Jefferies ups Orion on strong Nubeqa sales

Orion Oyj

14/08/2024 13:03

** Jefferies upgrades Finnish drugmaker Orion  ORNBV.HE  to
"hold" from "underperform" following the recent Nubeqa sales
acceleration reported by Bayer  BAYGn.DE 
    ** Nubeqa is prostate cancer treatment jointly developed by
Orion and Bayer
    ** Jefferies lifts its estimate for Nubeqa peak sales to 750
million euros ($827 million) from 450 million euros previously
    ** However, it expects Nubeqa sales growth to take a hit
from the launch of Xtandi, a generic drug developed by Pfizer
 PFE.N  and Astellas Pharma  4503.T , in 2028
    ** It says opevesostat royalties from Merck  MRK.N  could
offset the lost Nubeqa sales from 2028 and after its loss of
exclusivity in 2033
    ** But with opevesostat Phase 3 data unlikely to come until
2026, it is "too early to get excited", it adds
    ** Jefferies raises PT by 64% to 46 euros
    ** Three out of seven analysts rate Orion "strong buy" or
"buy", with two at "hold" and two at "sell"

($1 = 0.9074 euros)

 (Reporting by Marta Frąckowiak)
 ((marta.frackowiak@thomsonreuters.com))