Financial Performance Group

Strong sales performance

Galenica Group sales performed very pleasingly in 2025, growing 5.5% to CHF 4,135.6 million. The increase in sales is broad-based across all business areas. Galenica further consolidated its position in both the pharmacy and wholesale business. The new “Diagnostics” business area also contributed to sales growth. Sales growth was driven in particular by strong demand for prescription drugs, including GLP-1-based weight loss products, as well as dietary supplements.

By way of comparison, the Swiss pharmaceutical market grew by 5.0% in the reporting year (IQVIA, Pharmaceutical Market Switzerland, 2025). Sales volumes increased by 0.4%.

EBIT growth in line with strong sales performance

Reported EBIT increased by 8.4% to CHF 232.4 million (previous year: CHF 214.4 million). The adjusted¹⁾ operating result (EBIT) increased significantly year on year by 11.3% to CHF 234.8 million (previous year: CHF 211.0 million). In addition to strong organic growth, earnings were positively influenced by the acquisition of Labor Team in September as well as positive special factors in the amount of CHF 6.2 million. The reason for this is that sanctions in two competition proceedings were significantly lower than originally expected, which boosted earnings in the “Logistics & IT” segment.

Adjusted¹⁾ net profit from continuing business activities increased by 3.0% to CHF 188.7 million (previous year: CHF 183.2 million). The reported net profit from continuing business activities was CHF 183.9 million (previous year: CHF 183.7 million, 0.1%). The performance of net profit was slowed by positive special factors in the previous year. On the one hand, extraordinary value adjustments of CHF 10.6 million were recognised on earn-out obligations in 2025. On the other hand, the tax-effective depreciation of investments in the previous year resulted in an extraordinarily low tax rate of 14.4%.

Balance sheet remains strong

The Galenica Group’s balance sheet remains strong. Adjusted¹⁾ net debt, adjusted for lease liabilities, increased by CHF 250.7 million compared to the end of December 2024 to CHF 674.8 million, equivalent to 2.3 times adjusted¹⁾ EBITDA. This increase is primarily attributable to the acquisition of Labor Team in the amount of CHF 238.4 million, which was completed in mid-September 2025.

Consolidated shareholders’ equity declined slightly by 4.3% to CHF 1,485.0 million. This was driven in particular by the negative change in value of the investment in Redcare Pharmacy. Due to the decrease in consolidated shareholders’ equity and the higher net debt resulting from the acquisition of Labor Team, the equity ratio decreased by 5.5 percentage points to 45.0%.

High operating cash flow

At CHF 245.7 million, the adjusted¹⁾ operating cashflow in the 2025 financial year was well above the previous year’s level (CHF 212.1 million). The positive cash flow performance was due to a combination of the strong financial results and a targeted focus on the management of net working capital.

Investments in property, plant and equipment and intangible assets were exceptionally low in the 2025 financial year at CHF 61.1 million (previous year: CHF 72.8 million). This was mainly attributable to the conversions and renovations of pharmacies, the expansion of logistics infrastructure at Galexis and investments in the expansion of digital infrastructure. The year-on-year decrease in investments is attributable to lower investments in connection with the ERP transition in logistics.

¹⁾ See definition in section "Alternative performance measures".