Orion Oyj

Latest Results (04.04.2026):

Orion Oyj — Q4 (October–December) 2025: Net sales in Q4 were EUR 695.3 million (+60.1% y/y) and operating profit was EUR 328.1 million (vs. EUR 92.7 million). Basic EPS in Q4 was EUR 1.85. The quarter was boosted by a EUR 180 million Nubeqa® milestone; excluding all milestones Q4 net sales were EUR 514.0 million (+18.5%) and operating profit excluding milestones was EUR 146.8 million (+59.2%). For full-year 2025 Orion reported net sales EUR 1,889.5 million (+22.5%), operating profit EUR 631.6 million (+51.6%) and basic EPS EUR 3.56. The Board proposes a dividend of EUR 1.80 per share; outlook for 2026 is net sales EUR 1.9–2.1 billion and operating profit EUR 550–750 million.

Key Q4 figures

Net sales: EUR 695.3m (Q4 2024: 434.4m). Operating profit: EUR 328.1m (92.7m). EBITDA: EUR 343.0m. Basic EPS: EUR 1.85 (0.52). Q4 operating margin 47.2% (vs 21.3% a year earlier).

Milestones & Nubeqa® impact

Q4 included a EUR ~180m milestone (milestones in Q4 reported at EUR 181.3m). Nubeqa® sales were EUR 212.6m in Q4 and EUR 609.8m for 2025; Orion says Nubeqa® has potential to generate >EUR 1 billion in annual net sales recorded by Orion by the end of the decade. Royalties and milestone income materially lifted profitability in 2025.

Underlying performance (ex‑milestones)

Excluding milestones, Q4 net sales rose 18.5% to EUR 514.0m and operating profit ex‑milestones grew 59.2% to EUR 146.8m. Management notes broad-based strength across Innovative Medicines, Branded Products, Generics & Consumer Health and Animal Health.

Profitability & cost trends

Full-year 2025 operating profit EUR 631.6m (margin 33.4% vs 27.0% in 2024). R&D expenses in Q4 EUR 70.6m (10.2% of Q4 sales) and full-year R&D EUR 210.4m (11.1% of sales). Operating expenses rose year-on-year partly due to R&D and sales/marketing investments; 2024 included two one-off write‑downs of EUR 41.0m.

Balance sheet, cash flow & capex

Cash and cash equivalents at 31 Dec 2025: EUR 160.9m. Interest‑bearing net liabilities: EUR 144.4m. Equity ratio 64.1%, gearing 11.2%. Cash flow from operating activities per share for 2025: EUR 2.25. Capital expenditure (ex acquisitions) in 2025: EUR 112.9m.

R&D pipeline & corporate moves

Key R&D items: Phase 2 start for ODM‑212 (TEAD inhibitor) in Dec 2025; Tenax initiated a Phase 3 (LEVEL‑2) study with oral levosimendan (TNX‑103) for PH‑HFpEF; MSD-expanded development of opevesostat into women’s cancers; Orion opened an R&D centre in Cambridge and strengthened US presence. Orion has key collaborations (Bayer for darolutamide/Nubeqa®; MSD for opevesostat; Tenax for levosimendan).

Dividend & 2026 outlook

The Board proposes dividend EUR 1.80 per share (two instalments). Outlook (14 Jan 2026): net sales EUR 1.9–2.1bn and operating profit EUR 550–750m. Management flags that 2026 outlook assumes increased Nubeqa® royalties/product sales and does not include material milestone receipts.