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Orion Group Interim Report 1–3/2022


This is a summary or Orion’s Interim Report 1–3/2022. The complete report is attached to this stock exchange release and is available at

  • Net sales totalled EUR 271 million (EUR 269 million in 2021).
  • Operating profit was EUR 71 (75) million.
  • Profit before taxes was EUR 72 (75) million.
  • Equity ratio was 53% (54%).
  • Return on capital employed before taxes (ROCE) was 36% (38%).
  • Return on equity after taxes (ROE) was 33% (35%).
  • Basic earnings per share were EUR 0.41 (0.42).
  • Cash flow per share before financial items was EUR 0.23 (0.19).
  • The outlook for 2022 remains unchanged. Orion estimates that net sales in 2022 will be at a similar level as in 2021 (net sales in 2021 were EUR 1,041 million). Operating profit is estimated to be at a similar level as in 2021 (operating profit in 2021 was EUR 243 million).


  1-3/22 1-3/21 Change % 1-12/21
Net sales, EUR million 270.6 268.7 +0.7% 1,041.0
EBITDA, EUR million 83.0 86.0 -3.5% 289.1
% of net sales 30.7% 32.0%   27.8%
Operating profit, EUR million 71.5 75.0 -4.7% 243.3
% of net sales 26.4% 27.9%   23.4%
Profit before taxes, EUR million 72.1 74.8 -3.6% 242.3
% of net sales 26.7% 27.8%   23.3%
Profit for the period, EUR million 57.3 59.6 -3.7% 193.8
% of net sales 21.2% 22.2%   18.6%
Research and development expenses, EUR million 32.1 25.1 +27.9% 117.7
% of net sales 11.9% 9.3%   11.3%
Capital expenditure, EUR million 11.1 12.0 -7.4% 85.4
% of net sales 4.1% 4.5%   8.2%
Interest-bearing net liabilities, EUR million -126.8 -214.9 -41.0% -108.3
Basic earnings per share, EUR million 0.41 0.42 -3.8% 1.38
Cash flow per share before financial items, EUR 0.23 0.19 +21.4% 0.96
Equity ratio, % 52.9% 53.8%   68.1%
Gearing, % -19.8% -34.2%   -14.5%
Return on capital employed (before taxes), % 35.7% 38.2%   28.8%
Return on equity (after taxes), % 33.1% 35.0%   26.2%
Average personnel during the period 3,358 3,328 +0.9% 3,364

President and CEO Timo Lappalainen:

Nubeqa spearheads Orion’s growth - war and ever more stressed supply chains causing concerns

“The year 2022 for Orion has started with mixed feelings. On the one hand, we have had positive news flow from darolutamide and the overall business has developed well. At the same time, however, the war in Ukraine has caused a great deal of concern and our thoughts are with our employees in Ukraine and everyone suffering from this situation. Also, the effects of the COVID-19 pandemic are not over yet. Global supply chains remain under high stress and cost inflation has accelerated faster than anticipated. For Orion, the increase in costs is particularly challenging, as raising the prices of prescription medicines for human use in Orion’s markets is often not an option. We remain committed to looking after the health and safety of our employees, ensuring production continuity and product availability, and safeguarding patient safety in ongoing clinical trials.

Orion’s net sales in January-March 2022 grew by one per cent from the comparative period and the operating profit was slightly lower than in the comparative period. The sales of Dexdor® and Simdax® declined clearly as expected but, thanks to the strong sales development of Nubeqa® and Easyhaler® portfolio, net sales of the Proprietary Products unit increased slightly. Nubeqa® sales were further boosted by large product deliveries to our partner Bayer. These shipments can and will cause quarterly volatility to total Nubeqa® revenues booked by Orion. Net sales of the Specialty Products unit also increased slightly, due to for example strong sales of self-care products in Finland. Sales of the Animal Health unit declined due to the timing of deliveries to partners and also because of the termination of one distribution agreement in Finland. Fermion and Contract Manufacturing performed according to expectations in the first three months of the year.

In February 2022, detailed positive results from the Phase III ARASENS study with darolutamide were reported in the New England Journal of Medicine and at the 2022 ASCO GU Cancers Symposium. Orion’s collaboration partner Bayer also upgraded its estimate on darolutamide’s peak sales potential. In March, we published our plans to change and refocus the strategy of Orion’s R&D function and started negotiations in accordance with the Act on Co-operation within Undertakings. Orion plans for R&D to focus on cancer and pain in future. The search continues for partners for the ODM-208 molecule and the digital therapy software solution for treating chronic pain.

We remain dedicated to our 2025 growth target and as part of that journey continue our efforts to find new cooperation opportunities and product and business acquisition targets.

Finally, I would like to express my warmest congratulations to Liisa Hurme, who was appointed as Orion’s President and CEO as of 1 November 2022. I am convinced that Liisa, with her broad expertise and experience, is well placed to continue the work on Orion’s growth strategy that we have developed together as colleagues. Collaborating together, we will ensure that the upcoming CEO transition goes smoothly.”

Outlook for 2022 (provided on 10 February 2022)

Orion estimates that net sales in 2022 will be at a similar level as in 2021
(net sales in 2021 were EUR 1,041 million).

Operating profit is estimated to be at a similar level as in 2021
(operating profit in 2021 was EUR 243 million).

News conference and conference call

A webcast and a conference call for analysts, investors and media will be held on Thursday, 28 April 2022 at 13.30 EEST. The event will be held only online and by conference call.

A link to the live webcast will be available on Orion's website at A recording of the event will be available on the website later the same day.

To participate the conference call, please dial:

Finland: +358 9 817 103 10

Sweden: +46 8 566 426 51

UK: +44 333 300 0804

USA: +1 631 913 1422

PIN: 91460173#

Upcoming events

Half-Year Financial Report January-June 2022 Friday 15 July 2022
Interim Report January-September 2022 Thursday 20 October 2022

Espoo, 28 April 2022

Board of Directors of Orion Corporation

Orion Corporation

For additional information about the report:

Jari Karlson, CFO                 tel. +358 50 966 2883

Tuukka Hirvonen, Investor Relations        tel. +358 10 426 2721 or +358 50 966 2721

Orion Corporation

Orion is a globally operating Finnish pharmaceutical company – a builder of well-being. Orion develops, manufactures and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients. The company is continuously developing new drugs and treatment methods. The core therapy areas of Orion's pharmaceutical R&D are neurological disorders, oncology and respiratory diseases for which Orion develops inhaled pulmonary medication. Orion's net sales in 2021 amounted to EUR 1,041 million and the company had about 3,350 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.