• Sat. Mar 2nd, 2024

Orionn Reports Significant Improvement in Financial Results, Beats Analyst Forecasts

ByEditor

Feb 13, 2024
Orion’s performance improved compared to the previous period

Orionn, a pharmaceutical company, experienced a significant improvement in its financial results for October-September compared to the previous year. The company’s operating profit increased to 92.9 million euros from 40.7 million euros in the same period last year, surpassing analyst forecasts.

Part of the improvement was due to a 30.7 million euro installment related to the transfer of the insurance portfolio of Orion Pension Foundation’s B section. However, when adjusted for this item, the result still showed improvement from the previous year.

Turnover for the quarter was 321.1 million euros, higher than the estimated 318.9 million euros and slightly lower than the 294.5 million euros from the previous year. Earnings per share also increased, reaching 0.54 euros per share compared to the expected 0.43 euros per share.

The board of directors proposed a dividend of 1.62 euros per share for the last fiscal year, based on their guidance that turnover in 2024 will be between 1,340 and 1,410 million euros with an operating profit of between 270 and 310 million euros.

Liisa Hurme, managing director at Orionn, highlighted positive progress in clinical development pipeline and strong growth of drug Nubeqa as main drivers of financial performance during January-December 2023 when turnover was EUR 1,189

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