Drug maker Orion slides on Q2 miss, outlook cut

Orion Oyj

17/07/2023 12:03

** Shares in Orion  ORNBV.HE  fall 5% to their lowest in
more than a year after the Finnish drug maker delivered
weaker-than-expected half year results
    ** The company's Q2 operating profit of EUR 46.5 million
($52.26 million) came 27% below consensus estimate
    ** "2Q sales fell short of consensus with profit missing
significantly largely on EUR 25 million write-down of Russian
business operations, which if we exclude brings consensus more
in-line," Jefferies says
    ** Orion also changed its earnings outlook for 2023 -- it
now estimates operating profit to be "slightly higher" than in
2022 versus earlier view of "slightly higher or higher" than
last year
    ** Jefferies sees the EBIT outlook downgrade being driven by
discontinuation of Russia business, softening demands in animal
health, and inventory  level adjustments
    ** Orion shares sit at the bottom of Helsinki blue-chip
index  .OMXH25  




($1 = 0.8898 euros)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))