Orion shares surged 12% after the Finnish drugmaker preannounced a strong 2026 outlook, driven by its prostate cancer treatment Nubeqa. The company projected net sales between €1.9 billion and €2.1 billion, with EBIT forecasted at €550–750 million. These ranges exceed analyst consensus, signaling robust growth for the key oncology asset.

Jefferies analysts noted the guidance implies potential upgrades to both top- and bottom-line expectations. The firm identified Nubeqa as the primary driver, expecting revenues to climb sharply in 2026. Orion also targets peak sales exceeding €1 billion long-term, combining tablet revenue from partner Bayer and associated royalties—a milestone investors have been anticipating.

Bayer recently bolstered confidence, suggesting Nubeqa could become its largest product ever due to superior efficacy and tolerability versus competitors. The drug’s momentum is critical for Orion, which relies on the partnership for significant cash flow. Market participants are now watching for sustained prescription growth and regulatory expansions to justify the elevated valuation.