Orion (ORNBV) Q1 2025 earnings summary

Executive summary

• All core business divisions except Fermion achieved growth in Q1 2025, with NubeqaⓇ driving strong performance in Innovative Medicines.

• A new R&D centre will open in Cambridge, UK, to expand biologics and large-molecule innovation capabilities.

• A Phase III clinical project for oral Levosimendan in pulmonary hypertension was added, conducted by Tenax Therapeutics in the U.S.

• R&D expenses increased, reflecting progress in clinical development, especially in biological medicines.

• Cash flow from operating activities decreased due to timing of royalty and milestone payments.

Financial highlights

• Net sales increased by 15% year-over-year to EUR 354.6 million in Q1 2025.

• Operating profit rose 39% to EUR 77.9 million, with margin improving to 22.0% from 18.2%.

• EBITDA increased 33.6% to EUR 91.5 million; profit for the period rose 39.9% to EUR 61.3 million.

• Cash flow from operating activities per share was EUR 0.55, down from EUR 0.78 in Q1 2024.

• Top 10 products accounted for 54.7% of net sales, with NubeqaⓇ sales up 84.9% year-over-year.

Outlook and guidance

• Full-year 2025 guidance maintained: net sales EUR 1,550–1,650 million and operating profit EUR 350–450 million.

• Outlook assumes continued strong growth in NubeqaⓇ, Branded Products led by Easyhaler®, and stable performance in other divisions.

• Capital Markets Day scheduled for May 22 to provide deeper divisional insights.

• R&D costs expected to rise; capital expenditure to remain at 2024 levels.

• No material milestone payments or one-offs included in 2025 guidance.