2015-07-28 11:00:00 CEST
2015-07-28 11:01:04 CEST
REGULATED INFORMATION
Orion - Interim report (Q1 and Q3)
Orion Group Interim Report January-June 2015
ORION CORPORATION / INTERIM REPORT / JANUARY-JUNE 2015 / 28 July 2015 at
12:00 noon EEST
Orion Group Interim Report January-June 2015
Orion's net sales in January-June 2015 totalled EUR 515 million (EUR 522 million
in January-June 2014).
* Operating profit was EUR 157 (153) million.
* Profit before taxes was EUR 156 (151) million.
* Equity ratio was 50% (51%).
* ROCE before taxes was 45% (42%).
* ROE after taxes was 51% (49%).
* Basic earnings per share were EUR 0.88 (0.86).
* Cash flow per share before financial items was EUR 0.67 (0.93).
* The outlook estimate for 2015 was updated after the review period. Orion
estimates that in 2015 net sales will be at similar level to 2014 and the
operating profit is estimated to exceed EUR 260 million.
ORION'S KEY FIGURES FOR THE REVIEW PERIOD
Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
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Net sales, EUR million 255.0 276.7 -7.8% 514.9 521.7 -1.3% 1,015.3
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International
operations, EUR
million. 178.1 204.7 -13.0% 359.6 379.3 -5.2% 719.8
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% of net sales 69.8% 74.0% 69.8% 72.7% 70.9%
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Operating profit, EUR
million 74.0 86.0 -14.0% 157.1 153.4 +2.4% 272.4
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% of net sales 29.0% 31.1% 30.5% 29.4% 26.8%
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Profit before taxes,
EUR million 72.9 84.7 -14.0% 155.6 151.2 +2.9% 267.8
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% of net sales 28.6% 30.6% 30.2% 29.0% 26.4%
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Income tax expense,
EUR million 15.2 16.7 -9.1% 32.1 30.5 +5.3% 56.6
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R&D expenses, EUR
million 27.8 30.6 -8.9% 52.9 56.9 -6.9% 106.2
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% of net sales 10.9% 11.0% 10.3% 10.9% 10.5%
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Capital expenditure,
EUR million 11.2 13.5 -16.5% 19.3 29.6 -34.8% 57.1
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% of net sales 4.4% 4.9% 3.7% 5.7% 5.6%
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Assets total, EUR
million 944.1 943.0 +0.1% 1,001.5
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Equity ratio, % 49.5% 51.3% 52.3%
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Gearing, % 13.1% 18.9% -4.7%
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Interest-bearing
liabilities, EUR
million 229.6 252.8 -9.2% 234.5
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Non-interest-bearing
liabilities, EUR
million 253.6 226.0 +12.2% 252.0
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Cash and cash
equivalents and money
market investments,
EUR million 169.4 164.9 +2.7% 258.5
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ROCE (before taxes), % 45.3% 42.1% 36.6%
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ROE (after taxes), % 50.6% 49.3% 41.1%
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Basic earnings per
share, EUR 0.41 0.48 -15.3% 0.88 0.86 +2.2% 1.50
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Diluted earnings per
share, EUR 0.41 0.48 -15.3% 0.88 0.86 +2.2% 1.50
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Cash flow per share
before financial
items, EUR 0.29 0.62 -53.0% 0.67 0.93 -27.6% 1.72
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Equity per share, EUR 3.27 3.30 -0.8% 3.66
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Personnel at the end
of the period 3,539 3,594 -1.5% 3,450
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Average personnel
during the period 3,448 3,507 -1.7% 3,493
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Personnel expenses,
EUR million 114.0 114.0 219.2
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President and CEO Timo Lappalainen:"Year continued strongly""In the first half of 2015 our net sales were at nearly the same level as in the
comparative period and operating profit was slightly higher. However, this year
substantially smaller proportions of net sales and especially operating profit
than a year ago derived from milestone payments."Net sales of the Specialty Products business division continued to develop well
in Finland, Scandinavia and Eastern Europe, the main market areas. As regards
Proprietary Products, the Easyhaler(®) product family and Dexdor(®) maintained
their strong growth. Sales of Simdax(®) and Comtan(®), which have been in the
markets for a long time, were also higher than in the previous year. Stalevo(®)
and Precedex(®) sales continued to decrease due to generic competition, but good
growth in other proprietary products was able to compensate for this decline in
net sales, and as a whole net sales from sales of the Proprietary Products
business division's products were at nearly the same level as in the previous
year. Growth in the Animal Health business division was due to good growth in
sales of the animal sedative product family and a payment related to the sale of
product rights received early this year."The increase in operating profit was due to good growth in product sales and
higher gross profit, which enabled us to compensate for the decrease in profit
due to lower Stalevo(®) and Precedex(®) sales and lower milestone payments. The
margin level in the first half of the year was improved by enhanced production
efficiency and exchange rate changes."During the review period, the European Commission granted marketing
authorisation for Sileo(®) (dexmedetomidine), Orion's Animal Health division's
new proprietary drug, which is indicated for alleviation of acute anxiety and
fear associated with loud noise in dogs."Our early-phase research portfolio has developed well during the year. We have
commenced Phase I clinical safety trials with an investigational CYP17 enzyme
and androgen receptor inhibitor (ODM-204) for treatment of castration-resistant
prostate cancer, with a GABA-B receptor positive allosteric modulator (ODM-106)
for alleviation of symptoms of essential tremor and with a novel, highly potent,
selective and reversible negative allosteric modulator of the TRPA1 ion channel
(ODM-108) for treatment of neuropathic pain. In addition, we have commenced
Phase II clinical trials with orally administered levosimendan (ODM-109) for
treatment of patients with amyotrophic lateral sclerosis (ALS) and a Phase IIa
trial with a new formulation of an alpha-2c adrenoceptor antagonist (ORM-12741)
for treatment of symptoms of Alzheimer's disease. Our other research projects
also progressed as planned during the review period."After the end of the review period, we upgraded our outlook estimate for 2015
due to the good start to the year. Extension of generic competition to Stalevo
outside Germany did not yet significantly affect the figures for the first half
year. Because of the good growth in the first half of the year in the steadily
growing business areas such as Specialty Products, Dexdor(®) and the
Easyhaler(®) product family we expect them to compensate during the current year
for the decreases in net sales due to some rapid changes, such as extension of
generic competition to Stalevo(®) in Europe, decreasing royalties from
Precedex(®) and the timing of milestone payments. We estimate that in 2015 net
sales will be at similar level to 2014. We estimate that operating profit will
exceed EUR 260 million. Our outlook estimate and the basis for it can be found
in this report under 'Outlook for 2015' and 'Basis for outlook'."
Events during the period
On 24 April Orion upgraded the full-year outlook for 2015.
Events after the period
On 9 July Orion upgraded the full-year outlook for 2015.
News conference and teleconference
A news conference and teleconference on the published results will be held
today, Tuesday 28 July 2015, at 13:30 EEST in Hotel Kämp, address:
Pohjoisesplanadi 29, Helsinki. President and CEO Timo Lappalainen will give a
brief presentation in English on the financial review.
The event can be followed live as a webcast accessible at Orion's website at
www.orion.fi/en/investors. After the presentation, questions can be asked by
telephone in Finnish and English.
The teleconference code is 953913 and the telephone numbers to participate in
the teleconference are:
Finland: +358 (0)9 2313 9201
Sweden: +46 (0)8 5052 0110
United Kingdom: +44 (0)20 7162 0077
United States: +1 334 323 6201
News conference recordings
A recording of the webcast of the event in English and a recording of the
presentation by the President and CEO in Finnish will be published on the Orion
website during Tuesday 28 July 2015.
Financial report material
Financial reports and related presentation material are available at
www.orion.fi/en/investors promptly after publication. The website also has a
form for subscribing to Orion's releases.
Dates in Orion Calendar 2015-2016
Tuesday 27 October 2015
Interim Report January-September 2015
Financial Statement Release for 2015 Tuesday 2 February 2016
Planned to be held on Tuesday 22 March
Annual General Meeting 2016 2016
Interim Report January-March 2016 Wednesday 27 April 2016
Interim Report January-June 2016 Tuesday 19 July 2016
Tuesday 25 October 2016
Interim Report January-September 2016
The Financial Statements and Report by the Board of Directors for 2015 will be
published on the Company's website at the latest in week 9/2016.
For additional information about the financial review:
Jari Karlson, CFO tel. +358 10 426 2883
http://www.orion.fi/en
http://www.orion.fi/en/investors
Financial review January-June 2015
Net sales
The Orion Group's net sales in January-June 2015 were EUR 515 million (EUR 522
million in January-June 2014). The net effect of currency exchange rates was
plus EUR 12 million.
The Pharmaceuticals business's net sales were EUR 486 (494) million. The
Pharmaceuticals business's net sales of products in the portfolio other than
Stalevo(®) and Comtess(®)/Comtan(®) and excluding milestone payments were up by
8% at EUR 401 (373) million. Net sales of Orion's Stalevo(®) (carbidopa,
levodopa and entacapone) and Comtess(®)/Comtan(®) (entacapone) Parkinson's drugs
were down by 13% at EUR 80 (93) million, which was 17% (19%) of the
Pharmaceuticals business's net sales.
The Diagnostics business's net sales were EUR 30 (29) million.
Operating profit
The Orion Group's operating profit was up by 2% at EUR 157 (153) million.
Milestone payments accounted for EUR 5 (29) million of the operating profit.
The Pharmaceuticals business's operating profit was up by 1% at EUR 157 (155)
million. Milestone payments accounted for EUR 5 (29) million of the operating
profit. The gross profit percentage on product sales was higher due to enhanced
production efficiency and changes in exchange rates.
The Diagnostics business's operating profit was up by 77% at EUR 5.6 (3.2)
million mainly due to the favourable margin structure of sales from the
portfolio and exchange rate changes.
Operating expenses
The Group's sales and marketing expenses were EUR 95 (95) million.
R&D expenses were EUR 53 (57) million and accounted for 10% (11%) of the Group's
net sales. Pharmaceutical R&D expenses amounted to EUR 49 (53) million. Research
projects are reported in more detail under Pharmaceuticals in the Business
Reviews.
Administrative expenses were EUR 24 (21) million.
Other operating income and expenses, mainly derived from currency hedges,
reduced profit by EUR 0.3 (enhanced profit by EUR 0.7) million.
Group's profit
The Group's profit before taxes totalled EUR 156 (151) million. Basic earnings
per share were EUR 0.88 (0.86) and diluted earnings per share were EUR 0.88
(0.86). Equity per share was EUR 3.27 (3.30). The return on capital employed
before taxes (ROCE) was 45% (42%) and the return on equity after taxes (ROE)
51% (49%).
Financial position
The Group's gearing was 13% (19%) and the equity ratio 50% (51%).
The Group's total liabilities at 30 June 2015 were EUR 483 (479) million. At the
end of the period, interest-bearing liabilities amounted to EUR 230 (253)
million, including EUR 204 (227) million of non-current loans.
The Group had EUR 169 (165) million of cash and cash equivalents and money
market investments at the end of the period. The cash and cash equivalents are
invested in short-term interest-bearing instruments issued by financially solid
financial institutions and corporations.
Cash flow
Cash flow from operating activities was EUR 115 (161) million. The decrease in
cash flow was due to an increase of EUR 44 million in cash tied up in working
capital. During the comparative period the amount of cash tied up in working
capital decreased by EUR 19 million. Both receivables and stock levels were only
slightly higher at the end of the reporting period than at 30 June 2014, but
they were higher than at the end of the previous financial period.
Cash flow from investing activities was EUR -21 (-30) million.
Cash flow from financing activities was EUR -188 (-182) million.
Capital expenditure
The Group's capital expenditure totalled EUR 19 (30) million. This comprised EUR
17 (27) million on property, plant and equipment and EUR 2 (2) million on
intangible assets.
New outlook for 2015, provided on 9 July 2015
Net sales are estimated to be at similar level to 2014 (net sales were EUR
1,015 million in 2014).
Operating profit is estimated to exceed EUR 260 million.
The Group's capital expenditure will be about EUR 50 million excluding
substantial corporate or product acquisitions (the Group's capital expenditure
was EUR 57 million in 2014).
Previous outlook for 2015, provided on 24 April 2015
Net sales will be slightly lower than in 2014 (net sales were EUR 1,015 million
in 2014).
Operating profit is estimated to exceed EUR 230 million.
The Group's capital expenditure will be about EUR 50 million excluding
substantial corporate or product acquisitions (the Group's capital expenditure
was EUR 57 million in 2014).
Basis for outlook
A financial objective of Orion is to increase net sales. Because of the good
growth in the first half of the year in the steadily growing business areas such
as Specialty Products, Dexdor(®) and the Easyhaler(®) product family we expect
them to compensate during the current year for the decreases in net sales due to
some rapid changes, such as extension of generic competition to Stalevo(®) in
Europe, decreasing royalties from Precedex(®) and the timing of milestone
payments.
Orion's Parkinson's drugs are Comtess(®), Comtan(®) and Stalevo(®). Generic
competition to them commenced in the United States in 2012, and in 2014 US
markets accounted for about EUR 12 million of Orion's EUR 169 million total net
sales of Parkinson's drugs. In Europe the majority of net sales come from
Stalevo. Generic competition to Comtess and Comtan, which have clearly lower
sales, commenced already in 2013. The first generic marketing authorisations for
Stalevo were granted in Germany and generic competition commenced there in
2014. The competition is expected to extend in Europe during 2015 and decrease
Orion's sales of Stalevo. In 2014 Europe accounted for about EUR 111 million of
the net sales of Orion's Parkinson's drugs. Elsewhere in the world generic
competition is not expected to have a material impact on sales volumes of these
products in the current year.
Generic competition to Precedex commenced in the United States in August 2014.
As a result, the royalties from Precedex received by Orion decreased. They were
EUR 10 million in the second half of 2014, which was 64% less than in the
corresponding period a year earlier. The decline is continuing in 2015, and
royalties will be clearly lower than in 2014.
Sales of Dexdor and the Easyhaler product family, which are also key proprietary
drugs, are forecast to continue to grow. The patent for the Simdax(®) molecule
expires in September 2015 but this is not expected to have a material impact on
sales of the product in the current year.
Sales of generic products have been accounting for a greater proportion of
Orion's total sales, and price competition has remained intense in many markets.
Competition in Finland, the most important generic market for Orion, remains
intense in 2015. However, product launches continue to support Orion's position
as market leader.
Collaboration agreements with other pharmaceutical companies are an important
component of Orion's business model. Often payments related to these agreements
are recorded in net sales, and in 2014 they totalled EUR 39 million. In the
first half of 2015 milestone payments totalled EUR 5 million. Forecasting the
timing and amount of payments is difficult. Possible future payments relating to
agreements already made have in some cases been conditional on, for instance,
the progress of research projects or results received, which are not known until
studies have been completed. On the other hand, making new agreements is
generally a process for which neither the schedule nor the outcome is known
before the final signing of the agreement.
Investments commenced in 2012 to develop and ensure future growth, delivery
reliability and quality standards, and the related reorganisations of production
will mostly be completed during 2015. They are no longer expected materially to
decrease production capacity and increase production costs. Projects launched as
part of the reorganisations to increase production efficiency are expected
gradually to improve productivity from the beginning of 2015.
Marketing expenditure will be at similar level to the previous year. Because the
registrations and launches of new products are projects that take more than a
year, the increases in resources and other inputs required in 2015 were planned
mainly during the previous year. Royalty payments to AbbVie previously recorded
in marketing expenditure and related to the reacquisition of rights to Simdax
ended in April 2014. About EUR 10 million of royalties were paid in 2013 and
about EUR 3 million in 2014.
Research and development costs will be slightly higher than in 2014. They are
partly the Company's internal fixed cost items, such as salaries and maintenance
of the operating infrastructure, and partly external variable costs. External
costs arise from, among other things, long-term clinical trials, which are
typically performed in clinics located in several countries. The most important
clinical trials scheduled for 2015 are either ongoing from the previous year or
at an advanced stage of planning, therefore their cost level can be estimated
rather accurately. The accrued costs are materially affected by collaboration
arrangements and how the costs arising are allocated between Orion and its
collaboration partners. For instance, Bayer is paying the majority of the ODM-
201 research costs.
Near-term risks and uncertainties
Sales of Orion's Parkinson's drugs will decrease in 2015 due to generic
competition. The effects of the competition have been taken into account in the
outlook estimate for the current year. However, the timing of commencement and
the intensity of generic competition to Stalevo in Europe still entails
uncertainty that may materially affect the accuracy of the estimate made at this
stage. Competition is expected to have extended in Europe by the end of 2015,
decreasing Stalevo sales.
Sales of individual products and also Orion's sales in individual markets may
vary, for example depending on the extent to which the ever-tougher price and
other competition prevailing in pharmaceutical markets in recent years will
specifically affect Orion's products. Deliveries of Parkinson's drugs to
Novartis, the most important collaboration partner, are based on timetables that
are jointly agreed in advance. Nevertheless, they can change, for example as a
consequence of decisions by Novartis concerning among others adjustments of
stock levels. In addition, changes in market prices and exchange rates affect
the value of deliveries to Novartis.
A significant proportion of the exchange rate risk is related to the US dollar.
Typically, less than 15% of Orion's net sales comes from the United States. As
regards currencies in European countries, the overall effect will be abated by
the fact that Orion has organisations of its own in most of these countries,
which means that in addition to sales income, there are also costs in these
currencies. Changes in the Japanese yen exchange rate have become more important
as sales of Parkinson's drugs in Japan have increased. In 2014 rapid and severe
weakening of the Russian rouble towards the end of the year had a negative
currency exchange rate effect. However, Russian sales are not a significant
portion of Orion's entire net sales.
Orion's currently high production capacity utilisation rate and its broad
product range may cause risks to the delivery reliability and make it
challenging to maintain the very high quality standard required. Authorities and
key customers in different countries undertake regular and detailed inspections
of development and manufacturing of drugs. Any remedial actions that may be
required may at least temporarily have effects that decrease delivery
reliability and increase costs.
Research projects always entail uncertainty factors that may either increase or
decrease estimated costs. The projects may progress more slowly or faster than
assumed, or they may be discontinued. Nonetheless, changes that may occur in
ongoing clinical studies are reflected in costs relatively slowly, and they are
not expected to have a material impact on earnings in the current year. Owing to
the nature of the research process, the timetables and costs of new studies that
are being started are known well in advance. They therefore typically do not
lead to unexpected changes in the estimated cost structure. Orion generally
undertakes the last, in other words Phase III, clinical trials in collaboration
with other pharmaceutical companies. Commencement of these collaboration
relationships and their structure also materially affect the schedule and cost
level of research projects.
Collaboration arrangements are an important component of Orion's business model.
Possible collaboration and licensing agreements related to these arrangements
also often include payments to be recorded in net sales that may materially
affect Orion's financial results. In 2014 a total of EUR 39 million of such
payments were received, which was clearly higher than average for the payments
received by Orion in previous years. The payments may be subject to certain
conditions relating to the development of research projects or sales, and
whether these conditions are triggered and the timing of triggering always
entail uncertainties.
Orion's dividend distribution policy
Orion's dividend distribution takes into account the distributable funds and the
capital expenditure and other financial requirements in the medium and long term
to achieve the financial objectives.
Shares and shareholders
On 30 June 2015 Orion had a total of 141,257,828 (141,257,828) shares, of which
39,625,774 (41,522,816) were A shares and 101,632,054 (99,735,012) B shares. The
Group's share capital was EUR 92,238,541.46 (92,238,541.46). At the end of June
2015 Orion held 427,716 (569,665) B shares as treasury shares. On 30 June 2015
the aggregate number of votes conferred by the A and B shares was 893,719,818
(929,621,667) excluding treasury shares.
At the end of June 2015, Orion had 49,987 (53,666) registered shareholders.
Voting rights conferred by shares
Each A share entitles its holder to twenty (20) votes at General Meetings of
Shareholders and each B share one (1) vote. However, a shareholder cannot vote
more than 1/20 of the aggregate number of votes from the different share classes
represented at a General Meeting of Shareholders. The Company itself and Orion
Pension Fund do not have the right to vote at an Orion Corporation General
Meeting of Shareholders.
Both share classes, A and B, confer equal rights to the Company's assets and
dividends.
Conversion of shares
The Articles of Association entitle shareholders to demand the conversion of
their A shares to B shares within the limitation on the maximum number of shares
of a class. In January-June 2015 a total of 787,207 shares were converted.
Trading in Orion's shares
Orion's A shares and B shares are quoted on NASDAQ Helsinki in the Large Cap
group under the Healthcare sector heading under the trading codes ORNAV and
ORNBV. Trading in both of the Company's share classes commenced on 3 July 2006,
and information on trading in the Company's shares has been available since this
date.
On 30 June 2015 the market capitalisation of the Company's shares was EUR 4,424
million.
Orion shares are also traded on various alternative trading platforms in
addition to NASDAQ Helsinki.
Authorisations of the Board of Directors
Orion's Board of Directors was authorised by the Annual General Meeting on 19
March 2013 to decide on acquisition of shares in the Company and on a share
issue in which shares held by the Company can be conveyed. The authorisation to
acquire shares was utilised during 2013. The Board of Directors is authorised to
decide on conveyance of no more than 600,000 Orion Corporation B shares held by
the Company. The authorisation to issue shares is valid for five years from the
decision taken by the Annual General Meeting. The terms and conditions of the
authorisations were reported in more detail in a stock exchange release on 19
March 2013.
The Board of Directors is not authorised to increase the share capital or to
issue bonds with warrants or convertible bonds or stock options.
Share-based Incentive Plan
Orion has a currently operating share-based incentive plan for key persons of
the Group, which was announced in a stock exchange release published on 5
February 2013.
On 2 March 2015 Orion transferred altogether 141,949 Orion Corporation B shares
held by the Company as a share bonus for earning periods 2012-2014 and 2014 to
the key persons employed by the Orion Group and belonging to the incentive plans
of the Orion Group.
Share ownership
Orion's shares are in the book-entry system maintained by Euroclear Finland, and
Euroclear Finland maintains Orion's official shareholder register.
At the end of June 2015 Orion had a total of 49,987 (53,666) registered
shareholders, of whom 96% (95%) were private individuals holding 41% (44%) of
the entire share stock and 62% (63%) of the total votes. There were altogether
58 (54) million nominee-registered shares, which was 41% (38%) of all shares,
and they conferred entitlement to 9% (8%) of the total votes.
At the end of June 2015 Orion held 427,716 (569,665) B shares as treasury
shares, which is 0.3% (0.4%) of the Company's total share stock and 0.05%
(0.06%) of the total votes.
Personnel
The average number of employees in the Orion Group in January-June 2015 was
3,448 (3,507). At the end of June 2015 the Group had a total of 3,539 (3,594)
employees, of whom 2,868 (2,908) worked in Finland and 671 (686) outside
Finland.
Salaries and other personnel expenses in January-June 2015 totalled EUR 114
(114) million.
Significant legal proceedings
Companies belonging to the Orion Group are parties to various legal disputes
which are not however considered to be significant legal proceedings for the
Group.
Business Reviews
Pharmaceuticals
Review of human pharmaceuticals market
Finland is the most important individual market for Orion, generating about one-
third of the total net sales. According to IMS Health statistics, Finnish
wholesale of human pharmaceuticals in January-June 2015 was up by 2% on the
previous year at EUR 1,071 (1,048) million. Orion was able to increase its sales
faster than market growth, and maintained its position as leader in marketing
pharmaceuticals in Finland. According to statistics collected by IMS Health,
Orion's wholesale of human pharmaceuticals in Finland in January-June 2015
amounted to EUR 129 (121) million, up by 7% compared with the previous year.
Orion's market share of Finnish pharmaceuticals markets was 12% (12%).
The most important individual therapy area for Orion is still the treatment of
Parkinson's disease. Orion's branded Parkinson's drugs containing entacapone
(Stalevo(®), Comtess(® )and Comtan(®)) account for about one-sixth of the
Group's net sales.
Total sales of all Parkinson's drugs:
EUR or USD million MAT3/2015 MAT3/2014 Change %
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United States USD 806 803 0%
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Europe TOP 5 EUR 976 991 -2%
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Japan EUR 521 494 +6%
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Source: IMS Health pharmaceutical sales statistics MAT3/2015 (4/2014-3/2015)
The five largest European markets for Parkinson's disease drugs were Germany,
the United Kingdom, France, Spain and Italy.
Total sales of all Parkinson's drugs containing entacapone:
EUR or USD million MAT3/2015 MAT3/2014 Change %
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United States USD 100 138 -28%
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Europe TOP 5 EUR 140 150 -7%
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Japan EUR 55 55 +1%
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Source: IMS Health pharmaceutical sales statistics MAT3/2015 (4/2014-3/2015)
Total sales of Orion's branded Parkinson's drugs:
EUR or USD million MAT3/2015 MAT3/2014 Change %
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United States USD 16 24 -31%
-----------------------------------------------------------------------------
Europe TOP 5 EUR 117 129 -10%
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Japan EUR 55 55 +1%
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Source: IMS Health pharmaceutical sales statistics MAT3/2015 (4/2014-3/2015)
Sales of Orion's branded Parkinson's drugs decreased in the United States due
the trend to generics in the market and in Europe due to commencement of generic
competition. The market share of Orion's branded Parkinson's drugs was 2% in the
United States, on average 12% in the five largest European markets and 11% in
Japan.
According to IMS Health pharmaceutical sales statistics, in Europe total sales
of the most common intravenous anaesthetics and intensive care sedatives
(propofol, midazolam, remifentanil and dexmedetomidine) in the 12-month period
ending in March 2015 were up by 3% at EUR 509 (495) million. According to IMS
Health pharmaceutical sales statistics, in the 12-month period ending in March
2015 sales of Orion's Dexdor(®) intensive care sedative (dexmedetomidine) were
up by 37% at EUR 30 (22) million in Europe.
Net sales and operating profit of the Pharmaceuticals business
Net sales of the Pharmaceuticals business in January-June 2015 were down by 2%
at EUR 486 (494) million. The operating profit of the Pharmaceuticals business
was up by 1% at EUR 157 (155) million. Milestone payments accounted for EUR 5
(29) million of the net sales and operating profit. The operating profit of the
Pharmaceuticals business was 32% (31%) of the segment's net sales.
Net sales of Orion's top ten pharmaceuticals in January-June 2015 were up by 5%
at EUR 220 (209) million. They accounted for 45% (42%) of the total net sales of
the Pharmaceuticals business.
Proprietary Products
The product portfolio of Proprietary Products consists of patented prescription
products in three therapy areas: central nervous system diseases, oncology and
critical care, and Easyhaler(®) pulmonary drugs.
Net sales of Proprietary Products in January-June 2015 were EUR 172 (204)
million.
Orion's drugs for treatment of Parkinson's disease are Stalevo(®) (active
ingredients carbidopa, levodopa and entacapone) and Comtess(®)/Comtan(®)
(entacapone). Their total net sales in January-June 2015 were down by 13% at EUR
80 (93) million. In the United States Orion's Parkinson's drugs have several
generic competitors. In Europe Comtess and Comtan have several generic
competitors. Generic competition to Stalevo commenced in Germany in 2014 and
competition has started to extend in Europe.
Breakdown of sales of Parkinson's drugs:
EUR million Q1-Q2/2015 Q1-Q2/2014 Change %
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Stalevo deliveries to Novartis 36.3 40.0 -9.3%
--------------------------------------------------------------
Comtan deliveries to Novartis 19.0 12.7 +49.4%
--------------------------------------------------------------
Orion's Stalevo sales 22.0 36.6 -39.7%
--------------------------------------------------------------
Orion's Comtess sales 3.2 3.5 -7.3%
--------------------------------------------------------------
Net sales of Simdax(®), a drug for treatment of acute decompensated heart
failure, in January-June 2015 were up by 14% at EUR 26 (23) million. New
marketing authorisations were received for Simdax in Europe during 2015.
Total net sales of the Easyhaler(®) product family for treatment of asthma and
chronic obstructive pulmonary disease were up by 53% in January-June 2015 at EUR
25 (16) million. The increase was due to good development of sales of
monoproducts that have been on the markets for a long time and sales of Bufomix
Easyhaler(®) (budesonide-formoterol), the new combined formulation in the
product family. Sales of Bufomix Easyhaler totalled EUR 7 (0.2) million in
January-June 2015. Processing of the national phase of marketing authorisation
application is still ongoing in Italy. Sales of Bufomix Easyhaler have commenced
in more than ten countries, but because it is not within generic substitution in
pharmacies, growth is slower than for ordinary generic products, especially in
the launch phase.
Net sales of Orion's Dexdor(®) intensive care sedative (dexmedetomidine) in
January-June 2015 were up by 33% at EUR 22 (17) million.
Net sales of the Precedex(®) intensive care sedative (dexmedetomidine) were down
by 50% in January-June 2015 at EUR 8 (16) million. In the United States and
markets outside Europe the sedative is sold by Orion's partner Hospira. Most of
the net sales of Precedex has come from the United States, where generic
competition commenced in August 2014.
Specialty Products
Net sales of the Specialty Products business division's off-patent, i.e. generic
prescription drugs, self-care products and biosimilars in January-June 2015 were
up by 10% at EUR 223 (204) million. Sales of generic entacapone products were
down by 14% at EUR 12 (14) million. Sales of products from the rest of the
portfolio were up by 12%.
Finland, Scandinavia, and Eastern Europe and Russia are the most important
markets for Specialty Products. The business division's sales in Finland in
January-June 2015 were up by 8% at EUR 132 (122) million. Orion managed to
increase its sales, especially in prescription drugs. Sales were up by 25% at
EUR 31 (25) million in Scandinavia and sales were up by 10% at EUR 25 (23)
million in Eastern Europe and Russia. Depreciation of the rouble weakened
development of the euro value of sales in Eastern Europe and Russia. Sales
measured in local currency grew in Russia.
Net sales of Remsima(®) for treatment of rheumatoid arthritis among other things
were EUR 8 (2) million in January-June 2015. Remsima is a biosimilar infliximab
developed and manufactured by Orion's collaboration partner, for which Orion has
marketing rights in the Nordic countries and Estonia.
Animal Health
In the Nordic countries and some Eastern European markets Orion itself sells
veterinary drugs, and in other markets the Company operates through partners. In
addition, in the Nordic countries Orion markets and sells veterinary drugs
manufactured by several other companies. Orion's Animal Health business division
has a strong market position in the Nordic countries, its home markets.
Net sales of the Animal Health business division in January-June 2015 were up by
36% at EUR 44 (32) million. The increase was mainly due to good growth in sales
of the animal sedative product family and a non-recurring milestone payment
recorded on the sale of product rights. Sales of the animal sedative product
family at EUR 16 (9) million accounted for 37% (28%) of the division's net
sales. The product family comprises Orion's animal sedatives Dexdomitor(®)
(dexmedetomidine), Domitor(®) (medetomidine) and Domosedan(®) (detomidine), and
antagonist Antisedan(®) (atipamezole), which reverses the effects of the
sedatives.
During the review period, the European Commission granted centralised marketing
authorisation for Sileo(®) (dexmedetomidine), Orion's Animal Health division's
new proprietary drug. Sileo is indicated for alleviation of acute anxiety and
fear associated with loud noise in dogs.
Fermion
Fermion manufactures active pharmaceutical ingredients for Orion and other
pharmaceutical companies. Its product range comprises nearly 30 pharmaceutical
ingredients. For other pharmaceutical companies Fermion manufactures generic
pharmaceutical ingredients and offers contract manufacturing services for
development and manufacturing of new active pharmaceutical ingredients.
Fermion's net sales in January-June 2015 excluding pharmaceutical ingredients
supplied for Orion's own use were EUR 29 (35) million and accounted for nearly
two-thirds of Fermion's entire net sales. Several key products performed well,
even though competition in the markets remained intense.
Research and development projects
The Group's R&D expenses in January-June 2015 were EUR 53 (57) million, of which
the Pharmaceuticals business accounted for EUR 49 (53) million. The Group's R&D
expenses accounted for 10% (11%) of the Group's net sales. R&D expenses also
include expenses related to development of the current portfolio.
In 2014 Orion commenced global collaboration with Bayer in the development and
commercialisation of an investigational novel oral androgen receptor inhibitor
(ODM-201). The companies have an ongoing joint Phase III clinical trial for
further evaluation of the efficacy and safety of ODM-201 in patients with non-
metastatic castration-resistant prostate cancer (nm-CRPC).
Orion has an ongoing project to broaden the range of the Easyhaler(®) product
family. Orion is developing a fluticasone-salmeterol combined formulation for
European markets. In this formulation fluticasone acts as an anti-inflammatory
agent and salmeterol acts as a long-acting bronchodilator.
Orion has ongoing additional trials with the Bufomix Easyhaler(®) combined
formulation (budesonide-formoterol). The aim is to obtain marketing
authorisation for the product in at least some of the European countries that
were not included in the decentralised marketing authorisation application
process. In this formulation budesonide acts as an anti-inflammatory agent and
formoterol acts as a long-acting bronchodilator.
Orion is continuing development of an alpha-2c adrenoceptor antagonist (ORM-
12741) for treatment of symptoms of Alzheimer's disease in collaboration with
Janssen Pharmaceuticals Inc. Orion has commenced a second Phase IIa clinical
trial with a new drug formulation. In the initial Phase IIa clinical trial
conducted by Orion, the efficacy and safety of the drug candidate in treatment
of cognitive and behavioural symptoms related to Alzheimer's disease were
investigated with positive results. In 2014 Orion and Janssen focussed on
optimising the drug formulation.
Orion has commenced a Phase II clinical trial with orally administered
levosimendan (ODM-109) for treatment of patients with amyotrophic lateral
sclerosis (ALS). Levosimendan is a troponin C selective calcium sensitiser
enhancing cardiac and skeletal muscle function. Available studies indicate that
ODM-109 has the potential to support diaphragm and thus respiratory function as
well as strength and endurance of other skeletal muscles in patients with ALS.
Orion is preparing to commence Phase II clinical trials with a new COMT
inhibitor (ODM-104) that enhances the therapeutic effects of levodopa used to
treat Parkinson's disease by blocking the COMT enzyme. The pre-clinical and
pharmacokinetic study results indicated that it is more effective than the COMT
inhibitor entacapone, which is already in the markets.
Orion has ongoing Phase I clinical safety trials with a new targeted FGFR+VEGFR
inhibitor (ODM-203) for treatment of cancers. Pre-clinical study results
indicate that ODM-203 slows growth of certain solid cancerous tumours.
Orion has ongoing Phase I clinical safety trials with a unique investigational
CYP17 enzyme and androgen receptor inhibitor (ODM-204). The pre-clinical study
results indicated that ODM-204 blocks the growth of castration-resistant
prostate cancer (CRPC).
Orion has ongoing Phase I safety trials with a GABA-B receptor positive
allosteric modulator (ODM-106) for alleviation of symptoms of essential tremor
(ET). Preclinical studies indicate that ODM-106 has the potential to alleviate
essential tremor, parkinsonian tremor and levodopa-induced dyskinesia in
patients with Parkinson's disease, without causing sedation.
Orion has ongoing Phase I clinical safety trials with a novel, highly potent,
selective and reversible negative allosteric modulator of Transient Receptor
Potential A1 (TRPA1) ion channel (ODM-108) for treatment of neuropathic pain.
ODM-108 did not demonstrate sedation when tested at pre-clinically effective
doses and is optimised for good absorption.
Orion's partner Tenax Therapeutics, Inc. (formerly Oxygen Biotherapeutics, Inc.)
will develop and commercialise levosimendan in US and Canadian markets for a new
cardiovascular indication, prevention of low cardiac output syndrome (LCOS) in
cardiac surgery patients. The company has an ongoing Phase III clinical trial
for this indication. In addition, the company is investigating the possibility
of gaining an additional indication of septic shock for levosimendan.
Orion's collaboration partner Recro Pharma, Inc. is developing an intranasal
formulation of dexmedetomidine for treatment of pain. Recro has completed a
Phase IIb clinical trial with patients suffering from post-operative pain.
According to Recro, the results of the trial were positive and Recro is
preparing to commence a Phase III clinical trial.
In addition, Orion has several projects in the early research phase
investigating central nervous system diseases, cancer and neuropathic pain,
among others.
Diagnostics
Orion Diagnostica manufactures convenient and quick in vitro diagnostic tests
and testing systems suitable for point-of-care testing. Net sales of the
Diagnostics business in January-June 2015 were EUR 30 (29) million.
QuikRead(®) infection tests remained the main product, with sales continuing to
increase. Launching of the first Orion GenRead(®) test system products - an
instrument and a C. difficile test for detecting C. difficile bacteria causing
intestinal infection related to antibiotic treatment - continued during the
review period. Orion GenRead(®) is based on an isothermal nucleic acid
amplification technique, SIBA(® )technology.
During the review period the QuikRead go(®) wrCRP and QuikRead go wrCRP+H tests
were released for sale. The new QuikRead go(®) wrCRP products have a wider CRP
measuring range and help in targeting and monitoring the effectiveness of
antibiotic treatment at healthcare sites where rapid and reliable point-of-care
testing is required.
The operating profit of the Diagnostics business was up by 77% at EUR 5.6 (3.2)
million. The growth was mainly due to the favourable margin structure of sales
from the portfolio and exchange rate changes.
Espoo, 28 July 2015
Board of Directors of Orion Corporation
Orion Corporation
Timo Lappalainen Jari Karlson
President and CEO CFO
Tables
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
-------------------------------------------------------------------------------
Net sales 255.0 276.7 -7.8% 514.9 521.7 -1.3% 1,015.3
-------------------------------------------------------------------------------
Cost of goods sold -94.5 -99.5 -5.0% -185.9 -195.3 -4.8% -401.7
-------------------------------------------------------------------------------
Gross profit 160.5 177.2 -9.4% 329.0 326.4 +0.8% 613.6
-------------------------------------------------------------------------------
Other operating income
and expenses 1.9 0.5 +316.9% -0.3 0.7 -145.4% 1.7
-------------------------------------------------------------------------------
Sales and marketing
expenses -48.3 -49.2 -1.9% -94.8 -95.5 -0.7% -193.4
-------------------------------------------------------------------------------
R&D expenses -27.8 -30.6 -8.9% -52.9 -56.9 -6.9% -106.2
-------------------------------------------------------------------------------
Administrative
expenses -12.3 -11.9 +3.4% -23.9 -21.3 +12.1% -43.3
-------------------------------------------------------------------------------
Operating profit 74.0 86.0 -14.0% 157.1 153.4 +2.4% 272.4
-------------------------------------------------------------------------------
Finance income 0.3 0.3 -17.4% 0.8 0.4 +79.5% 0.8
-------------------------------------------------------------------------------
Finance expenses -1.4 -1.6 -14.3% -2.7 -3.1 -11.2% -5.9
-------------------------------------------------------------------------------
Share of associated
companies' results 0.4 0.4 +5.1% 0.4
-------------------------------------------------------------------------------
Profit before taxes 72.9 84.7 -14.0% 155.6 151.2 +2.9% 267.8
-------------------------------------------------------------------------------
Income tax expense -15.2 -16.7 -9.1% -32.1 -30.5 +5.3% -56.6
-------------------------------------------------------------------------------
Profit for the period 57.7 68.0 -15.2% 123.4 120.7 +2.3% 211.3
-------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME
INCLUDING TAX EFFECTS
-------------------------------------------------------------------------------
Change in value of
cash flow hedges 0.0 -0.0 0.0 -0.0 0.0
-------------------------------------------------------------------------------
Change in value of
available-for-sale
financial assets 0.5 3.3 1.0 3.3 4.1
-------------------------------------------------------------------------------
Translation
differences 0.6 0.4 3.1 0.6 0.6
-------------------------------------------------------------------------------
Items that may be
reclassified
subsequently to profit
and loss 1.1 3.7 4.2 3.9 4.7
-------------------------------------------------------------------------------
Items due to
remeasurement of
defined benefit plans -0.0 0.0 -0.3 0.0 -41.3
-------------------------------------------------------------------------------
Items that will not be
reclassified to profit
and loss -0.0 0.0 -0.3 0.0 -41.3
-------------------------------------------------------------------------------
Other comprehensive
income net of tax 1.1 3.8 3.9 3.9 -36.5
-------------------------------------------------------------------------------
Comprehensive income
for the period
including tax effects 58.8 71.8 -18.1% 127.3 124.6 +2.2% 174.7
-------------------------------------------------------------------------------
PROFIT ATTRIBUTABLE
TO:
-------------------------------------------------------------------------------
Owners of the parent
company 57.7 68.0 -15.2% 123.4 120.7 +2.3% 211.3
-------------------------------------------------------------------------------
Non-controlling
interests 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
-------------------------------------------------------------------------------
Owners of the parent
company 58.8 71.8 -18.1% 127.3 124.6 +2.2% 174.7
-------------------------------------------------------------------------------
Non-controlling
interests 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic earnings per
share, EUR (1)) 0.41 0.48 -15.3% 0.88 0.86 +2.2% 1.50
-------------------------------------------------------------------------------
Diluted earnings per
share, EUR (1)) 0.41 0.48 -15.3% 0.88 0.86 +2.2% 1.50
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Depreciation,
amortisation and
impairment 11.2 9.4 +19.4% 21.1 18.7 +12.6% 39.6
-------------------------------------------------------------------------------
Personnel expenses 59.7 59.3 +0.6% 114.0 114.0 219.2
-------------------------------------------------------------------------------
1) The figure has been calculated from the profit attributable to the
owners of the parent company.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
EUR million 6/15 6/14 Change % 12/14
-------------------------------------------------------------------------------
Property, plant and equipment 270.0 259.9 +3.9% 269.1
-------------------------------------------------------------------------------
Goodwill 13.5 13.5 13.5
-------------------------------------------------------------------------------
Intangible rights 44.1 51.5 -14.2% 47.7
-------------------------------------------------------------------------------
Other intangible assets 2.6 2.9 -11.5% 2.7
-------------------------------------------------------------------------------
Investments in associates 2.6 2.1 +21.0% 2.1
-------------------------------------------------------------------------------
Available-for-sale financial assets 6.7 4.6 +45.3% 5.6
-------------------------------------------------------------------------------
Pension asset 24.1 -100.0%
-------------------------------------------------------------------------------
Deferred tax assets 8.0 1.0 +675.5% 6.7
-------------------------------------------------------------------------------
Other non-current assets 2.9 0.9 +212.6% 1.6
-------------------------------------------------------------------------------
Non-current assets total 350.5 360.5 -2.8% 349.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Inventories 199.4 196.2 +1.6% 178.7
-------------------------------------------------------------------------------
Trade receivables 178.8 175.1 +2.1% 174.0
-------------------------------------------------------------------------------
Other receivables 46.1 46.3 -0.4% 41.2
-------------------------------------------------------------------------------
Money market investments 3.0 -100.0% 73.0
-------------------------------------------------------------------------------
Cash and cash equivalents 169.4 161.9 +4.6% 185.5
-------------------------------------------------------------------------------
Current assets total 593.7 582.4 +1.9% 652.4
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Assets total 944.1 943.0 +0.1% 1,001.5
-------------------------------------------------------------------------------
EQUITY AND LIABILITIES
EUR million 6/15 6/14 Change % 12/14
-------------------------------------------------------------------------------
Share capital 92.2 92.2 92.2
-------------------------------------------------------------------------------
Expendable fund 0.5 0.5 0.5
-------------------------------------------------------------------------------
Other reserves 6.8 5.1 +34.9% 5.9
-------------------------------------------------------------------------------
Retained earnings 361.4 366.3 -1.3% 416.3
-------------------------------------------------------------------------------
Equity attributable to owners of the parent
company 461.0 464.1 -0.7% 514.9
-------------------------------------------------------------------------------
Non-controlling interests 0.0 0.0 -82.2% 0.0
-------------------------------------------------------------------------------
Equity total 461.0 464.1 -0.7% 514.9
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Deferred tax liabilities 31.4 31.1 +0.8% 30.1
-------------------------------------------------------------------------------
Pension liability 36.7 1.5 31.1
-------------------------------------------------------------------------------
Provisions 0.3 0.4 -31.0% 0.4
-------------------------------------------------------------------------------
Interest-bearing non-current liabilities 204.3 227.4 -10.1% 210.0
-------------------------------------------------------------------------------
Other non-current liabilities 0.1 0.3 -64.2% 0.2
-------------------------------------------------------------------------------
Non-current liabilities total 272.9 260.8 +4.6% 271.8
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Trade payables 67.3 59.9 +12.4% 66.6
-------------------------------------------------------------------------------
Current tax liabilities 7.1 4.3 +64.4% 1.1
-------------------------------------------------------------------------------
Other current liabilities 110.7 128.4 -13.8% 122.5
-------------------------------------------------------------------------------
Provisions 0.0 0.1 -53.9%
-------------------------------------------------------------------------------
Interest-bearing current liabilities 25.2 25.4 -0.6% 24.5
-------------------------------------------------------------------------------
Current liabilities total 210.3 218.0 -3.5% 214.7
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Liabilities total 483.2 478.8 +0.9% 486.5
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Equity and liabilities total 944.1 943.0 +0.1% 1,001.5
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
a. Share capital
b. Expendable fund
c. Other reserves
d. Items due to remeasurement of defined
benefit plans
e. Translation
differences
f. Retained earnings
g. Non-controlling interests
h. Equity total
Equity attributable to owners of the
parent company
--------------------------------------------
EUR million a. b. c. d. e. f. g. h.
-------------------------------------------------------------------------------
Equity at 1 January 2014 92.2 0.5 1.6 -9.5 -3.9 433.0 0.0 513.9
-------------------------------------------------------------------------------
Profit for the period 120.7 120.7
-------------------------------------------------------------------------------
Other comprehensive
income:
-------------------------------------------------------------------------------
Change in value of cash flow
hedges -0.0 -0.0
-------------------------------------------------------------------------------
Change in value of available-
for-sale financial assets 3.3 3.3
-------------------------------------------------------------------------------
Translation differences 0.0 0.6 0.6
-------------------------------------------------------------------------------
Transactions with owners
-------------------------------------------------------------------------------
Dividend and capital
repayment -175.9 -175.9
-------------------------------------------------------------------------------
Share-based incentive
plan 1.7 1.7
-------------------------------------------------------------------------------
Other adjustments 0.2 -0.4 0.0 -0.2
-------------------------------------------------------------------------------
Equity at 30 June 2014 92.2 0.5 5.1 -9.5 -3.3 379.1 0.0 464.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Equity at 1 January 2015 92.2 0.5 5.9 -50.8 -3.3 470.4 0.0 514.9
-------------------------------------------------------------------------------
Profit for the period 123.4 123.4
-------------------------------------------------------------------------------
Other comprehensive
income:
-------------------------------------------------------------------------------
Change in value of cash flow
hedges 0.0 0.0
-------------------------------------------------------------------------------
Change in value of available-
for-sale financial assets 1.0 1.0
-------------------------------------------------------------------------------
Translation differences 3.1 3.1
-------------------------------------------------------------------------------
Items due to
remeasurement of defined
benefit plans -0.3 -0.3
-------------------------------------------------------------------------------
Transactions with owners
-------------------------------------------------------------------------------
Dividend and capital
repayment -183.1 -183.1
-------------------------------------------------------------------------------
Share-based incentive
plan 2.1 2.1
-------------------------------------------------------------------------------
Other adjustments 0.0 -0.3 0.0 -0.2
-------------------------------------------------------------------------------
Equity at 30 June 2015 92.2 0.5 6.8 -51.1 -0.2 412.7 0.0 461.0
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million Q1-Q2/15 Q1-Q2/14 2014
-------------------------------------------------------------------------------
Operating profit 157.1 153.4 272.4
-------------------------------------------------------------------------------
Adjustments 26.6 22.2 47.8
-------------------------------------------------------------------------------
Change in working capital -44.3 19.2 43.2
-------------------------------------------------------------------------------
Interest paid -9.3 -7.0 -9.6
-------------------------------------------------------------------------------
Interest received 5.5 2.3 3.5
-------------------------------------------------------------------------------
Dividends received 0.2 0.2 0.2
-------------------------------------------------------------------------------
Income taxes paid -20.4 -29.6 -60.9
-------------------------------------------------------------------------------
Total net cash flow from operating activities 115.3 160.7 296.7
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Investments in property, plant and equipment -18.8 -28.7 -51.5
-------------------------------------------------------------------------------
Investments in intangible assets -2.5 -2.4 -4.9
-------------------------------------------------------------------------------
Sales of property, plant and equipment and available-
for-sale investments 0.5 0.8 1.5
-------------------------------------------------------------------------------
Sales of intangible assets 0.0
-------------------------------------------------------------------------------
Total net cash flow from investing activities -20.8 -30.3 -54.9
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current loans raised 1.4 1.9 1.9
-------------------------------------------------------------------------------
Repayments of current loans -1.2 -1.6 -3.2
-------------------------------------------------------------------------------
Non-current loans raised 0.3
-------------------------------------------------------------------------------
Repayments of non-current loans -5.8 -5.8 -23.0
-------------------------------------------------------------------------------
Dividends paid and other distribution of profits -183.1 -175.9 -176.2
-------------------------------------------------------------------------------
Total net cash flow from financing activities -188.4 -181.5 -200.5
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net change in cash and cash equivalents -93.9 -51.1 41.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the
period 258.5 214.7 214.7
-------------------------------------------------------------------------------
Foreign exchange differences 4.8 1.3 2.6
-------------------------------------------------------------------------------
Net change in cash and cash equivalents -93.9 -51.1 41.2
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 169.4 164.9 258.5
-------------------------------------------------------------------------------
Reconciliation of cash and cash equivalents in
statement of financial position
-------------------------------------------------------------------------------
Cash and cash equivalents in statement of financial
position at the end of the period 169.4 161.9 185.5
-------------------------------------------------------------------------------
Money market investments at the end of the period 3.0 73.0
-------------------------------------------------------------------------------
Cash and cash equivalents in the statement of cash
flows 169.4 164.9 258.5
-------------------------------------------------------------------------------
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 6/15 6/14 12/14
-------------------------------------------------------------------
Carrying amount at the beginning of the period 269.1 247.3 247.3
-------------------------------------------------------------------
Additions 16.7 26.8 51.5
-------------------------------------------------------------------
Disposals -0.5 -0.7 -1.7
-------------------------------------------------------------------
Depreciation and impairments -15.2 -13.5 -27.9
-------------------------------------------------------------------
Carrying amount at the end of the period 270.0 259.9 269.1
-------------------------------------------------------------------
CHANGES IN INTANGIBLE ASSETS (EXCLUDING GOODWILL)
EUR million 6/15 6/14 12/14
-----------------------------------------------------------------
Carrying amount at the beginning of the period 50.4 57.3 57.3
-----------------------------------------------------------------
Additions 2.2 2.4 5.1
-----------------------------------------------------------------
Disposals -0.0 -0.2
-----------------------------------------------------------------
Amortisation and impairments -5.9 -5.2 -11.8
-----------------------------------------------------------------
Carrying amount at the end of the period 46.7 54.4 50.4
-----------------------------------------------------------------
COMMITMENTS AND CONTINGENCIES
EUR million 6/15 6/14 12/14
--------------------------------------------------------------------------
CONTINGENCIES FOR OWN LIABILITIES
--------------------------------------------------------------------------
Mortgages on land and buildings 32.0 32.0 32.0
--------------------------------------------------------------------------
Guarantees 4.1 2.6 2.7
--------------------------------------------------------------------------
OTHER LIABILITIES
--------------------------------------------------------------------------
Leasing liabilities (excluding finance lease contracts) 7.8 5.8 8.1
--------------------------------------------------------------------------
Other liabilities 0.3 0.3 0.3
--------------------------------------------------------------------------
DERIVATIVES
EUR million 6/15 6/14 12/14
--------------------------------------------------------------
CURRENCY FORWARD CONTRACTS AND CURRENCY SWAPS
--------------------------------------------------------------
Fair value, EUR million 0.4 0.4 1.1
--------------------------------------------------------------
Nominal value, EUR million 48.3 47.0 51.3
--------------------------------------------------------------
CURRENCY OPTIONS
--------------------------------------------------------------
Fair value, EUR million 0.0 0.0 0.2
--------------------------------------------------------------
Nominal value, EUR million 36.6 54.5 39.7
--------------------------------------------------------------
INTEREST RATE SWAPS
--------------------------------------------------------------
Fair value, EUR million -0.1 -0.2 -0.1
--------------------------------------------------------------
Nominal value, EUR million 13.4 17.0 15.2
--------------------------------------------------------------
ELECTRICITY DERIVATIVES
--------------------------------------------------------------
Fair value, EUR million -0.2 -0.5 -0.3
--------------------------------------------------------------
Nominal amount, GWh 11 40 22
--------------------------------------------------------------
FAIR VALUE MEASUREMENT AND HIERARCHY OF FINANCIAL INSTRUMENTS
EUR million Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------
Derivatives
-------------------------------------------------------------------------------
Currency derivatives 0.7 0.7
-------------------------------------------------------------------------------
Available-for-sale financial
assets
-------------------------------------------------------------------------------
Shares and investments 6.4 0.3 6.7
-------------------------------------------------------------------------------
Assets total 6.4 0.7 0.3 7.4
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Derivatives
-------------------------------------------------------------------------------
Currency derivatives -0.2 -0.2
-------------------------------------------------------------------------------
Interest rate swaps -0.1 -0.1
-------------------------------------------------------------------------------
Electricity derivatives -0.2 -0.2
-------------------------------------------------------------------------------
Liabilities total -0.2 -0.3 -0.5
-------------------------------------------------------------------------------
The fair value of level 1 financial instruments is based on quotations
available in active markets. The fair value of level 2 financial instruments
is based on data feeds available in the markets. The fair value of level 3
derivatives cannot be estimated on the basis of data available in the markets.
In the Group the principle is applied that transfers between levels of fair
value hierarchy are recognised on the date on which the event triggering the
transfer occurred.
No transfers between levels occurred during the reporting period.
RELATED PARTY TRANSACTIONS
EUR million Q1-Q2/15 Q1-Q2/14 2014
----------------------------------------------------------
Management's employment benefits 5.6 4.6 6.8
----------------------------------------------------------
Operating segment performance
NET SALES BY BUSINESS DIVISION
EUR million Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
-------------------------------------------------------------------------------
Pharmaceuticals 242.0 264.8 -8.6% 486.5 494.3 -1.6% 962.0
-------------------------------------------------------------------------------
Proprietary
Products 82.3 115.4 -28.7% 171.5 203.6 -15.8% 373.4
-------------------------------------------------------------------------------
Specialty Products 114.8 101.6 +13.0% 223.4 203.7 +9.7% 427.1
-------------------------------------------------------------------------------
Animal Health 22.2 16.6 +33.2% 43.7 32.0 +36.5% 70.2
-------------------------------------------------------------------------------
Fermion 13.9 19.9 -30.0% 28.7 34.8 -17.6% 56.9
-------------------------------------------------------------------------------
Contract
manufacturing
and other 8.8 11.3 -21.7% 19.1 20.2 -5.2% 34.3
-------------------------------------------------------------------------------
Diagnostics 13.9 12.7 +9.1% 30.1 29.1 +3.5% 56.4
-------------------------------------------------------------------------------
Group items -0.9 -0.9 +0.7% -1.7 -1.7 +0.7% -3.1
-------------------------------------------------------------------------------
Group total 255.0 276.7 -7.8% 514.9 521.7 -1.3% 1,015.3
-------------------------------------------------------------------------------
OPERATING PROFIT BY BUSINESS AREA
EUR million Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
------------------------------------------------------------------------
Pharmaceuticals 75.8 88.3 -14.2% 157.1 155.0 +1.4% 275.7
------------------------------------------------------------------------
Diagnostics 1.6 0.6 +173.8% 5.6 3.2 +77.2% 6.4
------------------------------------------------------------------------
Group items -3.5 -2.9 +20.1% -5.7 -4.7 +20.1% -9.6
------------------------------------------------------------------------
Group total 74.0 86.0 -14.0% 157.1 153.4 +2.4% 272.4
------------------------------------------------------------------------
NET SALES BY ANNUAL QUARTERS
2015 2014 2013
+-----------+-----------------------+------ |
EUR million | Q2 Q1| Q4 Q3 Q2 Q1| Q4 Q3|
----------------+-----------+-----------------------+-----------+
Pharmaceuticals|242.0 244.5|241.5 226.2 264.8 229.5|259.8 224.1|
----------------+-----------+-----------------------+-----------+
Diagnostics | 13.9 16.2| 14.5 12.8 12.7 16.3| 13.7 13.5|
----------------+-----------+-----------------------+-----------+
Group items | -0.9 -0.8| -0.8 -0.6 -0.9 -0.8| -0.8 -0.7|
----------------+-----------+-----------------------+-----------+
Group total |255.0 259.9|255.3 238.3 276.7 245.0|272.6 236.9|
----------------+-----------+-----------------------+-----------+
OPERATING PROFIT BY ANNUAL QUARTERS
2015 2014 2013
+---------+-------------------+----- |
EUR million | Q2 Q1| Q4 Q3 Q2 Q1| Q4 Q3|
----------------+---------+-------------------+---------+
Pharmaceuticals|75.8 81.4|56.9 63.8 88.3 66.7|67.9 66.7|
----------------+---------+-------------------+---------+
Diagnostics | 1.6 4.0| 1.5 1.7 0.6 2.6| 0.7 2.0|
----------------+---------+-------------------+---------+
Group items |-3.5 -2.2|-3.1 -1.8 -2.9 -1.9|-2.8 -2.2|
----------------+---------+-------------------+---------+
Group total |74.0 83.1|55.3 63.8 86.0 67.4|65.8 66.6|
----------------+---------+-------------------+---------+
GEOGRAPHICAL BREAKDOWN OF NET SALES BY ANNUAL QUARTERS
2015 2014 2013
+-----------+-----------------------+------ |
EUR million | Q2 Q1| Q4 Q3 Q2 Q1| Q4 Q3|
--------------+-----------+-----------------------+-----------+
Finland | 76.9 78.4| 79.6 73.5 72.0 70.4| 71.5 67.6|
--------------+-----------+-----------------------+-----------+
Scandinavia | 40.9 36.9| 35.6 31.7 34.6 33.3| 33.0 30.7|
--------------+-----------+-----------------------+-----------+
Other Europe | 77.5 86.6| 89.1 81.3 104.9 79.1| 91.9 77.6|
--------------+-----------+-----------------------+-----------+
North America| 20.6 21.6| 24.5 15.2 34.0 30.7| 45.2 32.7|
--------------+-----------+-----------------------+-----------+
Other markets| 39.1 36.4| 26.5 36.6 31.2 31.5| 31.0 28.2|
--------------+-----------+-----------------------+-----------+
Group total |255.0 259.9|255.3 238.3 276.7 245.0|272.6 236.9|
--------------+-----------+-----------------------+-----------+
Business reviews
KEY FIGURES FOR PHARMACEUTICALS BUSINESS
EUR million Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
-------------------------------------------------------------------------------
Net sales 242.0 264.8 -8.6% 486.5 494.3 -1.6% 962.0
-------------------------------------------------------------------------------
Operating profit 75.8 88.3 -14.2% 157.1 155.0 +1.4% 275.7
-------------------------------------------------------------------------------
% of net sales 31.3% 33.3% 32.3% 31.4% 28.7%
-------------------------------------------------------------------------------
R&D expenses 26.1 28.8 -9.4% 49.5 53.2 -7.0% 99.1
-------------------------------------------------------------------------------
% of net sales 10.8% 10.9% 10.2% 10.8% 10.3%
-------------------------------------------------------------------------------
Capital expenditure 10.2 12.4 -17.9% 17.2 30.2 -42.8% 51.3
-------------------------------------------------------------------------------
% of net sales 4.2% 4.7% 3.5% 6.1% 5.3%
-------------------------------------------------------------------------------
Sales revenue from
proprietary products 94.4 90.1 +4.8% 190.7 182.5 +4.5% 363.3
-------------------------------------------------------------------------------
Assets 704.0 716.5 669.4
-------------------------------------------------------------------------------
Liabilities 172.9 179.2 180.7
-------------------------------------------------------------------------------
Personnel at the end of
the period 3,218 3,277 3,131
-------------------------------------------------------------------------------
TOP TEN BEST-SELLING PHARMACEUTICAL PRODUCTS
EUR million Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
-------------------------------------------------------------------------------
Stalevo(®), Comtess(®)
and Comtan(®)
(Parkinson's disease) 38.1 45.5 -16.4% 80.5 92.7 -13.2% 169.2
-------------------------------------------------------------------------------
Simdax(®) (acute
decompensated heart
failure) 13.1 12.0 +9.0% 25.8 22.7 +13.7% 47.1
-------------------------------------------------------------------------------
Easyhaler(®) product
family (asthma, COPD) 12.7 8.6 +47.7% 25.2 16.4 +53.1% 35.3
-------------------------------------------------------------------------------
Dexdor(®) (intensive
care sedative) 10.7 8.5 +26.6% 21.9 16.5 +32.9% 35.2
-------------------------------------------------------------------------------
Dexdomitor(®),
Domitor(®), Domosedan(®)
and Antisedan(®) (animal
sedatives) 9.1 4.1 +123.1% 16.0 9.0 +78.8% 24.7
-------------------------------------------------------------------------------
Generic entacapone
products (Parkinson's
disease) 6.2 7.5 -18.0% 12.3 14.3 -13.8% 25.5
-------------------------------------------------------------------------------
Burana(®) (inflammatory
pain) 5.4 5.5 -0.7% 11.0 11.0 +0.4% 23.1
-------------------------------------------------------------------------------
Marevan(®)
(anticoagulant) 5.4 3.6 +48.4% 10.4 8.5 +22.6% 17.2
-------------------------------------------------------------------------------
Remsima(®) (rheumatoid
arthritis, inflammatory
bowel diseases) 5.5 1.0 +462.7% 8.3 1.7 +391.0% 5.6
-------------------------------------------------------------------------------
Precedex(®) (intensive
care sedative) 3.6 7.4 -50.6% 8.3 16.4 -49.7% 29.8
-------------------------------------------------------------------------------
Total 109.9 103.7 +6.0% 219.7 209.2 +5.0% 412.8
-------------------------------------------------------------------------------
Share of pharmaceutical
net sales 45% 39% 45% 42% 43%
-------------------------------------------------------------------------------
KEY FIGURES FOR DIAGNOSTICS BUSINESS
EUR million Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
-------------------------------------------------------------------------------
Net sales 13.9 12.7 +9.1% 30.1 29.1 +3.5% 56.4
-------------------------------------------------------------------------------
Operating profit 1.6 0.6 +173.8% 5.6 3.2 +77.2% 6.4
-------------------------------------------------------------------------------
% of net sales 11.8% 4.7% 18.6% 10.9% 11.3%
-------------------------------------------------------------------------------
R&D expenses 1.8 1.8 -1.5% 3.5 3.7 -5.6% 7.2
-------------------------------------------------------------------------------
% of net sales 13.1% 14.5% 11.6% 12.8% 12.8%
-------------------------------------------------------------------------------
Capital expenditure 1.0 1.0 -0.8% 1.9 1.6 +15.6% 6.3
-------------------------------------------------------------------------------
% of net sales 7.3% 8.1% 6.3% 5.7% 11.3%
-------------------------------------------------------------------------------
Assets 50.0 45.9 48.9
-------------------------------------------------------------------------------
Liabilities 11.8 9.1 16.5
-------------------------------------------------------------------------------
Personnel at the end of
the period 296 293 296
-------------------------------------------------------------------------------
KEY CLINICAL PHARMACEUTICAL DEVELOPMENT PROJECTS
+----------------------------+-----------------------+------------+------------+
| | | PHASE | |
| Project | Indication +--+----+----+Registration|
| | |I | II |III | |
+----------------------------+-----------------------+--+----+----+------------+
|Bufomix Easyhaler(®) |Asthma, COPD |I | II |III*| |
|(budesonide-formoterol) (1))| | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|Easyhaler(®) salmeterol- |Asthma, COPD |I | II |III*| |
|fluticasone | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|ODM-201 (androgen receptor |Prostate cancer |I | II |III*| |
|inhibitor) (2)) | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|Levosimendan (3)) |Low Cardiac Output |I | II |III*| || |Syndrome | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|ORM-12741 (alpha-2c | | | | | |
|adrenoceptor antagonist) |Alzheimer's disease |I |IIa*| | |
|(4)) | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|Dexmedetomidine (intranasal)|Treatment of pain |I |IIb | | |
|(5)) | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|ODM-109 (oral levosimendan) |ALS |I |II* | | |
+----------------------------+-----------------------+--+----+----+------------+
|ODM-104 (more effective COMT|Parkinson's disease |I | | | |
|inhibitor) | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|ODM-203 (targeted FGFR+VEGFR|Solid tumours |I*| | | |
|inhibitor) | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|ODM-204 (CYP17 enzyme and |Prostate cancer |I*| | | |
|androgen receptor inhibitor)| | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|ODM-106 (GABA-B receptor | | | | | |
|positive allosteric |Essential tremor |I*| | | |
|modulator) | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|ODM-108 (negative allosteric| | | | | |
|modulator of TRPA1 ion |Neuropathic pain |I*| | | |
|channel) | | | | | |
+----------------------------+-----------------------+--+----+----+------------+
|(1) )Aim is to obtain marketing authorisation for |* |= Phase ongoing |
|product in at least some European countries not +--+----------------------+
|included in decentralised marketing authorisation | | |
|application process. +--+----------------------+
|(2) )In collaboration with Bayer (3) )Partner: | | |
|Tenax Therapeutics, Inc. | | |
|(4) )In collaboration with Janssen Pharmaceuticals | | |
|(5) )Partner: Recro Pharma, Inc. | | |
+----------------------------------------------------+--+----------------------+
Information on Orion's shares
BASIC SHARE INFORMATION 30 JUNE 2015
A shares B shares Total
-------------------------------------------------------------------------------
Trading code on NASDAQ
Helsinki ORNAV ORNBV
-------------------------------------------------------------------------------
Listing day 1 July 2006 1 July 2006
-------------------------------------------------------------------------------
ISIN code FI0009014369 FI0009014377
-------------------------------------------------------------------------------
ICB code 4500 4500
-------------------------------------------------------------------------------
Reuters code ORNAV.HE ORNBV.HE
-------------------------------------------------------------------------------
Bloomberg code ORNAV.FH ORNBV.FH
-------------------------------------------------------------------------------
Share capital, EUR
million 25.9 66.4 92.2
-------------------------------------------------------------------------------
Counter book value per
share, EUR 0.65 0.65
-------------------------------------------------------------------------------
Total number of shares 39,625,774 101,632,054 141,257,828
-------------------------------------------------------------------------------
% of total share stock 28% 72% 100%
-------------------------------------------------------------------------------
Number of treasury shares 427,716 427,716
-------------------------------------------------------------------------------
Total number of shares excluding
treasury shares 39,625,774 101,204,338 140,830,112
-------------------------------------------------------------------------------
Minimum number of shares 1
-------------------------------------------------------------------------------
Maximum number of A and B shares, and
maximum
number of all shares 500,000,000 500,000,000 1,000,000,000
-------------------------------------------------------------------------------
Votes per share 20 1
-------------------------------------------------------------------------------
Number of votes excluding treasury
shares 792,515,480 101,204,338 893,719,818
-------------------------------------------------------------------------------
% of total votes 89% 11% 100%
-------------------------------------------------------------------------------
Total number of
shareholders 16,877 38,842 49,987
-------------------------------------------------------------------------------
INFORMATION ON TRADING ON NASDAQ HELSINKI 1 JANUARY - 30 JUNE 2015
A shares B shares Total
-------------------------------------------------------------------------------
Shares traded 1,687,920 38,987,141 40,675,061
-------------------------------------------------------------------------------
% of the total number of shares 4.2% 38.6% 28.8%
-------------------------------------------------------------------------------
Trading volume, EUR million 48.9 1,125.3 1,174.2
-------------------------------------------------------------------------------
Closing quotation on 31 December 2014, EUR 25.03 25.77
-------------------------------------------------------------------------------
Lowest quotation, EUR (A 2 and B 7 January
2015) 24.90 25.47
-------------------------------------------------------------------------------
Average quotation, EUR 28.95 28.86
-------------------------------------------------------------------------------
Highest quotation, EUR (A and B 25 June 2015) 32.56 32.80
-------------------------------------------------------------------------------
Closing quotation on 30 June 2015, EUR 31.50 31.38
-------------------------------------------------------------------------------
Market capitalisation on 30 June 2015, EUR
million 1,248.2 3,175.8 4,424.0
-------------------------------------------------------------------------------
PERFORMANCE PER SHARE
Q2/15 Q2/14 Change % Q1-Q2/15 Q1-Q2/14 Change % 2014
-------------------------------------------------------------------------------
Basic earnings per
share, EUR 0.41 0.48 -15.3% 0.88 0.86 +2.2% 1.50
-------------------------------------------------------------------------------
Diluted earnings
per share, EUR 0.41 0.48 -15.3% 0.88 0.86 +2.2% 1.50
-------------------------------------------------------------------------------
Cash flow per
share before
financial items,
EUR 0.29 0.62 -53.0% 0.67 0.93 -27.6% 1.72
-------------------------------------------------------------------------------
Equity per share,
EUR 3.27 3.30 -0.8% 3.66
-------------------------------------------------------------------------------
Average number of
shares excluding
treasury shares,
1,000 shares 140,830 140,688 140,782 140,647 140,668
-------------------------------------------------------------------------------
Appendices
Reporting
Orion Corporation is the parent company of the Orion Group. The Group consists
of two business areas, or operating segments, and five business divisions. Orion
reports on its operations segmentally.
* Pharmaceuticals business
* Proprietary Products (patented prescription products for three therapy
areas)
* Specialty Products (off-patent, generic prescription products and self-
care products)
* Animal Health (veterinary products for pets and production animals)
* Fermion (active pharmaceutical ingredients for Orion and other
companies)
* Diagnostics business
* Orion Diagnostica (diagnostic test systems for point-of-care in
healthcare and hygiene tests for industry).
Contract manufacturing and other, i.e. manufacturing for other companies, is
included in the Pharmaceuticals business segment, but it is not a separate
business division, it is part of the Group's Supply Chain organisation.
Accounting policies
This Interim Report has been prepared in accordance with the IAS 34 Interim
Financial Reporting standard. The same accounting policies as for the Financial
Statements for 2014 have been applied in preparing the Interim Report, except
for amendments to existing IFRS and IAS standards endorsed by the EU that have
been adopted as of 1 January 2015. The amendments to standards had no effect on
the Consolidated Financial Statements.
The policies and calculation methods applied during the period can be found on
the Orion website at http://www.orion.fi/en/investors.
Other matters
The data in this financial review are not audited.
The figures in parentheses are for the corresponding period of the previous
year. All the figures in this report have been rounded, which is why the total
sums of individual figures may differ from the total sums shown.
CALCULATION OF THE KEY FIGURES
Profit before taxes + Interest
and other finance expenses
Return on capital employed (ROCE), % =----------------------------------X 100
Total assets - Non-interest-
bearing liabilities (average
during the period)
Profit for the period
Return on equity (ROE), % =----------------------------------X 100
Total equity (average during the
period)
Equity
Equity ratio, % =----------------------------------x 100
Total assets - Advances received
Interest-bearing liabilities -
Cash and cash equivalents -
Gearing, % = Money market investments x 100
---------------------------------- Equity
Profit available for the owners
of the parent company
Earnings per share, EUR =----------------------------------
Average number of shares during
the period, excluding treasury
shares
Cash flow from operating
activities + Cash flow from
Cash flow per share before financial investing activities
items, EUR =----------------------------------
Average number of shares during
the period, excluding treasury
shares
Equity of the owners of the
parent company
Equity per share, EUR =----------------------------------
Number of shares at the end of
the period, excluding treasury
share
Dividend to be distributed for
the period
Dividend per share, EUR =----------------------------------
Number of shares at the end of
the period, excluding treasury
shares
Dividend per share
Payout ratio, % =----------------------------------x 100
Earnings per share Dividend per share
Effective dividend yield, % =----------------------------------x 100
Closing quotation of the period
Closing quotation of the period
Price/earnings ratio (P/E) =----------------------------------
Earnings per share
Total EUR value of shares traded
Average share price, EUR =----------------------------------
Average number of traded shares
during the period
Market capitalisation, EUR million = Number of shares at the end of
the period × Closing quotation
of the period
Publisher:
Orion Corporation
http://www.orion.fi/
http://www.twitter.com/OrionCorpIR
Orion is a globally operating Finnish company developing pharmaceuticals and
diagnostic tests - a builder of well-being. Orion develops, manufactures and
markets human and veterinary pharmaceuticals, active pharmaceutical ingredients
and diagnostic tests. The company is continuously developing new drugs and
treatment methods. The core therapy areas of Orion's pharmaceutical R&D are
central nervous system (CNS) disorders, oncology and respiratory for which Orion
develops inhaled Easyhaler(®) pulmonary drugs.
Orion's net sales in 2014 amounted to EUR 1,015 million and the Company had
about 3,500 employees. Orion's A and B shares are listed on NASDAQ Helsinki.
[HUG#1941649]
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