Outlook 2026 - Annual report 2025

Management report

Galenica is continuing to focus on measures that contribute to its four strategic areas of action. This is how we orientate and measure ourselves. We consistently pursue our vision: to give our customers the best every day for their health and well-being.

The entire Leadership Team of Galenica

**The Executive Committee of the Galenica Group including members of the extended Executive Committee¹⁾ (from left to right):** Julian Fiessinger, CFO; Arianne Hasler, Chief People & Culture; Stephan Mignot, Chief Pharmacies Marketing; Andreas Koch, Chief Wholesale & Logistics; Iris Müller¹⁾, Chief Communications Officer; Virginie Pache Jeschka, Chief Pharmacies Sales; Jürg Pauli¹⁾, Chief Sustainability, Public Affairs & Transformation; Dr Thomas Szuran, Chief Products & Home Care; Daniele Madonna, Chief Pharmacies Category Management & Health Services; Lukas Ackermann, Chief IT & Digital Business; Barbara Wälchli¹⁾, Group General Councel and General Secretary (until 31 October 2025); Marc Werner, CEO. (Not pictured: Cécile Matter, Group General Counsel since 1. November 2025.)

Products & Care

The pharmacy network will continue to be optimised and strengthened through acquisitions. With the takeover of Apotheke Ryser Ltd. on 1 January 2026 – an established retail pharmacy with additional home care business – our portfolio will be expanded to include a profitable location with strong regional roots, and our presence in primary care will be further expanded.
We are rolling out the “Consultation plus” offering to all Galenica pharmacies and developing and improving it in line with customer needs. New healthcare services are being standardised and included in the service portfolio throughout Switzerland. At the same time, we are investing specifically in the training and development of our employees – with the focus on customer enthusiasm.
The new pharmacy concept, which was first implemented and successfully piloted at Glatt shopping centre, is now being rolled out to other locations. In 2026, the focus will be on French-speaking Switzerland, where we will not only open the first Sun Store pharmacy with the new concept, but are also test it at locations of different sizes – from pharmacies in shopping centres to village pharmacies and neighbourhood pharmacies.
Galenica is continuing to invest in the expansion of its Omni-Channel offerings. The focus is on increasing the use of the Prescription Manager, continuously developing customer portals and providing targeted digital customer guidance towards “Consultation plus” services.
In the Products & Brands sector, Verfora will gradually expand its product portfolio and further strengthen its leading position in the Swiss consumer healthcare market.
In the home care sector, we are further expanding our services for home care organisations and nursing homes. The combined expertise of HomeCare Bichsel and Lifestage Solutions is creating a unique offering: HomeCare Bichsel with its many years of experience in clinical nutrition and a strong network, is complemented by the digital platform from Lifestage Solutions, which simplifies processes and makes care more efficient.
Due to the continuing high demand for blister packaging solutions, Medifilm will further increase capacity by the end of 2026 and ensure a stable supply to meet customer demand while maintaining consistently high quality standards.
Labor Team is continuing to systematically pursue its growth strategy in the diagnostics sector, thereby further increasing the utilisation rate of its highly automated central laboratory. In addition, numerous potential synergies are opening up within the Galenica network, particularly in terms of access to additional medical customers.

Logistics & IT

In the third quarter of 2026, Galexis will switch its warehouse management system in Niederbipp to SAP EWM. This means that both distribution centres – Niederbipp and Lausanne-Ecublens – will have modern, high-performance and scalable systems. They will also form the basis for the future use of AI in logistics. Initial fields of application such as item allocation, capacity planning, forecasting and customer service have already been defined.
Galexis is already well established in the wholesale trade of medicines for physicians and holds a leading market share of around 31%. In addition to its existing range of medicines and products for the medical market, Galexis can also support the growth of Labor Team by purposefully leveraging its established access to potential new customers.
Compendium is the most frequently visited platform in Switzerland for information on all aspects of medicinal products. In spring 2026, HCI will launch the latest version of Compendium, which will consistently place the patient at the centre and further increase patient safety thanks to the integration of CDS.CE (clinical decision support). Compendium has an AI chatbot to support specialists in finding suitable solutions. Developers of software in the healthcare sector will also gain practical insights into the new functions at HCI Connect events, allowing them to easily integrate these functions into their software.

Guidance 2026

For the 2026 financial year, Galenica expects sales growth of between 5% and 7%. In terms of adjusted¹⁾ EBIT, Galenica projects an increase of between 6% and 8%. Adjusted for positive special factors in the previous year, this corresponds to an increase in EBIT¹⁾ of between 9% and 11%. Galenica strives for strong yet sustainable dividend growth and plans a dividend for 2026 at least at the previous year’s level.

¹⁾ See definition of adj. EBIT in the section “Alternative performance measures”