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Orion (ORNBV) investor relations material
Orion Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Nubeqa (darolutamide) received European Commission approval for use with ADT in metastatic hormone-sensitive prostate cancer, driving all-time high royalties and product deliveries to Bayer in Q3 2025. 
- Generics and Consumer Health segments delivered strong growth, supported by robust product availability and successful new launches. 
- The ODM-105 insomnia program was discontinued after failing to meet efficacy targets in phase II. 
- All major business divisions grew, with Nubeqa as the primary growth driver. 
- The company continues to invest in R&D, focusing on oncology and pain, with plans to advance several clinical programs in 2026. 
Financial highlights
- Q3 2025 net sales were EUR 423.2 million, down 10.2% year-over-year due to absence of major milestones, but underlying net sales grew 24%. 
- Q3 2025 operating profit was EUR 121.0 million, down 40.1% year-over-year, but underlying operating profit rose 68%. 
- For the first nine months, net sales reached EUR 1,194.2 million, up 7.8% year-over-year; underlying net sales up 22%. 
- Operating profit for the first nine months was EUR 303.5 million, up 22.1% year-over-year; underlying operating profit up 57%. 
- Q3 2024 included EUR 130 million in milestones, making direct comparison challenging. 
Outlook and guidance
- 2025 net sales guidance set at EUR 1,640–1,720 million; operating profit expected at EUR 410–490 million. 
- Guidance range narrowed due to increased visibility with only two months left in the year; Nubeqa and R&D costs remain key variables. 
- Outlook excludes material milestone payments; a potential EUR 180 million Nubeqa milestone could be recorded in 2026 or possibly 2025. 
- Growth expected in Branded Products (driven by Easyhaler), Animal Health, and Generics and Consumer Health divisions. 
- R&D costs expected to increase in 2025. 
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