Result warning | The pharmaceutical company Orion told about the new licensing agreement and raised its estimate of the current year’s turnover and profit. The company’s share price rises clearly on the Helsinki Stock Exchange.
Pharmaceutical company Orion raises its estimate of its turnover and operating profit for the current year. The company announced the matter on Monday afternoon.
The company estimates its net sales in the current year to be 1,440–1,480 million euros and its operating profit to be 350–380 million euros.
According to the previous guidelines, last specified in late April, the company’s turnover this year was estimated to be 1,340–1,410 million euros and the operating profit to be 280–310 million euros.
The new guidelines therefore raise the bottom line of the current year’s turnover estimate by 100 million euros and the estimate of the company’s operating profit by 50 million euros.
The views the reason behind the increase is the new license agreement, which the company announced at the same time as the positive earnings warning.
According to the company, Orion and the US pharmaceutical company MSD have exercised an option that gives MSD exclusive worldwide rights to the opevesostat developed by Orion.
According to Orion’s press release, opevesostat is an oral, non-steroid, selective inhibitor of the CYP11A1 enzyme that is being studied for the treatment of hormone-dependent cancers, such as prostate cancer.
In the past, the companies have had a cooperation agreement on the development and commercialization of the matter.
“Turning the collaboration into a license agreement gives Orion the opportunity to allocate our resources to promoting our other promising development projects. At the same time, we will still be able to benefit from the development and possible commercialization of the opevesostat, and ensure the achievement of our financial goals,” says Orion’s CEO Liisa Hurme in the company’s announcement.
Option by using MSD, according to Orion, in the future, MSD will be fully responsible for all accumulated and future development and commercialization costs related to the licensed products.
As a result, Orion will release EUR 60 million from its balance sheet to the turnover and operating profit of the third quarter of the current year, which was reserved for the balance sheet in July 2022 to cover Orion’s share of the accumulated development costs.
Orion will continue to be responsible for manufacturing and supplying the product to MSD for research and commercial use.
Orion’s the share price started to rise significantly on Monday after the announcement of the license news. Orion’s press releases were published at 3:15 p.m.
The price of the company’s most traded B series share was up seven percent at around 4 p.m.
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