Orion (ORNBV) Investor presentation summary

Financial performance

• 9M 2026 net sales were €1,481.5 million, up 24.1% YoY; operating profit rose 65.2% to €501.2 million, with a 33.8% margin versus 25.4%.

• Q3 2026 net sales increased 28.1% YoY to €542.2 million; operating profit rose 73.5% to €209.9 million, with a 38.7% margin versus 28.6%.

• FY2025 net sales were €1,889.5 million and operating profit €631.6 million; R&D spend was €210.4 million, up 17% YoY.

• 2026 outlook: net sales of €2,070–2,140 million and operating profit of €730–790 million.

Portfolio and growth drivers

• Innovative Medicines generated €675.6 million in 9M sales, up 62.5% YoY; Branded Products reached €249.1 million, up 10.1%.

• 9M sales were €398.7 million for Generics and Consumer Health (-1.0% YoY), €103.6 million for Animal Health (-1.8%) and €54.6 million for Fermion external sales (+21.5%).

• Nubeqa was the key mid-term growth asset; 9M sales were €661.7 million, and annual sales have potential to exceed €1 billion.

• Growth plans combine oncology and pain innovation, expansion of Branded Products in Europe and APAC, complex generics, and targeted partnerships and acquisitions.

Pipeline and partnerships

• DASL-HiCaP interim results showed a 58% reduction in metastasis-or-death risk for darolutamide plus ADT and RT versus placebo plus ADT and RT (HR 0.42; 95% CI 0.27–0.66; p=0.0001).

• Bayer collaboration royalties average ~25% currently; MSD’s opevesostat agreement carries potential milestones up to USD 1.63 billion and tiered royalties from low double digits to low twenties.

• ODM-212 Phase 1 results showed tolerability with no dose-limiting toxicities and early efficacy signals; estimated TEADES Phase 2 readout is late 2027 and TEADCO Phase 1b/2 readout is 2029.

• Q3 milestones included advancing first large-molecule asset ODM-216 into clinical development; the pipeline spans prostate cancer, other oncology indications and cardiovascular disease.