Pharmaceutical company Orion has increased its guidance for 2024 in terms of both turnover and operating profit. The company has entered into a worldwide exclusive license agreement with MSD for opevesostat and other drugs that inhibit the activity of the CYP11A1 enzyme. This agreement will release 60 million euros from Orion’s balance sheet, originally set aside for joint development costs. This development will have a positive impact on Orion’s turnover and operating profit in the third quarter of 2024.
Under the new guidance, Orion’s turnover is projected to be between 1,440–1,480 million euros, compared to the previous forecast of 1,340–1,410 million euros. The operating profit guidance has also been revised to 350–380 million euros, up from the previous 280–310 million euros forecast.
This news comes as Orion continues to expand its partnerships and agreements in the pharmaceutical industry, demonstrating its commitment to growth and innovation in the market. This new agreement with MSD represents a significant milestone for the company and showcases their ability to adapt and evolve in a dynamic industry landscape.