This article first appeared on GuruFocus .
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Net Sales Growth:Almost 18% increase compared to the previous year's Q1.
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Operating Profit Growth:47% increase, leading to an operating profit margin of 27.5%.
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Earnings Per Share:Increased by 47%.
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Innovative Medicines Division Growth:Close to 54% growth.
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Nubeqa Royalties and Tablet Sales:Approximately EUR145 million.
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Branded Products Growth:Close to 7%, reaching EUR82.2 million.
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Generics and Consumer Health Growth:1.4% growth.
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Animal Health Growth:3.3% growth.
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Top 10 Products:Nubeqa, Easyhaler (7% growth), Entacapone, Dexdomitor, Women's Health (15% growth).
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Sustainability - Greenhouse Gas Emissions:Decreased by 13% (Scope 1 and 2).
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Outlook Adjustment:Increased lower limit of net sales range to EUR1.95 billion and operating profit to EUR600 million.
Release Date: April 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Orion Oyj ( ORINF ) reported a healthy net sales growth of almost 18% compared to the previous year's Q1.
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Operating profit increased by 47%, resulting in an operating profit margin of 27.5%.
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Earnings per share also saw a significant increase of 47%.
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The Innovative Medicines division experienced a growth of close to 54%, driven by Nubeqa royalties and tablet sales.
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Orion Oyj ( ORINF ) has been able to decrease its greenhouse gas emissions by 13% in Scope 1 and 2.
Negative Points
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There is a noted effect of decreasing prices impacting major products like Simdax and Dexdor.
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Generics and Consumer Health growth was only 1.4%, slightly below market growth.
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The injury rate at Orion Oyj ( ORINF ) is 4.9, indicating room for improvement in safety.
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Burana sales decreased by almost 6%, attributed to timing issues and seasonal factors.
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Simdax is facing heavy generic competition in Europe, affecting its sales performance.
Q & A Highlights
Q: Can you provide details on the quarterly royalty reporting for Nubeqa and any reconciliation effects for Q1? Also, is the consensus expectation of around 50% growth for Nubeqa sales this year achievable? A: There was no reconciliation or overflow from 2025 to 2026. We are optimistic about Nubeqa's full-year performance, aligning with Bayer's positive outlook. However, we do not comment on Bayer's estimates specifically. (Rene Lindell, CFO)
Q: Regarding the guidance upgrade, was it based solely on Q1 performance, or have assumptions for the rest of the year also been adjusted? A: The upgrade reflects a solid Q1 performance across businesses and a positive outlook for Nubeqa. Additionally, updated information on US pharma tariffs reduced downside risks. (Rene Lindell, CFO)
Q: Nubeqa product deliveries grew only 30% in Q1. Should we expect these deliveries to pick up later in the year? A: Tablet deliveries from Orion to Bayer are not a reliable indicator for future sales or inventory levels. We expect higher tablet deliveries for the full year compared to Q1. (Liisa Hurme, CEO; Rene Lindell, CFO)
Q: Can you provide more details on the new combination study for ODM-212, including patient recruitment and expected readouts? A: The Phase Ib/2 study is not large, and results are expected in 2028. The drugs combined with ODM-212 are listed in the press release, and some are blockbuster products. (Liisa Hurme, CEO)
Q: What is the timeline for the early-stage indication of Nubeqa, and when might Orion incur expenses? A: The DASL-HiCaP study readout is expected in 2028. Orion's opt-in decision will be based on the study results. (Liisa Hurme, CEO; Rene Lindell, CFO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
