Orion Oyj Class A · OMXHEX:ORNAV
Orion Oyj Class A — Investor Day (May 2025)
66 slides from Orion Oyj Class A's investor day presentation, May 22, 2025
Slide 1: Orion Capital Markets Day 2025
Orion Capital Markets Day 2025 Helsinki 22 May 2025
Slide 2: Agenda (Finnish time, EEST)
Agenda (Finnish time, EEST) 13.00 Opening words 14.45 Generics and Consumer Health Tuukka Hirvonen, Head of Investor Relations Satu Ahomäki, Executive Vice President 13.05 Orion’s strategy – The road is open for growth 15.10 Animal Health Liisa Hurme, President & Chief Executive Officer Niclas Linds
Slide 3: 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 4: The road is open for growth
The road is open for growth Liisa Hurme, President & CEO
Slide 5: Orion at a Glance
Orion at a Glance Figures from 2024 EUR1,542 EUR 417 8 ~3,700 EUR 180 Operations in more than million in million in production personnel million in net sales operating profit sites 6 in Finland, R&D 35 countries investments 1 in France and 1 in Belgium 5 Orion CMD 2025 © Orion Corporation
Slide 6: 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 7: 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 8: 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 9: Orion's strategy
Orion’s strategy Orion’s strategy is built on strong own performance, expansion, and development. • Innovative medicines for Oncology and Pain Build a customer- • Branded products for Respiratory, Central Nervous Innovative Branded driven portfolio: System, and Women’s Health Medicines Products • Co
Slide 10: From local to global step by step
From local to global step by step 6 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 6. 2025: Biologics R&D centre in UK Sales operations Production and supply chain operations 10 Orion CMD 2025 © O
Slide 11: Strategy focuses on building the future
Strategy focuses on building the future Financial objectives provide us a framework to operate and maintain the right balance between expenditure and profitability Increasing EBIT Growth Growing Enable investments to AND revenues build the future Dividend increase • Nubeqa® the main • R&D spending w
Slide 12: 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 and 2030 • Enhance clinical pipeline through • TNX-103 possible MA in US internal research pipeline and • Robust clinical pipeline with different exte
Slide 13: 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 14: The road is open for growth!
The road is open for growth! 14 Orion CMD 2025 © Orion Corporation
Slide 15: Innovative Medicines and Research & Development
Innovative Medicines and Research & Development Outi Vaarala Executive Vice President
Slide 16: Some highlights from the past few years - Nubeqa and opevesostat continue to drive growth
Some highlights from the past few years - Nubeqa® and opevesostat continue to drive growth • 2019-2020: First Nubeqa® launches in nmCRPC Net sales 498 (EUR million) 60 • 2021: Positive read-out from ARASENS Phase III in mHSPC with darolutamide+ADT+docetaxel 70 • 2022-2023: First Nubeqa® launches in
Slide 17: 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 18: Broad opevesostat development program
has a broad opevesostat development program Trial Indication Phase II Phase III Primary endpoints OMAHA1 (later-line) metastatic OS and rPFS in AR LBD mutation- (MK-5684-003) castration-resistant positive and negative patients NCT06136624 prostate cancer (mCRPC) OMAHA2a (front-line) metastatic OS an
Slide 19: R&D and Innovative Medicines - strategic aspirations
R&D and Innovative Medicines - strategic aspirations 1-2 new projects entering 5-10 new Phase III projects Long-term target to have clinical development / year over the next ~10 years commercial presence in USA R&D FOCUS AREAS ONCOLOGY PAIN Immuno- Cancer genomics Antibody drug Ion channels Neuro-im
Slide 20: Orion's R&D has strong centres of excellence
Orion’s R&D has strong centres of excellence FINLAND UNITED KINGDOM UNITED STATES Small molecules Biologics OF AMERICA Clinical Cambridge Development & Commercial ~351 New York Espoo and Turku Capabilities Nottingham 7 ~380 Nottingham ~15 Capabilities Capabilities Capabilities 1estimate of the total
Slide 21: Recent key recruitments to R&D / Innovative Medicines
Recent key recruitments to R&D / Innovative Medicines Praveen Aanur Geula Jaffe Eugene Zhukovsky Head of Therapy Area Chief Commercial Officer, VP, Head of Biologics Oncology, CMO R&D iMeds R&D iMeds New York Cambridge New York Work history Work history Work history R&D executive and KOL in Board-ce
Slide 22: Orion's research pipeline
Orion’s research pipeline Therapy area Focus area Modality Research Candidate drug Oncology immuno-oncology (ODM-214) bi-specific antibody Oncology immuno-oncology (ODM-215) CAR-T cell therapy Oncology immuno-oncology (ODM-216) bi-specific antibody Pain osteoarthritis and neuropathic pain small mole
Slide 23: Orion's extended key clinical development pipeline
Orion’s extended1 key clinical development pipeline Partner/own Trial/compound Indication (or modality for pre-clinical assets) Candidate drug Phase I Phase II Phase III Registration ARANOTE (darolutamide) metastatic hormone-sensitive prostate cancer ARASTEP (darolutamide) BCR (prostate cancer) DASL
Slide 24: ODM-105 (tasipimidine) – a novel treatment for insomnia
ODM-105 (tasipimidine) – a novel treatment for insomnia; estimated Ph2 readout in 2026 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 treatme
Slide 25: 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 26: ODM-212 inhibits tumour growth in mesothelioma xenograft model
ODM-212 inhibits tumour growth in subcutaneous NCI-H226 mesothelioma xenograft model Dots and error bars represent mean +/- SD **p< 0.01: Two-way ANOVA and Tukey's multiple comparisons test 26 Orion CMD 2025 © Orion Corporation
Slide 27: How Innovative Medicines is building growth
How Innovative Medicines is building growth Growth through innovation Growth through geographic expansion • Internal R&D projects are a priority • Long-term target to commercialize and expected to drive the growth in own innovations by Orion in USA long-term and APAC • Focus in oncology and pain • E
Slide 28: Q&A
Q&A 28 Orion CMD 2025 © Orion Corporation
Slide 29: Branded Products
Branded Products Hao Pan, Executive Vice President
Slide 30: Overview of Branded Products Division
Overview of Branded Products Division +9.7% We are building portfolios around key products 77.0 Sales split 70.2 7.2 RESPIRATORY 5.5 9% 23.4 22.1 CNS 30% 60% 42.6 46.5 MEUR WOMEN’S HEALTH Divina® series Q1/2024 Q1/2025 Respiratory CNS Women’s Health 30 Orion CMD 2025 © Orion Corporation
Slide 31: Branded Products Divisional Strategy
Branded Products Divisional Strategy Maximize value of Orion legacy brands and achieve profitable growth Build a customer- • Easyhaler range products for Asthma & COPD Branded Products Divisional Goals driven portfolio: • In-licensed products for respiratory conditions ➢ Easyhaler portfolio has pote
Slide 32: Easyhaler has the right credentials for continued growth
Easyhaler has the right credentials for continued growth Orion Own Sales Countries Respiratory Growth Rates Orion(2024 Ownvs.Sales Countries 2023) Respiratory Growth Rates 2024 (2024 vs. 2023) -2.4% SIMPLE DEVICE TO USE, ACTIVATED BY INHALATION R&D API Via Partner or no active Product manufacturing
Slide 33: Expand offering to all stages of Parkinson's Disease
Expand offering to all stages of Parkinson’s Disease Orion Parkinson’s Disease Current & Future Portfolio UNPREDICTABLE DIAGNOSIS / START OF MEDICATION WEARING-OFF FLUCTUATIONS Early PD Early Stable Wearing-off (WO) Late Stage PD Mild symptoms Non-fluctuating PD Early wearing-off (at least one Sever
Slide 34: Building on Sandrena/Divigel Success
Building on Sandrena®/Divigel® Success TRANSDERMAL MENOPAUSE HRT MARKET IS THRIVING TRANSDERMAL MENOPAUSE HRT MARKET IS EXPERIENCING STRONG GROWTH (vol. CARG 2022-2024) ➢ EUROPE 350M€, CAGR +30% ➢ US 650M€, CAGR +30% ➢ ASIA 100M€, CAGR +10% GENERAL MARKET DRIVERS ➢ MARKET RECOVERY: Overcoming WHI st
Slide 35: Leveraging competitive edge with/for our customers
Leveraging competitive edge with/for our customers Therapy area focus with deep knowledge and experience in Parkinson’s Disease Easyhaler / Respiratory inhalation HRT/Divigel ~30 ~35 ~35 years years years European manufacturing and full value chain control Own S&M operations in over API Orion own R&
Slide 36: Branded Products Motto: Life begins at 30!
Branded Products Motto: “Life begins at 30!”
Slide 37: Q&A
Q&A 37 Orion CMD 2025 © Orion Corporation
Slide 38: Break
Break Presentations will continue at 14.45 EEST (Finnish time)
Slide 39: Generics and Consumer Health
Generics and Consumer Health Satu Ahomäki, Executive Vice President
Slide 40: Dedicated effort and keen market insights have driven expansion of the foundational portfolio
Dedicated effort and keen market insights have driven the expansion of the foundational portfolio 557 • Active in-licensing has always been in the core of 518 528 107 36 Orion’s activities 51 +4.7% • Constant flow of new launches in Nordics and Eastern Europe enabled the growth 466 493 450 • Strong
Slide 41: Strategic roadmap to realizing our vision
Strategic roadmap to realizing our vision Focus areas 2024-2025 2026-2029 2030-2035 VISION Growth generation Defend and improve market positions in Nordics and Eastern Europe Profitable business growth Transformation of the portfolio towards complex and value-add generics Portfolio with focused mana
Slide 42: Our core commitments
1 Our core commitments • Accelerate new product flow through Growth in-licensing and development generation • Drive profitability through healthy • Pilot new sales channel in Consumer Health price levels and volume increases • Actively manage the cost base • Efficient internal processes Value-add gr
Slide 43: A value-add hospital generic provides additional benefits beyond standard generics
A value-add hospital generic provide additional benefits beyond the standard generic versions The main objectives of the value-add growth project are to build a portfolio of value-adding hospital generics and create a required commercialization capabilities in the Europe Big 5 countries Portfolio of
Slide 44: Accelerating future growth with D2C pilot – Well by Orion Pharma
Accelerating future growth with D2C pilot – our online store Well by Orion Pharma, launched in Sweden • The pilot project launched in Sweden in May 2025 • Direct-to-Consumer (D2C) online store aims to accelerate Consumer Health growth, featuring expert-curated product bundles for mothers and babies,
Slide 45: Capabilities and competitive edge
Capabilities and competitive edge Leadership in Finland, Expansion in Scandinavia and Poland • Market position in Finland 1st . Total market share 11%. Reference-priced products and self-care market share ~25%. • Market position in Scandinavian generics sector 5th • In Poland, Orion Pharma is recogn
Slide 46: How Generics and Consumer Health is building growth
How Generics and Consumer Health is building growth Growth through innovation Growth through geographic expansion • Transformation of the product • Expanding commercial footprint in portfolio towards complex and Europe Big5 countries value-adding generics • New sales channels Growth through portfoli
Slide 47: Q&A
Q&A 47 Orion CMD 2025 © Orion Corporation
Slide 48: Animal Health
Animal Health Niclas Lindstedt Executive Vice President
Slide 49: Orion Pharma Animal Health today
Orion Pharma Animal Health today The road is open for growth after some eventful years We develop, in-license, manufacture and 2021: Loss of significant distribution agreement (~MEUR 28) market innovative and generic drugs for 2022: Acquisition of Inovet (VMD) 2023: Headwinds from partner de-stockin
Slide 50: Animal Health sales worldwide
Animal Health sales worldwide Captive markets Partner markets 50
Slide 51: Animal Health market review
Animal Health market review Market split in 2023 Market trends 96.56 +5.13% • No. of pets increasing (North America & Europe) • Population growth means 61.56 39% increased food production (Asia, Africa, South America) 61% • Customer base is consolidating • Technology, AI/data usage and investments a
Slide 52: Focus areas of Animal Health R&D
Focus areas of Animal Health R&D • New therapeutic modalities Reduction, Replacement and Refinement • Selected target species and indications (3Rs) of antibiotics • Sustainable use of antibiotics • Pet care products • New therapeutic modalities • Selected target species and indications Anesthesia an
Slide 53: How Animal Health is building growth
How Animal Health is building growth Growth through innovation Growth through market growth • Internal innovative R&D – main focus • Expected market growth CAGR on companion animals 5.13% until 2033 • Generic development – mainly for • Leverage wide networks and good livestock customer relationships
Slide 54: Our purpose
OUR PURPOSE “Our mission is to provide meaningful, compassionate animal health care that prioritizes the well-being of animals and their caregivers.” 54 Orion CMD 2025 © Orion Corporation
Slide 55: Q&A
Q&A GRION PHARMA ANIMAL HEALTH PHARMA
Slide 56: Capital allocation and value creation
Capital allocation and value creation René Lindell, CFO
Slide 57: 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 57 Orion CMD 2025 © Orion Corporation 2 Without EUR 30.7 m
Slide 58: Mid-term: Growing revenue from EUR 1.5B to 2B
Mid-term: Growing revenue from EUR 1.5B to 2B Start of growth Continued phase growth 2010-2021 steady / low growth Reached 1.5B per target +8.0% 2B +7.3% 1,542 +2.4% 1,341 1,190 1,034 978 1,051 1,078 1,041 926 949 959 958 1,019 804 868 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 59: Capital allocation principles
Capital allocation principles Internal R&D Maintaining & In-licensing / External Focused M&As to Dividends pipeline increasing acquiring innovation gain strategic capacity commercial assets competences General growth rate Annually growing Tangible capex 4-5% Each case valued CAPEX that extends Debt
Slide 60: Historically: R&D ~11% and CAPEX ~6% of net sales
Historically: R&D ~11% and CAPEX ~6% of net sales % of net sales 20 15 8 7 6 5 7 4 8 5 4 3 CAPEX ~3-8% 10 (avg 5.7%, tangible 4.3%) R&D ~10-12% 11 11 11 11 11 11 11 12 (avg 10.8%) 5 10 10 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 60 Orion CMD 2025 © Orion Corporation
Slide 61: R&D costs increasing according to strategy
R&D costs increasing according to strategy CAGR (10.3% excluding write-off) 179.6 +16.1% Research expense explain majority of the 17.5 growth. This is due to increased number 27.7 of research projects and due to having 133.2 biologics entering late research phase. 126.9 28.1 26.3 55.5 33.0 33.5 Tota
Slide 62: Sales and marketing costs increasing to drive growth
Sales and marketing costs increasing to drive growth CAGR (10.3% excluding write-off) 278 +15.3% 24 225 209 54 47 42 Main drivers for the increasing costs • Expansion of Easyhaler® in Europe 200 • Nubeqa® royalties to Endo 168 178 • Geographic expansion – namely Japan EUR million Write-off in 2024 •
Slide 63: Solid value generation: Orion 10-year TSR CAGR 11.1%
Solid value generation: Orion 10-year TSR CAGR 11.1% Share price appreciation 88.5% Dividends 98.7% Total Shareholder Return 2015-2025 TSR % 200 187.2% 180 160 140 120 100 80 60 40 20 0 -20 2.5.2025 4.5.2015 Note: TSR calculated with dividends reinvested into shares. 63 Orion CMD 2025 © Orion Corpor
Slide 64: Key takeaways
Key takeaways Focus on long-term growth and value creation Disciplined capital allocation with clear priorities and principles R&D investments grow with the company In-licensing on top of own innovation € Increasing dividends while keeping capital for investments 64 Orion CMD 2025 © Orion Corporatio
Slide 65: Q&A
Q&A 65 Orion CMD 2025 © Orion Corporation
Slide 66: Orion Capital Markets Day 2025
Orion Capital Markets Day 2025 Helsinki 22 May 2025