Pharmaceutical company Orion raises its guidance for 2024 in terms of both turnover and operating profit.
Orion MSD have used the option of the co-development and co-commercialization agreement with MSD regarding opevesostat and other drugs that inhibit the activity of the CYP11A1 enzyme to change the agreement into a worldwide exclusive license agreement for MSD, Orion’s press release states.
As a result of the agreement, Orion will release an amount of 60 million euros from its balance sheet, which was originally set aside to cover the company’s share of the accumulated development costs related to joint development.
The item in question will have a positive effect on Orion’s turnover and operating profit in the third quarter of 2024.
According to the new guidelines, the company’s turnover is estimated to be 1,440–1,480 million euros, while 1,340–1,410 million euros were previously forecast.
Regarding operating profit, the guidance changes to 350–380 million euros from the previous 280–310 million euros.