Orion reports 12 percent rise in half-year sales

Pharmaceutical Company Financials

Orion has announced that its sales for the first half of 2011 totalled 471 million euros (410.4 million pounds), representing an increase of 12 percent on the corresponding period last year.

The Finnish pharmaceutical company posted an operating profit of 158 million euros for the six-month period, up from 131 million euros in 2010.

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Its operating profit for the second quarter, 65.1 million euros, was roughly in line with the average forecast of 65.7 million euros taken from a Reuters poll of analysts.

Timo Lappalainen, president and chief executive of Orion, said the firm had delivered "solid growth" in a challenging environment.

He added: "Sales of our Parkinson's drugs continued to rise, mainly because deliveries to Novartis increased. Sales from our other product ranges grew throughout the first half of the year."

Mr Lappalainen said the company has strengthened its position in Finland while maintaining its growth in the Scandinavian and eastern European markets.

Orion upgraded its full-year outlook for 2011 in April due to encouraging first-quarter sales figures.

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