Orion Interim Report Q3 2026
Orion Group Interim report January–September 2026: Strong financial performance and positive developments in the R&D pipeline
ORION CORPORATION
INTERIM REPORT 1–9/2026
28 OCTOBER 2026 at 12:00 EET
Orion Group Interim report January–September 2026: Strong financial performance and positive developments in the R&D pipeline
July–September 2026 Highlights
- Net sales totalled EUR 542.2 (July–September 2025: 423.2) million
- Operating profit was EUR 209.9 (121.0) million
- Basic earnings per share were EUR 1.19 (0.68)
- Cash flow from operating activities per share was EUR 0.68 (0.55)
- Phase 1 initiated with ODM-216, Orion's first biologic clinical development asset
- Interim results from the DASL-HiCaP Phase 3 trial were announced at the ESMO 2026 congress
- Changes in the Orion Executive Team as of 1 January 2027
January–September 2026 Highlights
- Net sales totalled EUR 1,481.5 (January–September 2025: 1,194.2) million
- Operating profit was EUR 501.2 (303.5) million
- Basic earnings per share were EUR 2.83 (1.71)
- Cash flow from operating activities per share was EUR 2.89 (1.67)
- The outlook for 2026 was upgraded after the review period in October: Net sales are estimated to be EUR 2,070 million to EUR 2,140 million. Operating profit is estimated to be EUR 730 million to EUR 790 million.
Key figures
| 7–9/26 | 7–9/25 | Change % | 1–9/26 | 1–9/25 | Change % | 1–12/25 | |
| Net sales, EUR million | 542.2 | 423.2 | +28.1% | 1,481.5 | 1,194.2 | +24.1% | 1,889.5 |
| EBITDA, EUR million | 225.5 | 135.1 | +66.8% | 547.8 | 345.3 | +58.6% | 688.3 |
| % of net sales | 41.6% | 31.9% | 37.0% | 28.9% | 36.4% | ||
| Operating profit, EUR million | 209.9 | 121.0 | +73.5% | 501.2 | 303.5 | +65.2% | 631.6 |
| % of net sales | 38.7% | 28.6% | 33.8% | 25.4% | 33.4% | ||
| Profit before taxes, EUR million | 210.2 | 120.4 | +74.5% | 499.4 | 300.7 | +66.1% | 627.8 |
| % of net sales | 38.8% | 28.5% | 33.7% | 25.2% | 33.2% | ||
| Profit for the period, EUR million | 167.6 | 96.0 | +74.5% | 398.2 | 239.8 | +66.0% | 500.3 |
| % of net sales | 30.9% | 22.7% | 26.9% | 20.1% | 26.5% | ||
| Research and development expenses, EUR million | 57.8 | 49.8 | +16.1% | 168.2 | 139.8 | +20.3% | 210.4 |
| % of net sales | 10.7% | 11.8% | 11.4% | 11.7% | 11.1% | ||
| Capital expenditure excluding acquired in business combination, EUR million | 37.6 | 30.1 | +24.9% | 78.1 | 84.6 | -7.7% | 112.9 |
| % of net sales | 6.9% | 7.1% | 5.3% | 7.1% | 6.0% | ||
| Acquired in business combination, net of cash, EUR million | 4.0 | 4.0 | |||||
| Interest-bearing net liabilities, EUR million | -18.8 | 87.1 | < -100% | 144.4 | |||
| Basic earnings per share, EUR | 1.19 | 0.68 | +74.4% | 2.83 | 1.71 | +65.9% | 3.56 |
| Cash flow from operating activities per share, EUR | 0.68 | 0.55 | +22.7% | 2.89 | 1.67 | 73.4% | 2.25 |
| Equity ratio, % | 68.9% | 58.5% | 64.1% | ||||
| Gearing, % | -1.3% | 8.5% | 11.2% | ||||
| Return on capital employed (before taxes), % | 43.3% | 31.0% | 43.8% | ||||
| Return on equity (after taxes), % | 39.6% | 31.6% | 43.7% | ||||
| Average number of personnel during the period | 4,174 | 3,989 | +4.6% | 4,003 |
President and CEO Liisa Hurme:
Strong financial performance and positive developments in the R&D pipeline
"We delivered a strong third quarter, with revenue growth driven by the Innovative Medicines and Branded Products business divisions. Profitability improved mostly due to an increase in royalty income. We achieved important milestones in our long-term growth strategy, with expansion of our clinical pipeline and continued strengthening of our licensing portfolio.
Nubeqa® maintained its strong growth trajectory and was the main driver of the increase in net sales. Performance was also supported by the Easyhaler® product portfolio and the Women’s Health portfolio, where sales benefited from strong demand. In the CNS therapy area, the growth mainly came from other products than entacapone.
During the quarter, we advanced our pipeline by initiating a Phase 1 clinical trial with our first large molecule asset. Advancing the bispecific antibody ODM-216 into clinical development is a significant milestone for Orion and demonstrates the breadth of our R&D capabilities. Our sustained investment in early-stage research is translating into one of the broadest clinical pipelines in Orion's history. We are excited about this progress and expect to advance further assets into clinical development in the coming months. After the review period, interim results from the DASL-HiCaP Phase 3 trial were announced at the ESMO 2026 congress. These interim results indicate that darolutamide could be a potential treatment option in earlier prostate cancer disease setting.
We have signed two important Europe-wide licensing agreements during the year, most recently in early October. The biosimilars covered by these agreements are still under development, but they have the potential to support the future growth of our business in the 2030s.
After the review period, we announced adjustments to the composition and responsibilities of the Orion Executive Team. The renewed structure brings our organisation more closely in line with our strategic priorities. We will be better focused on innovative medicines and branded products, stronger in commercial execution in our current markets, and building the capabilities needed to drive future growth.
Due to the strong growth of Nubeqa® royalties, we have upgraded our financial outlook for 2026. I would like to thank all our employees for their excellent work and contribution during the quarter. We have positive momentum going into the final quarter of the year, and I look forward to continuing this work together.”
Outlook for 2026 (provided on 20 October 2026)
Net sales are estimated to be EUR 2,070 million to EUR 2,140 million.
Operating profit is estimated to be EUR 730 million to EUR 790 million.
Previous outlook for 2026 (specified on 17 July 2026)
Net sales are estimated to be EUR 2,000 million to EUR 2,100 million.
Operating profit is estimated to be EUR 650 million to EUR 750 million.
Basis for outlook
Collaboration agreements with other pharmaceutical companies are an integral part of Orion’s business model. Agreements often include payments recorded in net sales and operating profit that vary greatly from year to year. Forecasting the timing and amount of these payments is difficult. In some cases, they are conditional on terms such as R&D outcomes which are not known until studies have been completed, the progress of R&D projects or the attainment of specified sales levels. Regarding possible new contracts under negotiation, neither the outcome nor the schedule of contract negotiations is generally known before the final signing of the agreement.
In 2025, Orion booked one material milestone of EUR 180 million. The outlook for 2026 does not include any material milestone payments.
Milestone payments received by Orion in 2021–2025
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
| EUR million | 3 | 234 | 32 | 134 | 183 |
The outlook does not include income, expenses or other impacts related to any future material product or company acquisition or divestment.
Net sales
The outlook assumes that the Nubeqa® royalties and product sales booked by Orion will increase clearly in 2026. Orion’s assumption is based on forecasts received from its partner Bayer. However, it is difficult to predict the exact level of product sales and royalties of a strongly growing product for the whole year. In addition, some tariff impact in the US is included in the outlook range.
The Branded Products business division is estimated to grow in 2026. Growth is anticipated to be driven by the Respiratory therapy area and the Easyhaler® product portfolio, but also other therapy areas are expected to grow. The Animal Health business division is anticipated to grow slightly, with growth coming from various products. The net sales of the Generics and Consumer Health business division are estimated to be at a similar level or slightly higher than in 2025.
Operating profit
The underlying operating profit growth, i.e. excluding material milestones, is expected to be driven by increasing net sales and especially Nubeqa® royalties. However, it is difficult to predict the exact level of royalties of a strongly growing product for the whole year. Any variance from the predicted level can have a notable impact on Orion’s operating profit. Also, the mechanism by which each quarter’s product deliveries are always fully deducted from the next quarter’s royalty payments causes fluctuation in operating profit. Even though this impact on operating profit is only temporary, the timing of product deliveries may have notable impact on Orion’s operating profit in one calendar year. Significant part of Orion’s Nubeqa® income is coming from the United States and thus changes in the US dollar exchange rate cause fluctuations in Orion’s operating profit.
Research and development costs, and in particular their timing, can also cause fluctuations in operating profit. Although the future costs of research and development projects are known quite well in advance, there are uncertainties about their timing. The start of projects may be delayed, and projects may progress faster or slower than expected. Projects may also have to be terminated, in which case the anticipated costs will not be fully realised. Orion estimates that R&D costs in 2026 will increase from 2025.
Sales and marketing expenses are expected to increase in 2026. Expenses are increased by additional investments in the sale of the current product portfolio, and Nubeqa® royalty payable as per an agreement with Endo Pharmaceuticals.
Capital expenditure
The Group’s total capital expenditure in 2026 is not expected to have any significant changes compared to 2025. The estimate of capital expenditure does not include any investments related to any future material product or company acquisition.
Near-term risks and uncertainties
Orion is exposed to risks that may arise from its operations or changes in the operating environment. The most significant risk factors described below can potentially have an adverse effect on Orion’s business operations, financial position or financial results. Other risks, which are currently either unknown or considered immaterial to Orion may, however, become material in the future.
Orion’s own production and other operations are exposed to risks that may materially disrupt their operations or even interrupt them at least temporarily. Such risks include, for example, accidents, damages, natural disasters, strikes, employee illness, conflicts, terrorism, cyber-attacks, hybrid influence, disruption of information or communication systems, disruption of energy supply, and disruption of supply and logistics chains. Orion’s production and business operations are dependent on global supply and logistics chains, the inaction of which may lead to low availability of finished products and raw materials, starting materials, semi-finished products, supplies, equipment and spare parts needed in production.
Sales of individual products and also Orion’s sales in individual markets may vary, for example depending on the extent to which the ever-tougher price and other competition prevailing in pharmaceutical markets in recent years will specifically focus on Orion’s products. Changes in pharmaceutical or other regulation in individual markets or more broadly, for example at EU level, may affect the sales and profitability of Orion’s products. Changes in overall market demand may also have negative impact on sales. New tariffs or other possible customs duties on Orion’s products may negatively affect the sales and profitability of Orion’s products. The details of the US pharmaceutical tariffs, their implementation and their impact on Orion still remain unclear.
Product deliveries to key partners are based on timetables that are jointly agreed in advance. Nevertheless, they can change, for example as a consequence of decisions concerning adjustments of stock levels. In addition, changes in market prices and exchange rates affect the value of deliveries.
Key currencies that carry an exchange rate risk for Orion are the US dollar, the Swedish krona and the Polish zloty. Other significant currencies are the Danish krone and the Norwegian krone. However, the overall effect of the risk arising from currencies of European countries will be abated by the fact that Orion has organisations of its own in most European countries, which means that in addition to sales income there are also costs in these currencies.
The current geopolitical conflicts and unrest, and other challenges in the global supply and logistics chains of pharmaceuticals have increased the already elevated risk of supply disruptions. The possible rise of raw material prices and other supply chain costs deteriorates the profitability of Orion’s products, since in the pharmaceutical industry it is very difficult to pass on cost increases to the prices of own products, especially prescription medicines, particularly in Europe. If high cost inflation occurs, it will pose a risk to Orion’s profitability.
Authorities and key customers in different countries carry out regular and detailed inspections of drug development and manufacturing at Orion’s sites. Any remedial actions that may be required may at least temporarily have effects that decrease delivery reliability and increase costs. Orion’s product range also contains products manufactured by other pharmaceutical companies and products that Orion manufactures on its own but for which other companies supply active pharmaceutical or other ingredients and components or parts (among these the Easyhaler® products). Possible problems related to the delivery reliability or quality of the products of those manufacturers may cause a risk to Orion’s delivery reliability. The single-channel system used for pharmaceuticals distribution in Finland, in which Orion’s products have been delivered to customers through only one wholesaler, may also cause risks to delivery reliability.
Research projects always entail uncertainty factors that may either increase or decrease estimated costs. Although the future costs of research and development projects are known quite well in advance, there are uncertainties about their timing. The start of projects may be delayed, and projects may progress faster or slower than expected having an impact on predicted costs within an individual year. Projects may also have to be terminated, in which case the anticipated costs will not be fully realised.
Collaboration arrangements are an important component of Orion’s business model. Possible collaboration and licensing agreements related to these arrangements also often include payments to be recorded in net sales that may materially affect Orion’s financial results. The payments may be subject to conditions relating to the progress of research projects or sales or to new contracts to be signed, and whether these conditions or contracts materialise and what their timing is, will always entail uncertainties. The upfront and milestone payments paid by Orion to its collaborators, which are recorded as investments in intangible assets in balance sheet, include write-down risk that may be realised if, for example, a collaborative research project fails or otherwise has to be discontinued.
Webcast and Conference Call
A webcast and a conference call for analysts, investors and media representatives will be held on Wednesday, 28 October 2026 at 14.00 EET.
A link to the live webcast is available on Orion's website at www.orionpharma.com/investors. A recording of the event will be available on the website later the same day.
Conference call can be joined by registering through the following link: https://events.inderes.com/orion/q3-2026/dial-in.
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
| Financial Statement Release 2026 | Wednesday 17 February 2027 |
| AGM planned to be held | Tuesday 23 March 2027 |
| Interim Report January–March 2027 | Thursday 22 April 2027 |
| Half–Year Financial Report 2027 | Tuesday 20 July 2027 |
| Interim Report January–September 2027 | Wednesday 27 October 2027 |
The Financial Statements and the Report by the Board of Directors for 2026 will be published at the latest in week 9/2027.
Espoo, 28 October 2026
Board of Directors of Orion Corporation
For additional information about the report:
Tuukka Hirvonen, Head of Investor Relations, tel. +358 10 426 2721 or +358 50 966 2721
Publisher:
Orion Corporation
Orion is a globally operating Nordic pharmaceutical company – a builder of well-being for over a hundred years. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and consumer health 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. In 2025 Orion’s net sales amounted to EUR 1,890 million and the company employs about 4,000 professionals worldwide, dedicated to building well-being.