July 8, 2020 / 4:23 PM / a month ago

Finnish drugmaker Orion raises 2020 profit forecast

(Reuters) - Finnish drugmaker Orion (ORNBV.HE) said on Wednesday it expected operating profit this year to be higher than in 2019, after previously forecasting a flat outcome.

“Visibility towards the end of the year has improved in various areas of operations,” the company said in a statement, adding it now expected 2020 operating profit to be at least slightly higher than last year.

Orion repeated its forecast for 2020 sales to be level with 2019, in line with its estimate in April.

“Impaired availability of generic products in Orion’s portfolio manufactured by other pharmaceutical companies is not expected to have as negative impact to the whole year net sales and operating profit as assumed earlier,” it said.

Operating expenses for the whole year are expected to be somewhat lower than estimated in April, it added.

Reporting by Tarmo Virki in Tallinn, Editing by Jane Merriman and Mark Potter

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