Chemical Works Of Gedeon Richter Plc · BET:RICHTER
Chemical Works Of Gedeon Richter — Gedeon Richter — Q1 2025 Earnings Presentation
37 slides from Chemical Works Of Gedeon Richter's earnings presentation, May 13, 2025
Slide 1: Q1 2025 Earnings Report
Q1 2025 Earnings Report 13 May 2025
Slide 2: Q1 2025 highlights – growing from a strong base
Q1 2025 highlights – growing from a strong base Pharma Revenues (CER*) Q1 2025 CER revenue growth was +6% from a around +10% high base (FX added 4ppt to reported growth) boosted guidance (EUR 2.3-2.4bn) by WHC pre-shipments 2025 Q1 2025 CER Clean EBIT rose by 4%; growth Clean EBIT (CER*) around +10%
Slide 3: Financial and operational highlights
Financial and operational highlights Financial highlights • Pharma revenues grew by 10% to HUF 220bn in Q1 2025; CER (ex-FX) revenue growth was 6% in Q1 2025, slightly below the annual guidance, due to the high base effect (growth may accelerate in H2); FX (primarily the weaker HUF) provided 4+ppt t
Slide 4: ESG: Among the first to publish a CSRD sustainability report
ESG: Among the first to publish a CSRD sustainability report Double materiality matrix The 2024 CSRD report in numbers POSITIVE IMPACT 26 material topics (based on European Sustainability Reporting Standard sub-topics), Safety of Other work-related rights as shown in the matrix Working conditions
Slide 5: Financial Highlights
Financial Highlights 5 5
Slide 6: Pharmaceutical revenues (ex-FX) rose by 6% in Q1 2025
Pharmaceutical revenues (ex-FX) rose by 6% in Q1 2025 Pharmaceutical Revenues, cumulative (HUF bn, EUR mn) Pharmaceutical Revenues by region (HUF bn) +10.0% +5.6% Western Europe 36.5 41.6 220.1 211.3 539 200.1 Central Europe 43.4 46.1 Eastern Europe 38.5 43.8 North America 57.4 63.5 Asia & Pacific 1
Slide 7: GenMed shines; a slower start or a strong base effect elsewhere
GenMed shines; a slower start or a strong base effect elsewhere WHC Revenues GM Revenues Key messages +6.3% +2.8% +12.1% +8.8% • WHC sales were up by a relatively modest 6% in Q1 2025 YoY (or 3% ex-FX) due to a strong base 78.8 76.3 65.5 63.6 effect, as large pre-shipments took place in H1 74.2 58.5
Slide 8: Opex rose by 11%, slightly above the rate of sales growth
Opex rose by 11%, slightly above the rate of sales growth Operating costs as a % of Pharma revenues (%) Operating expenses (pharma) (HUFbn) 40 36 +11.0% 35 31 31 31 90.5 30 30 30 30 30 28 81.9 76.9 74.7 16.3 25 73.8 21 14.1 20 20 19 19 20 13.3 12.9 20 19 18 12.5 17 29.0 15 13 23.8 12 11 11 12 11 22.
Slide 9: Clean EBIT (ex-FX) increased by 4%; FX was a tailwind in Q1
Clean EBIT (ex-FX) increased by 4%; FX was a tailwind in Q1 Pharmaceutical Clean EBIT*, cumulative (HUF bn, EUR mn) Key messages • Clean EBIT (pharma) rose by 8% YoY in Q1 2025 to HUF +8.1% +3.8% 69bn, driven by higher CNS earnings 68.7 167 63.5 65.9 • No material milestone income was booked in Q1 2
Slide 10: Below-the-line: strong net profit, also supported by net financials
Below-the-line: strong net profit, also supported by net financials Net Profit in Q1 2025, below-Clean EBIT items (HUF bn) 0.9 1.8 Includes taxes calculated in line with 1.6 Global Minimum Tax and some 13.8 deferred tax expenses 9.9 68.5 67.8 68.1 0.8 0.0 Clean EBIT Other rev/exp, EBIT FX gain/losse
Slide 11: Sustained robust cash generation in Q1 2025
Sustained robust cash generation in Q1 2025 Free Cash Flow in Q1 2025 (HUF bn) Key messages Mostly driven by a seasonal Application of Cash Flow • Free Cash Flow was HUF 60bn in Q1 2025, 81.1 decline in payables increasing by 14% YoY, reflecting stronger 17.7 operating profitability, a more moderate
Slide 12: Research and Development
Research and Development R&D 12 12
Slide 13: R&D pipeline – changes during Q1 2025
R&D pipeline – changes during Q1 2025 Market Preclinical phase Clinical phase Regulatory & Launch Phase 1 Phase 2 Phase 3 Own Technology Development Clinical phase Neuropsychiatry Biotechnology Women’s Healthcare Own RSL* General Medicines new discontinued License 13 * Ready-to-Sell Licensed pipelin
Slide 14: Neuropsychiatry
Neuropsychiatry CNS 14 14
Slide 15: CNS revenues and clean EBIT kept on growing double-digit
CNS CNS revenues and clean EBIT kept on growing double-digit CNS | HUF mn Q1 2024 Q1 2025 Ch. % YoY Revenue (HUFbn) Revenues 52 968 59 785 13 Cost of Sales -376 -432 15 Gross Profit 52 592 59 353 13 +12.9% Gross Margin % 99.3 99.3 68.3 65.0 Sales & Marketing -1 010 -912 -10 59.8 56.5 G&A -245 -256 4
Slide 16: Vraylar marches on, Reagila growth temporarily held back in Q1
CNS Vraylar marches on, Reagila growth temporarily held back in Q1 Vraylar® Key messages +13.8% • Royalty income from Vraylar® in Q1 2025 +13.8% exceeded HUF 56bn, up nearly 14% YoY 65.1 56.2 61.7 52.8 56.2 49.4 • AbbVie continued to record double-digit 49.4 40.7 growth in Vraylar sales in Q1 2025,
Slide 17: Women's Healthcare
Women’s Healthcare WHC 17 17
Slide 18: Strong base effect, higher S&M and R&D expenses led to lower EBIT
WHC Strong base effect, higher S&M and R&D expenses led to lower EBIT WHC | HUF mn Q1 2024 Q1 2025 Ch. % YoY Revenue (HUFbn) Revenues 74 188 78 844 6 Cost of Sales -23 253 -24 918 7 +6.3% Gross Profit 50 935 53 926 6 Gross Margin % 68.7 68.4 78.8 74.2 75.3 Sales & Marketing -22 657 -26 504 17 67.6 6
Slide 19: TA split: continued diversification towards steadily growing areas
WHC TA split: continued diversification towards steadily growing areas Total WHC revenues by therapeutic areas (quarterly, HUF bn) Key messages +6.3% • Contraception 75.3 78.8 Sales growth is primarily driven by Drovelis, the newest Other WHC 74.2 4.5 4.4 67.6 69.1 5.3 combined oral contraceptive. T
Slide 20: Highlighted brands | Ryeqo and Drovelis keep very strong momentum
WHC Highlighted brands | Ryeqo and Drovelis keep very strong momentum Ryeqo® Drovelis® +103.6% +70.0% 6.5 6.5 6.2 5.5 4.4 4.6 3.9 4.1 3.7 3.2 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 +103.6% +70.0% 6.5 6.2 3.2 3.7 2.2 1.1 Q1 2023 Q1 2024 Q1 2025 Q1 2023 Q1 2024
Slide 21: Highlighted brands | Lenzetto on a roll; Bemfola recovering; EVRA solid
WHC Highlighted brands | Lenzetto on a roll; Bemfola recovering; EVRA solid EVRA® Bemfola® Lenzetto® -1.4% +61.9% +6.8% 9.9 5.3 5.3 3.7 3.5 3.3 7.9 7.7 8.2 4.3 7.7 4.1 4.1 2.8 2.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 22: Biotechnology
Biotechnology BIO 22 22
Slide 23: CDMO drives revenue growth; Clean EBIT flat
BIO CDMO drives revenue growth; Clean EBIT flat BIO | HUF mn Q1 2024 Q1 2025 Ch. % YoY Revenues 11 441 13 060 14 Revenue (HUFbn) Cost of Sales -6 510 -8 357 28 Gross Profit 4 931 4 703 -5 +14.2% Gross Margin % 43.1 36.0 15.1 14.2 Sales & Marketing -1 753 -2 123 21 13.3 13.1 G&A -912 -1 031 13 11.4 R
Slide 24: CDMO sales up strongly, teriparatide flattening
BIO CDMO sales up strongly, teriparatide flattening Teriparatide Key messages -0.3% • Teriparatide biosimilar (incl. Terrosa®) -0.3% revenues were close to flat YoY, due mainly 8.0 6.2 6.1 to reduced shipments to commercial 7.3 7.0 5.1 partners versus previous quarters 6.2 6.1 • CDMO revenues showed
Slide 25: General Medicines
General Medicines GM 25 25
Slide 26: Volumes/mix, price, FX all support strong revenue growth in Q1
GM Volumes/mix, price, FX all support strong revenue growth in Q1 GM | HUF mn Q1 2024 Q1 2025 Ch. % YoY Revenue (HUFbn) Revenues 58 473 65 541 12 Cost of Sales -26 411 -29 349 11 +12.1% Gross Profit 32 062 36 192 13 Gross Margin % 54.8 55.2 64.8 64.5 65.5 62.9 Sales & Marketing -12 609 -14 422 14 58
Slide 27: Blood, cardio, OTC all performed strongly in Q1
GM Blood, cardio, OTC all performed strongly in Q1 Total GenMed revenues by therapeutic areas (quarterly, HUF bn) Key messages +12.1% • Blood&metabolic category shows very strong YoY growth on 62.9 64.8 64.5 65.5 the back of strong performance in the biggest markets: Blood&metabolic 58.5 4.4 5.8 4.6
Slide 28: Appendix
Appendix GEDEON RICHTER
Slide 29: Positive net financial results on unrealized FX gains in Q1
Positive net financial results on unrealized FX gains in Q1 2015 Diff 25 vs 24 Q1 2024 Q1 2025 1.0 Unrealised exchange (loss)/gain 13.1 14.1 -6.2 Realised exchange (loss)/gain 2.1 -4.1 Result of realised & unrealised -0.7 1.1 1.8 forward exchange contracts -0.1 Interest income / (Interest expense) 1
Slide 30: Business units' P&L in Q1 2025
Business units’ P&L in Q1 2025 Pharma Pharma Q1 2025 WHC CNS BIO GM Other Eliminations Group total other total Revenues 78.8 59.8 13.1 65.5 2.9 220.1 6.3 -2.4 224.0 Cost of Sales -24.9 -0.4 -8.4 -29.3 -2.9 -66.0 -5.1 2.2 -68.9 Gross Profit 53.9 59.4 4.7 36.2 0.0 154.1 1.2 -0.1 155.2 Sales & Marketin
Slide 31: Strategic positioning and vision of the business units
Strategic positioning and vision of the business units Pharma | Pharmaceuticals segment Name of the Business Units Brief description Key strategic goal Therapeutic areas Leveraging our world class early phase R&D capability Maximize the potential of cariprazine, while developing in the central nervo
Slide 32: Consolidated Income Statement
Consolidated Income Statement 2024 Q1 2025 Q1 2024 Change Consolidated P&L HUFm HUFm HUFm % 857 545 Revenues 224 024 203 432 10.1% 236 591 of which royalty 58 542 50 611 15.7% (266 807) Cost of Sales (68 854) (61 229) 12.5% 590 738 Gross Profit 155 170 142 203 9.1% (163 808) Sales & marketing expens
Slide 33: Consolidated Balance Sheet - ASSETS
Consolidated Balance Sheet - ASSETS 31 March 2025 31 Dec 2024 Change Consolidated Balance Sheet HUFm HUFm % ASSETS 1 627 842 1 602 991 1.6% Non-current assets 916 054 961 934 -4.8% Property, plant and equipment 378 759 378 860 0.0% Goodwill 37 100 38 777 -4.3% Other intangible assets 298 196 306 189
Slide 34: Consolidated Balance Sheet - EQUITY AND LIABILITIES
Consolidated Balance Sheet - EQUITY AND LIABILITIES 31 March 2025 31 Dec 2024 Change Consolidated Balance Sheet HUFm HUFm % EQUITY AND LIABILITIES 1 627 842 1 602 991 1.6% Capital and reserves 1 345 053 1 303 862 3.2% Share capital 18 638 18 638 0.0% Treasury shares (33 916) (33 852) 0.2% Share prem
Slide 35: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement 31 Dec 2024 31 March 2025 31 March 2024 Change Consolidated cash flow HUFm HUFm HUFm % Operating activities 281 077 Profit before income tax 81 980 82 269 -0.4% 49 521 Depreciation and amortisation 14 053 11 568 21.5% 4 180 Non cash items (9 038) (4 260) 112.2% (5 69
Slide 36: Contacts and Financial calendar
Contacts Financial calendar Company name: Gedeon Richter Plc. | 13 May 2025 – Q1 2025 results Sector: Pharmaceutical | 6 August 2025 – Q2/H1 2025 results Company address: 1103 Budapest, Gyömrői út 19-21., Hungary | 6 November 2025 – Q1-Q3 2025 results Telephone: +36 1 431 5764 Investor relations man
Slide 37: Disclaimer
Disclaimer This presentation may contain forward-looking statements, that may include, but are not limited to, those regarding capital, investment, cash flows, demand, earnings, efficiency, production, profits. These forward-looking statements are subject to risks, uncertainties, and other factors,