Orion Oyj Class A · OMXHEX:ORNAV
Orion Oyj Class A — Orion Corp New B Shs — Q1 2025 Earnings Presentation
61 slides from Orion Oyj Class A's earnings presentation, Apr 23, 2025
Slide 1: Orion Equity story
PHARMA 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 ~3,700 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) 1,600 +7.2% 1,542 500 130 440 1,400 1,341 417 1,190 400 1,200 228 1,078 30 1,051 1,041 130 45 28 228 1,000 300 280 275 +12.6% 253 28 243 800 30 1,412 45 +
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 & Malesia 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 8% 9% 25% 15% 15% 1,078 1,041 173 369 24% 135 335 141 175 34% 34% 83 90 31% 30% 30% 431 28% 368 354 399 367 355 60 46% 44% 55 35% 40%
Slide 8: 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 Nubeqa® Opevesostat 70 315 Partner Partner 213 Annually tiered royalty Annually tiered royalty from 228 Annual average now >20%, low double-digit to low 30 368 with EUR 3 billio
Slide 9: 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 21 14.0% 144 93 130 113 94 115 117 105 90 EUR million 77 8.1% 64 70 77 51 170 7 42 45 130 146 6 22 23 EUR million 43 47 2022 2023 2024 YTD3’24 YTD3’25 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 10: Research & Development
Research & Development 11 Investor Presentation © Orion Corporation
Slide 11: 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 12 Investor Presentation © Orion Corporation
Slide 12: Key clinical development pipeline
Key clinical development pipeline Partner Project/compound Indication PHASE I PHASE II PHASE III REGISTRATION ARANOTE / darolutamide Prostate cancer (mHSPC) ARASTEP / darolutamide Prostate cancer (BCR) OMAHA1 / opevesostat Prostate cancer (mCRPC) OMAHA2a / opevesostat Prostate cancer (mCRPC) CYPIDES
Slide 13: Orion's key clinical trials with darolutamide
Orion’s key clinical trials with darolutamide Clinical trial and Indication Primary endpoint and results Key secondary endpoints Status treatment ARAMIS Metastasis free survival Overall survival darolutamide + ADT nmCRPC prolongation by 22.0 months, 31% risk reduction (HR=0.69, p=0.003) Approved 59%
Slide 14: ODM-105 (tasipimidine) – a novel treatment for insomnia
ODM-105 (tasipimidine) – a novel treatment for insomnia Why insomnia? Huge unmet need ODM-105 has potential to differentiate • Insomnia is underdiagnosed and undertreated ODM-105 expectations – aiming to • Current medications have shortcomings be first-in-class treatment • Insomnia with co-morbiditi
Slide 15: ODM-212 – a TEAD inhibitor with best-in-class potential
ODM-212– a TEAD inhibitor with best-in-class potential Mode of action ODM-212 has potential to be best-in-class • Hippo-pathway is a signaling route that controls organ size in Evidence of clinical benefit (tumor shrinkage) Efficacy humans through the regulation of cell proliferation and death alrea
Slide 16: 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 17 Investor Presentation © Orion Corporation
Slide 17: Strategy and financial targets
Strategy and financial targets 18 Investor Presentation © Orion Corporation
Slide 18: 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 19: 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 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. • Innovative Medicines for Oncology and Pain Build a customer- • Brand products for Respiratory, Central Nervous Innovative Branded driven portfo
Slide 21: 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 22: 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 23 Investor Presentation © Orion Corporation 2 Without EUR
Slide 23: 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 24: 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 25 Investor Presentation © Orion Corporation
Slide 25: 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 26: Our Sustainability Agenda
Our Sustainability Agenda 27 Investor Presentation © Orion Corporation
Slide 27: 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 28: 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 29: Orion Interim Report January-March 2025
Orion Interim Report January-March 2025 23 April 2025
Slide 30: Q1 2025 Highlights
Q1 2025 Highlights • Solid growth in four out of five business divisions • Orion to open new Biologics R&D Centre in Cambridge, UK in 2025 • Phase III trial with levosimendan by Tenax Therapeutics, Inc. added to Orion’s Key clinical development pipeline 31 Investor Presentation © Orion Corporation
Slide 31: Q1 2025 Financial highlights
Q1 2025 Financial highlights Net sales, EUR million Operating profit, EUR million Operating cash flow per share, EUR Operating profit margin 22.0% (18.2%) +14.9% +39.1% -29.7% 354.6 77.9 0.78 308.5 56.0 0.55 Q1/2024 Q1/2025 Q1/2024 Q1/2025 Q1/2024 Q1/2025 32 Investor Presentation © Orion Corporation
Slide 32: Net sales bridge (MEUR)
Net sales bridge (MEUR) 3.3 -5.1 6.8 -0.4 354.6 1.0 308.5 40.4 Q1/2024 1 2 3 4 5 6 Q1/2025 1 Innovative Medicines 4 Animal Health 2 Branded Products 5 Fermion 3 Generics and Consumer Health 6 Translation differences and Other operations 33 Investor Presentation © Orion Corporation The figures in the
Slide 33: Operating profit bridge (MEUR)
Operating profit bridge (MEUR) -1.1 0.3 -9.7 77.9 21.8 -5.6 2.5 13.7 56.0 Q1/2024 1 2 3 4 5 6 7 Q1/2025 1 Change in sales volume 5 Milestones 2 Changes in prices, cost and product mix 6 Other operating income and expenses 3 Exchange rate effect on gross margin 7 Fixed cost 4 Royalties 34 The Corpora
Slide 34: Innovative Medicines
Innovative Medicines +70.4% Nubeqa® sales (MEUR) 97.8 152 6.3 • Both Nubeqa® royalties and 36 product sales showed very strong growth 95 92 57.4 7.9 72 26 91.5 62 38 50 21 116 45 22 37 18 49.5 16 69 11 MEUR 51 54 41 32 29 27 Q1/2024 Q1/2025 2023 2023 2023 2024 2024 2024 2024 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 35: Branded Products
Branded Products +9.7% 77.0 Sales split • Easyhaler® product portfolio 70.2 7.2 (+8.1%) continued strong growth 5.5 9% with budesonide-formoterol combination product (+14.9%) as 23.4 22.1 a driver • CNS sales grew by 5.7% mainly 30% due to entacapone sales in Japan 60% 42.6 46.5 MEUR Q1/2024 Q1/2025
Slide 36: Generics and Consumer Health
Generics and Consumer Health +0.7% Sales split by geographic areas • Good availability of Orion 130.7 131.7 products in Scandinavia 11% supported growth 33.8 33.3 10% MEUR 20% 60% 96.8 98.4 Q1/2024 Q1/2025 Generic prescription drugs Finland and Baltics Eastern Europe Self-care products Scandinavia R
Slide 37: Animal Health and Fermion
Animal Health and Fermion Animal Health Fermion • Nice growth for Animal Health even with strong comparison +10.4% period 35.2 • Sales of the animal sedatives 31.9 8.8 product group decreased from 10.3 the comparison period, but were at a good level -27.3% 18.5 • Fermion’s capacity allocated more 26
Slide 38: TOP products and total sales split by division
TOP 10 products and total sales split by division EUR vs. Product or product portfolio million Q1/2024 1. Nubeqa® 91.5 +84.9% 4% 10% 2. Easyhaler® product portfolio 45.1 +8.1% 28% 3. Entacapone products1 21.2 +6.0% 4. Dexdomitor®, Domitor®, Domosedan®, Antisedan® 8.8 -14.1% 5. Divina® series 7.2 +30
Slide 39: Key clinical development pipeline
Key clinical development pipeline Partner Project/compound Indication PHASE I PHASE II PHASE III REGISTRATION ARANOTE / darolutamide Prostate cancer (mHSPC) ARASTEP / darolutamide Prostate cancer (BCR) OMAHA1 / opevesostat Prostate cancer (mCRPC) OMAHA2a / opevesostat Prostate cancer (mCRPC) CYPIDES
Slide 40: Some sustainability highlights from 2024
Some sustainability highlights from 2024 • Orion’s first CSRD report was published in March as part of the Report by the Board of Directors • More highlights from 2024 at: https://www.orionpharma.com/investors/orion-highlights-2024/ 41 Investor Presentation © Orion Corporation
Slide 41: Key collaboration agreements
Key collaboration agreements 42 Investor Presentation © Orion Corporation
Slide 42: 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 43: 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 44: 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 45: Appendices
Appendices 46 Investor Presentation © Orion Corporation
Slide 46: Outlook for 2025
Outlook for 2025 Net sales EUR 1,550–1,650 million Operating profit EUR 350–450 million 47 Investor Presentation © Orion Corporation
Slide 47: Underlying net sales and operating profit estimated to show strong growth
Underlying net sales and operating profit estimated to show strong growth Operating profit, EUR million Net sales, EUR million 1,650 450 417 • Nubeqa® most significant variable 3 1,542 in net sales range 130 130 • Nubeqa®, timing of R&D costs and USD Fx most significant variables in operating profit
Slide 48: 89,225 registered shareholders on 31 March 2025
89,225 registered shareholders on 31 March 2025 By number of shares By number of votes Households (Finnish retail) 4% 2% 5% 7% 10% 7% Non-Finnish holders and nominee-registered 6% 38% Private corporations 13% 60% Public sector 11% Non-profit institutions 37% Financial and insurance corporations 49 I
Slide 49: Largest shareholders by votes and shares on 31 March 2025
Largest shareholders by votes and shares on 31 March 2025 # Shareholder % of votes # Shareholder % of shares 1 Erkki Etola and companies 6.59% 1 Ilmarinen Mutual Pension Insurance Company 3.51% 2 Maa- ja vesitekniikan tuki r.y. and companies 5.46% 2 Varma Mutual Pension Insurance Company 2.87% 3 Ilm
Slide 50: Orion B share performance
Share price, EUR 65 60 55 50 45 40 35 30 25 20 31-Mar-25 31-Dec-24 30-Sep-24 Orion B share price 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 31-Mar-21 Europe/Pharmaceutical from January 2016 to March
Slide 51: Net sales and operating profit by quarter (MEUR)
Net sales and operating profit by quarter (MEUR) Net sales, EUR million Operating profit, EUR million 492 245 471 434 202 278 355 290 328 271 308 301 295 321 284 277 269 255 241 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 2023 2024 2025 52
Slide 52: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Innovative Medicines Branded Products Generics and Consumer Health 247 230 157 134 134 145 131 137 127 123 142 142 132 127 133 129 98 80 60 67 72 80 73 68 73 70 77 76 62 71 67 54 52 61 67 42 39 22 22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2
Slide 53: Quarterly net sales by business division (MEUR)
Quarterly net sales by business division (MEUR) Animal Health Fermion 35 34 35 21 34 20 20 20 32 31 19 20 19 30 18 18 27 27 27 17 17 17 17 16 16 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 54: Fixed costs (EUR million)
Fixed costs (EUR million) 1–3/2025 1–3/2024 Change 1–12/2024 1–12/2023 Change Sales and marketing, EUR million -63.5 -58.3 +9.0% -278.1 -224.8 +23.7% Research and development, EUR million -41.0 -36.8 +11.3% -179.6 -126.9 +41.5% Administrative, EUR million -20.8 -20.5 +1.4% -81.7 -74.8 +9.2% 100 80 6
Slide 55: Key financial figures
Key financial figures 2021 2022 2023 2024 1–3/25 1–3/24 Change % Net sales, EUR million 1,041.0 1,340.6 1,189.7 1,542.4 354.6 308.5 +14.9% EBITDA, EUR million 289.1 487.1 326.4 509.4 91.5 68.5 +33.6% % of net sales 27.8% 36.3% 27.4% 33.0% 25.8% 22.2% Operating profit, EUR million 243.3 439.6 274.9 4
Slide 56: Income statement
Income statement EUR million 2021 2022 2023 2024 1–3/25 1–3/24 Change % Net sales 1,041.0 1,340.6 1,189.7 1,542.4 354.6 308.5 +14.9% Cost of goods sold -447.5 -489.0 -531.9 -596.0 -152.8 -137.9 +10.7% Gross profit 593.5 851.6 657.7 946.4 201.8 170.5 +18.3% Other operating income and expenses 6.4 5.7
Slide 57: 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 58: Financial position
Financial position EQUITY AND LIABILITIES ASSETS EUR million 3/25 3/24 Change % 12/24 EUR million 3/25 3/24 Change % 12/24 Share capital 92.2 92.2 92.2 Property, plant and equipment 421.0 400.8 +5.0% 417.6 Other reserves 5.3 4.7 +12.7% 5.3 Cumulative translation adjustments -9.9 -12.1 -17.6% -10.6 G
Slide 59: 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 80 51 20 8 9 23 34 60 5 29 24 7 6 40 35 19 5 7 12 8 70 67 72 64 15 52 52 59 5 20 40 39 45 38 35 37 28 33 25 23
Slide 60: 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 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 -300 Sep21 Sep18 Sep19 Sep
Slide 61: Upcoming events
Upcoming events Capital Markets Day 22/5/2025 Half-Year Financial Report 1–6/2025 18/7/2025 Interim Report 1–9/2025 28/10/2025 62 Investor Presentation © Orion Corporation