Orion (ORNBV) Q1 2026 earnings summary

Executive summary

• All business divisions delivered strong Q1 2026 performance, with notable growth in Innovative Medicines and Branded Products, and positive clinical pipeline developments including ODM-212 receiving Orphan Drug Designation for mesothelioma from the FDA and initiation of the TEADCO phase 1b/2 trial.

• Executive team strengthened with the appointment of a new EVP for Innovative Medicines.

Financial highlights

• Net sales grew 17.8% year-over-year to €417.7 million in Q1 2026.

• Operating profit rose 47.3% to €114.8 million, with an operating margin of 27.5%.

• Earnings per share increased 47.4% to €0.64.

• EBITDA reached €130.4 million (+42.5% YoY); profit for the period was €90.4 million (+47.6% YoY).

• Cash flow from operating activities declined to €37.0 million due to increased working capital and tax payments.

Outlook and guidance

• 2026 net sales guidance raised to €1.95–2.1 billion (from €1.9–2.1 billion); operating profit guidance increased to €600–750 million (from €550–750 million).

• Upgrade driven by strong Q1 performance and reduced downside risk from US pharma tariffs, now expected to impact no earlier than Q4.

• Growth expected from NubeqaⓇ, Branded Products (especially Easyhaler®), and slight growth in Animal Health; R&D and sales/marketing expenses anticipated to rise.