Orion Results Q2 2026: Revenue, Profit and Margins
In Q2 2026, Orion’s revenue was €521.6 million, up 25.2% from Q2 2025. Operating profit was €176.6 million, an operating margin of 33.9% (Q2 2025: 25.1%). Net income for the period was €140.2 million and earnings per share €1.00.
Orion income statement Q2 2026: where the revenue went
Of every €100 of revenue in Q2 2026, €33.9 was left as operating profit and €26.9 as net income.
Key figures for Q2 2026
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Revenue, €M | 521.6 | 416.5 | +25.2% |
| Gross profit, €M | 339.9 | 248.3 | +36.9% |
| Gross margin | 65.2% | 59.6% | +5.5 pp |
| Operating profit, €M | 176.6 | 104.6 | +68.8% |
| Operating margin | 33.9% | 25.1% | +8.7 pp |
| Net income, €M | 140.2 | 82.5 | +69.9% |
| Net margin | 26.9% | 19.8% | +7.1 pp |
| Earnings per share | €1.00 | €0.59 | +69.5% |
Orion in charts
Orion from revenue to net income, Q2 2026
Net income was €140.2 million on revenue of €521.6 million, a net margin of 26.9%.
What drove Orion’s operating profit
Operating profit rose from €104.6 million in Q2 2025 to €176.6 million in Q2 2026. The chart shows which lines of the income statement made up the change.
Orion revenue by segment
In Q2 2026, the largest segment was Innovative Medicines with 46.3% of revenue, followed by Generics and Consumer Health (25.7% of revenue).
Orion profitability: profit margins by quarter
In Q2 2026, Orion’s gross margin was 65.2% (Q2 2025: 59.6%), operating margin 33.9% (Q2 2025: 25.1%) and net margin 26.9% (Q2 2025: 19.8%). From Q1 2023 to Q2 2026, the operating margin ranged from 16.1% (Q2 2023) to 47.2% (Q4 2025).
Orion revenue growth by quarter
Revenue was €521.6 million in Q2 2026, up 25.2% from Q2 2025. The highest quarter from Q1 2023 to Q2 2026 was Q4 2025, with €695.3 million.
Orion operating profit by quarter
Operating profit was €176.6 million in Q2 2026 (Q2 2025: €104.6 million).
Orion revenue and earnings, last twelve months
In the twelve months to the end of Q2 2026, revenue was €2,057.8 million (+22.7% on a year earlier) and net income €587.1 million.
Orion earnings per share (EPS)
Earnings per share were €1.00 in Q2 2026 (Q2 2025: €0.59).
Quarterly results
| Quarter | Revenue | Change y/y | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|---|
| Q2 2026 | 521.6 | +25.2% | 176.6 | 33.9% | 140.2 | €1.00 |
| Q1 2026 | 417.7 | +17.8% | 114.8 | 27.5% | 90.4 | €0.64 |
| Q4 2025 | 695.3 | +60.1% | 328.1 | 47.2% | 260.5 | €1.85 |
| Q3 2025 | 423.2 | −10.2% | 121.0 | 28.6% | 96.0 | €0.68 |
| Q2 2025 | 416.5 | +26.9% | 104.6 | 25.1% | 82.5 | €0.59 |
| Q1 2025 | 354.6 | +14.9% | 77.9 | 22.0% | 61.3 | €0.44 |
| Q4 2024 | 434.4 | +35.3% | 92.7 | 21.3% | 73.4 | €0.52 |
| Q3 2024 | 471.3 | +56.5% | 202.0 | 42.9% | 160.8 | €1.14 |
Annual results
| Year | Revenue | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|
| 2025 | 1,889.5 | 631.6 | 33.4% | 500.3 | €3.56 |
| 2024 | 1,542.4 | 416.6 | 27.0% | 329.9 | €2.35 |
| 2023 | 1,189.7 | 274.9 | 23.1% | 216.8 | €1.54 |
Revenue by business
| Business | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Fermion | 21.5 | 17.9 | +20.1% |
| Animal Health | 33.9 | 36.8 | −7.9% |
| Branded Products | 90.7 | 80.4 | +12.8% |
| Innovative Medicines | 241.6 | 146.7 | +64.7% |
| Generics and Consumer Health | 133.9 | 135.0 | −0.8% |
| Other | 0.0 | −0.3 | — |
Dividends
| Financial year | Dividend per share | EPS | Payout ratio | Status | Source |
|---|---|---|---|---|---|
| 2025 | €1.80 | €3.56 | 50.6% | Board proposal | Release |
| 2024 | €1.64 | €2.35 | 69.8% | Board proposal | Release |
“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio); N/M means not meaningful (loss).
Guidance vs. actual
What Orion told investors to expect in each report, and what it then reported for the year.
| Metric | Latest guidance (report) | Actual | Outcome |
|---|---|---|---|
| Revenue, 2026 | €2,000M–€2,100M (H1 '26) | — | Year in progress |
| Operating profit, 2026 | €650M–€750M (H1 '26) | — | Year in progress |
| Adjusted operating profit growth, 2026 | Up (H1 '26) | — | Year in progress |
| Capital expenditure, 2026 | Flat (Q1 '26) | — | Year in progress |
| Revenue, 2025 | €1,640M–€1,720M (9M '25) | €1,889.5M | Above guidance |
| Operating profit, 2025 | €410M–€490M (9M '25) | €631.6M | Above guidance |
| Capital expenditure, 2025 | Flat (H1 '25) | €112.9M | Not in line with guidance |
| Capital expenditure, 2025 | Up (9M '25) | 31.0% | In line with guidance |
Guidance and actuals are as the company reported them, on the same basis (for example adjusted, or growth at constant currency). “Within guidance” means the actual is inside the latest range or meets the stated minimum or maximum; an “about” figure allows ±5% (±0.5 percentage points for percentages). For a direction such as “flat”, a change of less than 2% (0.5 points for margins) counts as flat. Guidance changed in a separate release between reports is shown from the next report onwards.
Calculate it yourself
- Operating margin calculatorOrion in Q2 2026: 33.9%
- Net margin calculatorOrion in Q2 2026: 26.9%
- Gross margin calculatorOrion in Q2 2026: 65.2%
- Earnings per share calculatorOrion in Q2 2026: €1.00
About Orion
Orion is a Finnish pharmaceutical company that develops, manufactures and markets human and veterinary medicines and active pharmaceutical ingredients.
- Orion half-year report Jan–Jun 2026, published Jul 17, 2026
- Orion interim report Jan–Mar 2026, published Apr 23, 2026
- Orion financial statements release 2025, published Feb 12, 2026
- Orion interim report Jan–Sep 2025, published Oct 28, 2025
- Orion half-year report Jan–Jun 2025, published Jul 18, 2025
- Orion interim report Jan–Mar 2025, published Apr 23, 2025
- Orion financial statements release 2024, published Feb 25, 2025
- Orion interim report Jan–Sep 2024, published Oct 29, 2024
- Orion half-year report Jan–Jun 2024, published Aug 8, 2024
About these figures. All figures come from Orion’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.