Another strong quarter, a great closure to a successful year 2025

“

Underlying business developed very favourably and in addition the growth both in net sales and especially in operating profit was boosted by the EUR 180 million Nubeqa milestone.

Published on 12 February 2026

"In October–December 2025, our net sales increased by 60.1 percent to EUR 695.3 (434.4) million and operating profit increased more than threefold to EUR 328.1 (92.7) million. Underlying business developed very favourably and in addition the growth both in net sales and especially in operating profit was boosted by the EUR 180 million Nubeqa milestone. Excluding all milestones, our net sales increased by 18.5 percent to EUR 514.0 (433.9) million, and operating profit by 59.2 percent to EUR 146.8 (92.3) million.

 
All of our largest business divisions continued the strong performance we have seen throughout the year. The Innovative Medicines business division more than doubled its net sales in Q4 thanks to the EUR 180 milestone and Nubeqa® sales. Nubeqa® has consistently exceeded expectations, and now we estimate that Orion's annual Nubeqa® net sales have the potential to exceed EUR 1 billion by the end of the current decade.

Also the Branded Products, and the Generics and Consumer Health business divisions remained on a solid growth path. Both divisions have strong, high-quality portfolios, which developed well as a whole. The Animal Health business division’s sales continued on a good level.

On the R&D front, our clinical development pipeline progressed further with the initiation of  a phase 2 trial of ODM-212, which is a TEAD inhibitor, in December. This first trial focuses on rare cancers but we see a lot of potential with ODM-212 and its mode of action in various indications. Thus, we aim to expand the phase 2 program during 2026. Also, as planned, our partner Tenax initiated a second phase 3 trial with levosimendan for pulmonary hypertension in heart failure with preserved ejection fraction.

  
Overall, Orion delivered a very strong performance in 2025, with solid financial results and clear progress in executing our strategy. We took a significant step forward in strengthening our biologics R&D by establishing an R&D center in Cambridge, England. We have also strengthened our US unit with key recruitments and moved our office from New York to Boston, which is a leading biotech hub.

Due to Nubeqa’s strong performance and outlook, we gave financial outlook for 2026 already in January. We are expecting another very strong year, during which we will continue our determined work to build well-being and Orion’s future.”