Orion (ORNBV) 44th Annual J.P. Morgan Healthcare Conference summary

Company Overview and Business Structure

• Headquartered in Finland with 4,000 employees, operating in 35 countries.

• Five divisions: branded products, generics, animal health, Fermion (API supplier), and innovative medicines.

• Branded products include legacy drugs with strong brand value, such as Stalevo and Easyhaler.

• Animal health and Fermion provide stable cash flow, while innovative medicines drive growth.

• Branded Products, Generics, Consumer Health, and Animal Health divisions provide stable cash flow.

Strategic Direction and Financial Objectives

• Targets at least 8% average annual revenue growth and faster profit growth through 2028.

• Maintains an equity ratio above 50% and return on equity over 25%.

• Plans to increase annual dividend with a payout ratio between 50% and 100%.

• Capital allocation priorities include innovation, dividends, capacity building, in-licensing, and selective M&A.

Financial Performance and Outlook

• 2024 revenue reached EUR 1.5 billion with operating profit of EUR 470 million.

• Net sales reached EUR 1,542 million and operating profit EUR 417 million in FY2024.

• 2026 net sales estimated at EUR 1.9–2.1 billion, with operating profit of EUR 550–750 million, driven by Nubeqa.

• Nubeqa royalties grew over 20%, with operating profit up nearly 60% year-over-year.

• Long-term royalty potential from Nubeqa seen at over EUR 1 billion at peak.