a limited contingent pay- ment based on five percent of net sales if certain sales-related thresholds are met during 2030–2031. The settlement is intend- ed to be formalized through a Non-Prosecution Agreement and a separate civil settlement agreement. However, there can be no assurance that a final settlement agreement will be reached. If no such agreement is reached, the investigation may continue, resulting in significant costs and uncertainty. The business model is dependent on Orexo’s ability to close business development agreements providing capital to finance continued product development and operations. Volatile capital markets risk reducing or delaying potential partners interest in business development can delay the ongoing development pro- grams and create a need for additional capital to the company. The company is reliant on continued progress in the develop- ment programs and unexpected outcome of studies or quality issues in the supply chain may impact the company’s timelines, ability to close business development agreements and mile- stone payments from future business development agreements. In light of continued geopolitical uncertainty that may impact global supply chains, Orexo's development programs could be affected due to their reliance on international sourcing and manufacturing activities. While the current level of uncertainty makes it difficult to implement immediate measures, the company is closely monitoring developments and actively managing risks under various scenarios. This work may result in adjustments to certain elements of the planned supply chain. Going Concern Based on the company's current business plan, existing cash resources, the expected net proceeds from the approximately 70 percent guaranteed rights issue and anticipated earn-out payments, Orexo assesses that it has sufficient funding to execute its current business plan for at least the next 12 months. The rights issue is supported by subscription commitments and an underwriting guarantee totaling approximately SEK 175 million, corresponding to approximately 70 percent of the issue, with expected net proceeds of approximately SEK 145 million at this subscription level. This interim report has therefore been prepared on a going concern basis. Forward-looking statements This report contains forward-looking statements that reflect the company’s current expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations prove to be correct as they are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors. Forward-looking statements speak only as of the date they were made, and, other than as required by applicable law, the company undertakes no obligation to update any of them considering new information or future events. Glossary View https://orexo.com/glossary/ Uppsala, Sweden, October 22, 2026 Orexo AB Nikolaj Sørensen President and CEO Other information Share and shareholder information SHAREHOLDERS Owners No. of Ordinary shares C Shares Share of Capital (%) Novo Holdings A/S 9,643,184 25.95 Avanza Pension 2,827,662 7.61 Orexo AB 646 2,029,583 5.46 ATP, the Danish Labour Market Supplementary Pension 1,780,633 4.79 Anders Walldov, direct and indirect 1,500,000 4.04 Swedbank Insurance 822,804 2.21 Nordnet Pension Insurance 816,064 2.20 Bank of Montreal 779,914 2.10 Stefan Hansson 490,883 1.32 Jan Robert Pärsson 447,020 1.20 Total top 10 19,108,810 2,029,583 56.89 Others 16,018,246 43.12 Total 35,127,056 2,029,583 100.00 SHARE¹ Listing Nasdaq Stockholm, mainlist Number of shares 37,156,639 Number of votes 35,330,014 Market capitalization, September 30 SEK 511 million ISIN code SE0000736415 Ticker code ORX 1. The share can also be traded as an ADR on the OTCQX market in the United States. ANALYSTS Klas Palin, DNB Carnegie Dr. Samir Devani, RX Securities
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Interim Report Q3 2026 13 Review report Orexo AB, corporate identity number 556500-0600 Introduction We have reviewed the condensed interim report for Orexo AB as at September 30, 2026 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibi- lity is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analyti- cal and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assuran- ce that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, Sweden, October 22, 2026 Ernst & Young AB Oskar Wall Authorized Public Accountant OTHER INFORMATION
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Interim Report Q3 2026 14 FINANCIAL REPORTS, NOTES AND KEY FIGURES Financial reports, notes and key figures CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS SEK m Notes 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Net revenues 9 0.8 4.8 9.3 22.8 26.0 Cost of goods sold -0.1 -0.1 -0.6 -4.9 -14.5 Gross profit 0.7 4.8 8.7 17.9 11.5 Selling expenses -1.1 -5.2 -3.1 -10.7 -14.6 Administrative expenses -14.8 -31.3 -108.4 -92.2 -110.7 Research and development expenses -54.1 -57.2 -157.6 -156.9 -233.1 Other operating income and expenses -29.4 0.9 -16.4 -7.6 -6.0 Operating earnings (EBIT) -98.5 -88.0 -276.8 -249.5 -352.7 Net financial items 2.7 -11.6 -25.5 -38.0 -50.3 Earnings after financial items -95.9 -99.7 -302.3 -287.5 -403.0 Income tax 5 -22.1 0.0 -23.3 -0.2 -0.3 Net earnings for the period for continued operations -117.9 -99.7 -325.6 -287.7 -403.3 Net earnings for the period for discontinued operations 21.5 69.8 -5.1 202.3 1,042.6 Net earnings for the period -96.4 -29.8 -330.7 -85.5 639.3 Earnings per share continued operation before dilution, SEK -3.36 -2.87 -9.31 -8.32 -11.65 Earnings per share continued operation after dilution, SEK -3.36 -2.87 -9.31 -8.32 -11.65 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME SEK m Notes 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Earnings for the period -96.4 -29.8 -330.7 -85.5 639.3 Other comprehensive income Items that may subsequently be reversed to the statement of operations: Translation differences 10 1.2 -1.7 9.1 -30.7 — Other comprehensive earnings for the period. net after tax 1.2 -1.7 9.1 -30.7 0.0 Total comprehensive earnings for the period 1 -95.3 -31.5 -321.6 -116.2 639.3 1 All equity and earnings for the respective period are attributable to the Parent Company’s shareholders
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Interim Report Q3 2026 15 FINANCIAL REPORTS, NOTES AND KEY FIGURES CONDENSED CONSOLIDATED BALANCE SHEET SEK m Notes 2026 Sep 30 2025 Sep 30 2025 Dec 31 ASSETS Fixed assets Tangible fixed assets 36.9 50.5 45.7 Intangible assets 0.5 23.2 0.4 Right-of-use assets 8.0 20.6 10.7 Deferred tax assets 5 0.4 40.2 21.9 Other financial assets 65.8 20.6 59.3 Total fixed assets 111.5 155.0 138.0 Current assets Inventories 0.0 42.5 0.0 Accounts receivable 25.0 159.3 184.7 Other receivables 73.9 16.0 52.7 Prepayment and accrued income 14.0 40.1 15.0 Cash and cash equivalents 152.6 105.6 912.4 Total current assets 265.5 363.5 1,164.8 TOTAL ASSETS 377.0 518.6 1,302.8 SHAREHOLDERS’ EQUITY AND LIABILITIES Total shareholders’ equity 177.4 -224.3 490.6 Long-term liabilities Provisions 19.4 13.0 13.7 Interest bearing liabilities 6 — 472.3 483.1 Lease liabilities, long-term 2.7 2.9 0.7 Total long-term liabilities 22.1 488.3 497.5 Current liabilities and provisions Accounts payable 37.9 68.1 92.6 Provisions 4.4 117.5 155.1 Other liabilities 92.2 11.1 7.9 Accrued expenses 39.1 41.7 51.4 Lease liabilities, current 3.9 16.1 7.7 Total current liabilities 177.5 254.6 314.7 Total liabilities 199.6 742.9 812.2 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 377.0 518.6 1,302.8 CONDENSED CONSOLIDATED CHANGES IN SHAREHOLDERS’ EQUITY SEK m 2026 Sep 30 2025 Sep 30 2025 Dec 31 Opening balance, shareholders’ equity 490.6 -126.3 -126.3 Total comprehensive earnings for the period -321.6 -116.2 639.3 Share-based payments2 8.4 18.2 22.7 Reclassification of translation differences from other comprehensive income — — -45.2 Closing balance, shareholders’ equity 177.4 -224.3 490.6 2 Refers to Orexo's LTIP programs
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Interim Report Q3 2026 16 FINANCIAL REPORTS, NOTES AND KEY FIGURES CONDENSED CONSOLIDATED CASH FLOW STATEMENTS SEK m Notes 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Operating earnings (EBIT) -98.5 -88.0 -276.8 -249.5 -352.7 Interest received 1.0 1.1 5.5 2.6 4.1 Interest paid -0.1 -11.3 -27.2 -35.3 -47.1 Income taxes paid — — — — — Adjustment for non-cash items 3 8.7 36.7 -113.6 75.8 143.8 Cash flow from operating activities before changes in working capital -88.9 -61.5 -412.0 -206.4 -251.9 Changes in working capital -29.2 -8.6 167.2 41.3 56.5 Cash flow from operating activities -118.1 -70.1 -244.7 -165.1 -195.4 Acquisition of tangible and intangible fixed assets -3.1 — -5.0 — — Change in financial assets 0.0 — 0.4 -19.2 -19.2 Cash flow from investing activities -3.1 0.0 -4.5 -19.2 -19.2 Amortization of lease liability -3.8 -3.7 -11.6 -14.1 -22.3 Redemption of bond — — -490.0 — — Change of repurchased part in bond — — — 10.0 20.0 Cash from financing activities -3.8 -3.7 -501.6 -4.1 -2.3 Cash flow from continued operations for the period -125.0 -73.8 -750.9 -188.4 -216.9 Cash flow from discontinued operations for the period -1.7 58.9 -23.0 184.0 1,023.5 Cash and cash equivalents at the beginning of the period 276.9 121.3 912.4 123.3 123.3 Exchange-rate differences in cash and cash equivalents 2.3 -0.8 14.1 -13.2 -17.5 Changes in cash and cash equivalents -124.3 -15.7 -759.8 -17.6 789.1 Cash and cash equivalents at the end of the period 152.6 105.6 152.6 105.6 912.4 KEY FIGURES3 Orexo makes use of the key figures (continued business) below and believe they are useful for readers of the financial reports as a complement to other performance measures when assessing implementation of strategic investments and the Group’s ability to meet financial objectives and commitments. 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec EBIT margin, % neg. neg. neg. neg. neg. Return on shareholder equity, % neg. neg. neg. neg. 351.0 Net debt, SEK m -152.6 366.7 -152.6 366.7 -429.2 Debt/equity ratio, % 0.0 -210.6 0.0 -210.6 98.5 Equity/assets ratio, % 47.0 -43.2 47.0 -43.2 37.7 Number of shares, before dilution 35,126,410 34,705,306 34,986,042 34,585,957 34,625,973 Number of shares, after dilution 40,022,036 40,659,856 39,758,041 39,219,396 39,553,329 Earnings per share continued operations, before dilution, SEK -3.36 -2.87 -9.31 -8.32 -11.65 Earnings per share continued operations, after dilution, SEK -3.36 -2.87 -9.31 -8.32 -11.65 Number of employees at the end of the period 55 104 55 104 72 Shareholders’ equity, SEK m 177.4 -224.3 177.4 -224.3 490.6 Capital employed, SEK m 177.4 248.1 177.4 248.1 973.7 Working capital, SEK m -64.6 3.3 -64.6 3.3 -62.2 3 Definitions and reconcilliations of key figures are presented in the end of this report
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Interim Report Q3 2026 17 FINANCIAL REPORTS, NOTES AND KEY FIGURES PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME SEK m 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Earnings for the period -47.0 -48.6 -257.6 -134.0 -467.2 Other comprehensive income — — — — — Total comprehensive earnings for the period -47.0 -48.6 -257.6 -134.0 -467.2 CONDENSED PARENT COMPANY STATEMENT OF OPERATIONS SEK m Notes 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Net revenues 0.8 4.8 9.3 22.8 26.0 Cost of goods sold -0.1 -0.1 -0.6 -4.9 -5.1 Gross profit 0.7 4.8 8.7 17.9 20.9 Selling expenses — -3.2 — -11.1 -15.8 Administrative expenses -8.8 -18.9 -77.5 -50.7 -61.8 Research and development costs -58.2 -47.7 -215.6 -134.2 -202.4 Other operating income and expenses 7 -31.9 2.7 -23.8 3.3 7.3 Operating earnings (EBIT) -98.2 -62.3 -308.2 -174.9 -251.8 Interest income and expenses 1.9 15.0 19.3 47.0 61.5 Other financial income and expenses 49.3 -1.3 31.3 -6.2 -277.0 Net financial items 51.2 13.7 50.6 40.8 -215.5 Earnings before tax -47.0 -48.6 -257.6 -134.0 -467.2 Income tax 5 — — — — — Earnings for the period -47.0 -48.6 -257.6 -134.0 -467.2 CONDENSED PARENT COMPANY BALANCE SHEET SEK m Notes 2026 Sep 30 2025 Sep 30 2025 Dec 31 ASSETS Fixed assets Patents, intellectual property rights, proprietary intangible assets and software 0.5 21.6 0.4 Equipment, machinery, renovation of the property of others 36.9 50.5 45.7 Shares and participations in group companies 270.9 292.9 295.3 Participations and securities in other companies 19.2 19.2 19.2 Total fixed assets 327.5 384.2 360.6 Current assets Inventories 0.0 0.0 0.0 Accounts receivable 5.0 8.6 3.7 Other receivables 10.3 11.3 8.2 Receivables from Group companies 7 80.0 985.0 709.2 Prepaid expenses and accrued income 15.1 21.6 18.3 Cash and cash equivalents 53.9 21.6 14.7 Total current assets 164.4 1 048.2 754.2 TOTAL ASSETS 491.9 1 432.4 1 114.8 SHAREHOLDERS’ EQUITY, PROVISIONS AND LIABILITIES Total shareholders’ equity 334.2 911.8 583.2 Long-term liabilities Provisions 18.6 8.2 8.7 Interest bearing liabilities 6 — 472.3 483.1 Total long-term liabilities 18.6 480.5 491.8 Current liabilities Accounts payable 7.7 13.9 11.5 Other liabilities 25.6 8.4 7.0 Liabilities to Group companies 80.9 — — Accrued expenses and deferred income 24.8 17.7 21.4 Total current liabilities 139.0 40.0 39.9 Total liabilities 157.6 520.6 531.6 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 491.9 1 432.4 1 114.8
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Interim Report Q3 2026 18 FINANCIAL REPORTS, NOTES AND KEY FIGURES The assessment to date indicates that the implementation is not expected to have any material impact on the Group’s financial statements. The Group’s net profit and financial position will not be affected, and operating profit is expected to remain essentially unchanged compared with the current presentation. The most significant changes for Orexo relate to net financial items. In addition, new disclosures on mana- gement-defined performance measures will be required. The Parent Company’s financial statements were pre pared in accordance with RFR 2 (Swedish Financial Reporting Board’s recommendation) and Chapter 9 of the Swedish Annual Accounts Act. 2. Segment reporting As of Q1 2026, Orexo’s management does no longer follow up the operations on a segment level, thus no segments are reported. 4. Dispute On July 14, 2020, Orexo became aware of an investigation by the Department of Justice (DOJ) and the investigation is ongoing. Based on communications from the US authorities, the company believes the investigation concerns principally certain historic marketing messaging campaigns and whether they were compliant with law. Other areas of interest to the government are Orexo’s selection of healthcare providers to market, as well as Orexo’s voucher and co-pay programs. Orexo's position is that Zubsolv® has been promoted in a compliant and responsible manner. On August 31st 2026, Orexo announced that the company has reached a non-binding agreement in principle on the main ele- ments of a settlement with the US Department of Justice (DOJ). Orexo is in the last stages of concluding the final settlement agreement, which would close a DOJ investi- gation that has been ongoing since 2020. There can be no assurance that a final settlement will be entered into on the terms in this report. 5. Deferred tax The tax-loss carry-forward in the Group amounts to SEK 1,258.7 m as of December 31, 2025 and refers to Swedish companies. Deferred tax assets for tax losses carried forward are only recognized to the extent that it is probable that taxable profits will be available against which the losses can be utilized. The Group’s tax losses carried forward at the balance sheet date have not been recogni- zed as deferred tax assets, as the recognition criteria under IAS 12 have not been met. There is no time limit for when the remaining loss carryforwards can be utilized. 6. Financial instruments The Group’s financial assets and liabilities are measured at amortized cost, with the exception of the contingent consideration. The carrying amount is considered to app- roximate fair value. The contingent consideration from the divestment of Zubsolv is measured at fair value (Level 3). The value amounted to SEK 100.3 m as of September 30, 2026. Fair value is calculated as the present value of expected payments based on reported results and forecast sales of Zubsolv in 2026 and 2027, discounted at 11.5 percent. The sales forecast and the discount rate are the significant unobservable inputs. The valuation is updated quarterly. The remeasurement for the period is entirely unrealized. Lower sales or a higher discount rate would reduce fair value. 7. Related parties There were no significant transactions with related parties during the period, except for sales of services between Biolipox AB and Orexo Inc, remuneration to the board, president and senior executives. All transactions have been made at arm’s length. 8. Significant events after the end of the period On October 6, the Board resolved on a rights issue of approximately SEK 250 million, subject to approval by an e xtraordinary general meeting on November 6, 2026. 3. Cash flow ADJUSTMENT FOR NON-CASH ITEMS SEK m 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Depreciation/amortization and impairment 8.1 11.3 25.2 33.8 67.0 Change in provisions -1.5 20.7 -148.1 12.6 55.7 Other non cash items -0.0 -0.0 -0.1 -0.1 -0.8 Exchange rate income and expenses -0.9 0.2 -0.7 11.1 12.3 Share-based payments 2.7 4.6 9.8 18.4 9.6 Capital gain/loss from fixed assets 0.3 — 0.3 — — Total continued operation 8.7 36.7 -113.6 75.8 143.8 Notes 1. Accounting policies This report was prepared pursuant to IAS 34. Orexo applies IFRS® Accounting Standards, as adopted by the EU, on its condensed consolidated financial statements. The accounting policies are in line with those used in the preparation of the 2025 Annual Report. None of the amended standards and interpretations effec- tive as of 1 January 2026 have had significant impact on the Group’s financial reporting and have not been applied in the preparation of these financial statements. Starting January 1, 2027, IFRS 18 Presentation and Disclo- sure in Financial Statements will come into effect. The new standard will replace IAS 1 Presentation of Financial Statements. The purpose of IFRS 18 is to improve how companies present their financial reports, with a particular focus on the income statement and cash flow analysis. The standard also includes requirements for certain disclosures about selected key performance indicators. Orexo is evalu- ating how the changes will affect the Group.
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Interim Report Q3 2026 19 FINANCIAL REPORTS, NOTES AND KEY FIGURES 9. Net revenue from contracts with customers 2026 Jul-Sep SEK m Zubsolv® Abstral® Edluar® Vorvida® MODIA® Total Total revenue from contracts with customers Geographical markets US — — 0.4 — — 0.4 EU & UK 0.6 -0.3 0.4 — — 0.7 Rest of the world — — -0.3 — — -0.3 Total revenue from contracts with customers 0.6 -0.3 0.5 0.0 0.0 0.8 2025 Jul-Sep SEK m Zubsolv Abstral Edluar Vorvida MODIA Total Total revenue from contracts with customers Geographical markets US — — 0.3 0.0 — 0.3 EU & UK 0.6 1.3 2.0 — — 3.9 Rest of the world — — 0.6 — — 0.6 Total revenue from contracts with customers 0.6 1.3 2.9 0.0 0.0 4.8 2026 Jan–Sep SEK m Zubsolv Abstral Edluar Vorvida MODIA Total Total revenue from contracts with customers Geographical markets US — — 0.8 0.0 — 0.8 EU & UK 1.7 0.4 5.5 — — 7.7 Rest of the world — — 0.8 — — 0.8 Total revenue from contracts with customers 1.7 0.4 7.1 0.0 0.0 9.3 2025 Jan–Sep SEK m Zubsolv Abstral Edluar Vorvida MODIA Total Total revenue from contracts with customers Geographical markets US — — 0.7 0.0 — 0.7 EU & UK 9.2 3.9 7.1 — — 20.2 Rest of the world — -0.2 2.1 — — 1.9 Total revenue from contracts with customers 9.2 3.7 9.9 0.0 0.0 22.8 2025 Jan–Dec SEK m Zubsolv Abstral Edluar Vorvida MODIA Total Total revenue from contracts with customers Geographical markets US — — 1.0 0.0 — 1.0 EU & UK 9.2 4.3 9.3 — — 22.7 Rest of the world — -0.2 2.6 — — 2.4 Total revenue from contracts with customers 9.2 4.0 12.8 0.0 0.0 26.0
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Interim Report Q3 2026 20 FINANCIAL REPORTS, NOTES AND KEY FIGURES 10. Discontinued operations Description On 31 December, 2025, Orexo closed the transaction with Dexcel Pharma USA acquiring the full rights to Zubsolv in the US. The upfront consideration paid at closing of the transaction amounted to USD 91 m plus the value of inventory of USD 3.8 m. USD 3 m has also been deposited into an escrow account in accordance with customary terms to secure the seller’s obligations under the agreement. That leaves a Purchase price of USD 91.8 m (SEK 854.5 m). Furthermore, Orexo is entitled to a contingent consideration of up to USD 16.8 m, based on future net sales during 2026 and 2027. Discounted estimated contingent consideration amounts to SEK 100.3 m as of September 30, 2026. of which exchange rate effects are included in "Other operating income and expenses" in the Analysis below regarding 2026. Regarding 2025, the earn-out is included in "Zubsolv US product sales". Analysis of P&L and cash flow Below reported costs for Q3 2026 are mainly post transaction related restructuring costs. ANALYSIS OF P&L AND CASH FLOW SEK m 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Zubsolv US product sales — 113.9 — 360.4 499.0 Revaluation earn-out 17.3 — 17.3 — — Cost of goods sold 0.3 -4.7 0.2 -24.3 -39.7 Selling expenses -2.2 -34.8 -19.4 -111.9 -141.5 Administrative expenses -0.2 -2.9 -14.5 -8.8 -11.9 Research and development costs 0.0 -4.5 -4.3 -13.6 -17.0 Other operating income and expenses 6.4 — 15.5 — — Profit on sale of Zubsolv US business — — — — 769.1 Net financial items — — — — — Profit for discontinued operations before tax 21.5 66.9 -5.1 201.8 1,058.0 Tax — 2.9 — 0.5 -15.4 Net earnings from discontinued operations 21.5 69.8 -5.1 202.3 1,042.6 Net cash flow from operating activities 3.0 59.8 -16.2 187.0 368.4 Net cash flow from investing activities -4.7 — -6.8 — 655.1 Net cash flow from financing activities — -1.0 — -3.0 — Net increase in cash and cash equivalents generated by discontinued operations -1.7 58.9 -23.0 184.0 1,023.5 INFORMATION REGARDING DISCONTINUATION OF ZUBSOLV US BUSINESS SEK m 2025 Jan-Dec Purchase price received or purchase price to be received: Agreed purchase price 854.5 Estimated earn-out 75.9 Total purchase price 930.4 Sold inventories -39.4 GTN items -77.3 FDA annual fee & patent -17.1 Fees for transaction advisors -40.9 Profit before tax and reclassifications of currency translations reserve 755.7 Reclassification of currency translation reserve 13.4 Profit from the sale after tax 769.1
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Interim Report Q3 2026 21 FINANCIAL REPORTS, NOTES AND KEY FIGURES Definitions and reconciliations of key figures KEY FIGURES AND CERTAIN OTHER OPERATING INFORMATION PER SHARE ARE DEFINED AS FOLLOWS Margins Definition/calculation Purpose Operating margin (EBIT margin) Operating earnings as a percentage of net revenues Operating profit margin is used for measuring the operational profitability Return Definition/calculation Purpose Return on equity Net earnings for the period as a percentage of average shareholders’ equity Return on equity is used to measure profit generation, given the resources attributable to the owners of the Parent Company Capital structure Definition/calculation Purpose Net debt Current and long-term interest-bearing liabilities including pension liabilities, less short-term investments and cash and cash equivalents The net debt is used as an indication of the ability to pay off all debts if these became due simultaneously on the day of calculation, using only available short-term investments and cash and cash equivalents Debt/equity ratio Interest bearing liabilities divided by shareholders’ equity The debt/equity ratio measures how much debt a company is using to finance its assets relative to the amount of value represented in shareholders' equity. Working capital Current assets excluding cash and cash equivalents less current liabilities excluding interest bearing liabilities Working capital is used to measure the company’s ability, besides cash and cash equivalents and interest bearing liabilities, to meet current operational obligations Capital employed Interest-bearing liabilities and shareholders’ equity Capital employed measures the amount of capital used and serves as input for the return on capital employed Gross investments Value of investment before amortization Gross investments is a measure of the company’s investments in tangible and intangible fixed assets Data per share Definition/calculation Purpose Number of shares after dilution Shares at the end of the period adjusted for the dilutive effect of potential shares Is used to calculate earnings per share after dilution Earnings per share, before dilution Net earnings for the period after tax divided by the average number of shares outstanding before dilution during the period The earnings per share before dilution measures the amount of net profit that is available for payment to its shareholders per share before dilution Earnings per share, after dilution Net earnings for the period after tax divided by the average number of shares outstanding after dilution during the period The earnings per share after dilution measures the amount of net profit that is available for payment to its shareholders per share after dilution. In the event of negative earnings per share, diluted earnings per share are reported as the same as earnings per share before dilution Other definitions Definition/calculation Purpose Operating expenses An expense incurred in daily operating activities. Expense related to financing is not considered part of daily operating activities. Operating expenses reflect costs for selling, administration, research and development, depreciation and other operating income and operating expenses EBIT Earnings before net financial items and tax, the same as Operating earnings This measure enables the profitability to be compared across locations where corporate taxes differ and irrespective of the financing structure of the company EBITDA Earnings before interest, taxes, depreciation and amortization. EBIT plus depreciation and amortization Profit measure which is more closely correlated with cash flow as non-cash items like Depreciation and Amortization are excluded
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Interim Report Q3 2026 22 FINANCIAL REPORTS, NOTES AND KEY FIGURES KEY FIGURES AND CERTAIN OTHER OPERATING INFORMATION ARE RECONCILED AS FOLLOWS EBITDA continued operation SEK m 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec EBIT -98.5 -88.0 -276.8 -249.5 -352.7 Depreciation and amortization 8.1 11.3 25.2 33.8 67.0 EBITDA continued operation -90.4 -76.8 -251.5 -215.7 -285.7 Return on shareholders’ equity SEK m 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Shareholders' equity beginning balance 364.7 -197.0 490.6 -126.3 -126.3 Shareholders' equity ending balance 177.4 -224.3 177.4 -224.3 490.6 Average shareholders' equity 271.0 -210.7 334.0 -175.3 182.2 Net earnings -96.4 -29.8 -330.7 -85.5 639.3 Return on shareholders' equity % neg. neg. neg. neg. 351.0 Net debt SEK m 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Current and long-term interest-bearing liabilities including pension liabilities — 472.3 — 472.3 483.1 Cash and cash equivalents 152.6 105.6 152.6 105.6 912.4 Net debt -152.6 366.7 -152.6 366.7 -429.2 Earnings per share continued operation. before dilution, SEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Number of shares. before dilution 35,126,410 34,705,306 34,986,042 34,585,957 34,625,973 Net earnings for the period SEK m -117.9 -99.7 -325.6 -287.7 -403.3 Earnings per share before dilution -3.36 -2.87 -9.31 -8.32 -11.65 Debt/equity ratio 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Interest-bearing liabilities — 472.3 — 472.3 483.1 Shareholders' equity 177.4 -224.3 177.4 -224.3 490.6 Debt/equity ratio % 0.0 -210.6 0.0 -210.6 98.5 Earnings per share continued operation, after dilution, SEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Number of shares, after dilution 40,022,036 40,659,856 39,758,041 39,219,396 39,553,329 Net earnings for the period SEK m -117.9 -99.7 -325.6 -287.7 -403.3 Earnings per share after dilution4 -2.95 -2.45 -8.19 -8.32 -11.65 4 Due to negative values, diluted earnings per share are reported using the same values as for earnings per share before dilution in other tables in the report.
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Interim Report Q3 2026 23 Research and development expenses/operating expenses 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep 2025 Jan-Dec Selling expenses -1.1 -5.2 -3.1 -10.7 -14.6 Administrative expenses -14.8 -31.3 -108.4 -92.2 -110.7 Research and development costs -54.1 -57.2 -157.6 -156.9 -233.1 BARDA reimbursement OX390 6.9 — 18.5 — 1.4 Research and development costs less BARDA reimbursement -47.2 -57.2 -139.1 -156.9 -231.7 Other operating income and expenses less BARDA reimbursement -36.3 0.9 -34.8 -7.6 -7.4 Operating expenses -99.3 -92.8 -285.4 -267.4 -364.3 Of which research and development expenses/operating expenses, % 47.5 61.6 48.7 58.7 63.6
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Interim Report Q3 2026 24 Orexo is a Swedish pharmaceutical company dedicated to advance treatments for severe diseases and life-saving rescue medications to meet future healthcare needs. At the core of our innovation is AmorphOX®, a proprietary drug delivery technology that improves bioavail- ability and stability for both large and small molecules, enabling new approaches to administration, manufacturing, and distribution. With over 30 years of experience and multiple drugs approved globally, Orexo is advancing a diversified pipeline of programs in clinical and pre-clinical development. The company collaborates with partners in research, development, and commercialization. Headquartered in Uppsala, Sweden, Orexo is listed on Nasdaq Stockholm’s main market and trades as ADRs on the OTCQX market in the United States. For more information please visit www.orexo.com. You can also follow Orexo on X, LinkedIn, and YouTube. Main office Subsidiary Orexo AB Uppsala Science Park 752 37 Uppsala Sweden Orexo US Inc. 1 Gatehall Drive Suite 309 Parsippany, NJ 07054 United States ir@orexo.com us.orexo.com