Orion Oyj reported consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of EUR 249.4 million compared with EUR 247.4 million for the same period last year. Operating profit was EUR 74.1 million compared with EUR 78.6 million for the same period last year. Profit before taxes was EUR 73.8 million compared with EUR 78.7 million for the same period last year. Profit for the period attributable to owners of the parent company was EUR 55.6 million or EUR 0.39 diluted per share compared with EUR 59.1 million or EUR 0.42 diluted per share for the same period last year. Total net cash flow from operating activities was EUR 28.7 million compared with EUR 50.2 million for the same period last year. Capital expenditure was EUR19.3 million compared with EUR 8.3 million for the same period last year. Cash flow per share before financial items was EUR 0.07 compared with EUR 0.27 for the same period last year. The cash flow was lower because the operating profit decreased and the amount tied up into working capital increased by more than in the comparative period. Return on equity after taxes was 50% compared with 58% for the same period last year. The outlook estimate for 2013 remains unchanged. The company estimates that in 2013 net sales will be similar level to 2012 and that operating profit will be slightly lower than in 2012. The Group's capital expenditure will be about EUR 80 million excluding substantial corporate or product acquisitions.

A new levodopa product (ODM-101) developed by Orion Corporation could improve the treatment of advanced Parkinson's disease patients. According to a Phase II study, presented at American Academy of Neurology's Annual Meeting in San Diego, ODM-101 significantly decreased daily OFF-time without increasing ON-time with troublesome dyskinesias compared to reference product Stalevo(R), which is an established standard medication for advanced Parkinson's patients experiencing so-called end-of-dose wearing off symptoms associated with levodopa therapy. Stalevo, also a product of Orion's own pharmaceutical R&D, contains three active substances in one tablet: levodopa and the enzyme inhibitors entacapone and carbidopa. ODM-101 has the same components as Stalevo but with higher and fixed amount of carbidopa (either 65 or 105 mg) regardless of levodopa dosage. For the clinical Phase II trial, 117 patients with Parkinson's disease and with response fluctuations were randomly given Stalevo, ODM-101/65 mg and ODM-101/105 mg in a cross-over study with three periods each lasting for 4 weeks. Daily OFF-time (time when patients do not have adequate response to their treatment) and ON-time (time when patients have a good treatment response) with and without troublesome dyskinesia (involuntary movements) were measured by patient diary. Both ODM-101/65 mg and ODM-101/105 mg reduced daily OFF-time from baseline more than Stalevo. There was significant carry-over effect (p=0.048) and therefore pre-planned carry-over adjusted OFF-times were analysed. Both ODM-101 combinations decreased the carry-over adjusted OFF-time significantly more compared to Stalevo, the reductions being 1.53 hours for ODM-101/65 mg (p= 0.02 vs Stalevo), 1.57 hours for ODM-101/105 mg (p=0.01 vs Stalevo) and 0.91 hours for Stalevo.

A novel drug (ORM-12741) developed by Orion Corporation could improve cognitive and behavioral symptoms in patients with Alzheimer's disease. According to a Phase IIa study, presented at American Academy of Neurology's Annual Meeting in San Diego, ORM-12741 showed significant positive effects on episodic memory in patients with moderate Alzheimer's disease. For the clinical Phase IIa trial, 100 people with moderate Alzheimer's disease and with behavioral symptoms were randomly given either 30 to 60 milligrams or 100 to 200 milligrams of ORM-12741 or matching placebo pill twice a day for three months as add-on therapy to a cholinesterase inhibitor drug. Additionally, use of memantine was allowed. These are the other Alzheimer drugs currently on the market. Neither the researchers nor the participants knew which treatment they were receiving. Efficacy was assessed primarily with computerized tests from CDR System, from which standard composite scores were derived including Quality of Episodic Memory, Quality of Working Memory, Quality of Memory, Speed of Memory and Power of Attention. Neuropsychiatric Inventory was assessed to uantify the effects on behavioral and psychological symptoms. After three months, researchers retested several aspects of the participants' memory and behavior. Those who took ORM-12741 tested higher on the tests of memory compared to those who received the placebo pill. At 3 months, the memory scores for those who received the placebo pill had worsened by 33%, whereas the scores improved by 4% for those who took ORM-12741. Clear and statistically significant positive treatment effects were noted for ORM-12741 on Quality of Episodic Memory (p=0.03) and Quality of Memory (p=0.0127) compared to the placebo group over the 12 week treatment period with no clear difference in efficacy between the two active dose groups. In addition, a positive trend was noted for both Quality of Working memory and NPI total score primarily for the low dose group. No significant differences were identified on the other CDR scores. ORM-12741 was generally well tolerated in the study.