Orion (ORNBV) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of EUR 1,889.5 million (+22.5%) and operating profit of EUR 631.6 million (+51.6%) for 2025, with all business divisions performing strongly and significant contributions from a EUR 180 million Nubeqa milestone and royalties.

• Nubeqa sales and royalties were key growth drivers, with Innovative Medicines net sales up 54.8% to EUR 812.7 million.

• R&D pipeline advanced with new clinical trials, a new R&D center in Cambridge, and expanded collaborations and licensing agreements.

• Board proposes a dividend of EUR 1.80 per share for 2025, to be paid in two instalments.

• Major capital investments in Nubeqa API production, Easyhaler capacity, and R&D infrastructure to support growth.

Financial highlights

• Q4 2025 net sales rose 60.1% year-over-year to EUR 695.3 million; operating profit up 253.8% to EUR 328.1 million.

• Full-year 2025 net sales reached EUR 1,889.5 million (+22.5%), operating profit EUR 631.6 million (+51.6%), and profit for the period EUR 500.3 million (+51.7%).

• Operating profit margin for 2025 was 33.4%, up from 27.0% in 2024; Q4 margin reached 47.2%.

• Basic EPS for 2025 was EUR 3.56 (+51.5%), and cash flow from operating activities per share was EUR 2.25 (+7.8%).

• Equity ratio improved to 64.1% (from 61.9%), and return on equity rose to 43.7% (from 34.8%).

Outlook and guidance

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

• Growth expected from Nubeqa royalties and product sales, Branded Products, and Animal Health; Generics and Consumer Health to remain stable or grow slightly.

• No material milestone payments included in 2026 outlook.

• R&D and sales/marketing expenses expected to increase in 2026, driving OpEx higher.

• Dividend proposal of EUR 1.80 per share, to be paid in two installments.