Drugmaker Orion sees inflation hit in H2 after quarterly profit beat
New Delhi: Finnish drugmaker Orion on Friday reported better-than-expected quarterly earnings helped by strong sales of prostate cancer treatment Nubeqa, but warned cost inflation would hit its profits in the second half of the year.
Orion's operating profit increased by more than 15% to 82 million euros ($82.3 million) in the second quarter, beating the 62.5-million-euro average estimate in a poll by Vara Research.
Nubeqa sales increased by 74% in the quarter to 20 million euros, nearly a fifth of the group total of 106 million, which was also above expectations.
However, the company said it would start feeling the impact from cost inflation in late 2022 and more in 2023.
Orion shares were down 3.1% at 1019 GMT.
The group, which develops Nubeqa in collaboration with Germany's Bayer, earlier this week signed another prostate cancer related agreement with U.S. firm Merck to develop Orion's investigational ODM-28 molecule.
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