Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Oncopeptides AB (STU:OND, Financial) reported a slight increase in Q3 revenue to SEK8.5 million compared to Q2, despite not receiving a milestone payment from SCBIO for South Korea.
- The company has unlocked 80% of regional access in Spain, indicating strong market penetration and potential for future sales growth.
- Year-to-date sales for the nine-month period in 2024 reached SEK21.7 million, a significant increase from SEK5.6 million in the same period of 2023.
- Research and development expenses have decreased by 34% year-to-date compared to last year, reflecting cost efficiency.
- Oncopeptides AB (STU:OND) has a strong cash position with SEK250 million at the end of Q3, bolstered by a rights issue completed in May 2024.
Negative Points
- European sales in Q3 were slightly lower than in Q2, with a notable decline in the German market due to slower than expected growth.
- Sales in Greece were very low during Q3 due to changes in ordering patterns by the authority, impacting overall revenue.
- The company faces challenges in the Netherlands due to a strict payer environment, delaying market access and sales potential.
- Despite efforts, the lack of local key opinion leader endorsement in Germany has hindered sales growth.
- Oncopeptides AB (STU:OND) has not yet secured financing for its clinical program, which could delay the progression of its preclinical pipeline.
Q & A Highlights
Q: Would you say that you have experienced good repeat orders from activated accounts in Germany?
A: Yes, we do see repeat orders and a positive clinical experience. However, during the third quarter, which includes the vacation period, there was a delay in ordering intervals. This is partly due to patients being able to adjust treatment schedules around holidays.
Q: You mentioned that Greece had a negative impact on sales. How important has Greece been for the sales launch so far?
A: Greece is not considered a key market for us. It operates on a named patient sales basis, and recent changes in ordering patterns by the authority affected sales. Our focus remains on Germany, Spain, and Italy, which have the greatest potential.
Q: Considering your strategy to focus more on the three main markets, what does that mean for other markets? Will there be less activity to gain access in other countries?
A: The only market we are putting on hold is the Netherlands due to the payer environment. We will continue market access activities in other smaller markets and ensure focused investments once access is gained.
Q: Could you provide more details about the progress with market access in Italy?
A: We have moved from the benefit assessment to the negotiation phase. Timelines are controlled by payers, but we see encouraging progress.
Q: What are the next steps for the preclinical programs, and when will further data be disclosed?
A: We are moving the OPSP1 candidate drug towards IND in preclinical work. We are still securing financing for the clinical program and will share more clinical data in due course.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
