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Femmesalkku: Orionin tie tähtiin

ORNBVResearch28.01.2026 klo 14.12
Marianne Palmu, Kaisa Vanha-Perttula
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Avasimme uuden position suomalaisessa lääkejätissä, kun ostimme Orionia 15 %:n painolla Femmesalkkuun. Orion on tiellä tähtiin eturauhassyövän hoitoon kehitetyn Nubeqan vauhdittamana. Osakkeen arvostusta tukeekin erityisesti Nubeqan hiljattain vahvistunut pitkän aikavälin tuloskasvunäkymä sekä osaltaan 2,4 %:n osinkotuotto. Arvostusta ei tosin voi pitää halpana, mutta Nubeqan kehitys on yllättänyt toistuvasti ja huippumyynnin piikki voi edelleen yllättää korkeudellaan vuosikymmenen vaihteessa.

Femmesalkku on perustettu 20 000 euron alkupääomalla keväällä 2025. Salkkumme tukijalkana toimivat laadukkaat, kestäviä kilpailuetuja omaavat ja omistaja-arvoa luovat kotimaiset ja ulkomaiset yhtiöt sekä rahastot, jotka yhdessä mahdollistavat toivotun hajautuksen pitkällä aikavälillä.

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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 Figures15.01.

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 %2.1 %2.1 %
P/E (adj.)19.523.122.9
EV/EBITDA10.416.716.2

Forum discussions

Orion’s Head of IR Tuukka Hirvonen talked about Orion as an investment target
9/8/2026, 3:12 PM
by Sijoittaja-alokas
5
Here are Antti’s comments on the fact that Orion’s licensing partner Tenax Therapeutics’ phase 3 study did not meet its primary endpoint. Inderes...
8/11/2026, 8:15 AM
by Sijoittaja-alokas
5
Inderes Orionin lisenssikumppani Tenax Therapeuticsin Faasi 3 LEVEL-tutkimus... ORION OYJ PÖRSSITIEDOTE – SISÄPIIRITIETO 10.8.2026 KLO 14.05...
8/10/2026, 11:17 AM
by veronmaksaja
5
Thanks for the detailed answer. If I understood correctly, in this forecast, generic enzalutamide slows down Nubeqa’s growth, but the increase...
7/22/2026, 9:05 AM
by Juho R
1
Thanks for the great question! The short answer is that I agree regarding the uncertainty/risk in pricing, and it has been accounted for by ...
7/22/2026, 7:21 AM
by Antti Siltanen
19
Interesting information, thanks for that. So it seems that despite the patent, a competitor has managed to bypass it with some innovation of...
7/21/2026, 7:24 PM
by veronmaksaja
1
There are certainly many moving parts here, but generic enzalutamide is no longer just a future possibility. In the EU, Xtandi’s patent protection...
7/21/2026, 1:41 PM
by Juho R
6