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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Orion
Orion (ORNBV) investor relations material
Orion Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 net sales rose 28.1% to €542.2m and operating profit increased 73.5% to €209.9m, led by Nubeqa royalties and growth in Innovative Medicines and Branded Products.
9M net sales increased 24.1% to €1,481.5m and operating profit rose 65.2% to €501.2m; FY26 guidance was upgraded in October.
Financial highlights
Q3 operating margin rose to 38.7% from 28.6%; EPS increased 74.4% to €1.19 from €0.68.
9M EBITDA rose 58.6% to €547.8m and profit for the period increased 66.0% to €398.2m.
9M operating cash flow increased 73.6% to €407.1m, reflecting higher operating profit and the €180m Nubeqa milestone payment whose cash impact occurred in Q2.
Q3 fixed costs were €22.3m; positive impacts included sales volume of €4.9m and prices, COGS and mix of €2.6m.
Outlook and guidance
Updated FY26 guidance is net sales of €2,070m–€2,140m and operating profit of €730m–€790m, versus prior ranges of €2,000m–€2,100m and €650m–€750m.
Guidance assumes higher Nubeqa royalties and product sales, includes some U.S. tariff impact, and excludes material milestone payments; Nubeqa remains the main source of forecast uncertainty.
Branded Products is expected to grow, led by Respiratory and Easyhaler; Animal Health is expected to grow slightly, while Generics and Consumer Health is forecast near or slightly above 2025 levels.
R&D and sales and marketing expenses are expected to increase; capital expenditure is forecast broadly unchanged from 2025.
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Latest events from Orion
- Nubeqa-led growth lifted 9M sales 24.1% and operating profit 65.2%.ORNBV
Investor presentation - AGM approved a EUR 1.62 dividend, Board changes and authority to issue up to 14 million shares.ORNBVAGM 2024
- Innovative Medicines and Nubeqa® fuel robust growth, with strong profits and global expansion.ORNBVInvestor presentation
- Strong H1 2026 growth driven by Innovative Medicines and Nubeqa royalties; outlook raised.ORNBVQ2 2026
- Net sales and profit surged in Q1, driven by NubeqaⓇ and Easyhaler®, with upgraded 2026 outlook.ORNBVQ1 2026
- Q2 2025 net sales rose 27% and operating profit 59%, driven by NubeqaⓇ and innovative medicines.ORNBVQ2 2025
- Net sales and profit surged on Nubeqa® milestones, prompting an upgraded 2024 outlook.ORNBVQ3 2024
- Strong H1 growth and upgraded 2024 outlook driven by Nubeqa, Animal Health, and milestone deals.ORNBVQ2 2024
- Growth driven by innovation, global expansion, and new biologics pipeline.ORNBVCMD 2025
Next Orion earnings date
Q4 202617 Feb, 2027
Orion
Next Orion earnings date
Q4 202617 Feb, 2027
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Frequently asked questions
Orion's Pharmaceuticals business area develops, produces and markets pharmaceuticals for various indications; provides specialized dietary products and enteral feeds for the needs of healthcare, including clinical nutrition services; manufactures APIs; and offers contract manufacturing, research and development (R&D), technical development services in the field of chemistry and biochemistry, as well as develops and commercializes patient monitoring and self-monitoring products. Orion Oyj was founded in 1917 and is headquartered in Espoo, Finland.