Orion Group Half-Year Financial Report January–June 2024
Orion Group Half-Year Financial Report January–June 2024
ORION CORPORATION
HALF-YEAR FINANCIAL REPORT 1–6/2024
8 AUGUST 2024 at 12:00 EEST
ORION CORPORATION
2024年1-6月半年業績
2024年8月8日美東時間12:00
Orion Group Half-Year Financial Report January–June 2024
orion group 2024年1月至6月半年度財務報告
- Net sales totalled EUR 636.7 (January–June 2023: 567.5) million
- Operating profit was EUR 121.8 (102.0) million
- Basic earnings per share were EUR 0.68 (0.57)
- Cash flow from operating activities per share was EUR 0.98 (0.27)
- The outlook for 2024 was upgraded after the reporting period on 1 July 2024: Net sales are estimated to be EUR 1,440 million to EUR 1,480 million. Operating profit is estimated to be EUR 350 million to EUR 380 million. Previously net sales were estimated to be EUR 1,340 to EUR 1,410 and operating profit was estimated to be EUR 280 million to EUR 310 million.
- 淨銷售額總計636.7億歐元（2023年1-6月：567.5億）
- 營業利潤爲121.8億歐元（102.0）
- 基本每股收益爲0.68歐元（0.57）
- 每股經營活動現金流爲0.98歐元（0.27）
- 報告期後的2024年7月1日，展望2024年：淨銷售額預計爲144000萬至148000萬歐元，營業利潤預計爲35000萬至38000萬歐元。先前淨銷售額預計爲1340至1410億歐元，營業利潤預計爲28000萬至31000萬歐元。
Key figures
主要數據指標
| 4-6/24 | 4-6/23 | Change % | 1–6/24 | 1–6/23 | Change % | 1-12/23 | |
| Net sales, EUR million | 328.2 | 289.6 | +13.4% | 636.7 | 567.5 | +12.2% | 1,189.7 |
| EBITDA, EUR million | 78.8 | 59.2 | +33.0% | 147.3 | 126.9 | +16.1% | 326.4 |
| % of net sales | 24.0% | 20.5% | 23.1% | 22.4% | 27.4% | ||
| Operating profit, EUR million | 65.8 | 46.5 | +41.5% | 121.8 | 102.0 | +19.5% | 274.9 |
| % of net sales | 20.1% | 16.1% | 19.1% | 18.0% | 23.1% | ||
| Profit before taxes, EUR million | 65.1 | 45.8 | +42.1% | 120.0 | 100.9 | +18.9% | 271.9 |
| % of net sales | 19.8% | 15.8% | 18.8% | 17.8% | 22.9% | ||
| Profit for the period, EUR million | 52.0 | 36.4 | +42.7% | 95.7 | 80.2 | +19.3% | 216.8 |
| % of net sales | 15.8% | 12.6% | 15.0% | 14.1% | 18.2% | ||
| Research and development expenses, EUR million | 43.6 | 31.3 | +39.1% | 80.4 | 63.0 | +27.6% | 126.9 |
| % of net sales | 13.3% | 10.8% | 12.6% | 11.1% | 10.7% | ||
| Capital expenditure, excluding acquired in business combinations, EUR million | 21.4 | 17.6 | +21.4% | 34.5 | 35.7 | -3.5% | 92.7 |
| % of net sales | 6.5% | 6.1% | 5.4% | 6.3% | 7.8% | ||
| Acquired in business combination, net of cash, EUR million | 0.1 | 0.1 | 0.1 | ||||
| Interest-bearing net liabilities, EUR million | 111.2 | 132.1 | -15.8% | 93.3 | |||
| Basic earnings per share, EUR | 0.37 | 0.26 | +42.6% | 0.68 | 0.57 | +19.2% | 1.54 |
| Cash flow from operating activities per share, EUR | 0.20 | 0.24 | -17.4% | 0.98 | 0.27 | > 100 % | 0.85 |
| Equity ratio, % | 52.7% | 59.2% | 62.3% | ||||
| Gearing, % | 14.6% | 17.2% | 10.5% | ||||
| Return on capital employed (before taxes), % | 23.4% | 20.0% | 25.3% | ||||
| Return on equity (after taxes), % | 23.2% | 19.1% | 24.1% | ||||
| Average personnel during the period | 3,726 | 3,577 | +4.1% | 3,599 |
| 24年4-6月 | 23年4-6月 | 變化% | 24年1-6月 | 23年1-6月 | 變化% | 23年1-12月 | |
| 淨銷售額，歐元（百萬） | 328.2 | 289.6 | +13.4% | 636.7 | 567.5 | +12.2% | 1,189.7 |
| EBITDA, eur百萬 | 78.8 | 59.2 | +33.0% | 147.3 | 126.9 | +16.1% | 326.4 |
| 6.5% | 24.0% | 20.5% | 23.1% | 22.4% | 27.4% | ||
| 營業利潤, eur百萬 | 65.8 | 46.5 | +41.5% | 121.8 | 102.0 | +19.5% | 274.9 |
| 6.5% | 20.1% | 16.1% | 19.1% | 18.0% | 23.1% | ||
| 稅前利潤，單位爲百萬歐元 | 65.1 | 45.8 | +42.1% | 120.0 | 100.9 | +18.9% | 271.9 |
| 6.5% | 19.8% | 15.8% | 18.8% | 17.8% | 22.9% | ||
| 本期利潤，單位爲百萬歐元 | 52.0 | 36.4 | 增長率爲+42.7% | 95.7 | 80.2 | 增長率爲+19.3% | 216.8 |
| 6.5% | 15.8% | 12.6% | 15.0% | 14.1% | 18.2% | ||
| 研發費用，單位：百萬歐元 | 43.6 | 31.3 | 增長率爲+39.1% | 80.4 | 63.0 | 增長率爲+27.6% | 126.9 |
| 6.5% | 13.3% | 10.8% | 12.6% | 11.1% | 10.7% | ||
| 除企業合併外的資本支出，單位：百萬歐元 | 21.4 | 17.6 | +21.4% | 34.5 | 35.7 | -3.5% | 淨銷售額的百分比：92.7% |
| 6.5% | 5.4% | 6.1% | 7.8% | 6.3% | 淨現金收購的淨額，單位：百萬歐元 | ||
| 帶利息的淨負債，單位：百萬歐元 | 0.1 | 0.1 | 0.1 | ||||
| 淨負債利息，eur百萬 | 132.1 | -15.8% | 93.3 | 基本每股收益，單位：歐元 | |||
| +42.6% | 0.37 | 0.26 | +42.6% | 0.68 | 0.57 | +19.2% | 1.54 |
| 每股經營活動產生的現金流量，eur | 0.20 | 0.24 | -17.4% | 0.98 | 0.27 | >100% | 0.85 |
| 資本比率，% | 52.7% | 59.2% | 62.3% | ||||
| 負債與淨資產比率，% | 14.6% | 17.2% | 10.5% | ||||
| 資本僱用回報率（稅前），% | 23.4% | 20.0% | 25.3% | ||||
| 淨資產回報率（稅後），% | 23.2% | 19.1% | 24.1% | ||||
| 期間平均人員 | 3,726 | 3,577 | +4.1% | 3,599 |
President and CEO Liisa Hurme:
First half of 2024 was strong for Orion
總裁兼首席執行官Liisa Hurme：
Orion集團在2024年上半年有了強勁的表現
"In January–June 2024, our net sales increased by 12.2 percent to EUR 636.7 (567.5) million and operating profit increased by 19.5 percent to EUR 121.8 (102.0) million.
“2024年1月至6月，我們的淨銷售額增長了12.2%，達到了6.367億（5.675億）歐元，營業利潤增長了19.5%，達到了1.218億（1.02億）歐元。
Nubeqa continued to perform well and was a clear growth driver for Orion and the Innovative Medicines business division. Nubeqa sales recorded by Orion, i.e. tablet deliveries to Bayer and royalties, grew faster than we expected, reflecting the strong performance of the product and our partner Bayer in the market.
Nubeqa繼續表現良好，成爲Orion和創新藥品業務部門的明顯增長驅動器。Orion記錄的Nubeqa銷售，即向拜耳的藥片交付和版稅，增長比我們預期的更快，反映了產品和我們的合作伙伴拜耳在市場中的強勁表現。
Demand for Easyhaler products remained strong, which explains the growth of the product portfolio and, to a large extent, of the Branded Products business division. The net sales of the Generics and Consumer Health business division were almost at par compared to the comparative period.
Easyhaler產品的需求仍然強勁，這解釋了產品組合以及品牌產品業務部門的增長。仿製藥和消費醫療業務部門的淨銷售額與比較期幾乎持平。
The first half of 2024 was strong for our Animal Health business division. The development is explained by the weak comparative period when soft market and optimisation of partners' inventory levels were causing headwinds.
2024年上半年對於我們的動物衛生業務部門來說表現強勁。這一發展是由於軟市場和合作夥伴庫存水平優化導致順風頂峯所致。
Fermion's important strategic role is to manufacture active pharmaceutical ingredients for Orion's innovative medicines as well as for other important medicines. Fermion also increased its external sales in the early part of the year, although more capacity has recently been reserved for the manufacture of Orion's own products.
Fermion的重要戰略作用是爲Orion的創新藥物以及其他重要藥物製造活性藥物成分。Fermion在年初也增加了外部銷售，儘管最近更多的產能被用於製造Orion自己的產品。
Orion's operating profit grew faster than net sales, even though operating expenses increased in a planned and anticipated manner. The good development of all business divisions contributed to the increase in operating profit, but the strongest impact was on Nubeqa royalties.
儘管營業費用有計劃地和預期地增加，Orion的營業利潤增長速度快於淨銷售額。所有業務部門的良好發展促進了營業利潤的增長，但Nubeqa特許權的影響最大。
After the review period in July, we reported that Orion and MSD have exercised the option to convert the companies' ongoing co-development and co-commercialization agreement for opevesostat and other candidates targeting CYP11A1 into an exclusive global license for MSD. The conversion of this collaboration into a license agreement allows Orion to focus our resources to progress our other promising development candidates while both remaining well positioned to benefit from the development and potential commercialisation of opevesostat and meeting our financial objectives. We believe MSD provides the best choice to maximise the potential of opevesostat, a compound discovered by Orion's scientists. As a consequence of the exercise of the option, we will release a EUR 60 million item from our balance sheet, which will have a positive impact on the third quarter 2024 net sales and operating profit, and as a result, we upgraded the outlook for the current year.
審查期後的7月，我們宣佈Orion和默沙東已行使合作開發和合作商業化協議條款，將CYP11A1靶向opevesostat等候選藥物的公司持續合作轉化爲MSD的排他性全球許可證。將這項合作轉化爲許可協議使Orion能夠專注於推進其他有前途的開發候選藥物，同時兩家公司仍然有望從opevesostat的研發和潛在商業化中獲益，並達成我們的財務目標。我們認爲，默沙東提供了最好的選擇，以最大程度地發揮Orion的科學家們發現的化合物opevesostat的潛力。由於行使該選擇條款，我們將從資產負債表中釋放6000萬歐元的項目，這將對2024年第三季度的淨銷售額和營業利潤產生積極影響，因此，我們提高了本年度的展望。
In mid-July, together with our partner Bayer, we reported that the ARANOTE trial had met its primary endpoint, showing that darolutamide in combination with androgen deprivation therapy (ADT) significantly increases radiological progression-free survival compared to placebo plus ADT. Safety analysis shows darolutamide plus ADT to be comparable to placebo plus ADT, reconfirming the established tolerability profile of darolutamide as observed in the ARAMIS and ARASENS trials. The results of the ARANOTE trial reconfirm that darolutamide, a compound discovered by Orion scientists, is a viable treatment option for patients with metastatic hormone-sensitive prostate cancer.
7月中旬，我們與合作伙伴拜耳一起宣佈，ARANOTE試驗已達到其主要終點，顯示與去勢治療（ADT）結合使用的darolutamide顯著增加放射性無進展生存率，相比安慰劑加ADT。安全性分析顯示 darolutamide和ADt相比可與安慰劑加ADt相媲美，重新確認了darolutamide在ARAMIS和ARASENS試驗中觀察到的已建立的耐受性概況。ARANOTE試驗的結果重新確認，由Orion的科學家們發現的化合物darolutamide是治療轉移性激素敏感性前列腺癌患者的可行選擇。
Otherwise, our clinical development pipeline remains the same. We are preparing to start the clinical phase II program with the ODM-111 molecule for the treatment of acute and chronic pain during 2024 or early 2025.
否則，我們的臨床開發管線保持不變。我們正在準備在2024年或早期2025年開始使用ODm-111分子進行臨床二期治療急性和慢性疼痛。
I am proud and happy of all the achievements we have already achieved together at Orion this year. We are eager to continue on our growth path!"
我爲我們在Orion今年已經共同取得的所有成就感到自豪和高興。我們渴望繼續走上增長之路！"
Outlook for 2024 (updated on 1 July 2024)
2024年展望（於2024年7月1日更新）
Net sales are estimated to be EUR 1,440 million to EUR 1,480 million.
預計淨銷售額將達到14.4億歐元至14.8億歐元。
Operating profit is estimated to be EUR 350 million to EUR 380 million.
預計營業利潤將達到3.5億歐元至3.8億歐元。
Previous outlook for 2024 (provided on 13 February and specified on 25 April 2024)
2024年前景展望（提供於2月13日並於4月25日指定)
Net sales are estimated to be EUR 1,340 million to EUR 1,410 million.
預計淨銷售額爲134000萬歐元至141000萬歐元。
Operating profit is estimated to be EUR 280 million to EUR 310 million.
營業利潤預計爲28000萬歐元至31000萬歐元。
Basis for outlook in more detail
展望的依據更詳細說明
Collaboration agreements with other pharmaceutical companies are an integral part of Orion's business model. Agreements often include payments recorded in net sales and operating profit that vary greatly from year to year. Forecasting the timing and amount of these payments is difficult. In some cases, they are conditional on terms such as R&D outcomes which are not known until studies have been completed, the progress of R&D projects or the attainment of specified sales levels. Regarding possible new contracts under negotiation, neither the outcome nor the schedule of contract negotiations is generally known before the final signing of the agreement.
與其他製藥公司的合作協議是Orion業務模式不可或缺的一部分。這些協議往往包括淨銷售額和營業利潤方面的支付，這些支付從年份到年份波動很大。預測這些支付的時間和金額是很困難的。在某些情況下，這些支付取決於條款，如研發結果，這在研究完成之前是不知道的，研發項目的進展或實現特定的銷售水平。關於正在談判的可能的新合同，一般在最終簽署協議之前，談判的結果和時間表都是不明確的。
Orion is eligible to receive milestone payments from Bayer based on sales of the Nubeqa product upon meeting certain global annual sales thresholds for the first time. In 2023 Orion received one such milestone payment of EUR 30 million. The outlook for 2024 includes one Nubeqa sales-related milestone payment of EUR 70 million which is included in both the net sales outlook and the operating profit outlook.
Orion有資格根據全球年銷售額門檻在貝塔(Nubeqa)的銷售中獲得里程碑付款。2023年，Orion獲得了一次3000萬元的里程碑付款。2024年的展望包括一項7000萬歐元的Nubeqa銷售相關的里程碑支付，被包括在淨銷售額和營業利潤展望中。
In addition, both the net sales outlook and the operating profit outlook include a EUR 60 million item which Orion will release from the balance sheet in Q3 2024 after Orion and MSD exercised an option in July 2024 to convert the companies' co-development and co-commercialisation agreement for opevesostat (MK-5684/ODM-208), an investigational CYP11A1 inhibitor, and other candidates targeting CYP11A1 into an exclusive global license for MSD.
此外，淨銷售額展望和營業利潤展望都包括一項6000萬元的款項，Orion將在2024年第三季度從資產負債表中釋放。7月份，Orion和MSD行使了關於opevesostat（Mk-5684/ODm-208），一種調節cyp11a1酶的候選藥物和其他cyp11a1靶點的共同開發和共同商業化協議轉換爲MSD全球獨家許可的選擇權。
The outlook does not include any other material milestone payments or one-offs.
展望不包括任何其他重要的里程碑支付或一次性支付。
The outlook assumes that Orion's own production and other operations will be able to operate normally throughout the year, and the supply chains of raw materials or ready-made products are not facing significant disruptions. These and other risks are discussed in more detail under 'Near-term risks and uncertainties'.
展望假設Orion自己的生產和其他業務將能夠正常運作，並且原材料或成品產品的供應鏈沒有遇到重大的中斷。這些和其他風險在「短期風險和不確定性」中有更詳細的討論。
The outlook does not include income, expenses or other impacts related to any future material product or company acquisition or divestment.
展望不包括任何與未來物質產品或公司收購或出售有關的收入、費用或其他影響。
Milestone payments received by Orion in 2019–2023
Orion在2019-2023年間獲得的里程碑付款
| Year | 2019 | 2020 | 2021 | 2022 | 2023 |
| EUR million | 51 | 42 | 3 | 234 | 32 |
| 年份 | 2019年 | 2020 | 2021年 | 2022年 | 2023年 |
| 歐元百萬 | 51 | 42 | 3 | 展望假設Orion預訂的Nubeqa的淨銷售額，因此創新藥物業務部門的淨銷售額將在2024年明顯增加。Orion的假設基於從合作伙伴貝塔接收到的預測。然而，難以預測一個強勁增長產品的產品銷售和版稅的確切水平。此外，預計7000萬元的Nubeqa相關里程碑將增加創新藥物業務部門的淨銷售額。業務部門的淨銷售額也因2024年第三季度從資產負債表中釋放的6000萬元款項而增加。 | 32 |
Net sales
淨銷售額
The outlook assumes that the net sales of Nubeqa booked by Orion, and thus the net sales of the Innovative Medicines business division, will clearly increase in 2024. Orion's assumption is based on forecasts received from its partner Bayer. However, it is difficult to predict the exact level of product sales and royalties fof a strongly growing product for the whole year. In addition, the EUR 70 million Nubeqa-related milestone is expected to increase the net sales of the Innovative Medicines business division. The net sales of the business division increases also due to the EUR 60 million item to be released from the balance sheet in Q3 2024.
品牌產品和動物保健業務部門也預計會在2024年提高其淨銷售額。品牌產品增長預計將由Easyhaler產品組合推動。隨着在許多市場上的競爭加劇和價格下降，對於Entacapone類別的產品的市場狀況仍然嚴峻，因此對於Entacapone類別的產品的銷售預計在2024年將保持不變。動物保健增長預計將由鎮靜劑組合、處於推出階段的產品和市場條件的改善推動。
The Branded Products and Animal Health business divisions are also estimated to improve their net sales in 2024. Branded Products growth is anticipated to be driven by the Easyhaler product portfolio. The sales of entacapone products are assumed to recover somewhat after challenging year 2023. At the same time, however, the market conditions for the entacapone products continue to be tough with increasing competition and declining prices in many markets, and as a result, the sales of the entacapone products are anticipated to be flat in 2024. Animal Health growth is anticipated to be driven by the sedatives portfolio, products in launch phase and improving market conditions.
Generics和Consumer Health業務部門由於Simdax和dexmedetomidine產品的下降，由於通用競爭和價格下降而繼續遭受損失，但減少了近年來的損失。通用產品的總體量預計將增長。由於前述原因，2024年的Generic and Consumer Health業務部門的淨銷售額預計將與2023年的水平相似。
The Generics and Consumer Health business division continues to suffer from the decline of Simdax and dexmedetomidine products due to generic competition and falling prices, but less than in recent years. The overall volume of generic products is expected to grow. Due to the aforementioned reasons, the net sales of the Generic and Consumer Health business division in 2024 is assumed to be at a similar level as in 2023.
費爾密(n)在過去幾年中一直以非常接近滿負荷運行。 Orion自有專有藥物的活性成分的製造份額預計將增加，這可能會限制分配給外部業務的產能。
Fermion has been operating at very near full capacity over the past few years. The share of manufacturing of the active pharmaceutical ingredients of Orion's own proprietary drugs is estimated to increase, which may restrict capacity allocated to external business.
毛利潤預計將明顯增加，原因是由於Nubeqaroyalty增長、將在2024年第三季度開始從資產負債表中釋放的6000萬元進行的操作，以及預計的7000萬元與Nubeqa相關的銷售里程碑。
Operating profit
營業利潤
Gross profit is expected to increase clearly driven by growing Nubeqa royalties, the EUR 60 million item to be released from the balance sheet in Q3 2024, and the anticipated EUR 70 million Nubeqa-related sales milestone.
營業利潤估計的範圍主要是由於Orion預訂的Nubeqa銷售和R＆D成本的發展。很難預測一個強勁增長產品的版稅的確切水平。從預測水平的任何差異都可能對Orion的營業利潤產生重大影響。此外，每個季度的產品交付總是完全從下個季度的版稅付款中扣除的機制會對營業利潤產生差異。即使這種對營業利潤的影響只是暫時性的，產品交付的時間可能對Orion在一個日曆年中的營業利潤產生顯著影響。
The range in the operating profit estimate is mainly due to Nubeqa's sales booked by Orion and the development of R&D costs. It is difficult to predict the exact level of royalties of a strongly growing product for the whole year. Any variance from the predicted level can have a notable impact on Orion's operating profit. Also, the mechanism by which each quarter's product deliveries are always fully deducted from the next quarter's royalty payments is causing variance to operating profit. Even though this impact on operating profit is only temporary, the timing of product deliveries may have notable impact on Orion's operating profit in one calendar year.
在過去幾年中，Orion致力於按照其增長戰略增加早期研究的投資。這項工作現在開始產生成效，幾個項目正在接近臨床開發階段。推進這些項目也將需要比過去更高的R&D支出。同時，臨床開發階段的項目已經進展並將在2024年進一步推進，這將增加項目成本。但是，與項目的進展和時間相關的不確定性可能意味着2024年預測的所有成本都不會實現。
Over the past few years, Orion has been determined to increase its investment in early-stage research in line with its growth strategy. This work is now starting to bear fruit and several projects are approaching the clinical development phase. Progressing these projects will also require significantly higher R&D expenditure than in the past. At the same time, projects in the clinical development phase have advanced and will advance during 2024, which will increase project costs. However, there are uncertainties related to the progress and timing of projects, which may mean that not all the costs projected for 2024 will materialise.
Sales and marketing expenses are expected to increase mainly due to growing investments to the Easyhaler sales and increasing Nubeqa royalty payable as per an agreement with Endo Pharmaceuticals.
銷售和營銷費用有望增加，主要是由於對Easyhaler銷售和根據與安多製藥的協議支付的Nubeqa版稅的不斷增加的投資。
Capital expenditure
資本支出
The Group's total capital expenditure in 2024 is expected to be at a similar level as in 2023, when capital expenditure was EUR 93 million. The estimate of capital expenditure does not include any investments related to any future material product or company acquisition.
2024年集團總的資本支出預計與2023年相當，當時資本支出爲9300萬歐元。資本支出的估計不包括與任何未來重要產品或公司收購相關的任何投資。
Near-term risks and uncertainties
近期風險和不確定性
The outlook assumes that Orion's own production and other operations will be able to operate normally. The realisation of sales of Orion-manufactured products requires that production and the related supply chains and other operations are able to operate at the planned level. There are a number of risks that could even materially disrupt Orion's production or other operations. Such risks include, for example, accidents, strikes, employee illness, poor availability of supplies, equipment, spare parts, products, energy, starting materials or semi-finished products, and the failure of logistics chains or serious disruptions to information or communication systems. Current risks to supply and logistics chains include geopolitical conflicts and unrest around the world. In addition to conflicts and unrest, any other unforeseen changes in the operating environment could cause disruptions to Orion's production, supply chains or other operations. Such risks may include accidents, strikes, natural disasters, epidemics and pandemics, wars, terrorism, cyber-attacks or hybrid influencing.
展望假定Orion自己的生產和其他業務能夠正常運作。Orion製造的產品銷售的實現需要生產和相關供應鏈以及其他業務能夠按計劃運作。有許多風險可能甚至會從根本上破壞Orion的生產或其他業務。這些風險包括事故、罷工、員工疾病、供應、設備、備件、產品、能源、起始物質或半成品或半成品的可用性不佳，以及物流鏈的失敗或信息或通信系統嚴重中斷等。目前，供應和物流鏈風險包括全球各地的地緣政治衝突和動盪。除了衝突和動盪之外，運營環境的任何其他不可預見的變化都可能導致Orion的生產、供應鏈或其他業務中斷。這些風險可能包括事故、罷工、自然災害、流行病和大流行病、戰爭、恐怖主義、網絡攻擊或混合影響。
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 focus on Orion's products. Changes in pharmaceutical regulation in individual markets or more broadly, for example at EU level, may affect the sales and profitability of Orion's products. Changes in overall market demand may also have negative impact on sales.
各種產品的銷售以及Orion在各個市場的銷售可能會有所不同，例如取決於近年來製藥市場上越來越嚴峻的價格和其他競爭將專門聚焦於Orion的產品的程度。各個市場或更廣泛地說，例如在歐盟層面上，製藥監管的變化可能會影響Orion產品的銷售和盈利能力。整體市場需求的變化也可能對銷售產生負面影響。
Product deliveries to key partners are based on timetables that are jointly agreed in advance. Nevertheless, they can change, for example as a consequence of decisions concerning adjustments of stock levels. In addition, changes in market prices and exchange rates affect the value of deliveries.
交付給關鍵合作伙伴的產品基於預先協商的時間表。然而，它們可能會發生變化，例如由於決定調整存貨水平而導致的變化。此外，市場價格和匯率的變化會影響交付程度。
Currently no single currency is posing a material exchange rate risk for Orion. Key currencies that carry an exchange rate risk are the US dollar and European currencies other than EUR. However, the overall effect of the risk arising from currencies of European countries will be abated by the fact that Orion has organisations of its own in most European countries, which means that in addition to sales income there are also costs in these currencies. The exchange rate performance of the Japanese yen is significant due to sales of Parkinson's drugs in Japan.
目前，沒有任何一種單一的貨幣對Orion構成實質性的匯率風險。承擔外匯風險的主要貨幣是美元和除歐元以外的歐洲貨幣。然而，來自歐洲國家貨幣的風險的整體影響將因Orion幾乎在大多數歐洲國家擁有自己的組織而得到緩解，這意味着除了銷售收入外，這些貨幣還有成本。日元的外匯表現由於在日本銷售帕金森病藥物而具有重要意義。
The current geopolitical conflicts and unrest, and other challenges in the global supply and logistics chains of pharmaceuticals have increased the already elevated risk of supply disruptions. Moreover, the disruptions, production volume changes and logistical challenges experienced in other industries may also have unexpected and sudden ramifications that can manifest as shortages of necessary raw materials, supplies and equipment in the chemical and pharmaceutical industries and as increases in prices. The possible rise of raw material prices and other supply chain costs deteriorates the profitability of Orion's products, since in the pharmaceutical industry it is very difficult to pass on cost increases to the prices of own products, especially prescription medicines, particularly in Europe. If high cost inflation occurs, it will pose a risk to Orion's profitability.
當前的地緣政治衝突和動盪，以及製藥行業全球供應和物流鏈面臨的其他挑戰，已經增加了供應中斷的風險。此外，其他行業經歷的中斷、產量變化和物流挑戰也可能帶來意想不到的和突然的影響，表現爲化學和製藥行業原材料、供應和設備的短缺，並導致價格上漲。原材料價格和其他供應鏈成本的可能上升會降低Orion產品的盈利能力，因爲在製藥行業很難將成本上漲轉嫁到自己的產品價格上，尤其是處方藥，特別是在歐洲。如果出現高的成本通脹，它將對Orion的盈利能力構成風險。
Authorities and key customers in different countries carry out regular and detailed inspections of drug development and manufacturing 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 contains products manufactured by other pharmaceutical companies and products that Orion manufactures on its own but for which other companies supply active pharmaceutical or other ingredients and components or parts (among these the Easyhaler products). Possible problems related to the delivery reliability or quality of the products of those manufacturers may cause a risk to Orion's delivery reliability. The single-channel system used for pharmaceuticals distribution in Finland, in which Orion's products have been delivered to customers through only one wholesaler, may also cause risks to delivery reliability.
各個國家的當局和關鍵客戶定期對Orion生產基地上的藥物研發和製造進行詳細檢查。可能需要採取的任何補救措施可能至少暫時地會對降低交貨可靠性和增加成本產生影響。Orion的產品範圍還包括由其他製藥公司製造的產品以及Orion自己製造但其他公司供應活性藥物或其他成分和元件或零部件的產品，其中包括Easyhaler產品。與那些製造商相關的交付可靠性或產品質量的問題可能對Orion的交貨可靠性構成風險。芬蘭用於藥品分銷的單一通道系統，即通過一個批發商向客戶交付Orion產品，可能也會對交貨可靠性構成風險。
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 are not expected to have a material impact on earnings in the current year. Owing to the nature of the research process, the size and costs of new studies that are being started are known relatively well in advance. However, there are uncertainties in the timing and progression of any individual study. Any changes in the timing of new research or development phases that are being launched may have a material impact on the projected cost structure within a single year. Orion often 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.
研究項目總是存在可能增加或減少預計成本的不確定性因素。項目可能比預期更慢或更快地進展，或者可能被中止。儘管如此，正在進行的臨床研究中可能發生的變化在成本上體現得相對緩慢，並且不會對當前年度的收益產生重大影響。由於研究過程的性質，正在啓動的新研究或開發階段的規模和成本相對較爲明確。然而，在任何單一年度內，啓動新研究或開發階段的時間和進展存在不確定性。這些關於時機的變化可能會對預計成本結構產生重大影響。Orion經常與其他製藥公司一起進行最後，換句話說是治療III期的臨床試驗。這些合作關係的啓動和結構也會對研究項目的進度和成本水平產生實質性影響。
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. The payments may be subject to conditions relating to the progress of research projects or sales or to new contracts to be signed, and whether these conditions or contracts materialise and what their timing is, will always entail uncertainties. The upfront and milestone payments paid by Orion to its collaborators, which are recorded as investments in intangible assets in balance sheet, include write-down risk that may be realised if, for example, a collaborative research project fails or otherwise has to be discontinued.
合作安排是Orion業務模式的重要組成部分。與這些安排相關的可能的合作和許可協議通常也包括待記錄在淨銷售額中的支付，這些支付可能對Orion的財務業績產生重大影響。支付可能受到與研究項目或銷售有關的條件的制約，也可能受到要簽訂的新合同的制約，這些條件或合同的實現時間都將帶來不確定性。Orion支付給其合作伙伴的首付款和里程碑款項，在資產負債表中被記錄爲無形資產的投資，包括可能實現的減記風險，例如，如果合作的研究項目失敗或必須被終止。
Webcast and Conference Call
網絡直播和業績電話會議
A webcast and a conference call for analysts, investors and media representatives will be held on Thursday, 8 August 2024 at 13.30 EEST.
將於2024年8月8日(東歐夏令時間13:30)舉行面向分析師、投資者和媒體代表的網絡研討會和電話會議。
A link to the live webcast is available on Orion's website at . A recording of the event will be available on the website later the same day.
現場網絡研討會鏈接可在Orion的網站上找到。 當天晚些時候，還將在Orion網站上提供該活動的錄音。
Conference call can be joined by registering through the following link:
可以通過以下鏈接進行註冊以加入電話會議:
Phone numbers and the conference ID to access the conference will be provided after the registration. In case you would like to ask a question during the conference, please dial *5 on your telephone keypad to enter the question queue.
電話號碼和會議ID可在註冊後提供。如果您想在會議期間提問，請在電話鍵盤上撥打*5，以進入問題隊列。
Questions can also be presented in writing through the question form of the webcast.
也可以通過網絡研討會的問題表格提出問題。
Upcoming events
即將舉行的活動
| Interim Report January–September 2024 | Tuesday 29 October 2024 |
| Financial Statement Release for 2024 | Tuesday 25 February 2025 |
| Annual General Meeting 2025 | planned to be held on 3 April 2025 |
| Interim Report January–March 2025 | Wednesday 23 April 2025 |
| Half-Year Financial Report January–June 2025 | Friday 18 July 2025 |
| Interim Report January–September 2025 | Tuesday 28 October 2025 |
| 2024年1月至9月中期報告 | 2024年10月29日，財務報表發佈。 |
| 2024年財務報表發佈。 | 2025年2月25日星期二 |
| 2025年股東大會 | 計劃於2025年4月3日舉行 |
| 2025年1月至3月季度報告 | 2025年4月23日星期三 |
| 2025年1月至6月半年度財務報告 | 2025年7月18日星期五 |
| 2025年1月至9月季度報告 | 2025年10月28日星期二 |
The Financial Statements and the Report of the Board of Directors for 2024 will be published on the Company's website at the latest in week 11/2025.
公司2024年的基本報表和董事會報告將在2025年第11周最遲發佈在公司網站上。
Espoo, 8 August 2024
2024年8月8日芬蘭埃斯波
Board of Directors of Orion Corporation
奧里昂公司董事會
For additional information about the report:
有關報告的其他信息：
Tuukka Hirvonen, Investor Relations, tel. +358 10 426 2721 or +358 50 966 2721
投資關係：圖卡·希爾沃寧，電話+358 10 426 2721或+358 50 966 2721
Publisher:
出版商：
Orion Corporation
Orion公司
Orion is a globally operating Finnish pharmaceutical company – a builder of well-being. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and self-care products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Medicines developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. Orion's net sales in 2023 amounted to EUR 1,190 million and the company had about 3,600 employees at the end of the year. Orion's A and B shares are listed on Nasdaq Helsinki.
奧里昂是一家在全球範圍內運營的芬蘭藥品公司-健康建設者。我們開發、製造和銷售人類和獸醫藥品以及活性藥品成分。奧里昂擁有大量的專有和仿製藥物以及自我護理產品組合。我們藥品的核心治療領域是腫瘤和疼痛。奧里昂開發的藥物用於治療癌症、神經系統疾病和呼吸系統疾病等疾病。奧里昂2023年的淨銷售額爲eur 119000萬，全年員工約3600人。奧里昂的A和B股在納斯達克赫爾辛基上市。
Attachment
附件
- Orion Half-Year Financial Report 2024
- 奧里昂2024年半年度財務報告