Swedish biotech Oncopeptides AB reported a 62% year-over-year increase in second-quarter 2026 net sales, reaching 31.1 million Swedish kronor, as demand for its multiple myeloma treatment Pepaxti accelerated across Europe.
For the first half of 2026, net sales totaled 56.5 million SEK, a 74% increase compared with the same period in 2025. Gross margin remained at 98% for H1, reflecting the scalability of the company’s business model, according to Chief Financial Officer Henrik Bergentoft. Operating expenses declined 2% year-over-year to 146.9 million SEK, though the company maintained its full-year 2026 operating expense guidance at approximately 300 million SEK.
Cash and cash equivalents stood at 158 million SEK at the end of June, following a rights issue in March that generated 167 million SEK after transaction costs. The company’s EBIT loss narrowed to 86.2 million SEK in H1 from 116.1 million SEK a year earlier.
Pepaxti, approved by the European Medicines Agency in 2023, has been administered to more than 1,000 patients across Europe, with Germany, Italy, and Spain identified as key markets. Spain recorded an all-time high monthly sales figure in June, though regional healthcare worker strikes limited physician access. Greece, however, generated no sales in Q2 due to budget constraints and stock reshuffling by local authorities.
Oncopeptides also highlighted progress in expanding Pepaxti’s label. A Type II variation submission to move the treatment from fourth-line to third-line multiple myeloma was filed between May and July. The European Medicines Agency’s Committee for Medicinal Products for Human Use is expected to issue an opinion between September and November 2026, with a European Commission decision following 30 to 60 days later if the opinion is positive. The expansion could roughly double the addressable patient population in Europe and potentially extend average treatment duration.
The company’s glioblastoma program, OSD5, entered a 10-patient window-of-opportunity study at Oslo University Hospital, supported by preclinical data demonstrating 100% blood-brain barrier penetration. In distribution, Oncopeptides secured a list price for Pepaxti in Slovenia under a deal covering 11 Central and Eastern European countries via Salus Group, with first sales anticipated in 2027.
Oncopeptides’ stock rose 10.16% to $1.875 following the results, extending a rebound from a 52-week low of $1.255. The company’s market capitalization remains in micro-cap territory at approximately $2.53 billion, with a beta of 2.69 indicating high volatility. Management reiterated plans to achieve positive cash flow in 2027, while focusing commercial efforts on Europe and Japan, having paused U.S. market pursuit.
