Finland Times

Products of pharmaceutical company Orion. File Photo – Str / Lehtikuva.

The Finnish pharmaceutical company Orion’s profit before taxes in January to September increased from 214 million euros from the previous year’s figure of 200 million euros, said Orion Group in an interim report.

Orion’s net sales in January-September also improved to 760 million euros, up from 734 million euros in the corresponding period in 2013.

However, Orion’s profit before taxes in the third quarter, July-September, declined by slightly less than 4 per cent to 62.8 million euros.

According to the interim report, the outlook estimate for 2014 remains unchanged and Orion estimates that in 2014 net sales and operating profit will be at similar level to 2013.

Orion President and CEO Timo Lappalainen said deliveries of Orion’s Parkinson’s drugs to Novartis and sales through the company’s sales network were lower than a year ago. Lappalainen said competition is expected to have extended throughout Europe by the end of next year, decreasing Orion’s sales.

Lappalainen also said the company’s collaboration with Bayer on development of molecule treatment of prostate cancer has started well, and recruiting of patients for Phase III clinical trials has commenced.