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Femmesalkku: Orions väg till stjärnorna

ORNBVResearch2026-01-28 13:12
Marianne Palmu, Kaisa Vanha-Perttula
Discuss

Automatisk översättning: Ursprungligen publicerad på finska 2026-01-28 12:12 GMT. Ge feedback här.

Vi öppnade en ny position i den finska läkemedelsjätten när vi köpte Orion med en vikt på 15 % till Femmesalkku. Orion är på väg mot stjärnorna, drivet av Nubeqa som utvecklats för behandling av prostatacancer. Aktiens värdering stöds särskilt av Nubeqas nyligen stärkta långsiktiga vinsttillväxtutsikter samt en direktavkastning på 2,4 %. Värderingen kan visserligen inte anses vara billig, men Nubeqas utveckling har överraskat upprepade gånger och toppen för försäljningen kan fortfarande överraska med sin höjd vid decennieskiftet.

Femmesalkku grundades med ett startkapital på 20 000 EUR våren 2025. Vår portfölj stöds av högkvalitativa inhemska och utländska företag och fonder som har hållbara konkurrensfördelar och skapar aktieägarvärde, vilket tillsammans möjliggör önskad diversifiering på lång sikt.

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Femme

Orion operates in the pharmaceutical industry. The company conducts research and development of human and veterinary drugs, where the main focus is on diseases that affect the nervous system, as well as oncology and respiratory diseases. Today, the company's products are found on a global level, with the largest presence in the Nordic region and the rest of Europe. The company's head office is located in Espoo, Finland.

Read more on company page

Key Estimate Figures14/01

202425e26e
Revenue1,542.41,912.81,919.7
growth-%29.7 %24.0 %0.4 %
EBIT (adj.)416.5639.4639.9
EBIT-% (adj.)27.0 %33.4 %33.3 %
EPS (adj.)2.353.593.62
Dividend1.651.701.75
Dividend %3.6 %1.7 %1.7 %
P/E (adj.)19.528.628.4
EV/EBITDA10.420.820.3

Forum discussions

Hi, very good and relevant questions for the investment case! I think there could already be some minor impact in 2027, but in terms of scale...
10/29/2026, 11:18 AM
by Antti Siltanen
11
Thanks for the fresh report, @Antti_Siltanen. In it, you estimate that lower competitor prices could put price pressure on Nubeqa starting from...
10/29/2026, 10:05 AM
by Juho R
1
Here is a company report on Orion by Siltanen following Q3 :)\n\n> Orion’s Q3 was once again strong. Earnings clearly beat our estimates, and...
10/29/2026, 9:27 AM
by Sijoittaja-alokas
4
Orion’s CEO Liisa Hurme talked with Antti about the Q3 results and other recent topics Topics: (00:00) Introduction (00:11) ”An excellent quarter...
10/28/2026, 5:57 PM
by Sijoittaja-alokas
5
Thanks! This is good information. Now we’re over the threshold and the milestone payments are already in the pocket. It looks increasingly likely...
10/28/2026, 2:45 PM
by Begemot
2
That slide shows royalties. Nubeqa and then MSD’s drug. For Nubeqa, it doesn’t stay at 20% for sales over 3 billion, but rises to 25%. And manufacturi...
10/28/2026, 12:43 PM
by Vino Pino
9
YTD over 50% and churning out results. Whether too much was already priced in should become clear this afternoon. Inderes Orion-konsernin osavuosikats...
10/28/2026, 10:01 AM
by Gwertheney
7