Orion Group Financial Statement Release of 2009
(Thomson Reuters ONE) - ORION CORPORATION FINANCIAL STATEMENT RELEASE 2009 9 FEBRUARY 2010at 12:00 EETOrion's net sales in 2009 totalled EUR 771.5 million (EUR 710.7 million in2008), up by 8.5% on the previous year. * Operating profit was EUR 207.0 (185.0) million. * Profit before taxes was EUR 203.7 (184.2) million. * Equity ratio was 60.6% (60.2%). * ROCE before taxes was 37.4% (38.5%). * ROE after taxes was 35.3% (32.1%). * Earnings per share were EUR 1.07 (0.97). * Cash flow per share before financial items was EUR 1.03 (0.66). * Board's proposal for dividend per share is EUR 1.00 (0.95).· Proposal by the Board that EUR 0.10 per share be distributed from theexpendable fund in the distributable equity as a repayment of capital.ORION'S KEY FIGURES FOR THE REVIEW PERIOD Q4/09 Q4/08 Change % 2009 2008 Change %-------------------------------------------------------------------------------- Net sales, EUR million 193.3 179.9 +7.4% 771.5 710.7 +8.5% International operations, EUR million 134.1 124.6 +7.6% 548.2 493.6 +11.1% % of net sales 69.4% 69.3% 71.1% 69.4% Operating profit, EUR million 43.9 32.8 +33.8% 207.0 185.0 +11.9% % of net sales 22.7% 18.3% 26.8% 26.0% Profit before taxes, EUR million 43.1 32.1 +34.2% 203.7 184.2 +10.6% % of net sales 22.3% 17.9% 26.4% 25.9% Income tax expense, EUR million 10.1 7.5 +35.4% 52.3 47.8 +9.3% R&D expenses, EUR million 25.6 25.5 +0.2% 95.2 90.0 +5.7% % of net sales 13.2% 14.2% 12.3% 12.7% Capital expenditure, EUR million 9.1 12.8 -28.6% 60.4 56.8 +6.2% % of net sales 4.7% 7.1% 7.8% 8.0% Assets total, EUR million 727.1 695.5 +4.5% Equity ratio, % 60.6% 60.2% Gearing, % -8.9% -7.1% Interest-bearing liabilities, EUR million 131.5 146.3 -10.1% Non-interest-bearing liabilities, EUR million 156.5 130.6 +19.8% Cash and cash equivalents, EUR million 170.5 176.1 -3.2% ROCE (before taxes), % 37.4% 38.5% ROE (after taxes), % 35.3% 32.1% Earnings per share, EUR 0.23 0.18 +33.8% 1.07 0.97 +11.1% Cash flow per share before financial items, EUR 0.34 0.23 +48.1% 1.03 0.66 +56.9% Equity per share, EUR 3.11 2.97 +4.9% Proposed dividend per share, EUR (1)) 1.00 0.95 +5.3% Personnel at the end of the period 3,147 3,309 -4.9% Average personnel during the period 3,192 3,270 -2.4% Personnel expenses, EUR million 171.4 170.9 +0.3%--------------------------------------------------------------------------------1) The Board of Directors proposes to the Annual General Meeting that EUR 0.10per share be distributed from the expendable fund in the distributable equity asa repayment of capital.The Orion Group changed its accounting policy regarding product developmentcosts as of 1 January 2009. Costs relating to the support of products already onthe market (mainly generic products) are now recognised in cost of goods soldinstead of R&D expenses in the Statement of Comprehensive Income. This changehas no effect on reported key figures, operating profit and Statement ofFinancial Position, but it reduces the R&D expenses previously reported for2008 by EUR 13.4 million and correspondingly increases the cost of goods sold.On 1 January 2009, the Easyhaler(®) business was transferred from the SpecialtyProducts to the Proprietary Products division. At the same time, hormonereplacement products, such as the Divina(®) range, and toremifene products, suchas Fareston(®), were transferred to Specialty Products.The key figures for comparative periods have been adjusted in accordance withthese reporting changes. In addition, the adjusted key figures for previousperiods are presented in the table "Adjusted Key Figures" at the end of thisreport.President and CEO Timo Lappalainen's review"A successful year""Orion's net sales in 2009 grew well to nearly nine per cent higher than in theprevious year. The growth in net sales later in the year was better thanforecast in almost all business divisions and geographic regions."Sales of Orion's key proprietary products based on its own R&D - ourParkinson's drugs, Simdax heart failure drug, Easyhaler pulmonary drugs andPrecedex sedative for patients in intensive care - were clearly higher."It was also a successful year for generic drugs and self-care products. Wesucceeded in increasing our sales and market share in our domestic market,Finland, despite very challenging market conditions. The new reference pricesystem implemented in Finland in April further intensified price competition, sothe domestic pharmaceutical market did not grow during the period under review."Thanks to strong sales, our operating profit was higher than in the previousyear and for the first time exceeded EUR 200 million. Fixed costs were higher,mainly due to repurchasing Simdax in May and starting sales and marketing of itin a number of new countries. In addition, the costs of outsourced researchprojects and the ongoing patent litigation in the United States were higher."The transfer of the Simdax marketing rights from Abbott to Orion proceededaccording to plan. Our own sales operations established in Spain, Italy,Austria, Greece and Portugal in the summer and early autumn were fullyoperational by the end of the year."Reversion of animal sedative distribution rights in Europe from Pfizer to Orionwas approved by the European Commission in December. Relating to thisarrangement, Pfizer paid Orion four million euros, which is included in theresults under other operating income."We believe that in the current year this good progress will continue, and weestimate our net sales and operating profit will be slightly higher than in2009. The outlook estimate and basis for it can be found on pages 6-7 of thisreport."Events in 2009In January 2009, Orion completed the statutory co-determination negotiations torestructure its pharmaceutical R&D operating model and structure. As a result ofthe negotiations, Orion decided on staff reductions of about 205 people inFinland.In March, Orion announced that it would withdraw the EU marketing authorisationapplication to expand the indication of Stalevo.At the beginning of April, the price reference system was implemented inFinland. Since this change, Orion has strengthened its market leadershipposition despite the slowing of general market growth in Finland due toimplementation of the system.In April, Orion and the Wockhardt companies reached an agreement in the disputein which Orion had filed a lawsuit against Wockhardt in the United States afterWockhardt had submitted Abbreviated New Drug Applications (ANDA) for genericversions of Orion's Comtan(®) and Stalevo(®) products.In May, Orion repurchased the rights to intravenous levosimendan (Simdax(®)).Simdax is Orion's own proprietary drug for acute decompensated heart failure.In September, Orion and Hospira, Inc. started legal proceedings against Sandozcompanies in the United States to enforce their patents covering the proprietarydrug Precedex(®).In October, Orion withdrew the application in the United States to extend theindication of Stalevo(®).In October, Orion and Pfizer Animal Health agreed that the rights in Europe toan animal sedative product family that Orion had developed would revert toOrion.News conference and teleconferenceA news conference and teleconference on the published results will be heldtoday, Tuesday 9 February 2010, at 14:30 EET in Hotel K?, address:Pohjoisesplanadi 29, Helsinki. President and CEO Timo Lappalainen will give abrief presentation in English on the Financial Review.The event can be followed live as a webcast accessible via the Orion website atwww.orion.fi/investors . After the presentation,questions can be asked by telephone in Finnish and English.To participate in the teleconference, please call:from the USA: +1 334 323 6203from other countries: +44 (0)20 7162 0125News conference recordingsA recording of the webcast of the event in English will be available later thesame day via a link on the Orion website. A recording of the presentation by thePresident and CEO in Finnish will be available on the Orion website at thelatest on the following day.Financial report materialOrion's financial reports and related presentation material are available on theGroup's website at www.orion.fi/en/ promptly afterpublication. The website also has a form for subscribing to Orion's publicationsfor investors and releases.Dates in Orion Calendar 2010Annual Report 2009 will bepublished In week beginning1 March 2010Deadline for registering forAGM19 March 2010 at 10:00Annual GeneralMeeting24 March 2010 at 14:00 in HelsinkiRecord date for dividendpayment 29 March 2010Dividend paymentdate7 April 2010Interim Report January-March2010 27 April 2010Interim Report January-June2010 10 August 2010Interim Report January-September 2010 26 October 2010A separate release will be published today on the matters to be handled at theAGM.For additional information about the Financial Review:Jari Karlson, CFO, tel. +358 10 426 2883Financial review 2009Net salesThe Orion Group's net sales in 2009 totalled EUR 771.5 million (EUR 710.7million in 2008), up by 8.5% on the previous year. The net effect of currencyexchange rates was minus EUR 0.3 million.The Pharmaceuticals business's net sales were up by 9.1% at EUR 728.5 (667.6)million. The products based on in-house R&D accounted for EUR 346.5 (307.5)million, or 48% (46%) of the Pharmaceuticals business's net sales. Net sales ofOrion's Stalevo(®) (carbidopa, levodopa and entacapone) and Comtess(®)/Comtan(®)(entacapone) Parkinson's drugs totalled EUR 234.9 (208.5) million, or about 32%(31%) of the segment's net sales.The Diagnostics business's net sales were EUR 45.2 (45.0) million. Sales ofQuikRead(®) infection tests grew, but sales of the older product portfolio werelower than in the comparative period.Operating profitThe Orion Group's operating profit in 2009 was up by 11.9% at EUR 207.0 (185.0)million.The Pharmaceuticals business's operating profit was EUR 210.7 (188.5) million.Although fixed costs increased, operating profit grew by 11.8% due to goodsales.The Diagnostics business's operating profit was EUR 5.6 (6.1) million, down by9.1% due to clearly increased investment in product development.Operating expensesThe Group's sales and marketing expenses were up by 11.2% at EUR 160.0 (143.9)million. The increase was mainly due to the repurchase of Simdax and the relatedestablishment of sales operations in Southern Europe. Expenses in 2009 includeEUR 5.7 million of royalties paid to Abbott due to the acquisition of Simdax.R&D expenses were up by 5.7% at EUR 95.2 (90.0) million and accounted for 12.3%(12.7%) of the Group's net sales. Pharmaceutical R&D expenses amounted to EUR89.4 (85.4) million. Ongoing research projects are reported in more detail underPharmaceuticals in the Business Reviews.Administrative expenses were EUR 50.2 (51.5) million. The expenses for thecomparative period include a provision of EUR 3.9 million made in December 2008for staff reduction costs. The costs of the ongoing patent litigation in theUnited States were EUR 8.8 (6.7) million. There is more information on the legalproceedings in the section "Legal proceedings".Other operating income and expenses increased profit by EUR 6.0 (3.1) million.This includes the one-time payment of EUR 4.0 million from Pfizer related to anagreement under which animal sedative distribution rights in Europe reverted toOrion.Profit before taxesGroup profit before taxes totalled EUR 203.7 (184.2) million. Earnings per sharewere EUR 1.07 (0.97) and equity per share EUR 3.11 (2.97). The return on capitalemployed before taxes (ROCE) was 37.4% (38.5%) and the return on equity aftertaxes (ROE) 35.3% (32.1%).Financial positionThe Group's gearing was -8.9% (-7.1%) and the equity ratio 60.6% (60.2%).Total liabilities at 31 December 2009 in the Consolidated Statement of FinancialPosition were EUR 287.9 (276.9) million. At the end of the period,interest-bearing liabilities amounted to EUR 131.5 (146.3) million, includingEUR 108.7 (109.9) million of long-term loans.The Group had EUR 170.5 (176.1) million of cash and cash equivalents at the endof the year, which are invested in short-term interest-bearing instrumentsissued by financially solid financial institutions and corporations.Cash flowCash flow from operating activities increased to EUR 204.6 (144.4) million.Operating profit was EUR 22.0 million higher than in the comparative period, andthe amount tied up in working capital was EUR 30.3 million less than in 2008.Cash flow from investing activities was EUR -59.5 (-51.8) million.Cash flow from financing activities was EUR -152.1 (-4.8) million. The changewas because the Group's loans increased by EUR 141.1 million in 2008 anddecreased by EUR 17.6 million in 2009.Capital expenditureThe Group's capital expenditure totalled EUR 60.4 (56.8) million. This comprisedEUR 25.1 (32.8) million on property, plant and equipment and EUR 35.2 (24.0)million on intangible assets. The largest individual investment was therepurchase of the Simdax marketing rights from Abbott in May for EUR 26 million,including signature and milestone payments as per the agreement.Outlook estimate for 2010Net sales will be slightly higher than in 2009.Marketing expenditure will be higher due to the increased number of productlaunches and increased costs of sales and marketing related to Simdax. Researchexpenditure will be slightly lower than in 2009. The costs of ongoing patentlitigation in the United States are also expected to be similar to 2009.Operating profit excluding non-recurring items will be slightly higher than in2009.The Group's capital expenditure will be about EUR 40 million excludingsubstantial corporate or product acquisitions.Basis for outlookThe reference price system implemented in Finland in April 2009 increased pricecompetition in the category of substitutable products, which led to a cleardecrease in prices. During 2010 price competition is expected to moderateslightly compared with the previous year. Product launches will support Orion'sposition as market leader in 2010 too.In-market sales of the Parkinson's drugs Stalevo and Comtess/Comtan grew by justover 10% in 2009, as in the previous year. However, the growth was faster thananticipated, and is forecast to slow down slightly in 2010. These forecastsassume that generic competition does not yet begin in the United States during2010.Repurchasing of the marketing rights to Simdax from Abbott in May 2009 willincrease sales compared with the previous year because in-market sales of theproduct will appear as Orion's own sales throughout the year. During the firstfour months of 2009, for Simdax Orion recorded in its own sales only sales ofthe product to Abbott.Because the registrations and launches of new products are projects that takemore than a year, the increases in resources and other inputs required in 2010were planned mainly during the previous year.Research and development costs can be estimated quite accurately in advance.They are partly the Company's internal fixed cost items, such as salaries andmaintenance of the operating infrastructure, and partly external variable costs.External costs arise from, among other things, long-term clinical trials, whichare typically performed in clinics located in several countries. The mostimportant clinical trials scheduled for 2010 are either ongoing from theprevious year or at an advanced stage of planning, therefore their cost levelcan be estimated rather accurately.The estimated costs of the ongoing patent litigation in the United States arebased on the planned timetables and work estimates. The costs due to thelitigation will depend on a number of factors, which at present are difficult toestimate accurately.Near-term risks and uncertainties relating to the outlookThe Company is not aware of any significant risk factors relating to theearnings outlook for 2010.Sales of individual products and also Orion's sales in individual markets mayvary slightly depending on the extent to which the ever-tougher price and othercompetition prevailing in pharmaceutical markets in recent years willspecifically affect Orion's products. Deliveries to Novartis are based ontimetables that are jointly agreed in advance. Nevertheless, they can change,for example as a consequence of decisions by Novartis concerning adjustments ofstock levels. It is assumed that the ongoing litigation will not affect thesales of Comtan or Stalevo in the United States in 2010, but it is notimpossible that generic competition will commence already during the currentyear.Most of the exchange rate risk relates to the US dollar. Typically, only lessthan 15% of Orion's net sales come from the United States. As regards currenciesin European countries, the overall effect will be abated by the fact that Orionhas organisations of its own in most of these countries, which means that inaddition to sales income, there are also costs in these currencies.Research projects always entail uncertainty factors that may either increase ordecrease estimated costs. The projects may progress more slowly or faster thanassumed, or they may be discontinued. Nonetheless, changes that may occur inongoing clinical studies are reflected in costs relatively slowly, and they arenot expected to have a material impact on earnings in the current year. Owing tothe nature of the research process, the timetables and costs of new studies thatare being started are known well in advance. They therefore typically do notlead to unexpected changes in the estimated cost structure.Financial objectivesOrion's financial objectives are ensuring the Group's financial stability andcreating a foundation for long-term profitable growth.The principal means of achieving these objectives are:· improving the organic development of net sales and operating profitthrough product, product portfolio and corporate acquisitions· increasing the efficiency of operations and cost control· maintaining a stable financial position, with the equity ratio atleast 50%Sales of the Parkinson's drugs Stalevo and Comtess/Comtan currently account forapproximately one-third of Orion's net sales. The key patents for these drugs inOrion's main markets will expire in 2012-2013, which is why their sales areexpected to decline over the next few years. Orion will also bring new productsto the market to replace this drop in net sales.The development of Orion's net sales and profitability in the next few yearswill depend on how fast the sales of Parkinson's drugs will decline and, on theother hand, how the sales of other products will increase in the future. Thiscreates a point of discontinuity in the Group's operations.Dividend policyOrion's dividend distribution takes into account the distributable funds and thecapital expenditure and other financial requirements in the medium and long termto achieve the financial objectives.Proposal by the Board of Directors for distribution of profit,EUR 1.00 per shareThe parent company's distributable funds are EUR 189,019,101.80, including EUR136,467,859.83 of profit for the financial year.The Board of Directors proposes that a dividend of EUR 1.00 per share be paidfrom the parent company's distributable funds. No dividend shall be paid ontreasury shares held by the Company on the dividend payment record date. On theday when the profit distribution was proposed, the number of shares conferringentitlement to receive dividend totalled 140,977,798, on which the totaldividend payment would be EUR 140,977,798.00. The Group's payout ratio for thefinancial year 2009 would be 93.5% (97.9%).The dividend payment date would be 7April 2010, and shareholders registered in the Company's shareholder register on29 March 2010 would be entitled to the dividend payment.The Board of Directors further proposes that EUR 150,000.00 be donated tomedical research and other purposes of public interest and that EUR47,901,303.80 remain in the retained earnings accounts.Proposal by the Board of Directors for distribution of equity,EUR 0.10 per shareThe Board of Directors proposes to the Annual General Meeting of OrionCorporation to be held on 24 March 2010 that EUR 0.10 per share be distributedfrom the expendable fund in the distributable equity as a repayment of capital.The repayment of distributable equity would be paid to the Orion Corporationshareholders registered in the shareholder register maintained by EuroclearFinland on 29 March 2010, the record date for dividend payment. The payment datewould be 7 April 2010.Shares and shareholdersOn 31 December 2009, Orion had a total of 141,257,828 shares, of which51,340,668 were A shares and 89,917,160 B shares. The Group's share capital wasEUR 92,238,541.46. At the end 2009, Orion held 280,030 B shares as treasuryshares. On 31 December 2009, the aggregate number of votes conferred by the Aand B shares was 1,116,450,490 excluding treasury shares.Voting rights conferred by sharesEach A share entitles its holder to twenty (20) votes at General Meetings ofShareholders and each B share one (1) vote. However, a shareholder cannot votemore than 1/20 of the aggregate number of votes from the different share classesrepresented at the General Meetings of Shareholders. In addition, Orion andOrion Pension Fund do not have the right to vote at Orion Corporation's GeneralMeetings of Shareholders.Both share classes, A and B, confer equal rights to the Company's assets anddividends.Conversion of sharesThe Articles of Association entitle shareholders to demand the conversion oftheir A shares to B shares. In 2009 a total of 100,000 shares were converted.Trading in Orion's sharesOrion's A shares and B shares are quoted on NASDAQ OMX Helsinki in the Large Capgroup under the Healthcare sector heading under the trading codes ORNAV andORNBV. Trading in both of the Company's share classes commenced on 3 July 2006,and information on trading in the Company's shares has been available since thisdate.On 31 December 2009 the market capitalisation of the Company's shares excludingtreasury shares was EUR 2,122.2 million.In 2009 a total of 3,815,863 A shares and 84,568,573 B shares were traded onNASDAQ OMX Helsinki. The total value of traded shares was EUR 1,080.4 million.During the year, 7.4% of A shares and 94.1% of B shares were traded. The averageturnover in Orion's shares was 62.6%.Authorisation of the Board of Directors to dispose of sharesOrion's Board of Directors was authorised by the Annual General Meeting on23 March 2009 to dispose of shares held by the Company (treasury shares). Thisauthorisation is valid until the close of the 2010 Annual General Meeting.The Board of Directors is not authorised to increase the share capital or toissue bonds with warrants or convertible bonds or stock options.Altogether 44,806 B shares held by the Company were transferred in March 2009 asa share bonus for 2008 to key persons employed by the Company and belonging tothe Share-based Incentive Plan of the Orion Group. This was based on theauthorisation granted by the Annual General Meeting on 25 March 2008. Thetransfer price of the shares transferred was EUR 11.97 per share, which was theweighted average price of the B shares on 5 March 2009. The total transfer priceof the shares transferred was EUR 536,417.43.Share ownershipAt the end of 2009, Orion had a total of 54,323 (43,119) registeredshareholders, of whom 94.0% (94.1%) were private individuals holding 51.9%(48.3%) of the entire share stock and 60.6% (59.2%) of the total votes. Therewere altogether 31.3 (34.7) million nominee-registered shares, which is 22.1%(24.5%) of all shares, and they conferred entitlement to 4.2% (6.1%) of thevotes.At the end of 2009, Orion held 280,030 B shares as treasury shares, which is0.2% of the Company's total share stock and 0.03% of the total votes.No new transactions exceeding the notification threshold set in the FinnishSecurities Markets Act were brought to the attention of the Company during 2009.Management's shareholdingsAt the end of 2009, the members of the Board of Directors owned a total of2,322,438 Orion Corporation shares, of which 1,903,932 were A shares and418,506 B shares. At the end of 2009, the President and CEO owned 11,950 OrionCorporation shares, which were all B shares. The members of the ExecutiveManagement Board (excluding the President and CEO) owned a total of 66,733 OrionCorporation shares, of which 1,228 were A shares and 65,505 were B shares. Thus,Orion's executive management held 1.7% of all shares and 3.5% of the totalvotes. The figures also include the holdings of controlled entities.The Company does not have share option schemes.PersonnelThe average number of employees in the Group in 2009 was 3,192 (3,270). At theend of 2009, the Group had a total of 3,147 (3,309) employees, of whom 2,529(2,726) worked in Finland and 617 (583) outside Finland.Salaries and other personnel expenses in 2009 totalled EUR 171.4 (170.9)million.Significant legal proceedingsLegal proceedings against the Sun companiesOn 13 November 2007, 7 February 2008 and 12 November 2008, Orion Corporationfiled patent infringement lawsuits in the United States to enforce US PatentsNo. 6,500,867 and 5,446,194 against companies belonging to the Sun Group.Sun Pharmaceutical Industries Limited seeks to market generic versions ofOrion's Stalevo drug (25/100/200 and 37.5/150/200 mg strengths of carbidopa,levodopa and entacapone) in the United States. Sun Pharma Global, Inc. seeks tomarket a generic version of Orion's proprietary drug Comtan in the UnitedStates.Legal proceedings against the Sandoz companiesOn 4 September 2009, Orion Corporation and Hospira, Inc. filed together a patentinfringement lawsuit in the United States against Sandoz International GmbH andSandoz Inc. to enforce their patents valid in the United States. The legalproceedings concern Orion's US Patent No. 4,910,214 and Orion's and Hospira'scommonly owned US Patent No. 6,716,867.Sandoz Inc. has sought authorisation to produce and market in the United Statesa generic version of Orion's proprietary drug Precedex(®) (dexmedetomidinehydrochloride 100 ?g base/ml), which is marketed in the United States by Orion'slicensee Hospira.Orion expects the costs of the legal proceedings against the Sandoz companies tobe substantially less than the costs of the ongoing entacapone patent litigationin the United States.Agreement reached in legal proceedings against the Wockhardt companiesOn 29 April 2009, Orion Corporation and Wockhardt USA, LLC and Wockhardt Limited(jointly "Wockhardt") reached a settlement agreement in the dispute in whichOrion had filed a lawsuit against Wockhardt to enforce its US patents afterWockhardt had filed Abbreviated New Drug Applications (ANDA) for genericversions of Orion's Comtan(®) and Stalevo(®) products.Orion filed its first lawsuit against Wockhardt in the United States in 2007 andtwo more in 2008. The settlement agreement applies to all three lawsuits.According to the terms of the settlement agreement, Wockhardt may launch genericversions of Comtan and Stalevo in the US market on 30 September 2012, orpossibly before that if certain conditions are met. The parties have agreed thatOrion will supply the said generic products to Wockhardt. Any other terms of theagreement will not be made public by the parties.Due to the settlement, all three lawsuits were terminated and Orion's US patentsNo. 5,446,194; 5,135,950; 6,599,530; 6,797,732; and 6,500,867 will remain inforce.In accordance with current US legislation, Orion has submitted all of theabove-mentioned agreements to the US Federal Trade Commission and the UnitedStates Department of Justice.Business ReviewsPharmaceuticalsReview of human pharmaceuticals marketFinland is the most important individual market for Orion, generating aboutone-third of the Group's net sales. According to statistics collected by FinnishPharmaceutical Data Ltd, Finnish wholesale of human pharmaceuticals in 2009totalled EUR 1,947.3 million, down by 0.5% on the previous year. In terms of thenumber of packages, overall sales were down by 2.3%. Total pharmacy sales weredown by 0.9%, while hospital sales were correspondingly up by 0.9%. Thewholesale of prescription drugs in the whole market was down by 0.9% andwholesale of self-care products up by 3.0%. According to Statistics Finland,pharmaceutical prices in Finland decreased by 3.6% in 2009.Orion continued to strengthen its position as leader in marketingpharmaceuticals in Finland. According to statistics collected by FinnishPharmaceutical Data, Orion's wholesale of pharmaceuticals in Finland in 2009amounted to EUR 186.0 million, up by 3.2% on the previous year. Orion's salesgrew slightly, even though the reference price system implemented in Aprilreduced the overall market. Orion's market share was 9.6% (9.2%), which was 2.5percentage points higher than the second-largest company's market share.The most important individual therapy area for Orion is still the treatment ofParkinson's disease. Orion's Parkinson's drugs account for approximatelyone-third of the Group's net sales. According to IMS Health pharmaceutical salesstatistics, in the 12-month period ending in September 2009 the total sales ofParkinson's drugs in the United States came to USD 981 million (USD 1,057million in the previous 12-month period), which is 7.2% less than in thecomparative period. The rapid change in the market trend was caused by theexpiry of the patent for the leading product, a dopamine agonist, and theresulting competition from generic products. The five largest European marketsfor Parkinson's disease drugs were Germany, the United Kingdom, France, Spainand Italy. In these countries, the combined sales of Parkinson's drugs in the12-month period ending in September totalled EUR 895 (852) million, and theaverage market growth was 5.1%.Sales of Orion's Parkinson's drugs continued to grow clearly faster than themarket as a whole. According to IMS Health pharmaceutical sales statistics, inthe 12-month period ending in September 2009, sales of Orion's Parkinson's drugswere up by 15.3% at EUR 492 million (EUR 427 million in the previous 12-monthperiod).According to statistics, in the United States sales of Orion's Parkinson's drugsin the same 12-month period were USD 171 (154) million, up by 10.9% on thecomparative period. The market share of Orion's Parkinson's drugs in the UnitedStates was about 17%. In the five largest Parkinson's drugs markets in Europe,sales of Orion's Parkinson's drugs in the same 12-month period totalled EUR 147(138) million, up by 6.3% on the comparative period. Orion's Parkinson's drugshave an average market share of about 16% in these five markets.Net sales and operating profit of the Pharmaceuticals businessNet sales of the Pharmaceuticals business in 2009 were EUR 728.5 (667.6)million, up by 9.1% on the previous year. The operating profit of thePharmaceuticals business was up by 11.8% at EUR 210.7 (188.5) million. Theoperating profit of the Pharmaceuticals business was 28.9% (28.2%) of thesegment's net sales.Net sales of the top ten pharmaceuticals in 2009 were up by 11.4% at EUR 378.3(339.7) million. They accounted for 52% (51%) of the total net sales of thePharmaceuticals business. Among these best-sellers, the fastest-growing productswere Simdax heart failure drug, Precedex sedative for patients in intensivecare, Stalevo Parkinson's drug and Easyhaler pulmonary drugs.Net sales of the products based on own in-house R&D in 2009 were up by 12.7% atEUR 346.5 (307.5) million. These products accounted for about 48% (46%) of thenet sales of the Pharmaceuticals business.Proprietary ProductsThe product portfolio of Proprietary Products consists of patented prescriptionproducts in three therapy areas: central nervous system diseases; oncology andcritical care; and Easyhaler(®) pulmonary drugs. At the beginning of the year,Easyhaler drugs were transferred from the Specialty Products to the ProprietaryProducts division. At the same time, hormone replacement products, such as theDivina(®) range, and toremifene products, such as Fareston(®), were transferredto Specialty Products.Net sales of Proprietary Products were up by 16.5% in 2009 at EUR 324.0 (278.1)million.Net sales of Orion's Parkinson's drugs in 2009 totalled EUR 234.9 (208.5)million. The net sales were up by 12.7% and accounted for 32% (31%) of the totalnet sales of the Pharmaceuticals business. Net sales from deliveries of Stalevoand Comtan to Novartis totalled EUR 137.8 (118.1) million, up by 16.7% on theprevious year. Deliveries of Stalevo to Novartis increased by 20.6%, anddeliveries of Comtan by 9.8%. Total net sales generated by Stalevo and Comtessin Orion's own sales organisation were up by 7.5% at EUR 97.1 (90.4) million.Net sales of Stalevo through Orion's own sales organisation were up by 16.8% atEUR 77.1 (66.0) million. The depreciation of the British pound and Scandinaviancurrencies have slowed euro-denominated sales.Orion has withdrawn the applications in the EU countries and the United Statesto extend the indication of Stalevo. Currently, Stalevo is approved fortreatment of advanced Parkinson's disease.Orion has ongoing patent litigation in the United States against the Suncompanies and Sandoz companies. The Sun companies aim to launch generic versionsof Orion's Comtan and Stalevo, and the Sandoz companies a generic version ofOrion's Precedex in the United States. Legal proceedings against the Wockhardtcompanies ended in settlement in April 2009.In May, Orion repurchased from Abbott the rights to intravenously administeredSimdax (levosimendan), a drug for acute decompensated heart failure. Thetransfer of the rights to Simdax has proceeded according to plan and the salesprogressed well.Net sales of the Easyhaler(®) product family in 2009 were up by 12.2% at EUR24.9 (22.2) million. The marketing rights to Easyhaler products in the UnitedKingdom and Hungary were transferred back to Orion in 2009.Launches of the Vantas(®) implant (histrelin) for treatment of advanced prostatecancer began in Europe during 2009. Orion acquired the European-wide rights forthe drug from Endo Pharmaceuticals Solutions Inc. of the United States.Specialty ProductsNet sales of the Specialty Products business division's off-patent, i.e.generic, prescription drugs and self-care products were up by 5.5% in 2009 atEUR 274.8 (260.5) million. Depreciation of Scandinavian and Eastern Europeancurrencies in 2009 slowed the growth of euro-denominated net sales of thebusiness division.Net sales of Orion's human pharmaceuticals in Finland in 2009 were up by 4.6% atEUR 204.3 (195.3) million. Specialty Products accounted for the majority ofsales in Finland. Orion improved its market position owing to its broad productportfolio, particularly in substitutable prescription drugs, although marketconditions deteriorated following the introduction of the reference price systemin Finland in April. The reference price system has further intensified pricecompetition, but also expanded the range of substitutable products. For example,the anti-psychotic drug Ketipinor(®) (quetiapine) and cholesterol-lowering drugAtorvastatin Orion(®) (atorvastatin) launched at the beginning of the year havebeen particularly successful.Net sales of Orion's human pharmaceuticals in Eastern Europe in 2009 were up by1.8% at EUR 38.7 (38.0) million. Specialty Products accounted for the majorityof sales in the region. The growth of euro-denominated net sales in EasternEurope was slowed by the severe depreciation of currencies in the region and theeconomic recession.Orion has strengthened its product portfolio in Scandinavia, especially inself-care products. Orion aims to make its domestic market all the Nordiccountries, not just Finland. Strong growth in Scandinavia has been supported bytransfer of distribution of the Sebamed product family to Orion and, forinstance, the successful launch of Penomax(®) antibiotic (pivmecillinam) in theNordic countries. Orion is preparing for changes in distribution channels inSweden too, where the national pharmacy monopoly was abolished in 2009.A limitation based on new safety data has been added to the product informationfor Fareston(®) breast cancer drug (toremifene) stating that the drug should notbe used by patients with arrhythmia, or increased risk of arrhythmia.Animal HealthNet sales of the Animal Health business division were down by 7.5% in 2009 atEUR 62.1 (67.2) million. Net sales of the animal sedatives Dexdomitor(®)(dexmedetomidine), Domitor(®) (medetomidine), Domosedan(®) (detomidine) andAntisedan(®) (atipamezole) were down by 21.4% and accounted for 31% (37%) of thedivision's net sales. Sales of animal sedatives decreased due to pricecompetition in Europe following the expiry of patents.The rights in Europe to an animal sedative product family that Orion haddeveloped reverted from Pfizer Animal Health to Orion at the end of the year.Following the agreement, Orion will start marketing the product family in someEastern European markets in addition to the Nordic countries. Pfizer willcontinue to market Orion's animal sedatives in, for example, North and SouthAmerica. In other markets partners will market the products. Pfizer paid Orionfour million euros at the end of 2009 in connection with this arrangement.In late 2009, Orion obtained market authorisation in Europe for Domosedan gel, asedative for horses. Product launches in Europe will begin in early 2010.Orion remained the Finnish market leader in veterinary drugs with a market shareof about 20%. According to statistics for veterinary drugs, the Finnish marketfor veterinary drugs was about EUR 46 million in 2009, up by 6.8% on theprevious year. Orion's position as the market leader is due to Orion's extensiveproduct portfolio and its operations in the Finnish market for veterinary drugsover a long time.Following the results of the LEVET research programme, Orion is not intending tosubmit marketing authorisation applications for levosimendan in the UnitedStates and Europe. The programme studied the efficacy of orally administeredlevosimendan in the treatment of heart diseases in dogs.FermionFermion manufactures active pharmaceutical ingredients for Orion and otherpharmaceutical companies. Its product range comprises nearly 30 pharmaceuticalingredients. Fermion's net sales were up by 14.5% in 2009 at EUR 41.4 (36.1)million, excluding pharmaceutical ingredients supplied for Orion's own use.Orders for some key products are still high, even though competition in themarkets remains intense. Special attention has been paid to improving costefficiency in the business division to maintain competitiveness.Research and developmentOrion's pharmaceutical R&D focuses on the following core therapy areas: centralnervous system drugs, oncology and critical care drugs, and Easyhaler pulmonarydrugs. In addition to in-house research, Orion invests in early-stage R&Djointly with universities and other pharmaceutical companies. In Phase IIIclinical studies, Orion prefers to share the costs with other pharmaceuticalcompanies. In this way, Orion can ensure an increasing number of new researchprojects and balance the risks of projects in the research pipeline. Orion alsoseeks to purchase new product candidates to reinforce the research pipelinebased on its own research projects. In this way Orion reinforces its capabilityto continue operating as a company that provides new drugs and engages inpharmaceutical R&D.The Group's R&D expenses totalled EUR 95.2 (90.0) million, of which thePharmaceuticals business accounted for EUR 89.4 (85.4) million. The Group's R&Dexpenses accounted for 12.3% (12.7%) of the Group's net sales.Orion has Phase III clinical studies of the sedative dexmedetomidine in progressin patients in intensive care as a prolonged infusion administered for over 24hours. In the United States and Japan, for example, the drug is alreadyavailable as a sedative for patients in intensive care administrable for amaximum of 24 hours. The aim is to have the drug registered also in the EU.Dexmedetomidine is compared with midazolam in the MIDEX study and with propofolin the PRODEX study. For both studies, 500 patients have been recruited andresults of the research programme are expected at the latest in summer 2010.Orion has an ongoing project to broaden the range of the Easyhaler productfamily. A new budesonide-formoterol formulation is being developed in thisresearch that combines budesonide as an anti-inflammatory agent and formoterolas a long-acting bronchodilator. Orion's aim is to utilise Easyhaler technologynot just in current products and development projects, but also to develop newproducts.Orion is collaborating with Novartis to develop Stalevo for the Japanese market.Orion has an alpha 2(c) receptor antagonist undergoing clinical Phase I studies.In early research, this compound has been found to be possibly suitable for thetreatment of the symptoms of Alzheimer's disease or schizophrenia.Orion has several projects in the early research phase investigating selectiveandrogen receptor modulators (SARM), prostate cancer, neuropathic pain,Parkinson's disease and other possible indications within intensive care, amongothers.Orion has withdrawn the applications in the EU countries and the United Statesto extend the indication of Stalevo. Currently, Stalevo is approved fortreatment of advanced Parkinson's disease.Following the results of the LEVET programme, Orion is not intending to submitmarketing authorisation applications for levosimendan in the United States andEurope. The programme studied the efficacy of orally administered levosimendanin the treatment of heart diseases in dogs.DiagnosticsNet sales of the Orion's Diagnostics business in 2009 were EUR 45.2 (45.0)million. Euro-denominated net sales were slowed by depreciation of the Nordiccurrencies, whereas sales to China and the Czech Republic were higher than inthe previous year.QuikRead(®) tests maintained their position as the main products, with reagentand equipment sales continuing to grow strongly. The tests are used in, forexample, detecting infection from the CRP level in a blood sample. The tests canalso detect streptococcus A, the causative agent of bacterial tonsillitis, in apharyngeal sample. The increasing selection of QuikRead products in doctors'surgeries and clinical laboratories creates a solid basis for future demand forreagents.Sales of dip slide tests, especially sales of hygiene tests for industry,decreased as capacity utilisation rates in industries declined.Operating profit was EUR 5.6 (6.1) million, down by 9.1% due to increases inplanned investments in product development.Espoo, 9 February 2010Board of Directors of Orion CorporationOrion CorporationTimoLappalainenJari KarlsonPresident andCEOCFOTablesCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR million Q4/09 Q4/08 Change % 2009 2008 Change %-------------------------------------------------------------------------------- Net sales 193.3 179.9 +7.4% 771.5 710.7 +8.5% Cost of goods sold -69.0 -65.6 +5.3% -265.2 -243.4 +9.0%-------------------------------------------------------------------------------- Gross profit 124.3 114.3 +8.7% 506.3 467.4 +8.3%-------------------------------------------------------------------------------- Other operating income and expenses 3.8 2.2 +75.5% 6.0 3.1 +96.7% Selling and marketing expenses -46.5 -39.2 +18.4% -160.0 -143.9 +11.2% R&D expenses -25.6 -25.5 +0.2% -95.2 -90.0 +5.7% Administrative expenses -12.0 -18.9 -36.2% -50.2 -51.5 -2.6% --------------------------------------------- Operating profit 43.9 32.8 +33.8% 207.0 185.0 +11.9%-------------------------------------------------------------------------------- Finance income 0.8 3.7 -77.7% 5.1 7.6 -32.8% Finance expenses -1.6 -4.4 -63.1% -8.4 -8.5 -0.9%-------------------------------------------------------------------------------- Profit before taxes 43.1 32.1 +34.2% 203.7 184.2 +10.6%-------------------------------------------------------------------------------- Income tax expense -10.1 -7.5 +35.4% -52.3 -47.8 +9.3%-------------------------------------------------------------------------------- PROFIT FOR THE PERIOD 33.0 24.7 +33.9% 151.4 136.3 +11.1%-------------------------------------------------------------------------------- Other comprehensive income-------------------------------------------------------------------------------- Translation differences 0.3 -2.3 +114.6% 1.3 -2.8 +144.0% Cash flow hedges 0.8 -1.3 +162.7% 0.9 -1.0 +184.5% Other comprehensive income net of tax 1.1 -3.6 +131.8% 2.1 -3.9 +154.7%-------------------------------------------------------------------------------- TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 34.2 21.1 +61.7% 153.5 132.5 +15.9%-------------------------------------------------------------------------------- of which attributable to:-------------------------------------------------------------------------------- Owners of the parent company 33.0 24.7 +33.8% 151.4 136.3 +11.1% Minority interest 0.0 0.0 0.0 0.0-------------------------------------------------------------------------------- Total comprehensive income attributable to:-------------------------------------------------------------------------------- Owners of the parent company 34.2 21.1 +61.7% 153.5 132.5 +15.9% Minority interest 0.0 0.0 0.0 0.0-------------------------------------------------------------------------------- Earnings per share, EUR (1)) 0.23 0.18 +33.8% 1.07 0.97 +11.1%-------------------------------------------------------------------------------- Depreciation and amortisation 9.2 8.4 +9.4% 34.4 31.6 +8.9% Personnel expenses 47.5 50.8 -6.5% 171.4 170.9 +0.3%--------------------------------------------------------------------------------(1)) The figure has been calculated from the profit attributable to the ownersof the parent company. The Company has no items that could dilute the earningsper share.CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAssets EUR million Dec/09 Dec/08 Change %------------------------------------------------------- Property, plant and equipment 192.0 192.4 -0.2% Goodwill 13.5 13.5 Intangible rights 63.4 37.5 +69.0% Other intangible assets 3.7 2.9 +26.9% Investments in associates 0.1 0.1 Available-for-sale investments 1.0 0.9 +4.7% Pension asset 29.8 29.3 +1.7% Deferred tax assets 5.5 4.2 +30.9% Other non-current assets 0.9 1.5 -39.3%------------------------------------------------------- Non-current assets total 309.9 282.3 +9.8%-------------------------------------------------------------------------------------------------------------- Inventories 122.7 131.7 -6.8% Trade receivables 102.6 83.1 +23.4% Other receivables 21.4 22.3 -4.0% Cash and cash equivalents 170.5 176.1 -3.2%------------------------------------------------------- Current assets total 417.2 413.1 +1.0%-------------------------------------------------------------------------------------------------------------- ASSETS TOTAL 727.1 695.5 +4.5%-------------------------------------------------------Equity and liabilities EUR million Dec/09 Dec/08 Change %---------------------------------------------------------------------------- Share capital 92.2 92.2 Share premium 17.8 17.8 Expendable fund 23.0 23.0 Other reserves 0.0 -0.9 +100.9% Retained earnings 306.0 286.3 +6.9%---------------------------------------------------------------------------- Equity attributable to owners of the parent company 439.1 418.5 +4.9% Minority interest 0.0 0.0 -9.4%---------------------------------------------------------------------------- Equity total 439.1 418.6 +4.9%-------------------------------------------------------------------------------------------------------------------------------------------------------- Deferred tax liabilities 43.0 42.0 +2.4% Pension liability 0.8 0.8 +2.6% Provisions 0.5 0.4 +24.1% Interest-bearing non-current liabilities 108.7 109.9 -1.0% Other non-current liabilities 0.1 0.9 -86.7%---------------------------------------------------------------------------- Non-current liabilities total 153.1 153.9 -0.5%-------------------------------------------------------------------------------------------------------------------------------------------------------- Trade payables 42.3 30.2 +40.3% Income tax liabilities 3.0 2.4 +22.2% Other current liabilities 66.8 54.0 +23.7% Provisions 0.0 0.0 Interest-bearing current liabilities 22.7 36.4 -37.6%---------------------------------------------------------------------------- Current liabilities total 134.8 123.0 +9.6%-------------------------------------------------------------------------------------------------------------------------------------------------------- Liabilities total 287.9 276.9 +4.0%-------------------------------------------------------------------------------------------------------------------------------------------------------- EQUITY AND LIABILITIES TOTAL 727.1 695.5 +4.5%----------------------------------------------------------------------------CONSOLIDATED STATEMENT OF CHANGES IN EQUITYa. Share capitalb. Share premiumc. Expendable fundd. Other reservese. Translation differencesf. Retained earningsg. Totalh. Minority interesti. Equity total EUR million a. b. c. d. e. f. g. h. i.-------------------------------------------------------------------------------- Equity at 1 Jan 2008 92.2 17.8 23.0 0.5 -4.1 301.7 431.1 0.0 431.1-------------------------------------------------------------------------------- Dividend -140.9 -140.9 -140.9 Repurchase of own shares -4.8 -4.8 -4.8 Share-based incentive plan 0.6 0.6 0.6 Other changes -0.3 0.4 0.1 0.1 Comprehensive income for the period -1.0 -2.8 136.3 132.4 132.4------------------------------------------------------------- ------ Equity at 31 Dec 2008 92.2 17.8 23.0 -0.9 -6.9 293.3 418.5 0.0 418.6-------------------------------------------------------------------------------- Dividend -133.9 -133.9 -133.9 Share-based incentive plan 0.9 0.9 0.9 Other changes 0.0 0.1 0.1 -0.0 0.1 Comprehensive income for the period 0.9 1.3 151.4 153.5 153.5-------------------------------------------------------------------------------- Equity at 31 Dec 2009 92.2 17.8 23.0 0.0 -5.7 311.7 439.1 0.0 439.1--------------------------------------------------------------------------------CONSOLIDATED STATEMENT OF CASH FLOWS EUR million 2009 2008------------------------------------------------------------------------ Operating profit 207.0 185.0 Adjustments 37.7 28.7 Change in working capital 15.3 -15.0 Interest paid -9.7 -7.0 Interest received 4.9 7.5 Income taxes paid -50.6 -54.9------------------------------------------------------------------------ Total net cash flow from operating activities 204.6 144.4------------------------------------------------------------------------------------------------------------------------------------------------ Investments in property, plant and equipment -24.6 -30.8 Investments in intangible assets -36.1 -23.0 Sales of property, plant and equipment and available-for-sale investments 0.8 1.5 Sales of intangible assets 0.5 0.5------------------------------------------------------------------------ Total net cash flow from investing activities -59.5 -51.8------------------------------------------------------------------------------------------------------------------------------------------------ Short-term loans raised 0.7 121.7 Repayments of short-term loans -19.8 -105.1 Long-term loans raised 22.8 125.0 Repayments of long-term loans -21.3 -0.5 Repurchase of own shares 0.0 -4.8 Dividends paid and other distribution of profits -134.4 -141.1------------------------------------------------------------------------ Total net cash flow from financing activities -152.1 -4.8------------------------------------------------------------------------------------------------------------------------------------------------ Net change in cash and cash equivalents -7.0 87.7------------------------------------------------------------------------ Cash and cash equivalents at the beginning of the period 176.1 90.4 Foreign exchange differences 1.4 -2.1 Net change in cash and cash equivalents -7.0 87.7 Cash and cash equivalents at the end of the period 170.5 176.1------------------------------------------------------------------------CHANGES IN PROPERTY, PLANT AND EQUIPMENT EUR million 2009 2008------------------------------------------------------------- Carrying amount at the beginning of the period 192.4 186.6 Adjustments to previous period carrying amount 2.4 0.0 Additions 25.1 32.8 Disposals -1.7 -1.8 Depreciation -26.1 -25.1------------------------------------------------------------- Carrying amount at the end of the period 192.0 192.4-------------------------------------------------------------CHANGES IN INTANGIBLE ASSETS (EXCLUDING GOODWILL) EUR million 2009 2008---------------------------------------------------------- Carrying amount at the beginning of the period 40.4 23.0 Additions 35.2 24.0 Disposals -0.3 -0.0 Depreciation -8.3 -6.6---------------------------------------------------------- Carrying amount at the end of the period 67.0 40.4----------------------------------------------------------In May, Orion repurchased the rights to Simdax from Abbott. The purchase price,EUR 26.2 million, was recognised in full under intangible rights in theConsolidated Statement of Financial Position.COMMITMENTS AND CONTINGENCIES EUR million Dec/09 Dec/08----------------------------------------------------------------------- Contingencies for own liabilities----------------------------------------------------------------------- Mortgages on land and buildings 32.0 19.0 of which those to Orion Pension Fund 9.0 9.0 Guarantees 1.1 1.0----------------------------------------------------------------------- Other liabilities----------------------------------------------------------------------- Leasing liabilities (excluding finance lease contracts) 4.3 4.0 Other liabilities 0.3 0.3-----------------------------------------------------------------------DERIVATIVES EUR million Dec/09 Dec/08------------------------------------------------------------------ Fair value of forward exchange contracts and swaps -0.3 2.0 Nominal values of derivatives -86.4 64.6 Fair value of electricity forward contracts -0.2 -1.4 Nominal values of derivatives 7.0 5.7------------------------------------------------------------------RELATED PARTY TRANSACTIONS EUR million 2009 2008-------------------------------------------- Management's employment benefits 3.5 3.1--------------------------------------------Operating segment performanceNET SALES BY BUSINESS AREA EUR million Q4/09 Q4/08 Change % 2009 2008 Change %----------------------------------------------------------------------------- Pharmaceuticals 181.9 169.6 +7.2% 728.5 667.6 +9.1% Proprietary Products 77.3 69.4 +11.3% 324.0 278.1 +16.5% Specialty Products 73.0 68.1 +7.1% 274.8 260.5 +5.5% Animal Health 16.1 16.5 -2.4% 62.1 67.2 -7.5% Fermion 9.0 9.9 -8.5% 41.4 36.1 +14.5% Contract manufacturing and others 6.6 5.8 +13.7% 26.2 25.7 +1.9% Diagnostics 12.0 10.7 +12.0% 45.2 45.0 +0.4% Group items -0.6 -0.5 +28.8% -2.2 -1.9 +15.7%----------------------------------------------------------------------------- Group total 193.3 179.9 +7.4% 771.5 710.7 +8.5%-----------------------------------------------------------------------------OPERATING PROFIT BY BUSINESS AREA EUR million Q4/09 Q4/08 Change % 2009 2008 Change %----------------------------------------------------------- Pharmaceuticals 45.6 35.3 +29.1% 210.7 188.5 +11.8% Diagnostics 1.2 0.2 +566.6% 5.6 6.1 -9.1% Group items -2.9 -2.7 +7.9% -9.3 -9.6 -3.0%----------------------------------------------------------- Group total 43.9 32.8 +33.8% 207.0 185.0 +11.9%-----------------------------------------------------------NET SALES BY ANNUAL QUARTERS 2009 2008 +-----------------------+-----------------------+ EUR million | Q4 Q3 Q2 Q1| Q4 Q3 Q2 Q1|----------------+-----------------------+-----------------------+ Pharmaceuticals|181.9 181.8 185.9 178.9|169.6 161.0 168.5 168.5| | | | Diagnostics | 12.0 10.5 11.0 11.7| 10.7 9.5 12.6 12.2| | | | Group items | -0.6 -0.5 -0.5 -0.5| -0.5 -0.4 -0.5 -0.5|----------------+-----------------------+-----------------------+ Group total |193.3 191.8 196.4 190.1|179.9 170.1 180.5 180.2|----------------+-----------------------+-----------------------+OPERATING PROFIT BY ANNUAL QUARTERS 2009 2008 +-------------------+-------------------+ EUR million | Q4 Q3 Q4 Q3| Q4 Q3 Q4 Q3|----------------+-------------------+-------------------+ Pharmaceuticals|45.6 56.6 51.6 56.9|35.3 44.3 45.7 63.1| | | | Diagnostics | 1.2 1.0 1.1 2.2| 0.2 1.0 2.5 2.3| | | | Group items |-2.9 -1.9 -2.3 -2.2|-2.7 -1.8 -3.1 -2.1|----------------+-------------------+-------------------+ Group total |43.9 55.7 50.4 56.9|32.8 43.6 45.2 63.4|----------------+-------------------+-------------------+GEOGRAPHICAL BREAKDOWN OF NET SALES BY ANNUAL QUARTERS 2009 2008 +-----------------------+-----------------------+ EUR million | Q4 Q3 Q2 Q1| Q4 Q3 Q2 Q1|--------------+-----------------------+-----------------------+ Finland | 59.2 55.6 55.0 53.5| 55.2 52.8 53.5 55.7| | | | Scandinavia | 25.9 24.5 25.8 25.4| 23.7 23.3 26.1 28.1| | | | Other Europe | 72.8 68.9 71.8 61.2| 62.0 56.2 61.4 64.4| | | | North America| 12.1 18.1 18.2 22.6| 19.2 21.7 18.5 14.4| | | | Other markets| 23.4 24.7 25.6 27.4| 19.8 16.1 21.1 17.6|--------------+-----------------------+-----------------------+ Group total |193.3 191.8 196.4 190.1|179.9 170.1 180.5 180.2|--------------+-----------------------+-----------------------+Business reviewsKEY FIGURES FOR PHARMACEUTICALS BUSINESS EUR million Q4/09 Q4/08 Change % 2009 2008 Change %-------------------------------------------------------------------------------- Net sales 181.9 169.6 +7.2% 728.5 667.6 +9.1% Operating profit 45.6 35.3 +29.1% 210.7 188.5 +11.8% % of net sales 25.1% 20.8% 28.9% 28.2% R&D expenses 24.0 24.1 -0.2% 89.4 85.4 +4.7% % of net sales 13.2% 14.2%
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