Orion (ORNBV) Q3 2026 earnings summary

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.