Inside information: Orion upgrades full-year outlook for 2024
ORION CORPORATION
STOCK EXCHANGE RELEASE – INSIDE INFORMATION
1 JULY 2024 at 15:15 EEST
Inside information: Orion upgrades full-year outlook for 2024
Orion Corporation upgrades the full-year outlook for 2024 both for the part regarding net sales and operating profit. Orion and MSD (Merck & Co., Inc., Rahway, NJ, USA) have exercised the option to convert the co-development and co-commercialisation agreement with MSD regarding opevesostat (MK-5684/ODM-208), an investigational CYP11A1 inhibitor, and other candidates targeting CYP11A1 into an exclusive global license for MSD. As a consequence of this decision, Orion announced it will release from the balance sheet the EUR 60 million item reserved to cover Orion’s share of accrued R&D costs related to the co-development. The item will have positive impact on both Orion’s net sales and operating profit in the third quarter of 2024. For this reason, Orion upgrades full-year outlook for 2024.
It is further noted that all of our businesses have developed positively during the first half of the year.
New full-year outlook, provided on 1 July 2024
Net sales are estimated to be EUR 1,440 million to EUR 1,480 million.
Operating profit is estimated to be EUR 350 million to EUR 380 million.
Previous full-year outlook, provided on 13 February and specified on 24 April 2024
Net sales are estimated to be EUR 1,340 million to EUR 1,410 million.
Operating profit is estimated to be EUR 280 million to EUR 310 million.
Orion Corporation
| Liisa Hurme President and CEO | Olli Huotari SVP, Corporate Functions |
Contact person:
Tuukka Hirvonen, Investor Relations, Orion Corporation
tel. +358 10 426 2721
Publisher:
Orion Corporation
Communications
Orionintie 1A, FI-02200 Espoo, Finland
http://www.orion.fi/en
http://www.twitter.com/OrionCorpIR
Orion is a globally operating Finnish pharmaceutical company – a builder of well-being for over a hundred years. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and consumer health products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2023 amounted to EUR 1,190 million and the company had about 3,600 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.
