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Orion (ORNBV) investor relations material

Orion Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record net sales of EUR 1,889.5 million (+22.5%) and operating profit of EUR 631.6 million (+51.6%) for 2025, with all business divisions performing strongly and significant contributions from a EUR 180 million Nubeqa milestone and royalties.

  • Nubeqa sales and royalties were key growth drivers, with Innovative Medicines net sales up 54.8% to EUR 812.7 million.

  • R&D pipeline advanced with new clinical trials, a new R&D center in Cambridge, and expanded collaborations and licensing agreements.

  • Board proposes a dividend of EUR 1.80 per share for 2025, to be paid in two instalments.

  • Major capital investments in Nubeqa API production, Easyhaler capacity, and R&D infrastructure to support growth.

Financial highlights

  • Q4 2025 net sales rose 60.1% year-over-year to EUR 695.3 million; operating profit up 253.8% to EUR 328.1 million.

  • Full-year 2025 net sales reached EUR 1,889.5 million (+22.5%), operating profit EUR 631.6 million (+51.6%), and profit for the period EUR 500.3 million (+51.7%).

  • Operating profit margin for 2025 was 33.4%, up from 27.0% in 2024; Q4 margin reached 47.2%.

  • Basic EPS for 2025 was EUR 3.56 (+51.5%), and cash flow from operating activities per share was EUR 2.25 (+7.8%).

  • Equity ratio improved to 64.1% (from 61.9%), and return on equity rose to 43.7% (from 34.8%).

Outlook and guidance

  • 2026 net sales guidance: EUR 1,900–2,100 million; operating profit guidance: EUR 550–750 million.

  • Growth expected from Nubeqa royalties and product sales, Branded Products, and Animal Health; Generics and Consumer Health to remain stable or grow slightly.

  • No material milestone payments included in 2026 outlook.

  • R&D and sales/marketing expenses expected to increase in 2026, driving OpEx higher.

  • Dividend proposal of EUR 1.80 per share, to be paid in two installments.

Nubeqa's impact on 2025 operating cash flow?
Orion's biologics pipeline expansion strategy?
Drivers for 2026 profit growth without milestones?
Nubeqa API capacity expansion details
Specific biologics for clinical entry this year
Women's health portfolio growth strategy
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Frequently asked questions

Orion's Pharmaceuticals business area develops, produces and markets pharmaceuticals for various indications; provides specialized dietary products and enteral feeds for the needs of healthcare, including clinical nutrition services; manufactures APIs; and offers contract manufacturing, research and development (R&D), technical development services in the field of chemistry and biochemistry, as well as develops and commercializes patient monitoring and self-monitoring products. Orion Oyj was founded in 1917 and is headquartered in Espoo, Finland.

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