Orion Oyj Class A · OMXHEX:ORNAV
Orion Oyj Class A — Investor Presentation (October 2025)
62 slides from Orion Oyj Class A's investor presentation, October 2025
Slide 1: Orion Equity story
Orion Equity story
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which involve risks and uncertainty factors. These statements are not based on historical facts but relate to the Company’s future activities and performance. They include statements about future strategies and anticipated benefits of
Slide 3: Orion today – building well-being since 1917
Orion today – building well-being since 1917 Diversified R&D focus in pharmaceutical company oncology and pain ~4,000 employees Operations in more than 35 countries Net sales1 EUR 1,542 million Impacting millions of Operating profit1 417 million lives globally 3 Investor Presentation © Orion Corpora
Slide 4: Our diversified and balanced businesses
Our diversified and balanced businesses Innovative Generics and Branded Products Animal Health Fermion Medicines Consumer Health Respiratory Companion API Portfolio CNS 300+ products animals & manufacturing highlights Women’s Health livestock & CDMO Nordics & Geographies Global Europe & APAC Global
Slide 5: With strong track record in delivering financial results, we have entered a new growth era
With strong track record in delivering financial results, we have entered a new growth era Net sales Operating profit (EUR million) (EUR million) +7.2% 1,542 500 1,600 130 +7.8% 440 1,400 1,341 417 1,190 1,194 400 -6.3% 1,200 228 1,078 30 1,108 1,051 1,041 130 324 45 28 130 228 304 1,000 300 280 275
Slide 6: From local to global step by step
From local to global step by step 4 5 1 2 1. 2008-2011: Southern Europe 2. 2020: Thailand, Singapore & Malaysia 3. 2021: Australia & New Zealand 4. 2023: R&D Hub in USA 3 5. 2024: Japan Sales operations Production and supply chain operations 6 Investor Presentation © Orion Corporation R&D operations
Slide 7: Geographic split has become more balanced
Geographic split has become more balanced Net sales split by geography, EUR million Net sales split by geography, % 1,542 232 13% 14% 11% 15% 15% 1,341 17% 142 1,190 1,194 8% 9% 25% 15% 1,078 1,041 173 369 24% 20% 204 135 335 141 175 34% 34% 83 240 90 31% 431 30% 28% 29% 368 354 399 367 345 46% 44%
Slide 8: Orion’s roadmap for growth in the 2030s
Orion’s roadmap for growth in the 2030s • Nubeqa® expansion to new indications expected in 20281 • Opevesostat expected phase III read- outs2 in 2028 • Enhance clinical pipeline through • TNX-103 possible MA in US internal research pipeline and • Robust clinical pipeline with different external inno
Slide 9: How we are building our growth
How we are building our growth Growth through innovation Growth through portfolio expansion • Focus on internal pipeline in oncology and pain • In-licensing of commercial assets in key areas • Supported by external innovation Growth through geographic expansion M&As are an option • Strengthen and ex
Slide 10: Innovative Medicines short and mid-term growth driven by key assets Nubeqa® and opevesostat
Innovative Medicines short and mid-term growth driven by key assets Nubeqa® and opevesostat Net sales 498 (EUR million) 60 +38.7% Nubeqa® Opevesostat 70 397 315 Partner Partner 286 70 Annually tiered royalty Annually tiered royalty from 213 228 Annual average now >23%, low double-digit to low 30 397
Slide 11: Branded Products build on innovative legacy products with Easyhaler® leading the way
Branded Products build on innovative legacy products with Easyhaler® leading the way 288 271 261 24 166 28 +7.9% 21 226 208 14.0% 144 93 22 130 130 94 18 115 117 120 113 71 105 67 90 77 EUR million 64 EUR million 170 51 130 146 133 123 2022 2023 2024 YTD9’24 YTD9’25 2015 2016 2017 2018 2019 2020 202
Slide 12: Investment case – key themes
Investment case – key themes GROWTH STABILITY Innovative Medicines business division Branded Products, Generics and Consumer driving the growth – currently with Nubeqa® Health, and Animal Health business divisions are the rock-solid base of Orion. Growth opportunities in They are stable, profitable
Slide 13: Research & Development
Research & Development 13 Investor Presentation © Orion Corporation
Slide 14: We have a long history of bringing innovative treatments to market
We have a long history of bringing innovative treatments to market Nubeqa® reached Proprietary human pharmaceuticals developed by Orion blockbuster status in September 2024 1993 1998 2000 2003 2011 2018 1988 1994 1999 2002 2004 2014 2019 14 Investor Presentation © Orion Corporation
Slide 15: Orion’s key clinical development pipeline
Orion’s key clinical development pipeline Developed by Trial/compound Indication (or modality for pre-clinical assets) Phase I Phase II Phase III Registration ARASTEP (darolutamide) BCR (prostate cancer) DASL-HiCaP (darolutamide) (Neo-)Adjuvant prostate cancer OMAHA-003 (opevesostat) (later-line) me
Slide 16: Darolutamide phase 3 trials covering almost all prostate cancer stages
Darolutamide phase 3 trials covering almost all prostate cancer stages Patient progression in prostate cancer (Neo-)Adjuvant Non-metastatic Metastatic early-stage mid-stage late-stage BCR nmCRPC mHSPC mCRPC DASL-HiCaP ARASTEP ARAMIS ARASENS darolutamide + LHRHA + darolutamide + ADT external beam rad
Slide 17: ODM-212 – a TEAD inhibitor with best-in-class potential in Phase 1/2
ODM-212– a TEAD inhibitor with best-in-class potential in Phase 1/2 Huge unmet need and upside potential Potential to be best-in-class Evidence of clinical benefit (tumour Efficacy • Targeted treatment in solid tumours associated with shrinkage); dose escalation studies ongoing Hippo pathway dysregu
Slide 18: We are a trusted innovator in animal health products
We are a trusted innovator in animal health products Main Orion Animal Health marketing authorisations Kefavet Comforion 1987 1998 2008 2015 2019 2021 1983 1989 2002 2012 2018 2020 Geepenil Benzorion 18 Investor Presentation © Orion Corporation
Slide 19: Strategy and financial targets
Strategy and financial targets 19 Investor Presentation © Orion Corporation
Slide 20: Building well-being
Building well-being Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest – today and tomorrow. Build a customer-driven Expand to new geographies and Develop Inn portfolio strengthen global partnerships growth enablers ov tiv a e a lt h M r
Slide 21: The dream of a truly global Finnish pharma company – why now?
The dream of a truly global Finnish pharma company has existed for a long time – why now? Promising R&D capabilities and All of our business areas projections for the quality have been have demonstrated coming decade: validated. resilience by establishing The stellar success of We have excelled in g
Slide 22: Building well-being
Building well-being Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest – today and tomorrow. • Innovative Medicines for Oncology and Pain Build a customer- • Brand products for Respiratory, Central Nervous Innovative Branded driven portfo
Slide 23: Our growth will come in three phases
Our growth will come in three phases STRENGTHEN & BUILD & INVEST ACCELERATE EXPAND Build and invest into Grow & maximize value Strengthen European & global commercial assets of global assets APAC market position and capabilities Inspired by our Nordic heritage, we strive to empower people around the
Slide 24: Financial objectives
Financial objectives Strategy period 2024–2028 Net sales Operating profit CAGR ≥8%1 To grow faster than net sales1,2 Equity ratio Return on equity (ROE) ≥50% ≥25% Dividend Annually increasing dividend – payout ratio 50%–100% 1 Base year 2023 24 Investor Presentation © Orion Corporation 2 Without EUR
Slide 25: Orion’s strategy period 2024–2028 – key takeaways
Orion’s strategy period 2024–2028 – key takeaways Financial objectives provide us a framework to operate and maintain the right balance between expenditure and profitability Increasing Growing EBIT Growing investments to and annually Enable AND revenues build the future increasing of Orion dividend
Slide 26: Capital allocation focus
Capital allocation focus In-licensing / Focused Maintaining Internal R&D acquiring External M&As to gain Dividends & increasing pipeline commercial innovation strategic capacity assets competences Higher Lower 26 Investor Presentation © Orion Corporation
Slide 27: Dividend distribution policy and dividend history
Dividend distribution policy and dividend history • Orion’s dividend distribution takes into account distributable funds and capital expenditure and other financial requirements in medium and long term to achieve the financial objectives. EUR Dividend distribution history 1,75 120% 0.20 1,50 0.12 11
Slide 28: Our Sustainability Agenda
Our Sustainability Agenda 28 Investor Presentation © Orion Corporation
Slide 29: Orion’s Sustainability Agenda
Orion’s Sustainability Agenda Patient safety as a top priority Active work for a better environment Patient safety has been a priority for us for We want to be the environmental leaders in over a hundred years and it continues to be our industry. Orion is committed to working the cornerstone of our
Slide 30: Orion’s climate targets are backed by science
Orion’s climate targets are backed by science Validation from the Science Based Targets initiative (SBTi) confirms that our near-term emissions reduction targets are in line with the latest climate science 70% 78% Orion commits to reduce absolute scope Orion commits that 78% of its suppliers by emis
Slide 31: Orion Interim Report January-September 2025
Orion Interim Report January-September 2025 28 October 2025
Slide 32: Q3 2025 Highlights
Q3 2025 Highlights • European Commisson approval for darolutamide + ADT in patients with mHSPC • All-time-high Nubeqa® royalties and product deliveries to Bayer in Q3 • Generics and Consumer Health had a strong quarter • ODM-105 (tasipimidine) Phase 2 trial did not reach its target • Development for
Slide 33: Q3 2025 Financial highlights
Q3 2025 Financial highlights Net sales, EUR million Operating profit, EUR million Operating cash flow per share, EUR Operating profit margin 28.6% (42.9%) -10.2% -40.1% +15.3% 471.3 202.0 0.55 423.2 0.48 130.0 130.0 121.0 +24.0% 341.3 +68.1% 72.0 Q3/2024 Q3/2025 Q3/2024 Q3/2025 Q3/2024 Q3/2025 33 28
Slide 34: Net sales bridge (MEUR) from Q3/24 to Q3/25
Net sales bridge (MEUR) from Q3/24 to Q3/25 471.3 The decline is due to major milestones total of EUR 130 million booked in Q3/2024 (vs. no major milestones in Q3/2025). Underlying net sales increased by EUR 70.9 million. 6.9 2.1 0.8 423.2 2.1 -0.9 -59.1 Q3/2024 1 2 3 4 5 6 Q3/2025 1 Innovative Medi
Slide 35: Operating profit bridge (MEUR) Q3/24 to Q3/25
Operating profit bridge (MEUR) Q3/24 to Q3/25 49.8 3.7 The decline is due to major milestones total 16.0 of EUR 130 million booked in Q3/2024 (vs. 202.0 no major milestones in Q3/2025). -4.6 121.0 -129.9 -3.9 -11.8 Q3/2024 1 2 3 4 5 6 7 Q3/2025 1 Change in sales volume 5 Milestones 2 Changes in pric
Slide 36: January-September 2025 Financial highlights
January-September 2025 Financial highlights Net sales, EUR million Operating profit, EUR million Operating cash flow per share, EUR Operating profit margin 25.4% (29.2%) +7.8% -6.3% +14.5% 1,194.2 323.8 1.67 1,108.0 303.5 1.46 130.0 130.0 +22.1% +56.6% 978.0 193.8 YTD9/2024 YTD9/2025 YTD9/2024 YTD9/
Slide 37: Innovative Medicines
Innovative Medicines -25.7% +13.0% Nubeqa® sales (MEUR) 230.2 415.6 166 18.4 152 367.8 140 48 171.1 36 130.0 5.5 130.0 44 95 92 21.5 397.2 72 26 5.1 62 38 165.6 50 21 116 118 22 96 +70.7% 216.3 +74.8% 18 95.2 69 MEUR MEUR 51 54 41 32 Q3/2024 Q3/2025 YTD9/2024 YTD9/2025 2023 2024 2024 2024 2024 2025
Slide 38: Branded Products
Branded Products +3.1% +8.8% • Growth slowed down somewhat 66.7 68.7 226.1 in Q3 due to timing of some 5.9 6.8 207.9 21.8 deliveries 17.8 • CNS YTD sales growing mainly 21.0 19.8 71.4 due to entacapone sales in Japan 67.4 • Easyhaler® budesonide- formoterol the growth driver for respiratory therapy
Slide 39: Generics and Consumer Health
Generics and Consumer Health 5.4% 4.2% • New launches and good 135.9 402.5 availability of Orion products in 128.9 386.2 Finland supported growth 33.9 98.3 32.1 96.5 • Good availability of Orion products in Scandinavia supported growth • Very good performance in Q3 and YTD taking into account that 9
Slide 40: Animal Health
Animal Health +6.8% +13.2% • The growth came from various 33.5 105.5 different products and regions 31.3 93.2 6.2 25.4 • In Q3 the growth was somewhat 7.0 25.8 slowed down by the timing of some deliveries 27.3 80.1 24.4 67.4 MEUR MEUR Q3/2024 Q3/2025 YTD9/2024 YTD9/2025 Other products Sedatives prod
Slide 41: TOP 10 products and net sales split in YTD9/2025
TOP 10 products and net sales split in YTD9/2025 EUR vs. Product or product portfolio million YTD9/2024 1. Nubeqa® 397.2 +83.6% 4% 9% 2. Easyhaler® product portfolio 129.7 +7.9% 3. Entacapone products1 64.5 +4.6% 35% 4. Dexdomitor®, Domitor®, Domosedan®, Antisedan® 25.4 -1.6% 5. Divina® series 21.8
Slide 42: Progress toward decarbonization targets
Progress toward decarbonization targets Q3 Turku steam project: Construction progressing to electrify steam production, expected to be operational in Q1 2026 70% Orion commits to reduce absolute Scope Oulu plant: Successfully completed ahead of schedule transition scope 1 and 2 greenhouse gas (GHG)
Slide 43: Key collaboration agreements
Key collaboration agreements 43 Investor Presentation © Orion Corporation
Slide 44: Global agreement with Bayer for development and commercialisation of darolutamide (Nubeqa®)
Global agreement with Bayer for development and commercialisation of darolutamide (Nubeqa®) Annually tiered royalties to Orion Milestone payments to Orion Amount Year received Initially the average annual royalty rate is ~20% Upfront payment EUR 50 million 2014 ✓ If annual global sales of darolutami
Slide 45: Exclusive global license agreement with MSD/Merck
Exclusive global license agreement with MSD/Merck on opevesostat (ODM-208/MK-5684) and other drugs targeting CYP11A1 Financial terms Key clinical development projects Upfront payment USD 290 million 2022 ✓ Project Phase Indication Trial on Potential milestone payments to Orion total up to USD 1.63 b
Slide 46: Exclusive global license agreement with Tenax
Exclusive global license agreement with Tenax on levosimendan Financial terms Key clinical development projects Potential milestone payments to Orion total up to USD 61 million Project Phase Indication Trial on Approval / regulatory milestones payments Up to USD 16 million Clinicaltrials Sales miles
Slide 47: Appendices
Appendices 47 Investor Presentation © Orion Corporation
Slide 48: Outlook for 2025
Outlook for 2025 (specified on 28 Oct 2025) Net sales EUR 1,640–1,720 million Operating profit EUR 410–490 million 48 18 July 2025 © Orion Corporation
Slide 49: 88,472 registered shareholders on 30 September 2025
88,472 registered shareholders on 30 September 2025 By number of shares By number of votes Households (Finnish retail) 4% 2% 4% 7% 9% 7% Non-Finnish holders and nominee-registered 6% 37% Private corporations 13% 60% Public sector 10% Non-profit institutions 39% Financial and insurance corporations 4
Slide 50: Largest shareholders by votes and shares on 30 September 2025
Largest shareholders by votes and shares on 30 September 2025 # Shareholder % of votes # Shareholder % of shares 1 Erkki Etola and companies 6.74% 1 Ilmarinen Mutual Pension Insurance Company 3.29% 2 Maa- ja vesitekniikan tuki r.y. and companies 5.58% 2 Varma Mutual Pension Insurance Company 2.87% 3
Slide 51: Orion B share performance January 2016 to June 2025
Share price, EUR 65 60 55 50 45 40 35 30 25 20 30-Jun-25 31-Mar-25 31-Dec-24 Orion B share price 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 OMXH-portfolio 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 30-Sep-21 30-Jun-21 Europe/Pharmaceutical 31-Mar-21 31-Dec-20 from J
Slide 52: Net sales and operating profit by quarter (MEUR)
Net sales and operating profit by quarter (MEUR) Net sales, EUR million Operating profit, EUR million 492 245 471 423 434 417 202 278 355 290 328 271 308 301 295 321 284 277 269 255 241 121 105 93 93 75 71 78 82 80 71 66 55 56 57 47 40 41 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 2021 2022 20
Slide 53: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Innovative Medicines Branded Products Generics and Consumer Health 247 230 171 134 127 157 135 123 142 134 147 145 131 137 142 132 133 129 136 127 98 60 67 72 80 80 73 70 77 76 80 62 73 68 71 69 67 54 61 67 52 42 39 22 22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 54: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Animal Health Fermion 37 21 35 34 35 20 20 20 34 34 19 20 19 32 31 18 18 18 30 17 17 17 17 16 27 27 27 16 14 23 14 14 19 20 18 18 16 13 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 54 Investor Presentation © Orion Corporation
Slide 55: Fixed costs (EUR million)
Fixed costs (EUR million) Q3/2025 Q3/2024 Change YTD9/2025 YTD9/2024 Change Sales and marketing, EUR million -66.7 -65.8 +1.3% -202.1 -183.9 +9.9% Research and development, EUR million -49.8 -36.7 +35.8% -139.8 -117.1 +19.4% Administrative, EUR million -17.9 -20.0 -10.7% -63.5 -60.9 +4.2% 100 80 60
Slide 56: Key financial figures
Key financial figures 2021 2022 2023 2024 YTD9/25 YTD9/24 Change % Net sales, EUR million 1,041.0 1,340.6 1,189.7 1,542.4 1,194.2 1,108.0 +7.8% EBITDA, EUR million 289.1 487.1 326.4 509.4 345.3 362.3 -4.7% % of net sales 27.8% 36.3% 27.4% 33.0% 28.9% 32.7% Operating profit, EUR million 243.3 439.6 2
Slide 57: Income statement
Income statement EUR million 2021 2022 2023 2024 YTD9/25 YTD9/24 Change % Net sales 1,041.0 1,340.6 1,189.7 1,542.4 1,194.2 1,108.0 +7.8% Cost of goods sold -447.5 -489.0 -531.9 -596.0 -489.9 -428.9 +14.2% Gross profit 593.5 851.6 657.7 946.4 704.3 679.1 +3.7% Other operating income and expenses 6.4
Slide 58: Royalties and milestones
Royalties and milestones Includes EUR 70 million Nubeqa® sales milestone from Bayer and EUR 60 million related to conversion of collaboration agreement to exclusive licece agreement for MSD 405 Includes EUR 30 Includes EUR 228 million upfront payment from million Nubeqa® MSD regarding ODM-208 collab
Slide 59: Financial position
Financial position EQUITY AND LIABILITIES ASSETS EUR million 9/25 9/24 Change % 12/24 EUR million 9/25 9/24 Change % 12/24 Share capital 92.2 92.2 92.2 Property, plant and equipment 445.4 409.8 +8.7% 417.6 Other reserves 2.9 5.3 -45.1% 5.3 Cumulative translation adjustments -10.7 -10.8 -0.6% -10.6 G
Slide 60: Development of capital expenditure (MEUR)
Development of capital expenditure (MEUR) 220 200 180 160 VMD (Inovet) acquisition 101 140 Depreciation, amortisation and impairment Intangible assets 120 Propoerty, plant and equipment 100 51 20 4 80 8 9 23 19 34 60 5 29 24 7 6 40 35 19 5 7 12 8 70 67 72 64 66 15 52 52 59 20 40 39 45 38 35 37 28 33
Slide 61: Development of net working capital
Development of net working capital % of net sales EUR million 40% 700 30% 600 500 20% 400 10% 300 0% 200 100 -10% 0 -20% -100 -30% -200 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 -300 Sep18 Sep19 Sep20 Sep21 Sep
Slide 62: Upcoming events
Upcoming events Interim Report 1–9/2025 28/10/2025 Financial Statement Release for 2025 12/2/2026 AGM planned to be held 24/3/2026 Interim Report 1–3/2026 23/4/2026 Half-Year Financial Report 1–6/2026 17/7/2026 Interim Report 1–9/2026 28/10/2026 The Financial Statements and the Report by the Board o