Chemical Works Of Gedeon Richter Plc · BET:RICHTER
Chemical Works Of Gedeon Richter — Gedeon Richter — Q2 2026 Earnings Presentation
38 slides from Chemical Works Of Gedeon Richter's earnings presentation, Aug 7, 2026
Slide 1: Q2/H1 2026 Earnings Report
Q2/H1 2026 Earnings Report 7 August 2026
Slide 2: Q2 2026 highlights – improving dynamics, upgraded cEBIT guidance
Q2 2026 highlights – improving dynamics, upgraded cEBIT guidance High-single-digit guidance Pharma Revenues (CER*) H1 2026 CER revenue growth 8.7% growth 2026 1 Upgraded to double- H1 2026 CER Clean EBIT growth was 21% Pharma Clean EBIT (CER*) digit growth Q1 HUF 455.2bn HUF 151.8bn HUF 143.5bn 1 EB
Slide 3: Financial and operational highlights
Financial and operational highlights Financial highlights • CER revenue growth was 8.7% in H1 2026, in line with the high-single-digit growth guidance for the full year. FX was a major drag on reported revenues, representing c. 9ppt headwind in H1 (due to the strong HUF). Hence, reported Pharma reve
Slide 4: ESG: Completion of API manufacturing optimization in Hungary
ESG: Completion of API manufacturing optimization in Hungary Centralized API manufacturing in Dorog delivers operational and environmental benefits Budapest Key benefits and outcomes Operational efficiency API-related energy demand 1,2 Multi-year API manufacturing ➢ API manufacturing centralized in
Slide 5: Financial Highlights
Financial Highlights 5 5
Slide 6: H1 2026 CER revenues +8.7% with double-digit Q2 top-line growth
H1 2026 CER revenues +8.7% with double-digit Q2 top-line growth Key messages • WHC sales growth (+7% CER in H1) accelerated Revenues, Reported CER in Q2, but continued to be affected by lower H1 2026 HUFbn growth, % growth, % Eastern European sales and slower dynamics in traditional OC products. The
Slide 7: Strong FX headwind, flat reported revenues; Eastern Europe a drag
Strong FX headwind, flat reported revenues; Eastern Europe a drag Pharmaceutical Revenues, cumulative (HUF bn), reported Pharmaceutical Revenues by region (HUF bn) -0.5% Western Europe 86.0 457.6 92.8 455.2 4.1 2.4 91.0 29.4 35.2 Central Europe 88.1 130.8 117.4 Pharma other Eastern Europe 98.0 85.8
Slide 8: Multi-year efficiency efforts keep opex at bay, FX helps
Multi-year efficiency efforts keep opex at bay, FX helps Operating costs as a % of Pharma revenues (%)* Operating expenses (pharma) (HUFbn)* -4.6% 35 33 32 S&M 31 31 83.1 30 30 30 30 30 79.3 29 76.1 R&D 30 73.9 14.3 70.8 G&A 13.4 15.0 25 12.6 21 20 13.5 19 19 18 18 20 17 18 17 25.1 16 22.6 23.0 13 1
Slide 9: Outstanding CER Clean EBIT growth of 21% in H1 2026
Outstanding CER Clean EBIT growth of 21% in H1 2026 Pharmaceutical Clean EBIT, cumulative (HUF bn) Key messages H1 2025 H1 2026 • CER Clean EBIT growth accelerated in Q2 and reached 21% 147.4 151.8 in H1 2026 YoY. FX (strong HUF) continued to be a massive 21.9 15.7 headwind, consequently reported Cl
Slide 10: Below-the-line: large FX losses drive net profit lower
Below-the-line: large FX losses (strong HUF) drive net profit lower Net Profit in H1 2026, below-Clean EBIT items (HUF bn) 151.8 Includes taxes calculated in line -8.3 143.5 with Global Minimum Tax -27.1 2.3 1.6 4.5 -21.1 Including HUF 103.5 4.4bn restructuring -0.1 expenses Including Q1: HUF 5.0bn
Slide 11: Strong cash generation, record-high FCF in H1 (+24% YoY)
Strong cash generation, record-high FCF in H1 (+24% YoY) Free Cash Flow in H1 2026 (HUF bn) Key messages Small build in NWC • Free Cash Flow was HUF 137bn in H1 Application of Cash Flow in Q2/H1 2026 2026, 24% higher YoY, primarily driven by 146.7 a much lower Net Working Capital funding 9.4 137.3 9
Slide 12: Research and Development
Research and Development R&D 12 12
Slide 13: R&D pipeline – changes during Q2 2026
R&D pipeline – changes during Q2 2026 Market Preclinical phase Clinical phase Regulatory & Launch Phase 1 Phase 3 Phase 2 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: Major developments in R&D in H1 2026
R&D Major developments in R&D in H1 2026 • Pre-clinical pipeline in WHC expanded significantly in 2026 through the FimmCyte (FMC2 project) and Celmatix WHC transactions (4 early-stage assets). The CSF-1R project was discontinued due to prioritization of internal resources. The pipeline now includes
Slide 15: Neuropsychiatry
Neuropsychiatry CNS 15 15
Slide 16: CNS: strong CER revenue growth, unfavorable FX trends
CNS CNS: strong CER revenue growth, unfavorable FX trends CNS | HUF mn Q2 2025 Q2 2026 Ch. % YoY H1 2025 H1 2026 Ch. % YoY Revenue (HUFbn) Revenues 64,609 70,804 10 124,394 132,959 7 +6.9% Cost of Sales -356 -550 54 -788 -980 24 (CER: +21.5%) +9.6% (CER: +24.7%) Gross Profit 64,253 70,254 9 123,606
Slide 17: Vraylar: continued double-digit demand growth; raised guidance
CNS Vraylar®: continued double-digit demand growth; raised guidance Vraylar® Key messages +6.4% • Vraylar® royalty income reached HUF 66bn in Q2 +8.1% (+8% YoY) and HUF 124bn in H1 (+6% YoY), as 64.1 68.9 65.7 117.0 124.4 adverse FX trends affected HUF-based revenues, 60.7 58.7 only, partly compensa
Slide 18: Women's Healthcare
Women’s Healthcare WHC 18 18
Slide 19: Sales growth picking up, margins improving materially in Q2
WHC Sales growth picking up, margins improving materially in Q2 WHC | HUF mn Q2 2025 Q2 2026 Ch. % YoY H1 2025 H1 2026 Ch. % YoY Revenue (HUFbn) Revenues 89,917 87,919 -2 168,761 167,304 -1 -0.9% Cost of Sales -27,976 -26,306 -6 -52,894 -56,043 6 (CER +7.1%) -2.2% (CER: +7.9%) Gross Profit 61,941 61
Slide 20: Strong growth in Menopause, UF/EM, stabilizing contraception
WHC Strong growth in Menopause, UF/EM, stabilizing contraception Total WHC revenues by therapeutic areas (quarterly, HUF bn) Key messages -2.2% Diversification of WHC portfolio towards the fast-growing focus 89.9 TAs was, overall, in line with expectations in Q2/H1 2026. Uterine Other WHC 87.9 7.6 8
Slide 21: Highlighted brands: Ryeqo and Lenzetto: outstanding growth
WHC Highlighted brands | Ryeqo® and Lenzetto®: outstanding growth Ryeqo® Lenzetto® +59.7% +55.2% 11.8 6.8 10.7 6.1 9.6 5.6 8.7 5.1 7.4 4.4 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +61.6% +46.4% 22.5 11.8 13.9 8.1 5.1 7.1 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025
Slide 22: Solid Drovelis; EVRA affected by seasonality, Bemfola regaining strength
WHC | Solid Drovelis®; EVRA® affected by seasonality, Highlighted brands Bemfola® regaining strength EVRA® Drovelis® Bemfola® +30.6% +13.7% -15.1% 10.1 8.7 5.5 9.6 7.8 7.8 5.1 5.0 4.9 8.1 8.1 8.1 7.0 6.6 3.6 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2
Slide 23: Biotechnology
Biotechnology BIO 23 23
Slide 24: Continued strong revenue growth, higher gross margin, lower R&D
BIO Continued strong revenue growth, higher gross margin, lower R&D BIO | HUF mn Q2 2025 Q2 2026 Ch. % YoY H1 2025 H1 2026 Ch. % YoY Revenue (HUFbn) Revenues 16,383 18,491 13 29,443 35,212 20 +19.6% (CER: +30.3%) Cost of Sales -10,667 -11,135 4 -19,024 -21,731 14 +12.9% (CER: +26.8%) Gross Profit 5,
Slide 25: Biosimilar sales show solid growth, CDMO revenues pick up from Q1
BIO Biosimilar sales show solid growth, CDMO revenues pick up from Q1 Teriparatide Key messages +9.5% +22.3% • Teriparatide biosimilar (incl. Terrosa®) revenues reached further record highs in Q2 9.3 17.9 2026 and increased by 10% YoY (in HUF) 8.5 8.4 8.6 7.7 14.6 due to improved sales performance o
Slide 26: General Medicines
General Medicines GM 26 26
Slide 27: Incrementally better, still down YoY
GM Incrementally better, still down YoY GM | HUF mn Q2 2025 Q2 2026 Ch. % YoY H1 2025 H1 2026 Ch. % YoY Revenue (HUFbn) Revenues 65,289 59,708 -9 130,830 117,410 -10 -10.3% Cost of Sales -29,972 -28,542 -5 -59,321 -57,141 -4 (CER: -4.9%) -8.5% (CER: -1.3%) Gross Profit 35,317 31,166 -12 71,509 60,26
Slide 28: Gradually improving, fighting a high base in Q2
GM Gradually improving, fighting a high base in Q2 Total GenMed revenues by therapeutic areas (quarterly, HUF bn) Key messages -8.5% • Pain & neurology category saw a decent recovery from the Blood&metabolic 65.3 65.1 Mydocalm/Mydeton out-of-stock situation. CNS launch 4.9 4.9 57.7 59.7 brands are p
Slide 29: Appendix
Appendix @ GEDEON RICHTER
Slide 30: Large FX losses dominate financial items in Q2/H1 2026
Large FX losses dominate financial items in Q2/H1 2026 Q2 2025 Q2 2026 Diff Q2 H1 2025 H1 2026 Diff H1 -7.5 -22.5 -15.1 Unrealised exchange (loss)/gain 6.6 -16.4 -23.0 -8.2 -9.6 -1.4 Realised exchange (loss)/gain -12.4 -10.7 1.6 Result of realised & unrealised 1.2 -0.8 -2.0 2.3 -0.8 -3.1 forward exc
Slide 31: Business units' P&L in H1 2026
Business units’ P&L in H1 2026 H1 2026 WHC CNS BIO GM Pharma Pharma total Restructuring Other & Group total other items Eliminations Revenues 167.3 133.0 35.2 117.4 2.4 455.2 0 6.4 461.6 Cost of Sales -56.0 -1.0 -21.7 -57.1 -2.9 -138.8 -2.2 -3.9 -144.8 Gross Profit 111.3 132.0 13.5 60.3 -0.5 316.5 -
Slide 32: 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 33: Consolidated Income Statement
Consolidated Income Statement 2025 H1 2026 H1 2025 Change Consolidated P&L HUFm HUFm HUFm % 928 962 Revenues 461 596 465 509 -0.8% 259 719 of which royalty 129 849 122 122 6.3% (288 051) Cost of Sales (144 797) (141 191) 2.6% 640 911 Gross Profit 316 799 324 318 -2.3% (166 128) Sales & marketing exp
Slide 34: Consolidated Balance Sheet - ASSETS
Consolidated Balance Sheet - ASSETS 30 June 2026 31 Dec 2025 Change Consolidated Balance Sheet HUFm HUFm % ASSETS 1 690 958 1 698 220 -0.4% Non-current assets 887 423 918 967 -3.4% Property, plant and equipment 368 946 383 667 -3.8% Goodwill 40 319 42 155 -4.4% Other intangible assets 271 896 293 42
Slide 35: Consolidated Balance Sheet - EQUITY AND LIABILITIES
Consolidated Balance Sheet - EQUITY AND LIABILITIES 30 June 2026 31 Dec 2025 Change Consolidated Balance Sheet HUFm HUFm % EQUITY AND LIABILITIES 1 690 958 1 698 220 -0.4% Capital and reserves 1 361 721 1 400 889 -2.8% Share capital 18 638 18 638 0.0% Treasury shares (34 040) (34 021) 0.1% Share pre
Slide 36: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement 31 Dec 30 June 2026 30 June 2025 Change 2025 Consolidated cash flow HUFm HUFm HUFm % Operating activities 284 747 Profit before income tax 124 716 145 055 -14.0% 60 463 Depreciation and amortisation 30 327 29 039 4.4% 9 690 Non cash items 6 259 (6 458) n.a. (5 402) N
Slide 37: Contacts and Financial calendar
Contacts Financial calendar Company name: Gedeon Richter Plc. | 7 August 2026 – Q2/H1 2026 results Sector: Pharmaceutical | 10 November 2026 – Q3/Q1-Q3 2026 results Company address: 1103 Budapest, Gyömrői street 19-21., Hungary Telephone: +36 1 431 5764 Investor relations manager Róbert Réthy, CFA +
Slide 38: 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,