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Finnish pharmaceutical company making branded/generic drugs, Parkinson's treatments and animal health products.
Finnish pharmaceutical company making branded/generic drugs, Parkinson's treatments and animal health products.
Growth comes largely from Nubeqa, a prostate cancer drug developed with Bayer, where Bayer sells the drug and pays Orion royalties and milestone payments while Orion manufactures it. Class A shares carry far more votes per share than Class B.
Moat: narrow (IP / patents, process know-how). Niche strength in Parkinson's disease drug formulations and Nordic branded generics distribution.
Headquarters: Espoo, Finland · Founded: 1917 · Employees: 4,029
Size Orion (ORNAV.HE) is a Finland Health Care company (Pharmaceuticals: Major) with a market value of $16.1B, the 8th largest of 65 Finland companies the cockpit tracks. Shares closed at €101.00 on 6 Nov 2026.
Performance Over six months the shares gained 50.5%, against +3.8% for the median peer and -2.9% for the Finland market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 33.6% over the last twelve months (peer median +18.9%); the operating margin is 38.1% (peer median 20.8%).
Valuation It trades at 23.5× forward earnings against a peer median of 29.8× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 42.8 points above its cost of capital (5.2% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.18B | €1.89B | €1.54B | €1.19B | €1.33B |
| Revenue growth | — | +22% | +29% | -11% | — |
| Gross profit | €1.47B | €1.19B | €925M | €641M | €822M |
| EBITDA | €890M | €681M | €499M | €285M | €474M |
| Net income | €659M | €500M | €330M | €217M | €350M |
| Free cash flow | €413M | €243M | €231M | €53.4M | €378M |
| Capital expenditure | €97.9M | €97.6M | €86.9M | €117M | €73.2M |
| Total debt | €126M | €305M | €327M | €200M | €214M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Orion ORNAV.HE | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
| Sandoz SDZ.SW | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% |
| Zealand Pharma A/S ZEAL.CO | $2.32B | -32% | -49% | 51% | 8.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ORNAV.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +25.5% | +7.8% | highest of 21 |
| 6-month return | +50.5% | +3.8% | 3rd highest of 21 |
| Distance from 52-week high | -1.4% | -10.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +33.6% | +18.9% | 9th highest of 21 |
| Operating margin | 38.1% | 20.8% | 3rd highest of 21 |
| Forward P/E | 23.5× | 29.8× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -6.3% | 6.8% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +11.7% | +12.6% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -18.0 pp | -11.2 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +42.8 pp | +4.4 pp | 3rd highest of 21 |
| EV / EBITDA | 16.1× | 18.2× | 8th cheapest of 16 |
| Net debt / EBITDA | -0.0× | 0.5× | 9th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |