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2024-10-29 Kvartalsrapport 2024-Q3
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2024-10-15 Halvårsutdelning ORNAV 0.81
2024-08-08 Kvartalsrapport 2024-Q2
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2024-03-21 Halvårsutdelning ORNBV 0.81
2024-03-21 Halvårsutdelning ORNAV 0.81
2024-03-20 Årsstämma 2024
2024-02-13 Bokslutskommuniké 2023
2023-10-26 Kvartalsrapport 2023-Q3
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2023-04-27 Kvartalsrapport 2023-Q1
2023-03-23 Ordinarie utdelning ORNAV 1.60 EUR
2023-03-23 Ordinarie utdelning ORNBV 1.60 EUR
2023-03-22 Årsstämma 2023
2023-02-09 Bokslutskommuniké 2022
2022-10-20 Kvartalsrapport 2022-Q3
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2022-04-28 Kvartalsrapport 2022-Q1
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2022-03-24 Ordinarie utdelning ORNBV 1.50 EUR
2022-03-23 Årsstämma 2022
2022-02-10 Bokslutskommuniké 2021
2021-10-20 Kvartalsrapport 2021-Q3
2021-07-19 Kvartalsrapport 2021-Q2
2021-04-27 Kvartalsrapport 2021-Q1
2021-03-26 Ordinarie utdelning ORNAV 1.50 EUR
2021-03-26 Ordinarie utdelning ORNBV 1.50 EUR
2021-03-25 Årsstämma 2021
2021-02-09 Bokslutskommuniké 2020
2020-10-21 Kvartalsrapport 2020-Q3
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2020-05-07 Ordinarie utdelning ORNBV 1.50 EUR
2020-05-07 Ordinarie utdelning ORNAV 1.50 EUR
2020-05-06 Årsstämma 2020
2020-04-28 Kvartalsrapport 2020-Q1
2020-03-26 Ordinarie utdelning ORNBV 1.50 EUR
2020-02-05 Bokslutskommuniké 2019
2019-10-23 Kvartalsrapport 2019-Q3
2019-07-17 Kvartalsrapport 2019-Q2
2019-04-25 Kvartalsrapport 2019-Q1
2019-03-27 Ordinarie utdelning ORNAV 1.50 EUR
2019-03-27 Ordinarie utdelning ORNBV 1.50 EUR
2019-03-26 Årsstämma 2019
2019-02-06 Bokslutskommuniké 2018
2018-10-24 Kvartalsrapport 2018-Q3
2018-07-18 Kvartalsrapport 2018-Q2
2018-04-24 Kvartalsrapport 2018-Q1
2018-03-21 Ordinarie utdelning ORNAV 1.45 EUR
2018-03-21 Ordinarie utdelning ORNBV 1.45 EUR
2018-03-20 Årsstämma 2018
2018-02-07 Bokslutskommuniké 2017
2017-10-26 Kvartalsrapport 2017-Q3
2017-07-19 Kvartalsrapport 2017-Q2
2017-05-18 Kapitalmarknadsdag 2017
2017-04-26 Kvartalsrapport 2017-Q1
2017-03-23 Ordinarie utdelning ORNAV 1.35 EUR
2017-03-23 Bonusutdelning ORNAV 0.2
2017-03-23 Bonusutdelning ORNBV 0.2
2017-03-23 Ordinarie utdelning ORNBV 1.35 EUR
2017-03-22 Årsstämma 2017
2017-02-08 Bokslutskommuniké 2016
2016-10-25 Kvartalsrapport 2016-Q3
2016-07-19 Kvartalsrapport 2016-Q2
2016-04-27 Kvartalsrapport 2016-Q1
2016-03-23 Ordinarie utdelning ORNBV 1.30 EUR
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2015-03-25 Ordinarie utdelning ORNBV 1.30 EUR
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2015-03-24 Årsstämma 2015
2015-02-04 Bokslutskommuniké 2014
2014-10-21 Kvartalsrapport 2014-Q3
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2014-04-29 Kvartalsrapport 2014-Q1
2014-03-26 Ordinarie utdelning ORNAV 1.25 EUR
2014-03-26 Ordinarie utdelning ORNBV 1.25 EUR
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2013-03-20 Ordinarie utdelning ORNAV 1.30 EUR
2013-03-20 Ordinarie utdelning ORNBV 1.30 EUR
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2012-05-24 Kapitalmarknadsdag 2012
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2012-03-21 Ordinarie utdelning ORNAV 1.30 EUR
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2012-03-21 Ordinarie utdelning ORNBV 1.30 EUR
2012-03-21 Bonusutdelning ORNBV 0.12
2012-03-20 Årsstämma 2012
2012-02-07 Bokslutskommuniké 2011
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2011-04-01 Ordinarie utdelning ORNAV 1.20 EUR
2011-04-01 Ordinarie utdelning ORNBV 1.20 EUR
2011-03-31 Årsstämma 2011
2011-02-09 Bokslutskommuniké 2010
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2010-03-25 Ordinarie utdelning ORNBV 1.00 EUR
2010-03-25 Bonusutdelning ORNBV 0.1
2010-03-25 Bonusutdelning ORNAV 0.1
2010-03-25 Ordinarie utdelning ORNAV 1.00 EUR
2009-03-24 Ordinarie utdelning ORNAV 0.95 EUR
2009-03-24 Ordinarie utdelning ORNBV 0.95 EUR
2008-03-26 Ordinarie utdelning ORNBV 1.00 EUR
2007-04-03 Ordinarie utdelning ORNAV 1.00 EUR
2007-04-03 Ordinarie utdelning ORNBV 1.00 EUR
2006-03-22 Ordinarie utdelning ORNBV 0.85 EUR
2005-03-22 Ordinarie utdelning ORNAV 0.55 EUR
2005-03-22 Ordinarie utdelning ORNBV 0.55 EUR
2004-09-15 Bonusutdelning ORNAV 2.14
2004-09-15 Bonusutdelning ORNBV 2.14
2004-03-23 Ordinarie utdelning ORNAV 1.60 EUR
2004-03-23 Ordinarie utdelning ORNBV 1.60 EUR
2003-12-12 Bonusutdelning ORNAV 1.5
2003-12-12 Bonusutdelning ORNBV 1.5
2003-03-23 Ordinarie utdelning ORNAV 0.93 EUR
2003-03-23 Ordinarie utdelning ORNBV 0.93 EUR
2002-04-16 Ordinarie utdelning ORNBV 1.10 EUR
2002-04-16 Ordinarie utdelning ORNAV 1.10 EUR
2001-03-30 Ordinarie utdelning ORNAV 1.20 EUR
2001-03-30 Ordinarie utdelning ORNBV 1.20 EUR
2000-03-31 Ordinarie utdelning ORNAV 1.18 EUR
2000-03-31 Ordinarie utdelning ORNBV 1.18 EUR
1999-07-28 Bonusutdelning ORNBV 13.46
1999-07-28 Bonusutdelning ORNAV 13.46
1999-04-09 Ordinarie utdelning ORNAV 6.50 EUR
1999-04-09 Ordinarie utdelning ORNBV 6.50 EUR
1998-04-21 Ordinarie utdelning ORNBV 7.50 EUR
1998-04-21 Ordinarie utdelning ORNAV 7.50 EUR
1997-04-22 Ordinarie utdelning ORNAV 5.00 EUR
1997-04-22 Ordinarie utdelning ORNBV 5.00 EUR
1996-04-23 Ordinarie utdelning ORNBV 4.00 EUR
1996-04-23 Ordinarie utdelning ORNAV 4.00 EUR

Beskrivning

LandFinland
ListaLarge Cap Helsinki
SektorHälsovård
IndustriLäkemedel & Handel
Orion är en koncern med verksamhet inom läkemedelsindustrin. Bolaget bedriver forskning och utveckling av humana- och veterinära läkemedel, där störst fokus innehas inom sjukdomar som drabbar nervsystemet, samt onkologi och luftvägssjukdomar. Idag återfinns bolagets produkter på global nivå, med störst närvaro inom Norden och övriga Europa. Bolagets huvudkontor ligger i Esbo.
2023-04-27 11:00:00

ORION CORPORATION        
INTERIM REPORT 1–3/2023        
27 APRIL 2023 at 12:00 EEST

Orion Group Interim Report 1–3/2023

This is a summary or Orion’s Interim Report 1–3/2022. The complete report is attached to this stock exchange release and is available at https://www.orion.fi/en/investors/reports-and-presentations/

  • Net sales totalled EUR 277.9 (1–3/2022: 270.6) million
  • Operating profit was EUR 55.5 (71.5) million
  • Profit before taxes was EUR 55.1 (72.1) million
  • Equity ratio was 56.9% (52.9%)
  • Return on capital employed before taxes (ROCE) was 22.0% (35.7%)
  • Return on equity after taxes (ROE) was 21.4% (33.1%)
  • Basic earnings per share were EUR 0.31 (0.41)
  • Cash flow from operating activities per share was EUR 0.03 (0.24)
  • Outlook for 2023 is unchanged, but with the addition of a note on the possible transfer of the Orion Pension Fund’s B fund to a pension insurance company. Orion estimates that net sales in 2023 will be slightly higher than in 2022 without the EUR 228 million impact from the ODM-208 upfront payment (net sales in 2022 without the impact of the ODM-208 upfront payment were EUR 1,113 million). Operating profit is estimated to be slightly higher or higher than in 2022 without the EUR 208 million net impact from the ODM-208 upfront payment and without the possible transfer of the insurance portfolio of Orion Pension Fund’s B fund (operating profit in 2022 without the net impact of the ODM-208 upfront payment was EUR 232 million).

KEY FIGURES

  13/2313/22Change %112/22
Net sales, EUR million277.9270.6+2.7%1,340.6
EBITDA, EUR million67.783.0-18.4%487.1
 % of net sales24.4%30.7% 36.3%
Operating profit, EUR million55.571.5-22.4%439.6
 % of net sales20.0%26.4% 32.8%
Profit before taxes, EUR million55.172.1-23.6%440.3
 % of net sales19.8%26.7% 32.8%
Profit for the period, EUR million43.857.3-23.6%349.5
 % of net sales15.8%21.2% 26.1%
Research and development expenses, EUR million31.731.5+0.6%133.2
 % of net sales11.4%11.6% 9.9%
Capital expenditure, excluding acquired in business combinations, EUR million18.111.1+62.8%109.6
 % of net sales6.5%4.1% 8.2%
Acquired in business combination, net of cash, EUR million0.0  82.0
Interest-bearing net liabilities, EUR million110.8-126.8-187.4%-118.7
Basic earnings per share, EUR million0.310.41-23.4%2.49
Cash flow from operating activities per share, EUR0.030.24-87.9%3.09
Equity ratio, %56.9%52.9% 60.9%
Gearing, %15.2%-19.8% -13.1%
Return on capital employed (before taxes), %22.0%35.7% 45.1%
Return on equity (after taxes), %21.4%33.1% 42.2%
Average personnel during the period3,5463,358+5.6%3,472

President and CEO Liisa Hurme:
Nubeqa® becomes Orion's best-selling product

"In January-March 2023, our net sales increased by 2.7% to EUR 277.9 million and our operating profit decreased by 22.4% to EUR 55.5 million. The operating profit decline from the comparative period was expected, and the year has started largely according to our plans.

The Innovative Medicines business division's revenue increased significantly thanks to the good performance of Nubeqa®, which topped the list of Orion's best-selling products for the first time. The net sales of the Branded Products business division, on the other hand, decreased clearly. The Easyhaler® product family continued to grow, but the timing of partner deliveries of Parkinson's medicines and lower sales of the Divina® series weighed on net sales. In Finland, sales of generics and OTC products increased due to strong volume growth. However, the overall sales of the Generics and Consumer Health division declined due to generic competition and declining prices of Simdax® and dexmedetomidine products for human use, together with the significant contraction of operations in Russia. Net sales of the Animal Health business division include the turnover of the animal health company VMD (Inovet), acquired in June 2022, which explains the strong increase from the comparative period.

The decline in operating profit is explained by lower gross profit and increase in fixed cost. The gross profit was depressed by cost inflation, price declines and product mix. The effect of the contraction of operations in Russia on the gross profit was approximately EUR 7 million negative. The impact of Nubeqa on gross profit was twofold compared to the comparative period. On the one hand, royalties increased significantly, on the other hand Orion supplied Nubeqa to Bayer at a lower price than in the comparative period. The lowered Nubeqa delivery price has only a temporary effect on the timing of Orion's profits, as it will correspondingly decrease the deductions from future royalties. Operating costs increased as expected. Sales and marketing expenses increased because in the comparative period COVID-19 still limited promotional activities in some areas. In addition, sales and marketing expenses as well as administrative expenses now also include the expenses of the acquired animal health company VMD (Inovet), which were absent in the comparative period.

For the full year, we expect operating profit to be slightly higher or higher than in 2022. This estimate is based on assumptions including continued good performance of Nubeqa, easing of cost inflation in the second half of the year, levelling off of the decline in sales of Simdax and dexmedetomidine products for human use, and a EUR 30 million milestone payment related to the sales of Nubeqa.

Research & development pipeline is progressing according to our strategy. During the review period, we expanded our clinical development programme with our partner Bayer for darolutamide and initiated a new multi-year Phase III ARASTEP study in early-stage prostate cancer. Nubeqa also dominated Orion's news flow during the period with the approval of the product in Japan, the European Union and China for the treatment of metastatic hormone-sensitive prostate cancer (mHSPC). With our partner MSD, we plan to take the ODM-208 molecule into Phase III by the end of this year. The Phase II study with ODM-208 continues as planned. Our other active clinical phase development projects, namely the Phase III ARANOTE study with darolutamide in collaboration with Bayer and the Phase I study with ODM-111 for pain, have also continued as planned. We look forward to continuing all our R&D projects to develop new treatments for the benefit of patients who need them."   

Possible transfer of pension insurance portfolio to a pension insurance company

Orion is exploring the possibility of transferring the insurance portfolio of the Orion Pension Fund's B fund to an external pension insurance company at the end of 2023. The transfer would have a one-off impact on profit and cash flow. The magnitude of these impacts would be determined at the time of the transfer, which would be estimated to take place on 31 December 2023.

The impact of the possible transfer on profit or loss will depend in particular on the development of discount rate used when calculating the value of the pension liability during 2023. As an indicative benchmark, the positive impact of the transfer on the result, calculated at current interest rates, would be around EUR 20 million. The profit will increase when discount rate decreases and decrease when discount rate increases.

The cash flow impact of a possible transfer will depend in particular on the return on investment assets during 2023. As an indicative benchmark, based on the investment portfolio at the end of 2022, the cash-flow impact of the transfer would be positive for the company of around EUR 60 million, calculated at current valuation levels.

The objective would be to transfer the portfolio to a pension insurance company by the end of 2023, so the decisive date for the valuation and therefore for the profit and cash flow impact would be 31 December 2023. There is currently no certainty that the transfer will take place.

In view of its one-off nature, administrative nature, uncertainty and valuation linked to the transfer date, the impact of a possible portfolio transfer is not included in Orion's outlook for 2023, and the outlook continues to be presented without it.

Outlook for 2023

Orion estimates that net sales in 2023 will be slightly higher than in 2022 without the EUR 228 million impact from the ODM-208 upfront payment (net sales in 2022 without the impact of the ODM-208 upfront payment were EUR 1,113 million).

Operating profit is estimated to be slightly higher or higher than in 2022 without the EUR 208 million net impact from the ODM-208 upfront payment and without the possible transfer of the insurance portfolio of Orion Pension Fund’s B fund (operating profit in 2022 without the net impact of the ODM-208 upfront payment was EUR 232 million).

News conference and conference call

A webcast and a conference call for analysts, investors and media representatives will be held on Thursday, 27 April 2023 at 13.30 EEST.

A link to the live webcast is available on Orion's website at www.orion.fi/en/investors. A recording of the event will be available on the website later the same day.

Confenrence call can be joined by registering through the following link:

http://palvelu.flik.fi/teleconference/?id=1009426

Phone numbers and the conference ID to access the conference will be provided after the registration. In case you would like to ask a question during the conference, please dial *5 on your telephone keypad to enter the question queue.

Questions can also be presented in writing through the question form of the webcast.

Upcoming events

Capital Markets DayThursday 25 May 2023
Half-Year Financial Report January-June 2023Monday 17 July 2023
Interim Report January-September 2023Thursday 26 October 2023

Espoo, 27 April 2023

Board of Directors of Orion Corporation

Orion Corporation

For additional information about the report:

Jari Karlson, CFO                 tel. +358 50 966 2883

Tuukka Hirvonen, Investor Relations        tel. +358 10 426 2721 or +358 50 966 2721


www.orion.fi/en/investors

Publisher:
Orion Corporation
http://www.orion.fi/en
http://www.twitter.com/OrionCorpIR

Orion is a globally operating Finnish pharmaceutical company – a builder of well-being. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and self-care products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2022 amounted to EUR 1,341 million and the company had about 3,500 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.