Orion (ORNBV) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Company Overview and Growth Strategy

• Operates in over 35 countries with 3,600 employees and EUR 1.43 billion in net sales over the last 12 months.

• Five divisions: innovative medicines, branded products, generics/consumer health, animal health, and API/manufacturing services.

• Growth driven by geographic expansion, including recent entries into the USA (2023), Japan (2024), and Asia-Pacific, supporting a more balanced global sales split.

• Underlying business net sales grew 7.7% since 2021, or 11.1% including milestones; operating profit up 16.4%.

• Entered a new growth era with net sales reaching EUR 1,429 million and operating profit at EUR 417 million as of LTM Q3 2024.

Product Portfolio and Innovation

• Nubeqa, a prostate cancer drug partnered with Bayer, is the flagship product, contributing 23% of net sales, achieving blockbuster status in 2023, and driving near-term growth with expected royalties and a EUR 180 million milestone in 2026.

• Opevesostat, another prostate cancer drug, is in phase 3 trials with Merck for metastatic castrate-resistant prostate cancer.

• Easyhaler, a carbon-neutral inhaler for asthma and COPD, is a market leader in the Nordics, growing rapidly in Europe, and has shown a 13.7% CAGR since 2015.

• Pipeline includes late-stage oncology and pain assets: ODM-212 (TEAD inhibitor) for solid tumors and ODM-105 (tasipimidine) for insomnia, with phase 2 results for ODM-105 expected in 2026.

• Innovation track record spans oncology, neurology, intensive care, and women's health, with future focus on biologics.

Financial Performance and Targets

• 2024 operating profit guidance upgraded to EUR 470 million, with net sales projected EUR 100 million higher than previous year.

• Financial objectives for 2024–2028 target net sales CAGR of at least 8%, operating profit growth faster than sales, and an equity ratio of at least 50%.

• Committed to increasing annual dividend with a payout ratio between 50% and 100%.

• Financial stability supported by legacy products and a diversified, balanced business model.

• High shareholder appreciation emphasized through consistent financial performance and dividend policy.