Orion Oyj

Q2 2026 net sales were EUR 522 million, up 25% year over year. Operating profit was EUR 177 million, up 69% year over year, and the operating margin was 34%. EPS was EUR 1. For January-June 2026, net sales were EUR 939 million, up 22% year over year; operating profit was EUR 291 million, up almost 60%; operating margin was 31%; and EPS was EUR 1.64. Full-year 2026 guidance was raised to net sales of EUR 2.0 billion to EUR 2.1 billion and EBIT of EUR 650 million to EUR 750 million, with the lower end lifted by EUR 50 million.

Liisa Hurme characterized the quarter as another strong one, saying Orion saw accelerated net sales growth and improved profitability in Q2. She emphasized that Nubeqa royalties and product sales were the key drivers, Branded Products also performed very well, and ODM-212 reached several key milestones. Her tone was confident and constructive, while noting that some businesses were mixed and that quarterly Nubeqa tablet deliveries can vary based on timing.

René Lindell highlighted that the company’s full-year guidance was upgraded because first-half momentum, especially in Nubeqa, looks likely to continue in H2. He said the higher lower-bound reflects that the prior floor had become unlikely, and he explained that the strong gross margin was mainly driven by the rising share of Nubeqa royalties, while other businesses’ gross margins were more stable. On costs, he said R&D should rise versus last year but not in a uniform step-up each quarter, and that tariff impact should be small this year but larger next year if new European pharma tariffs begin in Q4.

Analysts pressed on Nubeqa tablet shipments, royalty tiers, and whether Q2’s jump means Q3/Q4 deliveries will soften; management said shipments are lumpy because of Bayer forecasts and factory maintenance, but the long-term trend remains upward. They also said the maximum royalty tier was reached during Q2, so future royalty growth will be driven more by market sales than by new tier progression. Questions on Divigel strength, tariffs, Fermion’s Hanko water damage, and U.S. expansion were answered with guidance that Divigel is benefiting from steady growth and some competitor stock-outs, tariff impact is currently small, the Hanko issue should be resolved in weeks with no material disruption, and the U.S. buildout is still limited in scale, with tens of people rather than hundreds.