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UPDATE 1-Orion profit falls on generic competition
April 23, 2013 / 9:41 AM / 4 years ago

UPDATE 1-Orion profit falls on generic competition

* Q1 EBIT 74.1 mln euros vs 74.8 mln in Reuters poll

* Repeats expects profit fall in 2013

* Generic competition increasing as patents expire (Adds bullets, company statement)

HELSINKI, April 23 (Reuters) - Finnish drug maker Orion reported a fall in first-quarter profit, mostly in line with expectations, due to increasing generic competition for its Parkinson’s drugs.

Orion’s quarterly operating profit fell 6 percent from a year earlier to 74 million euros ($96 million), matching the average forecast of analysts in a Reuters poll.

The company repeated it expects a slight fall in full-year 2013 operating profit following the expiration of patents for its best-selling Parkinson’s drugs.

“Sales of generic products will account for a greater proportion of Orion’s total sales and price competition will remain intense in many markets,” the company said in a statement.

Orion is looking to compensate for the expected fall in sales of Parkinsons’s drugs with new products such as an intensive care sedative and asthma treatments.

Shares in the company were flat at 20.37 euros by 0922 GMT.

$1 = 0.7674 euros Reporting By Jussi Rosendahl

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