Swedish biotech company Oncopeptides AB reported a 62% year-over-year increase in second-quarter 2026 net sales, reaching SEK 31.1 million as demand for its multiple myeloma treatment Pepaxti accelerated across key European markets.
First-half 2026 net sales totaled SEK 56.5 million, up 74% from the same period in 2025, while the company maintained a gross margin of 98% for the period. Operating expenses fell 2% year-over-year to SEK 146.9 million in the first half, with the second quarter alone accounting for SEK 81.1 million in costs. The firm projects full-year 2026 operating expenses at approximately SEK 300 million, in line with 2025 levels.
Cash and cash equivalents stood at SEK 158 million at the end of Q2 2026, following a SEK 167 million rights issue completed in March. Oncopeptides’ stock rose 10.16% to $1.875 in early trading, adding $0.173 per share after the earnings call. The company’s market capitalization remains near SEK 2.53 billion, though its 52-week high stands at $6.55.
Management highlighted Pepaxti’s expanding patient reach, with over 1,000 patients treated across Europe since European Medicines Agency approval. Germany, Italy, and Spain remain core markets, though Spain’s sales were impacted by healthcare worker strikes earlier in the year. Greece generated no revenue in Q2 due to local budget restrictions.
A pivotal regulatory development is underway, with Oncopeptides filing a Type II variation application to expand Pepaxti’s label from fourth-line to third-line multiple myeloma treatment. Management estimates this could roughly double the addressable patient population in Europe and potentially extend average treatment duration based on OCEAN study data. A Committee for Medicinal Products for Human Use opinion is expected between September and November 2026, with a European Commission decision following within 30 to 60 days if the opinion is positive.
Beyond Europe, Oncopeptides is advancing partnerships in Central and Eastern Europe through Salus Group, which covers 11 countries. Slovenia achieved first list pricing in August, with launches in Croatia and the Czech Republic planned for 2027. The company also targets cash flow positivity in 2027 and is evaluating Japan as a potential market, with a visit scheduled for fall 2026.
Oncopeptides is concurrently developing its glioblastoma program, conducting a 10-patient window-of-opportunity study at Oslo University Hospital to demonstrate human brain tumor penetration using an approved peptide-drug conjugate probe.
