2016-04-27 11:00:55 CEST
2016-04-27 11:00:55 CEST
REGULATED INFORMATION
Orion - Interim report (Q1 and Q3)
Orion Group Interim Report January-March 2016
ORION CORPORATION / INTERIM REPORT / JANUARY-MARCH 2016 / 27 April 2016 at
12:00 noon EEST
Orion Group Interim Report January-March 2016
Orion's net sales in January-March 2016 totalled EUR 262 million (EUR 260
million in January-March 2015).
* Operating profit was EUR 80 (83) million.
* Profit before taxes was EUR 80 (83) million.
* Equity ratio was 44% (38%).
* ROCE before taxes was 46% (50%).
* ROE after taxes was 47% (57%).
* Basic earnings per share were EUR 0.45 (0.47).
* Cash flow per share before financial items was EUR 0.29 (0.38).
* The outlook estimate for 2016 remains unchanged. Orion estimates that in
2016 net sales will be at similar level to 2015. The operating profit is
estimated to exceed EUR 240 million.
ORION'S KEY FIGURES FOR THE REVIEW PERIOD
Q1/16 Q1/15 Change % 2015
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Net sales, EUR million 262.0 259.9 +0.8% 1,015.6
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Operating profit, EUR million 80.3 83.1 -3.3% 266.6
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% of net sales 30.7% 32.0% 26.2%
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Profit before taxes, EUR million 79.7 82.7 -3.7% 262.3
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% of net sales 30.4% 31.8% 25.8%
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Income tax expense, EUR million 16.4 17.0 -3.7% 54.2
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R&D expenses, EUR million 24.9 25.2 -1.1% 108.1
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% of net sales 9.5% 9.7% 10.6%
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Capital expenditure, EUR million 9.0 8.0 +12.8% 44.5
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% of net sales 3.5% 3.1% 4.4%
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Assets total, EUR million 1,087.9 1,070.3 +1.6% 1,047.4
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Equity ratio, % 44.1% 38.1% 57.4%
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Gearing, % -20.3% -20.3% -9.6%
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Interest-bearing liabilities, EUR million 185.9 230.7 -19.4% 187.8
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Non-interest-bearing liabilities, EUR million 426.9 437.8 -2.5% 264.6
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Cash and cash equivalents and money market
investments, EUR million 282.5 312.2 -9.5% 245.2
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ROCE (before taxes), % 46.1% 50.4% 35.7%
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ROE (after taxes), % 47.3% 57.4% 37.5%
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Basic earnings per share, EUR 0.45 0.47 -3.8% 1.48
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Diluted earnings per share, EUR 0.45 0.47 -3.8% 1.48
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Cash flow per share before financial items,
EUR 0.29 0.38 -23.2% 1.51
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Equity per share, EUR 3.37 2.85 +18.2% 4.22
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Personnel at the end of the period 3,409 3,418 -0.3% 3,401
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Average personnel during the period 3,401 3,418 -0.5% 3,431
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Personnel expenses, EUR million 53.3 54.3 -1.8% 220.6
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President and CEO Timo Lappalainen:
"Year started well as a whole"
"In the first quarter of 2016 our net sales were at similar level to January-
March 2015 and our operating profit was slightly lower.
"As regards Proprietary Products, the Easyhaler product family for treatment of
asthma and chronic obstructive pulmonary disease maintained its strong growth,
led by the Bufomix Easyhaler combined formulation. The Dexdor sedative used in
intensive care also grew strongly, and sales of Simdax, which has been in the
markets for a long time, increased too. Growth in sales of these products in the
first quarter of the year was able to compensate almost fully for the decline in
sales of Orion's branded Parkinson's drugs Stalevo, Comtess and Comtan due to
generic competition. Generic competition to Stalevo is extending in Europe, and
this is reducing sales of the product. In addition, in Japan the first marketing
authorisations for generic Comtan products were granted, but generic competition
has not yet commenced.
"Net sales of the Specialty Products business division grew in all key market
areas, but especially well in Scandinavia and Finland, where we were again able
to grow clearly faster than the market and strengthen our position as market
leader. As regards the business division's products, there was strong growth in
the biosimilar Remsima compared with the comparative period, but sales of other
products in the portfolio also developed well.
"Net sales of the other business divisions declined in the first quarter of the
year. In Animal Health, net sales in the comparative period were increased by a
payment related to the sale of product rights. The decrease in sales in Fermion
was mainly due to the timing of deliveries and in Orion Diagnostica due to the
ending of sales of certain products that had been represented and the slowing of
market growth in China.
"Further progress is being made in our clinical pharmaceutical development
pipeline as we commence a Phase II clinical trial with a drug candidate for
treatment of symptoms of Parkinson's disease in which the COMT inhibitor (ODM-
104) developed by Orion is combined with the pharmaceutical ingredients
carbidopa and long-acting levodopa used to treat Parkinson's disease. We also
completed Phase I clinical safety trials with a new targeted FGFR+VEGFR
inhibitor (ODM-203) for treatment of cancers. The project has continued to a
Phase II clinical trial to investigate the efficacy of the drug candidate in
slowing the growth of solid cancerous tumours in patients in which FGFR changes
in cancerous tumours have been detected. Our other ongoing clinical development
projects in different phases have also progressed as planned.
"Significant investment and production reorganisation projects undertaken in
recent years to develop and ensure future growth, delivery reliability and
quality standards will be continued through our investment in a new production
unit at Fermion's Hanko manufacturing plant. In addition, we have commenced
expansion of Easyhaler production at the Espoo pharmaceuticals production plant.
"Our outlook estimate for 2016 remains unchanged. We estimate that in 2016 net
sales will be at similar level to 2015. We estimate that operating profit will
exceed EUR 240 million. Our outlook estimate and the basis for it can be found
in this report under 'Outlook for 2016' and 'Basis for outlook'."
Events during the period
On 1 March Orion transferred altogether 144,350 Orion Corporation B shares held
by the Company as share bonuses for the earning periods 2013-2015 and 2015 to
the persons belonging to the Share-based Incentive Plan for key persons of the
Group.
On 22 March Orion Corporation's Annual General Meeting was held in Helsinki.
Events after the period
There were no significant events after the period.
News conference and teleconference
A news conference and teleconference on the published results will be held
today, Wednesday 27 April 2016, 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 3465844 and the telephone numbers to participate in
the teleconference are:
Finland: +358 (0)9 6937 9590
Sweden: +46 (0)8 5033 6538
United Kingdom: +44 (0)20 3427 1909
United States: +1 646 254 3366
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 Wednesday 27 April 2016.
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 2016
Half-Yearly Report January-June 2016 Tuesday 19 July 2016
Tuesday 25 October 2016
Interim Report January-September 2016
For additional information about the financial review:
Jari Karlson, CFO tel. +358 10 426 2883
Tuukka Hirvonen, Communications Manager tel. +358 10 426 2721 / mobile
+358 50 966 2721
http://www.orion.fi/en
http://www.orion.fi/en/investors
Financial review January-March 2016
Net sales
The Orion Group's net sales in January-March 2016 were EUR 262 million (EUR 260
million in January-March 2015). The net effect of currency exchange rates was
minus EUR 5 million.
The Pharmaceuticals business's net sales were up by 2% at EUR 249 (245) million.
The Pharmaceuticals business's net sales of products in the portfolio other than
Stalevo(®), Comtess(®)/Comtan(®) and Precedex(®), and excluding milestone
payments, were up by 9% at EUR 209 (192) million. Net sales of Orion's
Stalevo(®) (carbidopa, levodopa and entacapone) and Comtess(®)/Comtan(®)
(entacapone) Parkinson's drugs were down by 23% at EUR 33 (42) million, which
was 13% (17%) of the Pharmaceuticals business's net sales.
The Diagnostics business's net sales were down by 17% at EUR 14 (16) million.
Operating profit
The Orion Group's operating profit was down by 3% at EUR 80 (83) million.
Milestone payments accounted for EUR 4 (5) million of the operating profit.
The Pharmaceuticals business's operating profit was down by 2% at EUR 80 (81)
million. Milestone payments accounted for EUR 4 (5) million of the operating
profit.
The Diagnostics business's operating profit was down by 34% at EUR 2.6 (4.0)
million mainly due to the decrease in net sales and products with lower margins
accounting for a higher proportion of sales.
Operating expenses
The Group's sales and marketing expenses were EUR 44 (47) million.
R&D expenses were EUR 25 (25) million and accounted for 10% (10%) of the Group's
net sales. Pharmaceutical R&D expenses amounted to EUR 23 (23) million. Research
projects are reported in more detail under Pharmaceuticals in the Business
Reviews.
Administrative expenses were EUR 11 (11) million.
Other operating income and expenses were EUR -0 (-2) million.
Group's profit
The Group's profit before taxes was down by 4% at EUR 80 (83) million. Basic
earnings per share were EUR 0.45 (0.47) and diluted earnings per share were EUR
0.45 (0.47). Equity per share was EUR 3.37 (2.85). The return on capital
employed before taxes (ROCE) was 46% (50%) and the return on equity after taxes
(ROE) 47% (57%).
Financial position
The Group's gearing was -20% (-20%) and the equity ratio 44% (38%).
The Group's total liabilities at 31 March 2016 were EUR 613 (669) million. At
the end of the period, interest-bearing liabilities amounted to EUR 186 (231)
million, including EUR 176 (206) million of long-term loans. The non-interest-
bearing liabilities in 2015 and 2016 include the dividends (EUR 183 million)
transferred from equity in March but not paid until the beginning of April.
The Group had EUR 283 (312) 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 52 (63) million. The decrease in
cash flow was due the cash tied up in working capital increasing by EUR 10
million more than in the comparative period.
Cash flow from investing activities was EUR -12 (-10) million.
Cash flow from financing activities was EUR -2 (-4) million.
Capital expenditure
The Group's capital expenditure totalled EUR 9 (8) million. This comprised EUR
7 (7) million on property, plant and equipment and EUR 2 (1) million on
intangible assets.
Outlook for 2016
Net sales are estimated to be at similar level to 2015 (net sales were EUR
1,016 million in 2015).
Operating profit is estimated to exceed EUR 240 million.
Basis for outlook
A financial objective of Orion is to increase net sales. During the current year
steadily growing products such as Dexdor(®) and the Easyhaler(®) product family
are expected to be able to compensate for part of the decrease in net sales due
to extension of generic competition to Stalevo(®).
Orion's Parkinson's drugs are Comtess(®), Comtan(®) and Stalevo(®). Generic
competition to them commenced in the United States in 2012 and in Europe in
2013. In the United States competition has decreased Orion's sales of these
products to low levels, but in Europe the impact has so far been less. During
2016 the competition is expected to extend in Europe. In 2015 Europe accounted
for about EUR 80 million of the net sales of Orion's Parkinson's drugs.
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
expired 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 2016. In addition, at the beginning of the current year there was in
Finland a change to a system in which a pharmacy is always obliged to recommend
to the customer the cheapest substitutable generic prescription drug. The
potential negative impact of this change on Orion's sales has been taken into
account in the outlook estimate. 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 they totalled EUR 8 million in 2015 and EUR 39
million in 2014. 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
were mostly 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. However, at the
same time depreciation on property, plant and equipment (EUR 30 million in
2015) has grown to about EUR 5 million higher than in 2012. In 2016 the Group's
total capital expenditure is expected to be higher than in 2015, when it was EUR
43 million.
Marketing expenditure will be slightly higher than in 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 2016 were
planned mainly during the previous year.
Research and development costs will be slightly higher than in 2015. 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 2016 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 2016 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 the extension and
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 extend in Europe during 2016, decreasing Stalevo
sales. The basic Simdax and Dexdor patents have expired. However, the products
have other still valid product protection. Nevertheless, for these products
there is a possibility that generic competition might commence before expiry of
the respective product protection. Orion has become aware that a marketing
authorisation application for a generic version of Dexdor has been submitted in
some European countries. Orion has commenced actions to defend its rights.
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.
The exchange rate risk due to the US dollar has decreased in recent years
because the share of Orion's net sales invoiced in dollars has fallen to below
ten per cent. The greatest exchange rate risk at present relates to European
currencies such the Swedish crown. However, the overall effect of the risk due
to currencies of European countries 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. The exchange rate effect related to
the Russian rouble has increased due to the strong volatility of the currency.
However, Russian sales are not a significant portion of Orion's entire net
sales.
Orion's broad product range may cause risks to the delivery reliability and make
it challenging to maintain the high quality standard required in production.
Authorities and key customers in different countries undertake regular and
detailed inspections of development and manufacturing of drugs at Orion's
production sites. Any remedial actions that may be required may at least
temporarily have effects that decrease delivery reliability and increase costs.
Orion's product range also includes products manufactured by other
pharmaceutical companies. Possible problems related to the delivery reliability
or quality of the products of those manufacturers may cause a risk to Orion's
delivery reliability.
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 received in 2015 totalled EUR
8 million. 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 31 March 2016 Orion had a total of 141,257,828 (141,257,828) shares, of which
38,906,154 (40,412,981) were A shares and 102,351,674 (100,844,847) B shares.
The Group's share capital was EUR 92,238,541.46 (92,238,541.46). At the end of
March 2016 Orion held 283,366 (427,716) B shares as treasury shares. On 31 March
2016 the aggregate number of votes conferred by the A and B shares was
880,191,388 (908,676,751) excluding treasury shares.
At the end of March 2016, Orion had 49,370 (51,872) 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. No shares were converted in January-March 2016.
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 31 March 2016 the market capitalisation of the Company's shares, excluding
treasury shares, was EUR 4,089 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 22
March 2016 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 Board of Directors is authorised to decide on acquisition of no more than
500,000 Orion Corporation B shares. The authorisation to acquire shares is valid
for 18 months from the decision taken by the Annual General Meeting. 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 22 March 2016.
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 Plans
Orion Group's Long-Term Incentive Plan 2013
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 1 March 2016 Orion transferred altogether 144,350 Orion Corporation B shares
held by the Company as share bonuses for the earning periods 2013-2015 and 2015
to the key persons belonging to the incentive plans of the Orion Group.
Orion Group's Long-Term Incentive Plan 2016
In February 2016 the Board of Directors of Orion Corporation decided on a new
share-based incentive plan for key persons of the Group. The Plan includes
earning periods and the Board of Directors will annually decide on the beginning
and duration of the earning periods in 2016, 2017 and 2018. The Board of
Directors will decide on the earnings criteria and on targets to be established
for them at the beginning of each earning period. The target group of the Plan
consists of a maximum of 50 people. The total maximum amount of rewards to be
paid on the basis of the Plan is 500,000 Orion Corporation B shares and a cash
payment corresponding to the value of the shares. The incentive plan is reported
in more detail in a stock exchange release on 2 February 2016.
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 March 2016 Orion had a total of 49,370 (51,872) registered
shareholders, of whom 96% (95%) were private individuals holding 41% (42%) of
the entire share stock and 62% (62%) of the total votes. There were altogether
58 (55) million nominee-registered shares, which was 41% (39%) of all shares,
and they conferred entitlement to 9% (8%) of the total votes.
At the end of March 2016 Orion held 283,366 (427,716) B shares as treasury
shares, which is 0.2% (0.3%) of the Company's total share stock and 0.03%
(0.05%) of the total votes.
Decisions by the Annual General Meeting
The Annual General Meeting of the Shareholders of Orion Corporation was held on
22 March 2016 in Messukeskus Helsinki, Expo and Convention Centre. The following
matters among others were handled at the meeting.
Adoption of the financial statements for financial year 1 January to 31 December
2015
The Annual General Meeting adopted the financial statements of the Company and
Group as per 31 December 2015.
Dividend EUR 1.30 per share
A dividend of EUR 1.30 per share was approved in accordance with the Board's
proposal. The record date for dividend distribution was 24 March 2016 and the
payment date was 4 April 2016.
Discharge from liability
The members of the Board of Directors and the President and CEO were discharged
from liability for the financial year 1 January to 31 December 2015.
Remuneration of the members of the Board of Directors
The remuneration of the members of the Board of Directors shall remain
unchanged. As the annual fees for the term of office of the Board of Directors,
the Chairman shall receive EUR 76,000, the Vice Chairman shall receive EUR
51,000 and the other Board members shall receive EUR 38,000 each. Furthermore,
as a fee for each meeting attended, the Chairman shall receive EUR 1,200, the
Vice Chairman shall receive EUR 900 and the other Board members shall receive
EUR 600 each. The travel expenses of Board members shall be paid in accordance
with previous practice. The aforementioned meeting fees shall also be paid to
the Chairmen and to the members of the committees established by the Board.
Of the aforementioned annual fees, 60% was to be paid in cash and 40% in the
Company's shares, so Orion Corporation B shares were to be acquired in the
period 29 March to 1 April 2016 from the stock exchange in amounts corresponding
to EUR 30,400 for the Chairman, EUR 20,400 for the Vice Chairman and EUR 15,200
for each of the other Board members. The part of the annual fee paid in cash,
which corresponds to the approximate sum necessary for the payment of the income
taxes on the fees, was to be paid no later than 29 April 2016. The annual fees
encompass the full term of office of the Board of Directors.
It was also decided that the Company shall pay the transfer tax related to the
portion of the annual fees of the members of the Board of Directors to be paid
in shares.
Members and Chairman of the Board of Directors
The number of members in the Board of Directors was confirmed to be seven. Sirpa
Jalkanen, Timo Maasilta, Mikael Silvennoinen, Hannu Syrjänen, Heikki Westerlund
and Jukka Ylppö were re-elected as members of the Board of Directors for the
following term of office, and Eija Ronkainen was elected as a new member. Hannu
Syrjänen was re-elected as the Chairman of the Board of Directors.
Auditor and auditor's fee
PricewaterhouseCoopers Oy, authorised public accountants, were elected as the
auditor for the following term of office. The auditor's fee shall be paid
against an invoice approved by the Company.
Constitution of the Board of Directors
At its constitutive meeting following the Annual General Meeting, the Board of
Directors elected Timo Maasilta as its Vice Chairman.
Personnel
The average number of employees in the Orion Group in January-March 2016 was
3,401 (3,418). At the end of March 2016 the Group had a total of 3,409 (3,418)
employees, of whom 2,731 (2,745) worked in Finland and 678 (673) outside
Finland.
Salaries and other personnel expenses in January-March 2016 totalled EUR 53 (54)
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-March 2016 was up by 2% on the
previous year at EUR 534 (521) million. Orion was able to increase its sales
faster than market growth, and strengthened 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-March 2016
amounted to EUR 69 (63) million, up by 11% compared with the previous year.
Orion's market share of Finnish pharmaceuticals markets was 13% (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 under 15% of the Group's net
sales.
Total sales of all Parkinson's drugs:
EUR or USD million 2015 2014 Change %
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United States USD 846 812 +4%
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Europe TOP 5 EUR 929 992 -6%
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Japan EUR 573 507 +13%
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Source: IMS Health pharmaceutical sales statistics MAT12/2015 (1/2015-12/2015)
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 2015 2014 Change %
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United States USD 83 108 -23%
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Europe TOP 5 EUR 126 144 -13%
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Japan EUR 66 54 +23%
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Source: IMS Health pharmaceutical sales statistics MAT12/2015 (1/2015-12/2015)
Total sales of Orion's branded Parkinson's drugs:
EUR or USD million 2015 2014 Change %
-------------------------------------------------------------------------------
United States USD 17 17 +2%
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Europe TOP 5 EUR 95 123 -23%
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Japan EUR 66 54 +23%
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Source: IMS Health pharmaceutical sales statistics MAT12/2015 (1/2015-12/2015)
Sales of Orion's branded Parkinson's drugs decreased in Europe due to
commencement of generic competition. Sales increased in Japan mainly because
Stalevo was launched in that market during 2015. The market share of Orion's
branded Parkinson's drugs was 2% in the United States, on average 10% in the
five largest European markets and 12% 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 December 2015 were up by 5% at EUR 525 (501) million. According to IMS
Health pharmaceutical sales statistics, sales of Orion's Dexdor(®) intensive
care sedative (dexmedetomidine) were up by 30% at EUR 36 (28) million in Europe.
Net sales and operating profit of the Pharmaceuticals business
In January-March 2016 the Pharmaceuticals business's net sales were EUR 249
(245) million and its operating profit was EUR 80 (81) million. Milestone
payments accounted for EUR 4 (5) million of the net sales and operating profit.
During the review period Orion received a milestone payment of EUR 4 million
related to marketing rights to the Easyhaler product family. The operating
profit of the Pharmaceuticals business was 32% (33%) of the segment's net sales.
Net sales of Orion's top ten pharmaceuticals in January-March 2016 were up by
5% at EUR 113 (107) million. They accounted for 45% (44%) of the total net sales
of the Pharmaceuticals business.
Net sales of the Pharmaceuticals business other than Stalevo(®),
Comtess(®)/Comtan(®) and Precedex(®) and excluding milestone payments were up by
9% at EUR 209 (192) million.
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-March 2016 were EUR 88 (89)
million. Sales of Parkinson's drugs continued to decline, but this decline was
almost fully compensated by the good growth in sales of other products.
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-March 2016 were down by 23% at
EUR 33 (42) million. In the United States Orion's Parkinson's drugs have several
generic competitors. In Europe Comtess and Comtan have several generic
competitors, and generic competition to Stalevo extended. In addition, in
certain countries compulsory price reductions related to the opening of the
market to generic competition are reducing Orion's sales. In Japan the first
marketing authorisations for generic Comtan products were granted, but generic
competition has not yet commenced.
Breakdown of sales of Parkinson's drugs:
EUR million Q1/2016 Q1/2015 Change %
--------------------------------------------------------
Stalevo deliveries to Novartis 19 20 -2%
--------------------------------------------------------
Comtan deliveries to Novartis 4 10 -56%
--------------------------------------------------------
Orion's Stalevo sales 8 11 -33%
--------------------------------------------------------
Orion's Comtess sales 1 2 -20%
--------------------------------------------------------
Net sales of Simdax(®), a drug for treatment of acute decompensated heart
failure, in January-March 2016 were up by 8% at EUR 14 (13) million. Simdax is
sold in altogether over fifty countries worldwide.
Total net sales of the Easyhaler(®) product family for treatment of asthma and
chronic obstructive pulmonary disease were up by 25% in January-March 2016 at
EUR 16 (12) million. The increase was mainly due to sales of the Bufomix
Easyhaler(®) combined formulation (budesonide-formoterol). Sales of Bufomix
Easyhaler were up by 78% at EUR 6 (3) million in January-March 2016. During the
review period the budesonide-formoterol combined formulation received national
marketing authorisation in Italy (product name Fobuler (®)) and the Netherlands
(product name Bufoler Easyhaler(®)). In addition, Orion has submitted marketing
authorisation applications for the combined formulation in Germany, the United
Kingdom and France. Orion has commenced expansion of Easyhaler production at the
Espoo pharmaceuticals production plant.
Net sales of Orion's Dexdor(®) intensive care sedative (dexmedetomidine) in
January-March 2016 were up by 28% at EUR 14 (11) million.
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-March 2016
were up by 13% at EUR 123 (109) million. Sales of generic entacapone products
were down by 47% at EUR 3 (6) million. Sales of products from the rest of the
portfolio were up by 17%. Over half of this growth came from the biosimilar
Remsima(®).
Finland, Scandinavia, and Eastern Europe and Russia are the most important
markets for Specialty Products. The business division's sales in Finland in
January-March 2016 were up by 8% at EUR 70 (65) million. Orion managed to
increase its sales, especially in prescription drugs. Sales were up by 44% at
EUR 21 (15) million in Scandinavia and sales were up by 6% at EUR 12 (12)
million in Eastern Europe and Russia.
Net sales of Remsima(®) for treatment of rheumatoid arthritis among other things
were EUR 12 (3) million in January-March 2016. The main explanation for the
strong growth is that Orion won many tendering competitions in 2015, but they
were not yet apparent in sales for the comparative period. Some of the net sales
in the first quarter of 2016 still came from Norway, where Orion did not win the
national tendering competition for the twelve-month period beginning in March
2016. A significant portion of the net sales came from Denmark, where Orion won
the national tendering competition in summer 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-March 2016 were down
by 16% at EUR 18 (22) million. Product sales developed well in the review
period, but net sales in the comparative period included a non-recurring
milestone payment recorded on the sale of product rights, which explains the
decrease in total net sales. Sales of the animal sedative product family at EUR
7 (7) million accounted for 37% (32%) 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.
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-March 2016 excluding pharmaceutical ingredients
supplied for Orion's own use were down by 28% at EUR 11 (15) million and
accounted for nearly two-thirds of Fermion's entire net sales. The decrease was
mainly due to the timing of product deliveries. During the review period Fermion
announced its investment of over EUR 30 million in a new production unit at
Hanko in the period 2016-2018.
Research and development projects
The Group's R&D expenses in January-March 2016 were EUR 25 (25) million, of
which the Pharmaceuticals business accounted for EUR 23 (23) million. The
Group's R&D expenses accounted for 10% (10%) 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 a 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.
In autumn 2015 Orion completed the additional trials with the budesonide-
formoterol combined formulation in the Easyhaler(®) product family. Based on the
results received, Orion has submitted a marketing authorisation application in
Germany, France and the United Kingdom. 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 an ongoing 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.
Orion has an ongoing 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
levosimendan 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 commencing a Phase II clinical trial with a drug candidate for
treatment of symptoms of Parkinson's disease in which the COMT inhibitor (ODM-
104) developed by Orion is combined with the pharmaceutical ingredients
carbidopa and long-acting levodopa used to treat Parkinson's disease. In the
trial the efficacy of the drug candidate in treating symptoms of Parkinson's
disease will be investigated and the product will be compared with a Stalevo
product already in the markets in which the active ingredients are the COMT
inhibitor entacapone, carbidopa and levodopa.
Orion has completed Phase I clinical safety trials with a new targeted
FGFR+VEGFR inhibitor (ODM-203) for treatment of cancers. The project has
progressed to a Phase II clinical trial to investigate the efficacy of the drug
candidate in slowing the growth of solid cancerous tumours in patients in which
FGFR changes in cancerous tumours have been detected.
Orion has ongoing Phase I clinical safety trials with 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 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.
Orion's partner Tenax Therapeutics, 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 decided to
change the target indication from post-operational pain to peri-procedural pain.
The company has announced that it is planning to commence a new clinical Phase
II trial concerning the new indication.
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-March 2016 were down by 17% at EUR 14 (16)
million. The decrease was mainly due to the ending of distribution of certain
products that had been represented and slowing market growth in China compared
with the comparative period.
QuikRead(®) infection tests remained the main product, with sales continuing to
increase. With the help of CRP tests from the QuikRead go(®) product family in
infectious disease diagnostics, antibiotic treatment can be targeted at patients
that need it and unnecessary use of antibiotics avoided in situations in which a
patient would not benefit from them. Avoiding unnecessary antibiotic treatments
helps in tackling the growing problem of antibiotic resistance. During the
review period the QuikRead go(®) CRP test received clearance from the US Food
and Drug Administration (FDA) for marketing of the product for laboratory use in
the United States, and preparation to launch the product in US markets has
commenced.
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 as planned. The test gives
the first positive C. difficile results already within 20 minutes, which is a
significant advantage in treating a patient. Orion GenRead(®) is based on an
isothermal nucleic acid amplification technique, SIBA(® )technology.
The operating profit of the Diagnostics business was down by 34% at EUR 2.6
(4.0) million. The decrease was mainly due to the decrease in net sales and
products with lower margins accounting for a higher proportion of sales. The
Diagnostics business's operating profit accounted for 19% (24%) of the segment's
net sales.
Espoo, 27 April 2016
Board of Directors of Orion Corporation
Orion Corporation
Timo Lappalainen Jari Karlson
President and CEO CFO
Tables
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million Q1/16 Q1/15 Change % 2015
-------------------------------------------------------------------------------
Net sales 262.0 259.9 +0.8% 1,015.6
-------------------------------------------------------------------------------
Cost of goods sold -102.2 -91.4 +11.9% -405.8
-------------------------------------------------------------------------------
Gross profit 159.8 168.5 -5.2% 609.8
-------------------------------------------------------------------------------
Other operating income and
expenses -0.2 -2.2 -92.3% 1.5
-------------------------------------------------------------------------------
Sales and marketing expenses -43.7 -46.6 -6.2% -190.4
-------------------------------------------------------------------------------
R&D expenses -24.9 -25.2 -1.1% -108.1
-------------------------------------------------------------------------------
Administrative expenses -10.6 -11.4 -6.6% -46.2
-------------------------------------------------------------------------------
Operating profit 80.3 83.1 -3.3% 266.6
-------------------------------------------------------------------------------
Finance income 0.1 0.6 -78.2% 0.8
-------------------------------------------------------------------------------
Finance expenses -1.2 -1.4 -15.6% -5.5
-------------------------------------------------------------------------------
Share of associated companies'
results 0.4 0.4 -5.2% 0.4
-------------------------------------------------------------------------------
Profit before taxes 79.7 82.7 -3.7% 262.3
-------------------------------------------------------------------------------
Income tax expense -16.4 -17.0 -3.7% -54.2
-------------------------------------------------------------------------------
Profit for the period 63.3 65.7 -3.7% 208.2
-------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME
INCLUDING TAX EFFECTS
-------------------------------------------------------------------------------
Change in value of cash flow
hedges 0.0 0.1
-------------------------------------------------------------------------------
Change in value of available-
for-sale investments 0.5 0.5 1.1
-------------------------------------------------------------------------------
Translation differences -2.1 2.5 1.8
-------------------------------------------------------------------------------
Items that may be reclassified
subsequently to profit and loss -1.5 3.1 3.0
-------------------------------------------------------------------------------
Items due to remeasurement of
defined benefit plans -0.0 -0.3 49.1
-------------------------------------------------------------------------------
Items that will not be
reclassified to profit and loss -0.0 -0.3 49.1
-------------------------------------------------------------------------------
Other comprehensive income net
of tax -1.5 2.8 52.1
-------------------------------------------------------------------------------
Comprehensive income for the
period including tax effects 61.8 68.5 -9.8% 260.2
-------------------------------------------------------------------------------
PROFIT ATTRIBUTABLE TO:
-------------------------------------------------------------------------------
Owners of the parent company 63.3 65.7 -3.7% 208.2
-------------------------------------------------------------------------------
Non-controlling interests 0.0 0.0 0.0
-------------------------------------------------------------------------------
COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
-------------------------------------------------------------------------------
Owners of the parent company 61.8 68.5 -9.8% 260.2
-------------------------------------------------------------------------------
Non-controlling interests 0.0 0.0 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic earnings per share, EUR
(1)) 0.45 0.47 -3.8% 1.48
-------------------------------------------------------------------------------
Diluted earnings per share, EUR
(1)) 0.45 0.47 -3.8% 1.48
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Depreciation, amortisation and
impairment 9.9 9.9 +0.3% 41.8
-------------------------------------------------------------------------------
Personnel expenses 53.3 54.3 -1.8% 220.6
-------------------------------------------------------------------------------
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 3/16 3/15 Change % 12/15
-------------------------------------------------------------------------------
Property, plant and equipment 275.6 268.5 +2.6% 276.4
-------------------------------------------------------------------------------
Goodwill 13.5 13.5 13.5
-------------------------------------------------------------------------------
Intangible rights 41.0 45.9 -10.5% 41.7
-------------------------------------------------------------------------------
Other intangible assets 2.5 2.6 -6.5% 2.5
-------------------------------------------------------------------------------
Investments in associates 3.0 2.6 +16.5% 2.6
-------------------------------------------------------------------------------
Available-for-sale investments 7.6 6.2 +21.4% 6.9
-------------------------------------------------------------------------------
Pension asset 22.1 24.4
-------------------------------------------------------------------------------
Deferred tax assets 1.0 7.6 -86.2% 1.1
-------------------------------------------------------------------------------
Other non-current assets 4.1 1.7 +145.3% 4.1
-------------------------------------------------------------------------------
Non-current assets total 370.5 348.5 +6.3% 373.3
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Inventories 207.7 186.4 +11.4% 205.7
-------------------------------------------------------------------------------
Trade receivables 184.9 171.5 +7.8% 192.1
-------------------------------------------------------------------------------
Other receivables 42.3 51.7 -18.1% 31.1
-------------------------------------------------------------------------------
Cash and cash equivalents 282.5 312.2 -9.5% 245.2
-------------------------------------------------------------------------------
Current assets total 717.4 721.8 -0.6% 674.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Assets total 1 087.9 1 070.3 +1.6% 1 047.4
-------------------------------------------------------------------------------
EQUITY AND LIABILITIES
EUR million 3/16 3/15 Change % 12/15
-------------------------------------------------------------------------------
Share capital 92.2 92.2 92.2
-------------------------------------------------------------------------------
Expendable fund 0.5 0.5 0.5
-------------------------------------------------------------------------------
Other reserves 7.4 6.4 +15.7% 6.9
-------------------------------------------------------------------------------
Retained earnings 374.9 302.6 +23.9% 495.3
-------------------------------------------------------------------------------
Equity attributable to owners of the parent
company 475.1 401.8 +18.2% 594.9
-------------------------------------------------------------------------------
Non-controlling interests 0.0 0.0 -22.6% 0.0
-------------------------------------------------------------------------------
Equity total 475.1 401.8 +18.2% 594.9
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Deferred tax liabilities 36.8 30.7 +19.9% 37.8
-------------------------------------------------------------------------------
Pension liability 3.1 34.7 -91.1% 3.1
-------------------------------------------------------------------------------
Provisions 0.3 0.3 -11.4% 0.3
-------------------------------------------------------------------------------
Interest-bearing non-current liabilities 175.7 206.1 -14.7% 177.9
-------------------------------------------------------------------------------
Other non-current liabilities 0.0 0.2 -71.3% 0.0
-------------------------------------------------------------------------------
Non-current liabilities total 215.9 271.9 -20.6% 219.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Trade payables 80.8 65.2 +23.9% 99.1
-------------------------------------------------------------------------------
Current tax liabilities 5.9 5.1 +14.2% 1.2
-------------------------------------------------------------------------------
Other current liabilities 299.9 301.7 -0.6% 122.8
-------------------------------------------------------------------------------
Provisions 0.0 0.0 +6.4% 0.3
-------------------------------------------------------------------------------
Interest-bearing current liabilities 10.2 24.6 -58.6% 9.9
-------------------------------------------------------------------------------
Current liabilities total 396.9 396.6 233.3
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Liabilities total 612.8 668.5 -8.3% 452.5
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Equity and liabilities total 1,087.9 1,070.3 +1.6% 1,047.4
-------------------------------------------------------------------------------
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 2015 92.2 0.5 5.9 -50.8 -3.3 470.4 0.0 514.9
-------------------------------------------------------------------------------
Profit for the period 65.7 65.7
-------------------------------------------------------------------------------
Other comprehensive
income:
-------------------------------------------------------------------------------
Change in value of cash flow
hedges 0.0 0.0
-------------------------------------------------------------------------------
Change in value of available-
for-sale investments 0.5 0.5
-------------------------------------------------------------------------------
Translation differences 2.6 2.6
-------------------------------------------------------------------------------
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 1.6 1.6
-------------------------------------------------------------------------------
Other adjustments 0.0 -0.3 0.0 -0.2
-------------------------------------------------------------------------------
Equity at 31 March 2015 92.2 0.5 6.4 -51.1 -0.7 354.4 0.0 401.8
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Equity at 1 January 2016 92.2 0.5 6.9 -1.6 -1.5 498.4 0.0 594.9
-------------------------------------------------------------------------------
Profit for the period 63.3 63.3
-------------------------------------------------------------------------------
Other comprehensive
income:
-------------------------------------------------------------------------------
Change in value of available-
for-sale investments 0.5 0.5
-------------------------------------------------------------------------------
Translation differences -2.0 -2.0
-------------------------------------------------------------------------------
Items due to
remeasurement of defined
benefit plans -0.0 -0.0
-------------------------------------------------------------------------------
Transactions with owners
-------------------------------------------------------------------------------
Dividend and capital
repayment -183.3 -183.3
-------------------------------------------------------------------------------
Share-based incentive
plan 2.1 2.1
-------------------------------------------------------------------------------
Other adjustments 0.0 -0.4 0.0 -0.3
-------------------------------------------------------------------------------
Equity at 31 March 2016 92.2 0.5 7.4 -1.7 -3.6 380.2 0.0 475.1
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million Q1/16 Q1/15 2015
-------------------------------------------------------------------------------
Operating profit 80.3 83.1 266.6
-------------------------------------------------------------------------------
Adjustments 12.7 10.8 53.5
-------------------------------------------------------------------------------
Change in working capital -28.2 -18.0 -14.9
-------------------------------------------------------------------------------
Interest paid -2.3 -3.3 -10.9
-------------------------------------------------------------------------------
Interest received 2.5 3.9 7.7
-------------------------------------------------------------------------------
Dividends received 0.2
-------------------------------------------------------------------------------
Income taxes paid -12.6 -13.6 -47.2
-------------------------------------------------------------------------------
Total net cash flow from operating activities 52.5 62.9 254.9
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Investments in property, plant and equipment -9.3 -9.0 -38.4
-------------------------------------------------------------------------------
Investments in intangible assets -2.4 -1.0 -4.8
-------------------------------------------------------------------------------
Sales of property, plant and equipment and available-for-
sale investments 0.2 0.3 1.0
-------------------------------------------------------------------------------
Total net cash flow from investing activities -11.5 -9.6 -42.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Short-term loans raised 0.2 0.5 1.4
-------------------------------------------------------------------------------
Repayments of short-term loans -0.3 -0.7 -2.7
-------------------------------------------------------------------------------
Long-term loans raised 0.0 0.2
-------------------------------------------------------------------------------
Repayments of long-term loans -2.3 -4.1 -46.2
-------------------------------------------------------------------------------
Dividends paid and other distribution of profits -0.0 -0.0 -183.3
-------------------------------------------------------------------------------
Total net cash flow from financing activities -2.4 -4.1 -230.8
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net change in cash and cash equivalents 38.5 49.2 -18.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the period 245.2 258.5 258.5
-------------------------------------------------------------------------------
Foreign exchange differences -1.3 4.4 4.8
-------------------------------------------------------------------------------
Net change in cash and cash equivalents 38.5 49.2 -18.1
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 282.5 312.2 245.2
-------------------------------------------------------------------------------
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 3/16 3/15 12/15
-------------------------------------------------------------------
Carrying amount at the beginning of the period 276.4 269.1 269.1
-------------------------------------------------------------------
Additions 6.9 6.9 38.7
-------------------------------------------------------------------
Disposals -0.2 -0.3 -1.1
-------------------------------------------------------------------
Depreciation and impairments -7.5 -7.3 -30.2
-------------------------------------------------------------------
Carrying amount at the end of the period 275.6 268.5 276.4
-------------------------------------------------------------------
CHANGES IN INTANGIBLE ASSETS (EXCLUDING GOODWILL)
EUR million 3/16 3/15 12/15
-----------------------------------------------------------------
Carrying amount at the beginning of the period 44.3 50.4 50.4
-----------------------------------------------------------------
Additions 1.7 0.7 5.4
-----------------------------------------------------------------
Disposals -0.0
-----------------------------------------------------------------
Amortisation and impairments -2.4 -2.6 -11.5
-----------------------------------------------------------------
Carrying amount at the end of the period 43.5 48.5 44.3
-----------------------------------------------------------------
COMMITMENTS AND CONTINGENCIES
EUR million 3/16 3/15 12/15
--------------------------------------------------------------------------
CONTINGENCIES FOR OWN LIABILITIES
--------------------------------------------------------------------------
Mortgages on land and buildings 32.0
--------------------------------------------------------------------------
Guarantees 5.2 3.5 5.2
--------------------------------------------------------------------------
OTHER LIABILITIES
--------------------------------------------------------------------------
Leasing liabilities (excluding finance lease contracts) 6.5 7.0 7.3
--------------------------------------------------------------------------
Other liabilities 0.3 0.3 0.3
--------------------------------------------------------------------------
DERIVATIVES
EUR million 3/16 3/15 12/15
---------------------------------------------------------------
CURRENCY FORWARD CONTRACTS AND CURRENCY SWAPS
---------------------------------------------------------------
Fair value, EUR million -1.0 0.2 -0.0
---------------------------------------------------------------
Nominal value, EUR million 52.4 58.1 49.1
---------------------------------------------------------------
CURRENCY OPTIONS
---------------------------------------------------------------
Fair value, EUR million -0.1 -0.0 -0.0
---------------------------------------------------------------
Nominal value, EUR million 46.5 35.4 39.2
---------------------------------------------------------------
INTEREST RATE SWAPS
---------------------------------------------------------------
Fair value, EUR million -0.1 -0.0
---------------------------------------------------------------
Nominal value, EUR million 14.3 11.6
---------------------------------------------------------------
ELECTRICITY DERIVATIVES
---------------------------------------------------------------
Fair value, EUR million -0.3
---------------------------------------------------------------
Nominal amount, GWh 17
---------------------------------------------------------------
FAIR VALUE MEASUREMENT AND HIERARCHY OF FINANCIAL INSTRUMENTS
EUR million Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------
Derivatives
-------------------------------------------------------------------------------
Currency derivatives 0.3 0.3
-------------------------------------------------------------------------------
Available-for-sale financial
assets
-------------------------------------------------------------------------------
Shares and investments 5.9 0.3 6.2
-------------------------------------------------------------------------------
Assets total 5.9 0.3 0.3 6.5
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Derivatives
-------------------------------------------------------------------------------
Currency derivatives -1.2 -1.2
-------------------------------------------------------------------------------
Liabilities total -1.2 -1.2
-------------------------------------------------------------------------------
The level 1 financial instrument fair value is based on quotations available
in active markets. The level 2 financial instrument fair value 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 Q1/16 Q1/15 2015
----------------------------------------------------
Management's employment benefits 4.8 4.7 6.6
----------------------------------------------------
Operating segment performance
NET SALES BY BUSINESS DIVISION
EUR million Q1/16 Q1/15 Change % 2015
------------------------------------------------------------
Pharmaceuticals 249.3 244.5 +2.0% 960.9
------------------------------------------------------------
Proprietary Products 88.0 89.3 -1.4% 322.5
------------------------------------------------------------
Specialty Products 122.8 108.6 +13.1% 471.2
------------------------------------------------------------
Animal Health 18.2 21.6 -15.6% 77.0
------------------------------------------------------------
Fermion 10.6 14.7 -28.4% 52.7
------------------------------------------------------------
Contract manufacturing
and other 9.7 10.3 -6.1% 37.5
------------------------------------------------------------
Diagnostics 13.5 16.2 -16.7% 57.8
------------------------------------------------------------
Group items -0.8 -0.8 -2.6% -3.1
------------------------------------------------------------
Group total 262.0 259.9 +0.8% 1,015.6
------------------------------------------------------------
OPERATING PROFIT BY BUSINESS AREA
EUR million Q1/16 Q1/15 Change % 2015
---------------------------------------------------
Pharmaceuticals 80.1 81.4 -1.6% 269.0
---------------------------------------------------
Diagnostics 2.6 4.0 -34.2% 8.5
---------------------------------------------------
Group items -2.4 -2.2 +6.5% -10.9
---------------------------------------------------
Group total 80.3 83.1 -3.3% 266.6
---------------------------------------------------
NET SALES BY ANNUAL QUARTERS
2016 2015 2014
+-----+-----------------------+-----------------+
EUR million | Q1| Q4 Q3 Q2 Q1| Q4 Q3 Q2|
----------------+-----+-----------------------+-----------------+
Pharmaceuticals|249.3|247.3 227.1 242.0 244.5|241.5 226.2 264.8|
----------------+-----+-----------------------+-----------------+
Diagnostics | 13.5| 15.2 12.5 13.9 16.2| 14.5 12.8 12.7|
----------------+-----+-----------------------+-----------------+
Group items | -0.8| -0.9 -0.5 -0.9 -0.8| -0.8 -0.6 -0.9|
----------------+-----+-----------------------+-----------------+
Group total |262.0|261.6 239.1 255.0 259.9|255.3 238.3 276.7|
----------------+-----+-----------------------+-----------------+
OPERATING PROFIT BY ANNUAL QUARTERS
2016 2015 2014
+----+-------------------+--------------+
EUR million | Q1| Q4 Q3 Q2 Q1| Q4 Q3 Q2|
----------------+----+-------------------+--------------+
Pharmaceuticals|80.1|52.1 59.7 75.8 81.4|56.9 63.8 88.3|
----------------+----+-------------------+--------------+
Diagnostics | 2.6| 1.7 1.1 1.6 4.0| 1.5 1.7 0.6|
----------------+----+-------------------+--------------+
Group items |-2.4|-2.9 -2.3 -3.5 -2.2|-3.1 -1.8 -2.9|
----------------+----+-------------------+--------------+
Group total |80.3|50.9 58.6 74.0 83.1|55.3 63.8 86.0|
----------------+----+-------------------+--------------+
GEOGRAPHICAL BREAKDOWN OF NET SALES BY ANNUAL QUARTERS
2016 2015 2014
+-----+-----------------------+-----------------+
EUR million | Q1| Q4 Q3 Q2 Q1| Q4 Q3 Q2|
--------------+-----+-----------------------+-----------------+
Finland | 80.1| 85.1 78.1 76.9 78.4| 79.6 73.5 72.0|
--------------+-----+-----------------------+-----------------+
Scandinavia | 44.7| 47.0 39.1 40.9 36.9| 35.6 31.7 34.6|
--------------+-----+-----------------------+-----------------+
Other Europe | 83.2| 81.9 70.7 77.5 86.6| 89.1 81.3 104.9|
--------------+-----+-----------------------+-----------------+
North America| 18.2| 16.1 17.9 20.6 21.6| 24.5 15.2 34.0|
--------------+-----+-----------------------+-----------------+
Other markets| 35.8| 31.5 33.2 39.1 36.4| 26.5 36.6 31.2|
--------------+-----+-----------------------+-----------------+
Group total |262.0|261.6 239.1 255.0 259.9|255.3 238.3 276.7|
--------------+-----+-----------------------+-----------------+
Business reviews
KEY FIGURES FOR PHARMACEUTICALS BUSINESS
EUR million Q1/16 Q1/15 Change % 2015
-------------------------------------------------------------------
Net sales 249.3 244.5 +2.0% 960.9
-------------------------------------------------------------------
Operating profit 80.1 81.4 -1.6% 269.0
-------------------------------------------------------------------
% of net sales 32.1% 33.3% 28.0%
-------------------------------------------------------------------
R&D expenses 23.4 23.4 -0.2% 101.0
-------------------------------------------------------------------
% of net sales 9.4% 9.6% 10.5%
-------------------------------------------------------------------
Capital expenditure 8.8 7.1 +24.2% 40.6
-------------------------------------------------------------------
% of net sales 3.5% 2.9% 4.2%
-------------------------------------------------------------------
Sales revenue from proprietary products 92.9 96.3 -3.5% 354.7
-------------------------------------------------------------------
Assets 738.1 682.2 740.8
-------------------------------------------------------------------
Liabilities 185.6 174.3 211.0
-------------------------------------------------------------------
Personnel at the end of the period 3,090 3,103 3,078
-------------------------------------------------------------------
TOP TEN BEST-SELLING PHARMACEUTICAL PRODUCTS
EUR million Q1/16 Q1/15 Change % 2015
-------------------------------------------------------------------------------
Stalevo(®), Comtess(®) and Comtan(®)
(Parkinson's disease) 32.6 42.4 -23.1% 137.5
-------------------------------------------------------------------------------
Easyhaler(®) product family (asthma, COPD) 15.6 12.5 +25.3% 51.3
-------------------------------------------------------------------------------
Dexdor(®) (intensive care sedative) 14.2 11.1 +27.7% 44.5
-------------------------------------------------------------------------------
Simdax(®) (acute decompensated heart failure) 13.7 12.7 +7.9% 51.1
-------------------------------------------------------------------------------
Remsima(®) (rheumatoid arthritis, inflammatory
bowel diseases) 11.7 2.8 +318.7% 28.1
-------------------------------------------------------------------------------
Dexdomitor(®), Domitor(®), Domosedan(®) and
Antisedan(®) (animal sedatives) 6.8 6.9 -0.9% 27.3
-------------------------------------------------------------------------------
Marevan(®) (anticoagulant) 5.2 5.0 +3.2% 19.2
-------------------------------------------------------------------------------
Burana(®) (inflammatory pain) 5.2 5.6 -7.3% 22.7
-------------------------------------------------------------------------------
Trexan(®) (rheumatoid arthritis, cancer) 3.9 3.5 +10.5% 12.3
-------------------------------------------------------------------------------
Precedex(®) (intensive care sedative) 3.8 4.6 -16.7% 17.8
-------------------------------------------------------------------------------
Total 112.7 107.1 +5.2% 411.7
-------------------------------------------------------------------------------
Share of pharmaceutical net sales 45% 44% 43%
-------------------------------------------------------------------------------
KEY FIGURES FOR DIAGNOSTICS BUSINESS
EUR million Q1/16 Q1/15 Change % 2015
--------------------------------------------------------------
Net sales 13.5 16.2 -16.7% 57.8
--------------------------------------------------------------
Operating profit 2.6 4.0 -34.2% 8.5
--------------------------------------------------------------
% of net sales 19.4% 24.5% 14.7%
--------------------------------------------------------------
R&D expenses 1.6 1.8 -11.0% 7.3
--------------------------------------------------------------
% of net sales 12.1% 11.3% 12.6%
--------------------------------------------------------------
Capital expenditure 0.2 0.9 -76.6% 3.7
--------------------------------------------------------------
% of net sales 1.5% 5.4% 6.4%
--------------------------------------------------------------
Assets 50.8 48.0 48.3
--------------------------------------------------------------
Liabilities 8.5 12.6 16.2
--------------------------------------------------------------
Personnel at the end of the period 296 290 296
--------------------------------------------------------------
KEY CLINICAL PHARMACEUTICAL DEVELOPMENT PROJECTS
+---------------------------+----------------------+-------------+-------------+
| | | PHASE | |
| Project | Indication +---+----+----+Registration |
| | | I | II |III | |
+---------------------------+----------------------+---+----+----+-------------+
|Bufomix Easyhaler(®) | | | | | |
|(budesonide-formoterol) |Asthma, COPD | I | II |III |Registration*|
|(1)) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|Easyhaler(®) salmeterol- |Asthma, COPD | I | II |III*| |
|fluticasone (2)) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|ODM-201 (androgen receptor |Prostate cancer | I | II |III*| |
|inhibitor) (3)) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|Levosimendan (4)) |Low Cardiac Output | I | II |III*| |
| |Syndrome | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|ORM-12741 (alpha-2c | | | | | |
|adrenoceptor antagonist) |Alzheimer's disease | I |IIa*| | |
|(5)) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|Dexmedetomidine |Treatment of pain | I |IIb | | |
|(intranasal) (6)) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|ODM-109 (oral levosimendan)|ALS | I |II* | | |
+---------------------------+----------------------+---+----+----+-------------+
|ODM-104 (more effective |Parkinson's disease | I |II* | | |
|COMT inhibitor) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|ODM-203 (targeted |Solid tumours | I |II* | | |
|FGFR+VEGFR inhibitor) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|ODM-204 (CYP17 enzyme and | | | | | |
|androgen receptor |Prostate cancer |I* | | | |
|inhibitor) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|ODM-108 (negative | | | | | |
|allosteric modulator of |Neuropathic pain |I* | | | |
|TRPA1 ion channel) | | | | | |
+---------------------------+----------------------+---+----+----+-------------+
|(1) )Aim is to obtain marketing authorisation for | * |= Phase ongoing |
|product in at least some European countries not +---+-----------------------+
|included in decentralised marketing authorisation |III|= Status changed |
|application process. +---+-----------------------+
| | | |
|(2) )Bioequivalence study (3) )In collaboration | | |
|with Bayer | | |
| | | |
|(4) )Partner: Tenax Therapeutics, Inc. (5) )In | | |
|collaboration with Janssen Pharmaceuticals | | |
| | | |
|(6) )Partner: Recro Pharma, Inc. | | |
+--------------------------------------------------+---+-----------------------+
Information on Orion's shares
BASIC SHARE INFORMATION 31 MARCH 2016
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 25.4 66.8 92.2
-------------------------------------------------------------------------------
Counter book value per
share, EUR 0.65 0.65
-------------------------------------------------------------------------------
Total number of shares 38,906,154 102,351,674 141,257,828
-------------------------------------------------------------------------------
% of total share stock 28% 72% 100%
-------------------------------------------------------------------------------
Number of treasury
shares 283,366 283,366
-------------------------------------------------------------------------------
Total number of shares excluding
treasury shares 38,906,154 102,068,308 140,974,462
-------------------------------------------------------------------------------
Minimum number of
shares 1
-------------------------------------------------------------------------------
Maximum number of A and B shares, and
maximum
number of all shares 500,000,000 1,000,000,000 1,000,000,000
-------------------------------------------------------------------------------
Votes per share 20 1
-------------------------------------------------------------------------------
Number of votes excluding treasury
shares 778,123,080 102,068,308 880,191,388
-------------------------------------------------------------------------------
% of total votes 88% 12% 100%
-------------------------------------------------------------------------------
Total number of
shareholders 16,938 38,113 49,370
-------------------------------------------------------------------------------
Both share classes, A and B, confer equal rights to the Company's assets and
dividends.
INFORMATION ON TRADING ON NASDAQ HELSINKI 1 JANUARY - 31 MARCH 2016
A shares B shares Total
-------------------------------------------------------------------------------
Shares traded 375,944 12,548,801 12,924,745
-------------------------------------------------------------------------------
% of the total number of shares 1.0% 12.3% 9.1%
-------------------------------------------------------------------------------
Trading volume, EUR million 11.2 373.1 384.3
-------------------------------------------------------------------------------
Closing quotation on 31 December 2015, EUR 31.83 31.97
-------------------------------------------------------------------------------
Lowest quotation, EUR (A and B 9 February 2016) 27.70 27.79
-------------------------------------------------------------------------------
Average quotation, EUR 29.68 29.74
-------------------------------------------------------------------------------
Highest quotation, EUR (A 29 February and B 5
January 2016) 32.84 31.88
-------------------------------------------------------------------------------
Closing quotation on 31 March 2016, EUR 28.88 29.05
-------------------------------------------------------------------------------
Market capitalisation on 31 March 2016, EUR
million 1,123.6 2,965.1 4,088.7
-------------------------------------------------------------------------------
PERFORMANCE PER SHARE
Q1/16 Q1/15 Change % 2015
-------------------------------------------------------------------------------
Basic earnings per share, EUR 0.45 0.47 -3.8% 1.48
-------------------------------------------------------------------------------
Diluted earnings per share, EUR 0.45 0.47 -3.8% 1.48
-------------------------------------------------------------------------------
Cash flow per share before financial items,
EUR 0.29 0.38 -23.2% 1.51
-------------------------------------------------------------------------------
Equity per share, EUR 3.37 2.85 4.22
-------------------------------------------------------------------------------
Average number of shares excluding treasury
shares, 1,000 shares 140,878 140,734 140,806
-------------------------------------------------------------------------------
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 2015 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 2016. 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 2015 amounted to EUR 1,016 million and the Company had
about 3,400 employees. Orion's A and B shares are listed on Nasdaq Helsinki.
[HUG#2007264]
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