This article first appeared on GuruFocus .
Release Date: May 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Oncopeptides AB ( FRA:OND ) reported a 91% increase in net sales for Q1 2026 compared to Q1 2025, indicating strong demand and commercial traction.
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The company achieved a 99% gross margin, highlighting the scalability and quality of its revenue base.
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Operating expenses decreased by 11% year-over-year, showcasing effective cost management and setting up attractive operating leverage.
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Oncopeptides AB ( FRA:OND ) secured fast-track designation for a clinical study in glioblastoma, emphasizing its focus on high unmet medical needs.
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The successful rights issue raised approximately 200 million SEK, strengthening the company's cash position and providing flexibility for future opportunities.
Negative Points
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The company faced challenges in Spain, with underperformance during Q1 due to limited access to physicians and competitive pressure.
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Negotiations in Japan have been delayed, impacting the company's ability to expand its market presence in the region.
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The treatment landscape in the Middle East is unstable, making it difficult to predict potential sales in the region.
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Oncopeptides AB ( FRA:OND ) experienced slower-than-expected growth at the end of 2025, affecting its momentum into 2026.
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The company is still in the process of securing regulatory approval for expanding Pepaxiti's label into the third line, which could impact future sales growth.
Q & A Highlights
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Q: Can you explain the reduction in operating costs and whether this trend will continue? A: (CFO, Henrik Bergentoft) We have made organizational adjustments, particularly in our commercial and R&D sectors, which have led to a lower cost base. You can expect the full-year costs for 2026 to be below those of 2025. However, there is seasonality in our cost base, with typically higher expenses in the second and fourth quarters due to increased congress activities.
Q: What is the sales trend for Q2, especially considering the challenges in Spain? A: (CEO, Sophia Hagus) We refrain from commenting specifically on Q2, but we ended Q1 with strong momentum and see no significant market changes. The underperformance in Spain during Q1 will impact Q2, but we are working to catch up and build on the momentum in Germany and Italy.
Q: How does the third line market compare to the fourth line for Pepaxity? A: (CEO, Sophia Hagus) The third line market has approximately double the number of patients compared to the fourth line. Patients in the third line also receive double the number of treatment cycles on average, which means a significant increase in potential sales. This expansion would make it easier for prescribers to identify patients, supporting sales uptake.
Q: Are you still in discussions with the same company in Japan for partnerships? A: (CEO, Sophia Hagus) Yes, we continue discussions with our preferred partner despite delays due to their internal processes and restructurings. I will be visiting Japan to meet the new team and continue discussions. We are also exploring other opportunities to ensure the best possible deal.
Q: What are the key strategic moves for Oncopeptides moving forward? A: (CEO, Sophia Hagus) We are focusing on expanding Pepaxity into the third line of treatment, which could double our addressable market in Europe. We are also pursuing partnerships in Japan and other regions, and advancing our glioblastoma project, which has significant market potential.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
