Orion (ORNBV) Investor presentation summary

Business overview and strategy

• Diversified pharmaceutical company with ~4,000 employees and operations in over 35 countries, focusing R&D on oncology and pain.

• Four main business divisions: Innovative Medicines, Branded Products, Generics & Consumer Health, and Animal Health, with a balanced geographic sales split.

• Strategic growth roadmap includes expanding in APAC, USA, and globally, with a focus on internal innovation, in-licensing, and targeted M&A.

• Emphasis on building a customer-driven portfolio and strengthening global partnerships, especially in Innovative Medicines and Branded Products.

• Growth strategy is phased: strengthen & expand (Europe, APAC, Japan), build & invest (add USA), and accelerate (global reach).

Financial performance and targets

• 2025 net sales reached EUR 1,889.5 million (+22.5%), with operating profit at EUR 631.6 million (+51.6%) and a margin of 33.4%.

• All-time-high net sales and operating profit in 2025, driven by strong performance across all business divisions.

• Financial targets for 2024-2028: net sales CAGR ≥8%, operating profit to outpace sales growth, ROE ≥25%, equity ratio ≥50%, and annually increasing dividend.

• Dividend proposal for 2025 is EUR 1.80 per share, to be paid in two instalments.

• Outlook for 2026: net sales EUR 1,900–2,100 million, operating profit EUR 550–750 million.

Key products, pipeline, and partnerships

• NubeqaⓇ (darolutamide) is the main growth driver, with 2025 sales of EUR 609.8 million (+65.6%), and major milestones achieved.

• Robust R&D pipeline in oncology and pain, including key assets like opevesostat (ODM-208) and TEAD inhibitor ODM-212, with multiple Phase 3 trials ongoing.

• Global agreements with Bayer (NubeqaⓇ) and MSD (opevesostat) provide significant milestone and royalty income.

• Branded Products led by EasyhalerⓇ, with continued growth in respiratory, CNS, and women’s health segments.

• Animal Health division maintains a strong portfolio and steady growth across regions.