Orion (ORNBV) Investor presentation summary

Strategic direction and growth drivers

• Focus on Innovative Medicines, especially in oncology and pain, as the main growth engine, supported by external innovation and a robust R&D pipeline.

• Expansion in Europe, APAC, and stepwise entry into the US market, with partnerships enabling global reach.

• Portfolio diversification across Branded Products, Generics & Consumer Health, Animal Health, and API manufacturing ensures stable cash flow.

• Targeted M&A and in-licensing to complement organic growth and strengthen capabilities.

• Sustainability, patient safety, and ethical business practices are core to long-term strategy.

Financial performance and outlook

• Q2 2026 net sales rose 25.2% to €521.6M, with operating profit up 68.8% to €176.6M and EPS up 69.7%.

• H1 2026 net sales increased 21.8% to €939.3M, operating profit up 59.6% to €291.3M, and EPS up 60.2%.

• Innovative Medicines, led by Nubeqa®, delivered 64.8% net sales growth in Q2 2026.

• 2026 outlook: net sales €2.0–2.1B, operating profit €650–750M.

• Financial targets for 2024–2028: net sales CAGR ≥8%, operating profit to outpace sales, ROE ≥25%, equity ratio ≥50%, and increasing dividend payout (50–100%).

Business division highlights

• Innovative Medicines accounted for 42% of Q2 2026 net sales, driven by Nubeqa® and a strong oncology pipeline.

• Branded Products (18% of Q2 sales) saw robust growth in Women's Health and respiratory therapies, notably Easyhaler®.

• Generics & Consumer Health (32% of Q2 sales) maintained stable performance, with a new biosimilar partnership for future growth.

• Animal Health (7% of Q2 sales) faced timing-related delivery impacts but secured FDA approval for Tessie®.

• Fermion (4% of Q2 sales) grew 19.9% in Q2, with no material impact expected from recent plant incident.