Orion (ORNBV) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales rose 13.4% to €328.2 million, with operating profit up 41.5% to €65.8 million, driven by Nubeqa and Animal Health.

• H1 2024 net sales increased 12.2% to €636.7 million and operating profit grew 19.5% to €121.8 million, with all business units contributing.

• Growth was supported by Nubeqa, Easyhaler, and Animal Health, despite higher planned R&D expenses.

• Operating margin improved to 20.1% in Q2 and 19.1% in H1, aligning with financial objectives.

• Cash flow improved due to pension fund transfer and milestone payments.

Financial highlights

• Nubeqa sales reached €121.1 million (+45.9%) in H1, with total Innovative Medicines sales at €137.5 million (+46.0%).

• Easyhaler portfolio sales grew 19% to €81.2 million; Animal Health sales rose 22.8% to €61.8 million.

• Generics and Consumer Health sales declined 1.2% to €257.2 million, mainly due to price pressure and competition.

• Q2 operating profit margin was 20.1% (up from 16.1%); H1 margin was 19.1% (up from 18.0%).

• Cash flow from operating activities per share was €0.98 in H1, up from €0.27, reflecting strong cash generation.

Outlook and guidance

• 2024 outlook upgraded: net sales expected at €1.44–1.48 billion, operating profit at €350–380 million, reflecting strong H1 and a €60 million balance sheet item release.

• Next financial update scheduled for October 29, 2024.