Orion (ORNBV) Q2 2026 earnings summary

Executive summary

• Net sales grew 25.2% in Q2 2026 to EUR 521.6 million, with operating profit up 68.8% to EUR 176.6 million and EPS at EUR 1.00, driven by Nubeqa royalties and strong Branded Products performance.

• H1 2026 net sales rose 21.8% to EUR 939.3 million and operating profit increased 59.6% to EUR 291.3 million, with EPS of EUR 1.64.

• Innovative Medicines became the largest division, fueled by Nubeqa royalty growth and significant tablet deliveries to Bayer.

• Key milestones included FDA approval for Tessie® in Animal Health and orphan drug designations for ODM-212 in mesothelioma.

• Cash flow from operating activities nearly doubled, supported by higher profits and a significant milestone payment.

Financial highlights

• Q2 2026 net sales: EUR 521.6 million (+25.2% YoY); operating profit: EUR 176.6 million (+68.8% YoY); operating margin: 33.9%.

• H1 2026 net sales: EUR 939.3 million (+21.8% YoY); operating profit: EUR 291.3 million (+59.6% YoY); margin: 31.0%.

• Nubeqa royalties and product sales were the main growth drivers, with royalties contributing close to EUR 77 million in Q2.

• Branded Products division grew 12.8% YoY in Q2, led by Women's Health and Easyhaler.

• Cash flow from operating activities per share EUR 2.21 (+97.7%).

Outlook and guidance

• 2026 net sales guidance upgraded to EUR 2,000–2,100 million; operating profit expected at EUR 650–750 million, reflecting strong H1 momentum and continued Nubeqa growth.

• Growth expected in Innovative Medicines (notably Nubeqa), Branded Products, and slight growth in Animal Health; Generics and Consumer Health to remain stable or slightly higher.

• R&D and sales/marketing expenses expected to increase; capital expenditure to remain stable.

• Tariffs on innovative pharma from Europe expected to have minor impact in 2026, larger in 2027.