ORION CORPORATION STOCK EXCHANGE RELEASE – INSIDE INFORMATION 3 DECEMBER 2025 at 09.00 EET Inside information: Orion to receive EUR 180 million milestone and updates full-year outlook for 2025 Orion Corporation has been informed that it will receive a milestone payment of EUR 180 million related to sales of Nubeqa®, which will be recorded in the fourth quarter of 2025. Due to receiving the milestone, Orion updates the full-year outlook for 2025 in terms of both net sales and operating profit. New full-year ...

Core Insights - Eli Lilly reported a strong third-quarter performance for 2025, achieving a 54% year-over-year revenue growth driven by high demand for its incretin portfolio, particularly Mounjaro and Zepbound [2][3][7]. Financial Performance - Total revenue for Q3 2025 reached $17.60 billion, up from $11.44 billion in Q3 2024, reflecting a 54% increase [3][7]. - Net income for Q3 2025 was $5.58 billion, compared to $970.3 million in Q3 2024, marking a significant increase [12][40]. - Earnings per share (EPS) rose to $6.21 on a reported basis and $7.02 on a non-GAAP basis, compared to $1.07 and $1.18 respectively in Q3 2024 [12][14]. Revenue Breakdown - U.S. revenue increased by 45% to $11.30 billion, driven by a 60% increase in volume, despite a 15% decrease due to lower realized prices [4][7]. - International revenue surged by 74% to $6.30 billion, primarily due to a 66% increase in volume and a 6% favorable impact from foreign exchange rates [5][7]. Key Product Performance - Mounjaro's revenue grew by 109% to $6.52 billion, with U.S. sales reaching $3.55 billion, a 49% increase [17]. - Zepbound's revenue in the U.S. increased by 184% to $3.57 billion, driven by heightened demand [18]. - Verzenio's worldwide revenue rose by 7% to $1.47 billion, with U.S. revenue slightly up to $880.3 million [19]. Pipeline and Regulatory Developments - Eli Lilly advanced orforglipron through four additional Phase 3 trials, with plans for global obesity submissions by year-end [2][7]. - The U.S. FDA approved Inluriyo (imlunestrant) for certain adults with advanced or metastatic breast cancer, marking a significant regulatory achievement [7][20]. Manufacturing and Capacity Expansion - The company announced new manufacturing facilities in Virginia and Texas, along with an expansion of its site in Puerto Rico to increase production capacity [2][7][28]. Financial Guidance - Eli Lilly raised its full-year revenue guidance to a range of $63.0 billion to $63.5 billion, reflecting strong business performance and favorable foreign exchange rates [25][27]. - The updated EPS guidance is now projected to be between $21.80 to $22.50 on a reported basis and $23.00 to $23.70 on a non-GAAP basis [27][30].

Summary of Key Takeaways from China Healthcare Preclinical CRO Expert Call Industry Overview - **Industry**: China's preclinical Contract Research Organization (CRO) industry - **Current Status**: Slight recovery observed in the industry with overall order inflow increasing modestly year-over-year (YoY) for both volume (up <10%) and price (up 5-10%) year-to-date (YTD) [1][7] Core Insights - **Pharmaceutical R&D**: Benefiting from policy support and a recovering capital market, particularly in modalities like multi-specific antibodies and antibody-drug conjugates [1][7] - **Profitability**: Despite the recovery in orders, profits remain low, indicating a challenging environment for CROs [1][7] - **Future Outlook**: The tipping point for significant recovery may not occur until 2026, with moderate growth expected to continue into H225 [1][17] Market Dynamics - **Overseas Market Preference**: Chinese preclinical CRO firms are focusing on overseas markets due to higher pricing (over 50% higher than domestic orders) and better earnings performance compared to those focused on the domestic market [2][11] - **NHP Pricing**: Natural Health Products (NHP) prices have increased from approximately Rmb80,000 to Rmb95,000-100,000 YTD, driven by tight supply and recovering demand. However, potential normalization of imports could exert downward pressure on prices [3][9] Regulatory and Competitive Landscape - **CRO Entities**: Over 70 registered entities for drug safety evaluation exist, with about half being non-profit research institutes. The industry has seen exits but no new entrants recently [10] - **Concentration of Industry**: The concentration of leading enterprises is increasing, with customers preferring top CROs due to price pressures [16] Challenges and Risks - **Customer Acquisition**: Challenges in acquiring overseas customers include adapting to different regulations and successfully promoting services at academic conferences [18] - **Regulatory Risks**: Potential risks include worse-than-expected price cuts from government programs, intensified competition, and stricter regulatory announcements [22] Financial Dynamics - **Revenue Recognition**: Listed CROs recognize revenue after completing specialized trials, with an average order-to-revenue cycle of six to nine months [20] - **Price Differences**: Significant price differences exist between early drug discovery and regulatory application stages, with costs ranging from hundreds of thousands to several million renminbi depending on the project type [19] Conclusion - The China preclinical CRO industry is experiencing a slight recovery, driven by pharmaceutical R&D demand and overseas market opportunities. However, challenges remain in profitability, regulatory compliance, and customer acquisition, with a cautious outlook for the near future.