Orion Oyj

Strong Q3 and YTD performance; guidance upgraded (Nubeqa drives the bulk) - Net sales +28% YoY to EUR 542m in Q3; operating profit +~74% to EUR 210m (EPS also up accordingly). - YTD (Jan–Sep): net sales +24% to EUR 1.481bn; operating profit +~66% to >EUR 500m. - Mix: after 9 months, ~half of Orion revenues come from Innovative Medicines (notably Nubeqa royalties + product sales). - Full-year outlook upgraded (after Q3): net sales EUR 2.07–2.14bn and operating profit EUR 730–790m.

Nubeqa royalties momentum: maximum royalty tier reached; Q4 expected strong but with wide uncertainty - Management said Q2 already reached the maximum royalty rate, so in principle royalty growth should track Bayer’s underlying Nubeqa end-market sales (i.e., Q4 royalties should be proportional to sales). - Q3 Nubeqa specifics: royalties ~EUR 222m and tablet sales ~EUR 58m to Bayer. - Guidance range remains wide in Q4 primarily due to Nubeqa, even though it’s expected to be the “best quarter” for Nubeqa given growth momentum and the maximum royalty tier. - Negative/surprising angle: one participant noted Q3 royalties looked a bit “soft” vs consensus; management attributed part of it to quarterly shipment/estimation timing (e.g., last month of the prior quarter).

R&D: major milestone—ODM-216 enters Phase I (plus encouraging DASL-HiCaP interim efficacy) - Surprising/positive: Orion progressed first biological molecule into Phase I via ODM-216 (bispecific antibody). - Clinical opportunity: DASL-HiCaP interim results (with darolutamide + androgen deprivation therapy + radiotherapy) showed 58% reduction in risk of metastasis or death vs placebo (as presented by Bayer at ESMO). - Management stance: the DASL-HiCaP success is already embedded in the long-term Nubeqa potential, but they did not update guidance yet—they expect further regulatory/pathway steps later. - Path planning: for ODM-212, they clarified studies are planned to be run by Orion itself (Phase II currently; Phase III for both indications anticipated without needing a partner before Phase III).