Slides
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Orion Equity story
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Disclaimer This presentation contains forward-looking statements which involve risks and uncertainty factors. These statements are not based on historical facts but relate to the Company’s future activities and performance. They include statements about future strategies and anticipated benefits of these strategies. These statements are subject to risks and uncertainties. Actual results may differ substantially from those stated in any forward-looking statement. This is due to a number of factors, including the possibility that Orion may decide not to implement these strategies and the possibility that the anticipated benefits of implemented strategies are not achieved. Orion assumes no obligation to update or revise any information included in this presentation. All the figures in this presentation have been rounded, which is why the total sums of individual figures may differ from the total sums shown. Investor Presentation © Orion Corporation2
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Orion today – building well-being since 1917 Investor Presentation © Orion Corporation3 Net sales1 EUR 1,542 million Operating profit1 417 million Impacting millions of lives globally R&D focus in oncology and pain ~3,700 employees Operations in more than 35 countries Diversified pharmaceutical company 1FY2024
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Our diversified and balanced businesses Innovative Medicines Branded Products Generics and Consumer Health Animal Health Fermion Portfolio highlights Respiratory CNS Women’s Health products Companion animals & livestock API manufacturing & CDMO Geographies Global Europe & APAC Nordics & Eastern Europe Global Global Net sales in 20241 Share of sales Investor Presentation © Orion Corporation4 300+ 395 MEUR (+93%) 287 MEUR (+10%) 528 MEUR (+2%) 128 MEUR (+23%) 72 MEUR (-2%) 28% 20% 37% 9% 5% 1Excluding major milestones, growth vs. 2023
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With strong track record in delivering financial results, we have entered a new growth era Investor Presentation © Orion Corporation5 1,006 1,050 1,041 1,113 1,160 1,412 309 355 228 130 0 200 400 600 800 1,000 1,200 1,400 1,600 Net sales (EUR million) 45 2019 28 2020 2021 2022 30 2023 2024 YTD3’24YTD3’25 1,051 1,078 1,041 1,341 1,190 1,542 309 355 +7.2% +14.9% Underlying business Major milestones +12.6% 208 252 243 212 245 287 56 78 45 28 228 30 130 0 100 200 300 400 500 Operating profit (EUR million) 2019 2020 2021 2022 2023 2024 YTD3’24YTD3’25 253 280 243 440 275 417 56 78 +39.1%+16.4% xx.x% CAGR
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From local to global step by step 6 Sales operations Production and supply chain operations R&D operations Back-office operations 2 3 4 5 1. 2008-2011: Southern Europe 2. 2020: Thailand, Singapore & Malesia 3. 2021: Australia & New Zealand 4. 2023: R&D Hub in USA 5. 2024: Japan 1 Investor Presentation © Orion Corporation
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493 457 465 476 511 132 368 354 399 367 431 108 83 90 335 175 369 55 135 141 142 173 232 2020 2021 2022 2023 2024 YTD3’25 1,078 1,041 1,341 1,190 1,542 355 60 Net sales split by geography, % Investor Presentation © Orion Corporation7 Geographic split has become more balanced Net sales split by geography, EUR million Nordics Other Europe North America ROW 46% 44% 35% 40% 33% 37% 34% 34% 30% 31% 28% 30% 8% 9% 25% 15% 24% 15% 13% 14% 11% 15% 15% 17% 2020 2021 2022 2023 2024 YTD3’25
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Innovative Medicines short and mid-term growth driven by key assets Nubeqa® and opevesostat Investor Presentation © Orion Corporation9 Nubeqa® Opevesostat Partner Annually tiered royalty Annual average now >20%, with EUR 3 billion in-market sales annual average would be >25% EUR 180 million sales milestone expected in 2026e Launched in 2019 Approved indications nmCRPC & mHSPC Partner Annually tiered royalty from low double-digit to low twenties Total milestone package up to USD 1.63 billion Two Phase III trials ongoing for mCRPC17 39 87 183 368 50 92 28 30 70 228 60 2020 2021 2022 2023 2024 45 39 315 213 498 YTD3’24 YTD3’25 +84.9% Opevesostat milestones Nubeqa® milestones Nubeqa® royalties and sales to Bayer Net sales (EUR million) +111.2% Nubeqa growth (CAGR) excl. milestonesxx.x% nmCRPC = non-metastatic castration-resistant prostate cancer mHSPC = metastatic hormone-sensitive prostate cancer mCRPC = metastatic castration-resistant prostate cancer
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Branded Products build on innovative legacy products with Easyhaler® leading the way Investor Presentation © Orion Corporation10 130 146 170 43 47 113 94 93 22 23 28 21 24 2022 2023 2024 271 261 288 YTD3’24 YTD3’25 6 70 7 77 Respiratory CNS Women’s Health EUR million 51 64 77 90 105 115 117 130 144 166 42 45 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD3’24YTD3’25 14.0% 8.1% EUR million
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Research & Development Investor Presentation © Orion Corporation11
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We have a long history of bringing innovative treatments to market Investor Presentation © Orion Corporation12 Proprietary human pharmaceuticals developed by Orion 1988 1993 1994 1998 1999 2000 2002 2003 2004 2011 2014 2018 2019 Nubeqa® reached blockbuster status in September 2024
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Key clinical development pipeline Investor Presentation © Orion Corporation13 Partner Project/compound Indication PHASE I PHASE II PHASE III REGISTRATION ARANOTE / darolutamide Prostate cancer (mHSPC) ARASTEP / darolutamide Prostate cancer (BCR) OMAHA1 / opevesostat Prostate cancer (mCRPC) OMAHA2a / opevesostat Prostate cancer (mCRPC) CYPIDES / opevesostat Prostate cancer (mCRPC) ODM-212 (TEAD inhibitor) Solid tumours ODM-105 / tasipimidine Insomnia LEVEL/TNX-103 (oral levosimendan) PH-HFpEF Oncology Pain / neurology Cardiovascular Changes vs. Q4 2024 • LEVEL/TNX-103 added to the projects
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Orion’s key clinical trials with darolutamide Investor Presentation © Orion Corporation14 Clinical trial and treatment Indication Primary endpoint and results Key secondary endpoints Status ARAMIS darolutamide + ADT nmCRPC Metastasis free survival prolongation by 22.0 months, 59% risk reduction (HR=0.41, p<0.001) Overall survival 31% risk reduction (HR=0.69, p=0.003) Approved ARASENS darolutamide + ADT + docetaxel mHSPC Overall survival 32.5% risk reduction (HR=0.675, p<0.001) Time to castration resistant PC 64% risk reduction (HR=0.36, p<0,001) Approved ARANOTE darolutamide + ADT mHSPC Radiological progression-free survival 46% risk reduction (HR=0.54, p<0.0001) Overall survival (study ongoing/results to be published later) Registration ongoing ARASTEP darolutamide + ADT BCR Radiological progression-free survival (study ongoing) Metastasis free survival Time to castration resistant PC Overall survival Phase III ongoing Overall incidence of treatment-emergent adverse events was similar between treatment arms (darolutamide group vs. placebo group) in ARAMIS, ARASENS and ARANOTE trials ADT = androgen deprivation therapy nmCRPC = non-metastatic castration-resistant prostate cancer mHSPC = metastatic hormone-sensitive prostate cancer BCR = biochemical relapse Orion develops darolutamide in collaboration with Bayer.
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ODM-105 (tasipimidine) – a novel treatment for insomnia Investor Presentation © Orion Corporation15 Why insomnia? Huge unmet need • Insomnia is underdiagnosed and undertreated • Current medications have shortcomings • Insomnia with co-morbidities such as pain not effectively treated Mode of action • Potent and highly specific α2 agonist • selective for α2A receptor subtype, which mediates most of the α2 adrenergic actions • Sedative, anxiolytic and analgetic effects Estimated Phase II readout in 2026 • Efficacy including: time to fall asleep, sleep quality and sleep length • Safety • Survey and sensor data on sleep and daytime function ODM-105 has potential to differentiate ODM-105 expectations – aiming to be first-in-class treatment Efficacy Produces refreshing sleep with natural sleep pattern Safety Good – supported by blinded data from ongoing Ph II Risk to addiction Low Long-term use Possible
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ODM-212– a TEAD inhibitor with best-in-class potential Investor Presentation © Orion Corporation16 Mode of action • Hippo-pathway is a signaling route that controls organ size in humans through the regulation of cell proliferation and death • Dysregulation of Hippo pathway can lead to tumor growth, metastasis and resistance to several cancer therapies • Such effects are the result of TEAD transcription factor activity that is dependent on the coactivators YAP and TAZ • ODM-212 is an oral small molecule that selectively inhibits all four TEAD transcription factors Target indications - Huge unmet need and upside potential • Monotherapy in solid tumors associated with Hippo pathway dysregulation and with high unmet need: e.g. certain rare cancers like EHE sarcoma and mesothelioma, and HNSCC • Combination with standard therapies to prevent YAP/TAZ- TEAD mediated treatment resistance e.g. with EGFR and KRAS inhibitors in non-small cell lung cancer • Combination upside potential for chemo and IO therapy Status: An on-going Phase 1/2 (TEADES) program. ODM-212 has potential to be best-in-class Efficacy Evidence of clinical benefit (tumor shrinkage) already in dose escalation studies Safety Well tolerated so far Pharmacokinetics Favourable, convenient and predictable PK properties at the doses studied Combination therapy potential Favorable drug-drug interaction profile supporting drug combinations EGRF: Epidermal Growth factor EHE: epithelioid hemangioendothelioma (rare sarcoma) HNSCC: head & neck squamous cell carcinoma TAZ: WW-domain-containing transcription regulator 1, (WWTR1=TAZ) TEAD: transcriptional enhancer associated domain YAP: Yes-associated protein
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We are a trusted innovator in animal health products Investor Presentation © Orion Corporation17 Main Orion Animal Health marketing authorisations Kefavet Geepenil Comforion Benzorion 1983 1987 1989 1998 2002 2008 2012 2015 2018 2019 2020 2021
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Strategy and financial targets Investor Presentation © Orion Corporation18
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Building well-being Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest – today and tomorrow. Branded Products Animal Health Generics & Consumer Health Develop growth enablers Build a customer-driven portfolio Expand to new geographies and strengthen global partnerships InnovativeMedicines Investor Presentation © Orion Corporation19
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The dream of a truly global Finnish pharma company has existed for a long time – why now? We are in excellent shape to drive the next decade of innovation. 2030s Promising projections for the coming decade: The stellar success of Nubeqa®, Easyhaler®, and generics means we can invest in growth and innovation. R&D capabilities and quality have been validated. We have excelled in the development of new molecules and possess a robust data-driven research pipeline. All of our business areas have demonstrated resilience by establishing growth platforms, even during challenging times. Investor Presentation © Orion Corporation20
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21 • Innovative Medicines for Oncology and Pain • Brand products for Respiratory, Central Nervous System, and Women’s Health • Complementing strong generic portfolio with complex and value-add generics, and consumer health products with value proposition • Portfolio for companion and livestock animals • Strengthen European market position • Strengthen and expand APAC presence, including Japan • Establish presence in USA step by step • Competences and Culture • Safety and Sustainability • Global commercialisation capabilities • Data driven execution excellence • Master End-to-End value chain Build a customer- driven portfolio: Expand into new geographies and strengthen global partnerships: Develop growth enablers: Fermion API Animal Health Innovative Medicines Generics & Consumer Health Branded Products Fermion API Building well-being Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest – today and tomorrow. Investor Presentation © Orion Corporation API = active pharmaceutical ingredient
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Our growth will come in three phases 22 LONG TERM Global SHORT TERM Europe, APAC, Japan MID-TERM + USA Strengthen European & APAC market position Build and invest into global commercial assets and capabilities Grow & maximize value of global assets Inspired by our Nordic heritage, we strive to empower people around the world to live their lives to the fullest – today and tomorrow. STRENGTHEN & EXPAND BUILD & INVEST ACCELERATE Growth Enablers Investor Presentation © Orion Corporation
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Financial objectives Investor Presentation © Orion Corporation23 Strategy period 2024–2028 1 Base year 2023 2 Without EUR 30.7 million positive impact from the transfer of the insurance portfolio of the Orion Pension Fund’s B fund in 2023 Net sales CAGR ≥8%1 Operating profit To grow faster than net sales1,2 Equity ratio ≥50% Return on equity (ROE) ≥25% Dividend Annually increasing dividend – payout ratio 50%–100%
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Investor Presentation © Orion Corporation24 Growing revenues • Nubeqa® the main growth driver • All business divisions pursue growth Increasing investments to build the future of Orion • R&D spending with focus in own pipeline • Other investments for growth Growing EBIT and annually increasing dividend Enable AND Financial objectives provide us a framework to operate and maintain the right balance between expenditure and profitability Orion’s strategy period 2024–2028 – key takeaways
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Capital allocation focus Investor Presentation © Orion Corporation25 Internal R&D pipeline Dividends Maintaining & increasing capacity In-licensing / acquiring commercial assets External innovation Focused M&As to gain strategic competences Higher Lower
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Dividend distribution policy and dividend history 26 1.00 0.95 1.00 1.20 1.30 1.30 1.25 1.30 1.30 1.35 1.45 1.50 1.50 1.50 1.50 1.60 1.62 1.64 0.10 0.06 0.12 50% 60% 70% 80% 90% 100% 110% 120% 0.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 100th anniversary dividend Repayment of capital per share Dividend per share Dividend payout ratio • Orion’s dividend distribution takes into account distributable funds and capital expenditure and other financial requirements in medium and long term to achieve the financial objectives. Dividend distribution historyEUR Investor Presentation © Orion Corporation 0.20
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Our Sustainability Agenda Investor Presentation © Orion Corporation27
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Orion’s Sustainability Agenda Investor Presentation © Orion Corporation28 Active work for a better environmentPatient safety as a top priority Care for well-being professionals We want to be the environmental leaders in our industry. Orion is committed to working towards no biodiversity loss caused by our business or our value chain. Orion is determined to align our climate transition with the 1.5 °C global warming limit. Our work is guided by our science -based near-term targets. We also aim to achieve net -zero emissions by 2050. We maintain strict ethical standards and act responsibly in all situations. Together with our partners we are building a transparent and sustainable business. Patient safety has been a priority for us for over a hundred years and it continues to be the cornerstone of our daily operations. We play a significant role in ensuring the reliable supply of medications – even in the wake of a crisis. We want to take care of Orionees – professionals who put their heart and expertise in everything they do. Our workplace is inspiring. We want our people to feel well. Ethics at the core of our business 22.4.2025 16.2828
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Orion’s climate targets are backed by science 29 Validation from the Science Based Targets initiative (SBTi) confirms that our near-term emissions reduction targets are in line with the latest climate science Orion commits to reduce absolute scope 1 and 2 greenhouse gas (GHG) emissions 70% by 2030 from a 2023 base year. Orion commits that 78% of its suppliers by emissions covering purchased goods and services, capital goods, and upstream transportation and distribution will have science-based targets by 2029. 70% 78% Investor Presentation © Orion Corporation
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Orion Interim Report January-March 2025 23 April 2025
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• Solid growth in four out of five business divisions • Orion to open new Biologics R&D Centre in Cambridge, UK in 2025 • Phase III trial with levosimendan by Tenax Therapeutics, Inc. added to Orion’s Key clinical development pipeline 31 Q1 2025 Highlights Investor Presentation © Orion Corporation
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Net sales, EUR million Operating profit, EUR million 32 Q1 2025 Financial highlights Operating cash flow per share, EUR 308.5 354.6 Q1/2024 Q1/2025 +14.9% 56.0 77.9 Q1/2024 Q1/2025 +39.1% Operating profit margin 22.0% (18.2%) 0.78 0.55 Q1/2024 Q1/2025 -29.7% Investor Presentation © Orion Corporation
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Net sales bridge (MEUR) Investor Presentation © Orion Corporation33 40.4 6.8 1.0 3.3 Q1/2024 1 2 3 4 -5.1 5 -0.4 6 Q1/2025 308.5 354.6 1 Innovative Medicines 4 Animal Health 2 Branded Products 5 Fermion 3 Generics and Consumer Health 6 Translation differences and Other operations The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums.
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Operating profit bridge (MEUR) Investor Presentation © Orion Corporation34 56.0 77.9 13.7 21.8 Q1/2024 1 2 3 4 -1.1 5 0.3 6 -9.7 7 Q1/2025 -5.6 2.5 1 Change in sales volume 5 Milestones 2 Changes in prices, cost and product mix 6 Other operating income and expenses 3 Exchange rate effect on gross margin 7 Fixed cost 4 Royalties The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums.
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Investor Presentation © Orion Corporation35 Innovative Medicines • Both Nubeqa® royalties and product sales showed very strong growth Nubeqa® sales (MEUR) 29 27 41 32 51 69 54 16 11 22 18 21 26 36 38 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 116 2024 Q4 2025 Q1 45 37 62 50 72 95 152 92 Royalties Product sales to Bayer 49.5 91.5 7.9 6.3 Q1/2024 57.4 97.8 Q1/2025 +70.4% Nubeqa® Other MEUR
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Investor Presentation © Orion Corporation36 Branded Products • Easyhaler® product portfolio (+8.1%) continued strong growth with budesonide-formoterol combination product (+14.9%) as a driver • CNS sales grew by 5.7% mainly due to entacapone sales in Japan 42.6 46.5 22.1 23.4 5.5 7.2 Q1/2024 Q1/2025 70.2 77.0+9.7% Respiratory CNS Women’s Health 60% 30% 9% Sales split MEUR
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Investor Presentation © Orion Corporation37 Generics and Consumer Health ROW = Rest of the world • Good availability of Orion products in Scandinavia supported growth 96.8 98.4 33.8 33.3 Q1/2024 Q1/2025 130.7 131.7 +0.7% Generic prescription drugs Self-care products 60%20% 10% 11% Finland and Baltics Scandinavia Eastern Europe ROW Sales split by geographic areas MEUR
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Investor Presentation © Orion Corporation38 Animal Health and Fermion • Nice growth for Animal Health even with strong comparison period • Sales of the animal sedatives product group decreased from the comparison period, but were at a good level • Fermion’s capacity allocated more to internal use and timing of deliveries explain the decline of external sales 21.6 26.4 10.3 8.8 Q1/2024 Q1/2025 31.9 35.2 +10.4% Other products Sedatives product portfolio 18.5 13.5 Q1/2024 Q1/2025 -27.3% Fermion external net sales Animal Health Fermion MEUR MEUR
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TOP 10 products and total sales split by division Investor Presentation © Orion Corporation39 Product or product portfolio EUR million vs. Q1/2024 1. Nubeqa® 91.5 +84.9% 2. Easyhaler® product portfolio 45.1 +8.1% 3. Entacapone products1 21.2 +6.0% 4. Dexdomitor®, Domitor®, Domosedan®, Antisedan® 8.8 -14.1% 5. Divina® series 7.2 +30.3% 6. Burana® 5.7 -1.9% 7. Simdax® 4.3 -19.5% 8. Trexan® 3.9 -1.5% 9. Quetiapine products 3.1 +8.0% 10. Dexmedetomidine products for human use2 3.0 -36.8% Innovative Medicines Branded Products Animal Health Generics and Consumer Health 1 Stalevo®, Comtess®, Comtan® and other entacapone products 2 Dexdor®, Precedex® and other dexmedetomidine products 28% 22% 37% 10% 4% Innovative Medicines Branded Products Generics and Consumer Health Animal Health Fermion
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Key clinical development pipeline Investor Presentation © Orion Corporation40 Partner Project/compound Indication PHASE I PHASE II PHASE III REGISTRATION ARANOTE / darolutamide Prostate cancer (mHSPC) ARASTEP / darolutamide Prostate cancer (BCR) OMAHA1 / opevesostat Prostate cancer (mCRPC) OMAHA2a / opevesostat Prostate cancer (mCRPC) CYPIDES / opevesostat Prostate cancer (mCRPC) ODM-212 (TEAD inhibitor) Solid tumours ODM-105 / tasipimidine Insomnia LEVEL/TNX-103 (oral levosimendan) PH-HFpEF Oncology Pain / neurology Cardiovascular Changes vs. Q4 2024 • LEVEL/TNX-103 added to the projects
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Some sustainability highlights from 2024 • Orion’s first CSRD report was published in March as part of the Report by the Board of Directors • More highlights from 2024 at: https://www.orionpharma.com/investors/orion-highlights-2024/ Investor Presentation © Orion Corporation41
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Key collaboration agreements Investor Presentation © Orion Corporation42
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43 Global agreement with Bayer for development and commercialisation of darolutamide (Nubeqa®) Milestone payments to Orion Amount Year received Upfront payment EUR 50 million 2014 ✓ 1st commercial sales in USA EUR 45 million 2019 ✓ 1st commercial sales in EU EUR 20 million 2020 ✓ 1st commercial sales in Japan EUR 8 million 2020 ✓ 1st sales milestone EUR 30 million 2023 ✓ 2nd sales milestone EUR 70 million 2024 ✓ 3rd sales milestone EUR 180 million 2026e Annually tiered royalties to Orion Initially the average annual royalty rate is ~20% If annual global sales of darolutamide were EUR 3 billion, the average annual royalty rate would be >25% Orion manufactures Nubeqa® for global markets and the cost of goods sold is covered by the royalty income. (Milestones + royalties – COGS = Orion’s gross profit from Nubeqa®) Orion pays small royalty to Endo Pharmaceuticals from Orion’s revenues Nubeqa® sales in Orion’s accounting – simplified illustrative example Q1 Q2 Q3 Q4 TOTAL Bayer’s in-market sales 0 1,000 1,000 1,000 3,000 Product sales 100 50 100 0 250 Royalty (in this example fixed 20%) 0 200 200 200 600 Deduction of previous Q's product sales from royalties 0 -100 -50 -100 -250 Orion's revenue (= prod. Sales + royalty - prev. Q's prod. sales) 100 150 250 100 600 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Agreement signed Phase III ARAMIS begins Phase III ARAMIS completed Approval for nmCRPC in USA Approval for nmCRPC in EU and Japan Phase III ARASENS begins Phase III ARASENS completed Approval for mHSPC in USA Phase III ARANOTE begins Approval for mHSPC in EU, Japan & China Approval for nmCRPC in China Phase III ARASTEP begins =milestone payment Phase III ARANOTE completed Investor Presentation © Orion Corporation
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Key clinical development projects 44 Exclusive global license agreement with MSD/Merck Upfront payment USD 290 million 2022 ✓ Potential milestone payments to Orion total up to USD 1.63 billion Development milestone payments Up to USD 30 million Approval / regulatory milestones payments Up to USD 625 million Sales milestones payments Up to USD 975 million Annually tiered royalties to Orion Royalty rate is from low double-digit to low twenties Reaching the high-end of the royalty rate requires several billion annual sales Product supply Orion manufactures and supplies products containing opevesostat to MSD/Merck Project Phase Indication Trial on Clinicaltrials OMAHA1 III mCRPC More info OMAHA2a III mCRPC More info All opevesostat trials on Clinicaltrials.gov Financial terms on opevesostat (ODM-208/MK-5684) and other drugs targeting CYP11A1 Investor Presentation © Orion Corporation
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Key clinical development projects 45 Exclusive global license agreement with Tenax Potential milestone payments to Orion total up to USD 61 million Approval / regulatory milestones payments Up to USD 16 million Sales milestones payments Up to USD 45 million Annually tiered royalties to Orion Ranging from high single-digit to low-teen percentages Project Phase Indication Trial on Clinicaltrials LEVEL III PH-HFpEF More info Financial terms on levosimendan Investor Presentation © Orion Corporation
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Appendices Investor Presentation © Orion Corporation46
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47 Investor Presentation © Orion Corporation Outlook for 2025 Net sales EUR 1,550–1,650 million Operating profit EUR 350–450 million
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130 1,412 2024 1,550 2025e 1,542 1,650 Investor Presentation © Orion Corporation48 Underlying net sales and operating profit estimated to show strong growth Operating profit, EUR million • Nubeqa® most significant variable in net sales range • Nubeqa®, timing of R&D costs and USD Fx most significant variables in operating profit range • Outlook assumes no major milestones in 2025 Net sales, EUR million 283 350 130 3 2024 2025e 417 450 Major milestones Pension fund item Underlying operating profit Operating profit outlook range low-end in 2025 Operating profit outlook range in 2025 Major milestones Underlying net sales Net sales outlook range low-end in 2025 Net sales outlook range in 2025
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89,225 registered shareholders on 31 March 2025 Investor Presentation © Orion Corporation49 38% 37% 6% 10% 5% 4% By number of shares Households (Finnish retail) Non-Finnish holders and nominee-registered Private corporations Public sector Non-profit institutions Financial and insurance corporations 60% 11% 13% 7% 7% 2% By number of votes
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# Shareholder % of shares 1 Ilmarinen Mutual Pension Insurance Company 3.51% 2 Varma Mutual Pension Insurance Company 2.87% 3 Erkki Etola and companies 2.00% 4 Elo Mutual Pension Insurance Company 1.54% 5 Maa- ja vesitekniikan tuki r.y. and companies 1.48% 6 Ylppö Jukka Arvo 0.99% 7 The State Pension Fund 0.85% 8 The Social Insurance Institution of Finland, KELA 0.72% 9 Ylppö Into 0.56% 10 Aho Group Oy 0.52% 10 largest shareholders, total 15.04% Investor Presentation © Orion Corporation50 Largest shareholders by votes and shares on 31 March 2025 # Shareholder % of votes 1 Erkki Etola and companies 6.59% 2 Maa- ja vesitekniikan tuki r.y. and companies 5.46% 3 Ilmarinen Mutual Pension Insurance Company 5.16% 4 Ylppö Jukka Arvo 3.29% 5 Aho Group Oy 1.91% 6 Ylppö Into 1.54% 7 EVK-Capital Oy 1.41% 8 Ingman Finance Oy Ab 1.22% 9 Elo Mutual Pension Insurance Company 1.01% 10 Saastamoisen säätiö (foundation) 0.79% 10 largest shareholders, total 28.36% Monthly updated lists : https://www.orion.fi/en/Orion-group/investors/shareholders/major-shareholders-by-shares/ https://www.orion.fi/en/Orion-group/investors/shareholders/major-shareholders-by-votes/
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20 25 30 35 40 45 50 55 60 65 60 75 90 105 120 135 150 165 180 195 210 225 240 31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17 31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21 30-Sep-21 31-Dec-21 31-Mar-22 30-Jun-22 30-Sep-22 31-Dec-22 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Share price, EUR Index Orion B Orion B total return Europe/Pharmaceutical OMXH-portfolio Orion B share price Investor Presentation © Orion Corporation51 Orion B share performance from January 2016 to March 2025 Index 31/12/2015=100
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Net sales, EUR million Operating profit, EUR million 52 Net sales and operating profit by quarter (MEUR) 269 255 241 277 271 284 492 295 278 290 328 471 434 355 Q1 Q2 Q3 Q4 308 301 321 2021 2022 2023 2024 2025 75 71 57 40 71 82 245 41 55 47 80 93 56 66 202 93 78 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Investor Presentation © Orion Corporation
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Investor Presentation © Orion Corporation53 Quarterly net sales by business division (MEUR) Innovative Medicines Generics and Consumer HealthBranded Products Due to the change in organizational structure and reporting on 1 January 2023, data available only from 2022 onwards 22 22 3942 52 73 68 80 157 98 Q1 Q2 Q3 Q4 247 230 54 73 76 61 67 60 67 62 72 70 71 67 8077 Q1 Q2 Q3 Q4 145 137 133 142 134 127 123 134131 127 129 142132 Q1 Q2 Q3 Q4 2022 2023 2024 2025
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Fermion Investor Presentation © Orion Corporation54 Quarterly net sales by business division (MEUR) Animal Health 19 18 16 20 13 18 34 34 27 23 27 27 32 30 31 3535 Q1 Q2 Q3 Q4 202520232021 2022 2024 21 17 17 2020 16 17 16 18 19 17 20 18 20 14 19 14 Q1 Q2 Q3 Q4
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0 20 40 60 80 100 Sales and marketing Research and development Administrative Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 1–3/2025 1–3/2024 Change 1–12/2024 1–12/2023 Change Sales and marketing, EUR million -63.5 -58.3 +9.0% -278.1 -224.8 +23.7% Research and development, EUR million -41.0 -36.8 +11.3% -179.6 -126.9 +41.5% Administrative, EUR million -20.8 -20.5 +1.4% -81.7 -74.8 +9.2% Investor Presentation © Orion Corporation55 Fixed costs (EUR million)
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Key financial figures 2021 2022 2023 2024 1–3/25 1–3/24 Change % Net sales, EUR million 1,041.0 1,340.6 1,189.7 1,542.4 354.6 308.5 +14.9% EBITDA, EUR million 289.1 487.1 326.4 509.4 91.5 68.5 +33.6% % of net sales 27.8% 36.3% 27.4% 33.0% 25.8% 22.2% Operating profit, EUR million 243.3 439.6 274.9 416.6 77.9 56.0 +39.1% % of net sales 23.4% 32.8% 23.1% 27.0% 22.0% 18.2% Profit for the period, EUR million 193.8 349.5 216.8 329.9 61.3 43.8 +39.9% % of net sales 18.6% 26.1% 18.2% 21.4% 17.3% 14.2% Research and development expenses, EUR million 117.7 133.2 126.9 179.6 41.0 36.8 +11.3% % of net sales 11.3% 9.9% 10.7% 11.6% 11.6% 11.9% Capital expenditure, excluding acquired in business combinations, EUR million 85.4 109.6 92.7 86.1 20.5 13.1 +56.7% % of net sales 8.2% 8.2% 7.8% 5.6% 5.8% 4.2% Acquired in business combination, net of cash, EUR million 82.0 0.1 Depreciation, amortisation and impairment, EUR million 45.7 47.5 51.5 92.8 13.7 12.5 +9.0% Personnel expenses, EUR million 231.0 263.9 273.0 303.9 79.3 75.9 +4.5% Equity total, EUR million 747.9 908.1 890.1 1,005.0 1,066.8 707.6 +50.8% Interest-bearing net liabilities, EUR million -108.3 -118.7 93.3 121.7 61.8 6.4 > 100 % Assets total, EUR million 1,114.0 1,503.6 1,438.6 1,629.1 1,701.8 1,460.8 +16.5% Cash flow from operating activities, EUR million 215.7 434.4 119.0 293.4 77.4 110.0 -29.6% Equity ratio, % 68.1% 60.9% 62.3% 61.9% 62.9% 48.8% Gearing, % -14.5% -13.1% 10.5% 12.1% 5.8% 0.9% Return on capital employed (before taxes), % 28.8% 45.1% 25.3% 34.9% 23.4% 22.8% Return on equity (after taxes), % 26.2% 42.2% 24.1% 34.8% 23.7% 21.9% Personnel at the end of the period (2020-2022 FTE, 2023-2024 headcount) 3,355 3,527 3,744 3,880 3,943 3,698 +6.6% Average personnel during the period (2020-2022 FTE, 2023-2024 headcount) 3,364 3,472 3,710 3,712 3,928 3,673 +7.0 Investor Presentation © Orion Corporation56
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Income statement Investor Presentation © Orion Corporation57 EUR million 2021 2022 2023 2024 1–3/25 1–3/24 Change % Net sales 1,041.0 1,340.6 1,189.7 1,542.4 354.6 308.5 +14.9% Cost of goods sold -447.5 -489.0 -531.9 -596.0 -152.8 -137.9 +10.7% Gross profit 593.5 851.6 657.7 946.4 201.8 170.5 +18.3% Other operating income and expenses 6.4 5.7 43.7 9.5 1.3 1.0 +29.6% Sales and marketing expenses -191.0 -209.1 -224.8 -278.1 -63.5 -58.3 +9.0% Research and development expenses -117.7 -133.2 -126.9 -179.6 -41.0 -36.8 +11.3% Administrative expenses -47.9 -75.4 -74.8 -81.7 -20.8 -20.5 +1.4% Operating profit 243.3 439.6 274.9 416.6 77.9 56.0 +39.1% Finance income and expenses -1.0 0.7 -3.0 -3.5 -1.0 -1.1 -3.0% Profit before taxes 242.3 440.3 271.9 413.1 76.8 54.9 +39.9% Income tax expense -48.5 -90.8 -55.1 -83.2 -15.6 -11.2 +39.8% Profit for the period 193.8 349.5 216.8 329.9 61.3 43.8 +39.9%
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53 28 23 23 30 24 48 124 271 55 39 51 42 234 32 134 2014 2015 31 2016 2017 2018 20202019 2021 2022 2023 2024 YTD3’25 58 67 38 42 2013 62 61 27 282 156 405 56 5 8 15 12 517 11 19 3 122 Investor Presentation © Orion Corporation58 Royalties and milestones Includes EUR 45 million milestone from Bayer for the first commercial sales of darolutamide in the USA Includes EUR 28 million milestones from Bayer for the first commercial sales of darolutamide in EU and JPN Includes EUR 228 million upfront payment from MSD regarding ODM-208 collaboration agreement Includes EUR 30 million Nubeqa® sales milestone from Bayer Includes EUR 70 million Nubeqa® sales milestone from Bayer and EUR 60 million related to conversion of collaboration agreement to exclusive licece agreement for MSD Milestones Royalties Includes significant part of EUR 50 million darolutamide collaboration signing fee from Bayer
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EQUITY AND LIABILITIES EUR million 3/25 3/24 Change % 12/24 Share capital 92.2 92.2 92.2 Other reserves 5.3 4.7 +12.7% 5.3 Cumulative translation adjustments -9.9 -12.1 -17.6% -10.6 Retained earnings 979.2 622.7 +57.2% 918.0 Equity attributable to owners of the parent company 1,066.8 707.6 +50.8% 1,005.0 Equity total 1,066.8 707.6 +50.8% 1,005.0 Deferred tax liabilities 40.7 32.2 +26.1% 35.8 Pension liabilities 2.8 3.9 -27.7% 2.8 Non-current provisions 0.5 0.5 +14.0% 0.5 Interest-bearing non-current liabilities 290.8 165.2 +76.0% 297.2 Other non-current liabilities 14.0 76.0 -81.6% 14.4 Non-current liabilities total 348.8 277.8 +25.6% 350.7 Current provisions 2.4 1.2 +95.7% 2.1 Interest-bearing current liabilities 30.4 29.4 +3.4% 30.0 Trade payables 89.7 83.8 +7.0% 87.1 Current tax liabilities 3.2 1.6 > 100 % 9.5 Other current liabilities 152.0 359.4 -57.7% 144.7 Current liabilities total 286.2 475.4 -39.8% 273.4 Liabilities total 635.0 753.2 -15.7% 624.1 Equity and liabilities total 1,701.8 1,460.8 +16.5% 1,629.1 Investor Presentation © Orion Corporation59 Financial position ASSETS EUR million 3/25 3/24 Change % 12/24 Property, plant and equipment 421.0 400.8 +5.0% 417.6 Goodwill 87.2 87.2 87.2 Intangible rights 63.9 107.3 -40.4% 81.1 Other intangible assets 25.8 5.8 > 100 % 6.8 Investment in associate 0.1 0.1 0.1 Other investments 0.2 0.2 +0.1% 0.2 Pension assets 10.6 6.9 +53.5% 10.6 Deferred tax assets 6.3 4.7 +34.0% 8.3 Other non-current assets 2.6 0.9 > 100 % 0.8 Non-current assets total 617.7 613.8 +0.6% 612.8 Inventories 433.4 370.5 +17.0% 418.6 Trade receivables 288.3 220.5 +30.8% 254.9 Current tax receivables 9.4 9.3 +0.7% 0.5 Other receivables 93.6 58.6 +59.8% 136.8 Cash and cash equivalents 259.4 188.1 +37.9% 205.6 Current assets total 1,084.1 847.0 +28.0% 1,016.4 Assets total 1,701.8 1,460.8 +16.5% 1,629.1
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Development of capital expenditure (MEUR) 60 Investor Presentation © Orion Corporation 28 33 25 23 30 40 52 39 45 67 38 35 37 52 59 72 64 15 24 35 15 29 12 34 51 20 5 101 0 20 40 60 80 100 120 140 160 180 200 220 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024YTD3’25 8 7 8 5 5 6 9 719 70 23 VMD (Inovet) acquisition Intangible assets Depreciation, amortisation and impairment Propoerty, plant and equipment
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Development of net working capital Investor Presentation © Orion Corporation61 -300 -200 -100 0 100 200 300 400 500 600 700 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun 20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Receivables Inventories Short-term non-interest bearing liabilities Net Working Capital -30% -20% -10% 0% 10% 20% 30% 40% Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Receivables Inventories Short-term non-interest bearing liabilities Net Working Capital EUR million% of net sales
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Upcoming events Capital Markets Day 22/5/2025 Half-Year Financial Report 1–6/2025 18/7/2025 Interim Report 1–9/2025 28/10/2025 Investor Presentation © Orion Corporation62