Revenue: €200M (+31%) — beat Renta 4's estimate of €190M (+24.4%)
EBITDA: €48M (+23%)
Net profit: €30.8M (+9%)
Pharma division: €175M (+31%); Animal Nutrition: €22M (+31%)
Strategic molecules: bilastine (leader), calcifediol +19%, mesalazine +12%
Ophthalmology now ~14% of revenue
Critical Read
Growth is mostly inorganic. Edol (June 2025) + SIFI (September 2025) contributed €30M+ in Q1 alone. Underlying organic growth closer to 10–12%
Margin compression is real. Revenue +31% vs. net profit +9% reflects M&A integration and Derio plant relocation costs
Bilastine Japan patent cliff hits in 2026 — management expects other regions/molecules to offset, but this is the thesis, not yet the fact
Q1 EBITDA tracking below the +28/+31% annual guidance — margin expansion has to come in coming quarters
Strategic Plan 2025–2030
Target: double revenue to €1B and EBITDA to €240M by 2030
Implies ~10–12% revenue CAGR, ~15% EBITDA CAGR
Ophthalmology to become ~20% of revenue (Edol + SIFI)
R&D investment rising from 6% to 10% of sales by 2030
SIFI deal: €270M EV plus earn-outs tied to Akantior (orphan drug for Acanthamoeba keratitis) — the asymmetric bet
Valuation
Stock at €4.83; 52-week range €4.10–€5.44; market cap ~€1.5B
Analyst consensus target: €5.30 (~+9% upside); rating Neutral (1 buy, 1 sell)
PE ~19x TTM, dividend yield ~3.8%, payout 50%
Trades like a transition story — neither cheap nor expensive
Key Risks
Bilastine Japan patent cliff (now)
M&A execution / synergies delivery
Akantior commercial ramp in US and Europe
Net debt/EBITDA approaching the 2x ceiling
Solid quarter, not exceptional. Headline +31% flatters underlying organic ~10–12%
If 2030 plan delivers (€240M EBITDA at 12x EV/EBITDA), implied market cap ~€2.5–3B — roughly 2x current
Consensus is Neutral, upside modest in 12 months; real catalyst is multi-year execution