This article first appeared on GuruFocus .
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Net Sales (Q2 2026):SEK 31.1 million, a 62% increase compared to Q2 2025.
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Net Sales (H1 2026):SEK 56.5 million, up 74% year-over-year.
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Gross Margin (H1 2026):98%.
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Operating Expenses (H1 2026):Decreased 2% to SEK 146.9 million.
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Operating Loss (H1 2026):Improved to SEK 86.2 million from SEK 116.1 million in the prior year.
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Quarterly Operating Expenses (Q2 2026):SEK 81.1 million.
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Sales and Marketing Spend (Q2 2026):SEK 40.8 million.
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G&A Costs (Q2 2026):Decreased to SEK 16.7 million from SEK 18.6 million.
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R&D Costs (Q2 2026):SEK 23.5 million.
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Cash Position (End of Q2 2026):SEK 158 million.
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Rights Issue Proceeds:Contributed SEK 167 million after transaction costs in March.
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Release Date: August 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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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.
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Gross margin remained high at 98% for the first half, demonstrating efficient revenue conversion and scalability.
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Operating expenses decreased 2% in the first half, with G&A costs down, reflecting disciplined cost management while supporting growth.
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Cash position strengthened to 158 million SEK after a rights issue, providing a solid financial base to achieve positive cash flow in 2027.
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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.
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Expanded European reach through a distribution agreement with Salus Group covering 11 CEE countries, with first milestone achieved in Slovenia.
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Initiated glioblastoma window-of-opportunity study, with first patient dosed and safety review completed, targeting a high unmet need market.
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Over 1,000 patients treated with Pepaxti in Europe, generating real-world evidence and peer-to-peer advocacy.
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Presented five scientific abstracts and hosted a well-attended symposium at EHA, reinforcing clinical positioning.
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Germany progressing towards country-level profitability, with steady growth in new patient starts and prescriber base.
Negative Points
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Spain's market remains stressed due to ongoing HCP strikes, limiting access and creating uncertainty for second-half sales.
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Greece contributed no sales in Q2 due to budget constraints and stock reshuffling, highlighting dependency on authority ordering.
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Japan partnership discussions have faced delays, with the previous exclusive partner causing setbacks, though new discussions are underway.
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US market is not a current focus, with regulatory challenges and a long path to approval, limiting potential growth.
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Q3 sales outlook is uncertain due to seasonal vacation periods affecting ordering dynamics, making near-term performance unpredictable.
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Type II variation approval timeline is uncertain, with CHMP opinion expected between September and November, but subject to EMA feedback complexity.
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CEE expansion is still early, with first sales expected only in 2027, and price negotiations in Slovenia are unpredictable.
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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.
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Cash flow positivity is only targeted for 2027, with no specific quarter guidance, indicating potential variability in achieving this milestone.
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Glioblastoma program is at an early stage, with clinical validation still needed to confirm blood-brain barrier penetration and efficacy.
Q & A Highlights
Q: Can you specify when in 2027 you expect positive cash flow as communicated? A: (Unidentified Company Representative) We are repeating our previous statement that positive cash flow is due during 2027. It is difficult to predict exactly how fast sales will grow and in which quarter that will happen. We expect sales to cover operating expenses, hence having a cash flow positive business.
Q: Could you elaborate on the status in Japan? A: (Sofia Heigis, CEO) We previously had one specific partner with exclusivity, but we opened up discussions with other partners due to too many delays in the process. While the original partner still has interest, we see further delays based on their organization. We have initiated new discussions in parallel and have several companies we are discussing with currently. We are going back to Japan this fall to meet with them and continue engaging KOLs.
Q: How do you see the sales situation in Spain working out over the next part of this year? A: (Sofia Heigis, CEO) We saw a level up in Spain towards the end of the quarter. It's uncertain about access to HCPs in the second half because there is no clarity on if they will start the strike again. Our tactic has been to engage top experts to ensure they always recommend Pepaxti in the right position. We have been working hard with several initiatives and projects together with all the top KOLs in Spain, and we believe that is what we start to see impact of at the end of Q2.
Q: When do you think the collaboration with Salus Group can start to generate revenue? A: (Sofia Heigis, CEO) The first milestone is to get a list price in Slovenia because Slovenia is referencing Germany, and the full region of CEE will look at the German or Slovenian list price. The price negotiation process is ongoing now, and it's always tricky to know exactly how it runs as price negotiations can be unpredictable. It's fair to say that first sales should come sometime in 2027.
Q: Regarding operating costs, do you expect them to decline a bit towards trending the next quarters this year? A: (Unidentified Company Representative) We have communicated that we expect full-year operating expenses to be in the vicinity of what we had for 2025, roughly about 300 million SEK. The split between quarters varies, with Q2 and Q4 typically more heavy-weighted towards congress costs. We expect Q3 to be slightly lower than Q2.
Q: Greece was mentioned during the last report. What's the status there now in Q2? A: (Sofia Heigis, CEO) The contribution in Q2 only came from our key markets. Greece is an authority ordering market, highly dependent on patient identification, which is running smoothly according to our partner. However, the authority had budget restrictions and reshuffled stock across the country, meaning Greece did not contribute at all in Q2. This puts the growth into perspective as it only comes from key markets, which I see as a strength.
Q: Shifting focus to the US, is that not a focus anymore at the moment? A: (Sofia Heigis, CEO) Currently we are not focusing on the US market. We had a lengthy process with the FDA, and they concluded to pull the accelerated approval based on a different target population than what we got approved in EMA. We have been exploring partnerships for the US, but we do not have a great focus there as we believe there is a long way to that market. European commercialization is more prioritized, as well as concluding a partnership in Japan where regulatory requirements are quite small.
Q: Can you say something about Q3? A: (Sofia Heigis, CEO) I would like to refrain from commenting on the current quarter as we always do. Q3 ordering dynamics are always a bit strange due to the vacation period of both HCPs and patients. Orders come a bit uneven during the quarter, so we will get back to that once we announce the Q3 results.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
