2024 was a year of strong growth for Orion

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Year 2024 was a period of strong growth for Orion. I am particularly pleased that the underlying net sales and operating profit increased clearly.

Published on 25 February 2025

"In January–December 2024, our net sales increased by 29.6 percent to EUR 1,542.4 (1,189.7) million and operating profit increased by 51.5 percent to EUR 416.6 (274.9) million.

Year 2024 was a period of strong growth for Orion. I am particularly pleased that the underlying net sales and operating profit increased clearly. Net sales without significant milestone payments increased by more than 20 percent from the previous year.  Operating profit increased by more than 30 percent, excluding significant milestone payments as well as the positive item related to the transfer of the insurance portfolio of Orion Pension Fund's B during the comparison period. Thanks to a strong year, we reached ahead of schedule the ambitious target we set ourselves in 2019 to reach EUR 1.5 billion in net sales by the end of 2025.

Four of our five business divisions increased their net sales in 2024. The Group's growth was driven by the Innovative Medicines business division led by Nubeqa®. We are very pleased with the faster than expected growth, as well as the achievements of our partner Bayer in the market. Nubeqa's in-market sales during the calendar year exceeded EUR 1 billion in September 2024, which was a great milestone for both companies.

The strong pull of the Easyhaler® product portfolio continued throughout the year, driving the growth of the Branded Products business division. The Generics and Consumer Health business division improved its development throughout the year and the growth of a couple of percent in the competitive generic market was a great performance. The Animal Health business division grew strongly, although a large part of the growth can be explained by a return to normal after a weaker year in 2023. Fermion's net sales were at the previous year's level, which is also a good performance, considering that at the same time the demand for the active ingredients of Orion's own innovative medicines has increased.

At the beginning of 2024, we specified our strategy, which was implemented as planned in 2024. Our various businesses developed in line with the strategy and, among other things, the long-lasting gradual expansion of Orion's geographical footprint was continued when we opened our own sales office in Japan. In addition, we continued to expand our product portfolio with new licensing agreements and expand our research network with new cooperation agreements. We also increased investments in research and development, and sales and marketing as planned. These determined investments aim at Orion's growth in both the short and long term. After the reporting period in January 2025, we completed a huge project that started already in 2021, and successfully launched our new enterprise resource planning (ERP) system.

In terms of development projects, we experienced two highlights in July 2024. Together with MSD, we converted the co-development and co-commercialisation agreement for opevesostat and other candidates targeting CYP11A1 to an exclusive global license for MSD. The conversion of this collaboration into a license agreement allows Orion to focus our resources to progress our other promising research, development and growth programs. In addition, together with our partner Bayer, we reported that the ARANOTE trial had met its primary endpoint. Based on the results, Bayer has already submitted applications to extend the marketing authorisation for darolutamide in the US, the EU and China. In 2024, we decided to end the ODM-111 development program because the therapeutic window of the molecule turned out to be too narrow. Other of our earlier clinical phase projects progressed as planned.

  
The year 2024 was eventful and we achieved many great things together. Thank you to all Orionees and our great partners for this. The road is open for growth also in 2025!””