2 Min Read
* Q2 EBIT 61 mln euros vs 64 mln in Reuters poll
* Generic competition weighs on profitability (Adds comment, details, updates shares)
HELSINKI, July 30 (Reuters) - Finnish drug maker Orion reported a bigger-than-expected fall in quarterly profit due to tougher competition after its patents for Parkinson's drugs expired.
Orion's quarterly operating profit fell 6 percent from a year earlier to 61 million euros ($81 million), missing the average forecast of 64 million in a Reuters poll.
Orion will likely face more competition from European rivals in the years ahead as the protection period on clinical data for its Parkinson's drug Stalevo, which brings in about a fifth of its sales, will expire in October.
Orion is hoping to compensate for decreasing sales of Parkinson's drugs by developing new products, for example asthma and prostate cancer treatments. Analysts, however, said it will take time to launch such new products.
"The R&D processes are very long. After clinical phases they will have to go through the permission applications, and then ramp up the production from scratch," said Inderes analyst Petri Kajaani.
The company reiterated its forecast for a a slight fall in full-year operating profit. Analysts in the poll forecast it would fall further in 2014 and 2015.
Shares in the company fell 0.3 percent to 19.31 euros by 0957 GMT. ($1 = 0.7545 euros) (Reporting By Jussi Rosendahl; Editing by Ritsuko Ando)