Orion earnings rose sharply in the third quarter of 2026, as growth in Nubeqa royalties and product sales helped the pharmaceutical company lift its full-year sales and operating profit outlook.
Key Takeaways
- Quarterly net sales rose 28.1% to €542.2 million, while operating profit increased 73.5% to €209.9 million.
- Nubeqa royalties and tablet sales to Bayer totaled €280 million in the quarter.
- Orion raised both ends of its 2026 sales and operating profit guidance ranges.
Orion earnings and Nubeqa sales
For July through September, net sales increased from €423.2 million a year earlier, while operating profit rose from €121.0 million. Basic earnings per share climbed to €1.19 from €0.68.
In its nine-month interim report, Orion said sales for January through September reached €1,481.5 million, up from €1,194.2 million a year earlier. Operating profit increased to €501.2 million from €303.5 million.
Nubeqa contributed €222 million in royalties and €58 million in tablet sales to partner Bayer during the third quarter. CEO Liisa Hurme said Nubeqa was the main driver of sales growth and that higher royalty income was the principal reason profitability improved.
| Item | Details |
|---|---|
| 2026 net sales guidance | €2,070 million–€2,140 million, versus €2,000 million–€2,100 million previously |
| 2026 operating profit guidance | €730 million–€790 million, versus €650 million–€750 million previously |
Higher full-year outlook
Orion upgraded its 2026 outlook on October 20, after the September reporting period. The revised ranges are forecasts, not completed results.
CFO Rene Lindell said Nubeqa was the main reason for the breadth of the guidance range. Orion also said predicting royalties and product sales for a rapidly growing product was difficult, and included some potential US tariff impact in its outlook.
Other businesses and research
The Branded Products division also supported growth, with demand for the Easyhaler and women’s health portfolios. Generics and Consumer Health sales fell 3.4% in the third quarter against a strong year-earlier comparison.
Orion started a Phase 1 trial of ODM-216, its first biologic clinical development asset. The company also reported interim results from the Phase 3 DASL-HiCaP trial after the quarter.
Next milestone
Orion is scheduled to release its 2026 financial statement on February 17, 2027.
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