Gedeon Richter : Interim management statement

About this update from Chemical Works Of Gedeon Richter Plc

‌Q1 2026 Earnings Report 12 May 2026 Pharma Revenues (CER*) High-single-digit growth Q1 2026 CER revenue growth was 5.9% 1 Clean EBIT (CER*) High-single-digit growth Q1 2026 CER Clean EBIT growth was 15% 2026 guidance ‌Q1 2026 highlights - an eventful quarter; guidance reiterated H1 Q1-Q3 FY Q1 HUF 217.3bn HUF 69.8bn HUF 67.4bn (EUR 566mn) (EUR 181mn) (EUR 175mn) Pharma Revenues ↓ -1.3% Clean EBIT 2 +1.8% EBIT 1 -0.6% HUF 77.0bn Free Cash-flow 3 HUF +17.1bn HUF 357 EPS 2 * CER (constant exchange rate) calculation is based on 2025 actual FX rate (HUFEUR = 397.65) ↓ -4.3% 15.7% Return on Equity 4 ↓ -2.1ppt 1 EBIT: Profit/loss from operations 2 Clean EBIT (cEBIT)**: excludes certain significant non-recurring items from "Profit from operations" such as intangible and PPE impairment charges, restructuring costs, business combination charges and other non-recurring items; 3 Free Cash Flow: Operating Cash flow after changes in Net Working Capital plus interest received less Capex (PP&E) 4 Return on Equity: Cumulative net profit for the last 4 quarters divided by the actual quarter's equity ‌Financial and operational highlights Financial highlights CER revenue growth was 5.9% in Q1 2026, slightly below the high-single-digit growth guidance for the full year. FX was a major drag on reported revenues, representing more than 7ppt headwind (due to the weak USD and stronger HUF). Hence, reported Pharma revenues declined by 1.3% YoY to HUF 217bn in Q1 2026. CER revenues growth was driven by Vraylar demand growth (sales up 18% in USD) and robust BIO revenues (+35% CER), while both WHC (+6% CER) and particularly GenMed (-8.5% CER) underperformed temporarily. Gross profit (pharma) fell by 4.7% YoY to HUF 147bn in Q1 2026; gross margin declined to 67.6% (-2.4ppt) CER Clean EBIT (pharma) growth was 15% supported by strong cost discipline (lower opex) and some milestone income. Reported Clean EBIT (pharma) grew by only 1.5% to HUF 69.7bn due to the FX headwind. Free cash flow (before M&A) was at HUF 77bn in Q1 2026, up 29% YoY, on the back of stronger operating cash flows and no increase in Net Working Capital funding need. The AGM on 29 April approved the payment of HUF 120bn of total dividends from 2025 profits (corresponding to a DPS of approx. HUF 656), including HUF 96.6bn regular dividend and HUF 23.4bn special dividend. Business drivers and key events (Q1 2026) The European Commission (EC) granted marketing authorization for Tuyory®, its biosimilar to RoActemra® tocilizumab. This followed a positive CHMP opinion, as reported on 27 February 2026 Richter acquired the women's health discovery portfolio of Celmatix Inc., a US-based pioneering women's health biotech company dedicated to translating advances in female biology into novel therapeutics Richter and Fuji signed an agreement regarding the joint development of multiple product candidates in women's health, including the recently acquired Celmatix portfolio as well as the FMC2 project of FimmCyte The European Commission granted approval for the marketing authorization of FYLREVY® (Estetrol) as Hormone Replacement Therapy (HRT) for oestrogen deficiency symptoms in postmenopausal women 3 ‌Access to health via innovative and affordable solutions Selected KPIs 5.1mn units emergency contraceptives distributed via two NGO partners (Africa and Sri Lanka, 2025) ~120,000 patients reached with Ryeqo ® (since launch) 3.4mn total cariprazine TRx (US, 2025) 9 successful clinical studies (GenMed, 2025) Delivering significant progress in expanding patient reach through both innovative and affordable solutions WHC CNS BIO GenMed Strengthening original research pipeline in WHC through M&A and partnerships (FimmCyte, Celmatix, Fuji) Tripling early-stage research workforce Fylrevy ® brings the first hormonal innovation to menopause market in several decades Awareness raising for patients and educational initiatives for HCPs in several countries Cariprazine is widely available globally (67 countries) ~745,000 patients treated (Europe and US, 2025) ~2,140,000 total patients treated since launch (Europe and US) New low-dose options of Vraylar® available now, including for pediatric use AbbVie R&D collaboration 4 biosimilar marketing authorizations in Europe in the last 12 months (two denosumabs, tocilizumab and in-licensed ustekinumab) Expanding access to biologic therapies in chronic conditions Denosumab also received FDA approval for the US Successful product launches in the blood&metabolic and pain&neurology TAs to expand access to affordable medicines 9 successful clinical studies advanced to registration in 2025 4 ‌Financial Highlights ‌Q1 2026 CER revenues +5.9%; BIO, Vraylar ® ahead, GM behind plans Key messages Q1 2026 Revenues HUF bn Reported growth, % CER growth, % Women's Healthcare 79.4 0.7% 6.2% Vraylar 58.7 4.4% 18.9% CNS (ex-Vraylar) 3.4 -3.7% 1.3% GenMed 57.7 -12.0% -8.5% BIO 16.7 28.0% 34.8% Other 1.3 -53.2% Total Pharma 217.3 -1.3% 5.9% WHC sales growth (+6% CER) was affected by the timing of deliveries (some contraception sales in APAC likely to be realized later this year; some pre-shipments affected EEU/CEU revenues). The underlying strength of the leading products (Drovelis ® , Ryeqo ® , Lenzetto ® , Bemfola ® and Evra ® ) remains intact Global Vraylar ® net revenues by AbbVie reached USD 905mn in Q1 (+18% YoY), reflecting strong prescription growth in both bipolar disorder and adjunctive MDD, while Richter's royalty revenues grew by 4% to HUF 59bn CNS (ex-Vraylar ® ) revenues were broadly flat YoY (+1% CER), as volatile shipment schedules of Reagila ® hide strong underlying demand trends in most markets BIO revenues jumped in Q1 (+35% CER), driven by rebounding teriparatide revenues from a low base and new product sales GenMed revenues fell by 8.5% in Q1 YoY (CER) due to lack of flu season (weak OTC), portfolio streamlining, trade-related financial headwinds and distributor stock phasing in some markets ‌Very strong FX headwind - reported revenues declined 1% in Q1 Pharmaceutical Revenues by region (HUF bn) Pharmaceutical Revenues, cumulative (HUF bn), reported -1.3% 220.1 217.3 Pharma other BIO GM CNS WHC 79.4 78.8 62.2 59.8 57.7 65.5 1.3 16.7 2.9 13.1 Q1 2025 Q1 2026 Western Europe Central Europe Eastern Europe North America Asia & Pacific Latin America Rest of the World 2.7 2.4 15.0 10.4 7.5 7.9 41.6 45.9 46.1 44.7 43.8 39.1 63.5 66.8 Q1 2025 Q1 2026 Pharmaceutical Revenues (HUF bn), reported Impact of the exchange rate changes on revenues (HUF bn) -1.3% 237.5 245.2 220.1 211.2 217.3 Pharma other BIO GM CNS WHC -15.4 USD RUB EUR Other -3.3 -3.1 -9.3 0. 2 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ‌FX trends hurt CoGS, help Opex; efficiency measures at play Operating costs as a % of Pharma revenues (%) Operating expenses (pharma) (HUFbn) 35 30 25 20 15 10 5 0 30 30 31 31 33 32 30 30 30 19 19 21 20 17 18 18 18 16 11 6 13 11 6 12 6 7 11 6 11 6 9 6 9 5 10 6 12.5 73.8 41.0 22.6 13.3 76.9 12.9 74.7 29.0 16.3 90.5 43.7 44.0 23.8 25.1 14.3 14.1 81.9 83.1 S&M R&D G&A 12.6 13.4 70.8 73.9 76.1 13.5 22.7 24.9 19.5 22.9 22.6 38.5 36.9 45.2 37.8 38.5 40.1 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Cost of Sales S&M R&D G&A Q3 25 Q4 25 Q1 26 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Operating costs as a % of Pharma revenues (%) Key messages 35 30 25 20 15 10 5 0 33 32 31 31 31 21 21 19 19 19 12 11 5 5 10 6 12 7 10 6 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Cost of Sales rose in Q1 2026 due to some deliveries' timing, composition effect and the strong HUF; hence gross margin declined to 67.6% in the period Operating expenses remained under control and benefited from long-term cost management efforts and FX trends; total opex was down 7% YoY, driven by lower S&M expenses R&D expenses declined by 5% in Q1 YoY, mostly reflecting a decline in BIO R&D, offsetting higher WHC R&D; R&D expenses were at 10% of sales Sales & Marketing expenses fell 9% in Q1 YoY, due to strict cost control, significant benefit from FX and lower activity in APAC G&A expenses were 5% lower YoY, supported by efficiency projects, favorable FX ‌Strong CER Clean EBIT growth of 15% on Vraylar ® and BIO Pharmaceutical Clean EBIT, cumulative (HUF bn) Key messages Q1 2025 Q1 2026 53.2 -0.2 -0.1 9.4 6.2 1.1 -5.6 48.5 14.0 12.0 68.7 69.7 Pharma other BIO GM WHC CNS CER Clean EBIT growth was a remarkable 15% in Q1 YoY. FX was a massive headwind in Q1 2026 (continued trend of weaker USD, stronger HUF), consequently reported Clean EBIT (pharma) increased only marginally, by 1.5% YoY, to HUF 69.7bn in Q1 2026 Milestone income of HUF 3.6bn was booked in the period, majority in BIO and CNS, vs. practically no such income a year ago, supporting Clean EBIT growth CNS and BIO improved profitability significantly YoY, while +1.5% 91.5 68.7 12.0 78.7 9.9 0.5 65.8 69.7 4.5 48.5 58.5 57.5 66.6 53.2 -5.6 -2.9 -0.6 -5.2 -0.9 -0.1 14.0 9.4 1.1 6.2 10.6 13.8 14.7 10.6 Pharmaceutical Clean EBIT (HUF bn) +1.5% +15.1% Reported growth 9 All data in HUFbn Q1 2025 CER growth Q2 2025 Q3 2025 Q1 2025 Q4 2025 Q1 2026 Q1 2026 Pharma other BIO GM WHC CNS WHC and GenMed saw weaker Clean EBIT primarily due to top-line shortfalls CNS remained the largest earnings contributor in Q1 on the back of continued strong performance of Vraylar ® WHC Clean EBIT came in at HUF 9.4bn in Q1, below the recent run-rate of profitability, due to some missing revenues (timing of shipment issues), higher R&D expenses (in line with plans) and also due to the adverse effect of the appreciating HUF GenMed's Clean EBIT fell materially YoY, reflecting weaker revenues and lower gross profit; the decline was mitigated by opex discipline BIO Clean EBIT was positive in Q1 2026, supported by strong revenues, lower R&D expenses, but also by some milestone income and the reversal of impairment ‌Below-the-line: taxes offset net financial income; no unusual items Net Profit in Q1 2026, below-Clean EBIT items (HUF bn) Including HUF 1.3bn restructuring expenses 0.9 Includes taxes calculated in line with Global Minimum Tax 69.8 3.0 2.5 67.4 5.0 65.3 -2.4 -13.3 -0.2 Clean EBIT Non-recurring EBIT FX gain/losses Net interest Other Fin Associates Taxes Minority int. Net Profit* items inc/exp Key messages Net financial income amounted to HUF 10.5bn in Q1 2026, somewhat lower than a year ago (HUF 13.4bn in Q1 2025). This included FX gains of HUF 5bn (mostly unrealized gains on the stronger USD closing rates at the end of March), net interest income of HUF 3bn (rising YoY) and other financials items of HUF 2.5bn (mostly derivatives). If current exchanges rates hold, Q2 may bring in material FX losses (likely mostly unrealized) on working capital items. Taxes are accounted for in accordance with the Global Minimum Tax (15%); effective tax rate was marginally higher in Q1 2026 Net profit was HUF 65.3bn in Q1 2026, 4% lower YoY, as a result of flat operating profit and smaller net financial income than a year ago ‌Sustained robust cash generation in Q1 2026 Free Cash Flow in Q1 2026 (HUF bn) No material change in NWC in Q1 2026 Key messages 3.4 3.1 Free Cash Flow was HUF 77bn in Q1 2026, rising by 29% YoY on the back of stronger operating cash flows and no increase in Application of Cash Flow 76.4 0.9 77.4 77.0 1.6 0.8 0.0 0.0 Net Working Capital funding need Net Working Capital was practically unchanged during Q1 2026, compared to material HUF 18bn increase in NWC a year ago Cash conversion days - as a consequence - hardly changed in Q1 compared to the previous quarter and were lower YoY Op. CF W/o NWC NWC Operative CF Interest received Capex (PP&E) FCF Acquiring intangibles* Other M&A Dividend (prev. year) Share buyback Capex activity was limited in Q1 and no material M&A transaction took place during the period. As a result, majority of FCF added to the net cash position. Cash Conversion Cycle | days 312 327 322 303 305 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 12 ‌Research and Development R&D Market ‌R&D pipeline - changes during Q1 2026 Preclinical phase Clinical phase Regulatory & Launch Neuropsychiatry Biotechnology Technology Development Phase 1 Phase 2 Phase 3 Own Clinical phase Own Women's Healthcare RSL* General Medicines new discontinued License 13 * Ready-to-Sell Licensed pipeline ‌Neuropsychiatry CNS ‌CNS revenues were up 4% despite unfavorable FX trends CNS Revenue (HUFbn) +4.0% +4.0% 73.2 59.8 64.6 67.1 62.2 CNS | HUF mn Q1 2025 Q1 2026 Ch. % YoY Revenues 59 785 62 155 4 Cost of Sales -432 -430 0 Gross Profit 59 353 61 725 4 Gross Margin % 99.3 99.3 Sales & Marketing -912 -1 171 28 G&A -256 -237 -7 R&D -9 372 -8 284 -12 Clawback -232 -318 37 Milestone income 37 1 351 n.a. Inventory and receivable impairment -96 132 -238 Clean EBIT 48 522 53 198 10 cEBIT Margin % 81.2 85.6 59.8 62.2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q1 2026 Key messages Clean EBIT (HUFbn) CNS revenues increased by 4% in Q1 YoY, affected by the weak USD and the strong HUF (only partly offset by hedging) Clean EBIT increased by 10% in Q1 YoY due to higher revenues, lower R&D expenses and some milestone income R&D expenses were 12% lower in Q1 YoY despite significantly higher cost related to RGH-932 with two Phase 2 clinical trials. This was more than offset by lower spending on other projects. Topline data of RGH-932 Phase 2 study indicated that the overall difference between the drug- and placebo-treated groups was not statistically significant, however, in bipolar 1 patients an efficacy signal was observed. RGH-932 was generally safe and well-tolerated; the safety profile was generally similar to placebo suggesting better safety profile over cariprazine. +9.6% 66.6 58.5 57.5 48.5 53.2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 48.5 53.2 +9.6% Q1 2025 Q1 2026 ‌Vraylar ® : strong, double-digit prescription growth CNS Vraylar ® Key messages +4.4% 68.9 56.2 60.7 64.1 58.7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Reagila ® -3.7% 4.3 3.5 3.9 3.0 3.4 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 +4.4% 49.4 56.2 58.7 Q1 2024 Q1 2025 Q1 2026 -3.7% 3.5 3.5 3.4 Q1 2024 Q1 2025 Q1 2026 Vraylar ® royalty income reached HUF 59bn in Q1 2026, up 4.4% YoY affected by the weak USD and the strong HUF Global Vraylar ® sales were USD 905mn, up by 18.4%, reflecting strong prescription growth in both bipolar disorder and adjunctive MDD Vraylar ® has significant leadership, with new prescription share roughly double the next closest branded atypical antipsychotic therapy. AbbVie expects continued momentum following the introduction of new lower doses allowing prescribing flexibility, as well as pediatric use. Key messages Reagila ® revenues (from own and partnered territories) ended up at HUF 3.4bn in Q1 2026, down slightly YoY, as strong in-market sales growth was offset by the timing of deliveries 16 All data in HUFbn * ODT = orodispersible tablets To maximize Reagila's potential, Richter plans to launch new indications and drug forms in own and partnered territories. Recently, Reagila ODT* has been approved in Russia, while additional indications (next to schizophrenia) have been approved in Vietnam, Azerbaijan, Qatar, Bahrain and Egypt. ‌Women's Healthcare WHC ‌Sales in Q1 affected by shipments, FX; R&D engine at full speed WHC Revenue (HUFbn) +0.7% +0.7% 89.9 78.8 84.3 75.5 79.4 WHC | HUF mn Q1 2025 Q1 2026 Ch. % YoY Revenues 78 844 79 385 1 Cost of Sales -24 918 -29 737 19 Gross Profit 53 926 49 648 -8 Gross Margin % 68.4 62.5 Sales & Marketing -26 504 -22 915 -14 G&A -6 842 -6 785 -1 R&D -4 844 -7 551 56 Clawback -1 621 -2 525 56 Milestone income 0 386 Inventory and receivable impairment -156 -882 465 Clean EBIT 13 959 9 376 -33 cEBIT Margin % 17.7 11.8 Key messages 78.8 79.4 Clean EBIT (HUFbn) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q1 2026 Reported revenues were broadly flat in Q1 (CER growth +6%), affected by some pre-shipments to EEU markets in Q4 (warehouse transition), the timing of some APAC deliveries (slipping into Q2) and the strong HUF. Underlying in-market sales performance of focus brands (Ryeqo ® , Lenzetto ® , Drovelis ® ) remained very strong. Gross margin declined YoY mainly due to some missing revenues and the revenue-mix effect; some correction is expected in Q2. S&M expenses reflect streamlined investments behind focus brands, while G&A costs remain well controlled. R&D expenses were up materially YoY, in line with plans, as new projects, including from recent deals (Celmatix and Fimmcyte), now fully utilize WHC discovery capacity. Clean EBIT reached HUF 9.4bn in Q1, down 33%, reflecting flat revenues, weaker gross margin and full R&D cost utilization. -32.8% 14.0 13.8 14.7 10.6 9.4 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 -32.8% 14.0 9.4 Q1 2025 Q1 2026 ‌Menopause and UF/EM growth vs. temporarily weaker OCs in Q1 WHC Total WHC revenues by therapeutic areas (quarterly, HUF bn) Key messages Other WHC Fertility Menopause UF and EM Contraception Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Performance of the fast-growing focus TAs were overall in line with expectations in Q1 2026. Uterine Fibroids (UF)/Endometriosis (EM) and Menopause overperform strategic plans. 54.0 47.6 +0.7% 78.8 6.1 7.3 8.8 9.0 89.9 7.6 8.7 8.8 75.5 5.6 6.8 84.3 7.2 8.6 79.4 5.4 42.5 43.5 46.5 11.3 13.4 12.9 9.2 9.0 8.3 10.7 8.9 Contraception Sales growth is primarily driven by Drovelis ® , the latest combined oral contraceptive, and sustained performance of Evra. The volatility between quarters is caused by stock movements in emergency contraception in China (phased to Q2) and pre-shipments in Russia (in Q4). Fertility WHC revenues by therapeutic areas (HUF bn; % in Q1 2026) Bemfola ® requires more time and effort to regain position. Strong tenders in some countries. Cyclogest ® and ExEm Foam lead portfolio growth. Menopause Fertility Uterine Fibroids & Endometriosis This TA showed 50% growth YoY in Q1 2026, as Endometriosis UF and EM 11.5% 11.2% 6.8% 16.9% 53.5% Other WHC remains to be a topic of interest in public and social media channels in most EU countries. Ryeqo ® continues to show strong growth in all markets. Increased uptake is due to fast shift from first-line treatment options. Menopause Around 50% revenue growth in this TA is driven by strong patient demand across Europe. Lenzetto ® remains the lead product, with Fylrevy ® launch coming soon. Contraception Highlighted brands ‌| Ryeqo ® outstanding; Lenzetto ® grows on an expanding market WHC Ryeqo ® Lenzetto ® +63.8% 10.7 8.7 9.6 6.5 7.4 +36.2% 5.6 6.1 5.1 4.4 3.7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 +63.8% 10.7 6.5 3.2 +36.2% 5.1 3.7 2.3 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Ryeqo ® : outstanding growth in both Uterine Fibroids (UF) and Endometriosis (EM) indications across all markets Finalized reimbursement for symptomatic treatment of Endometriosis in Poland unlocked larger than expected potential France, Spain, Germany, Czechia are above expectations; UK and Belgium keep the growth trajectory, showing sustained potential Lenzetto ® continues to exceed expectations in Q1 in terms of demand growth and market expansion Robust growth in UK and Nordics has been temporarily affected by delivery issues in Q1 visible in overall performance New launches in Brazil and Russia are above plans. Benelux performance exceeds expectations ‌WHC Highlighted brands -5.1% | Solid Drovelis ® growth; steady EVRA ® and Bemfola ® EVRA ® Drovelis ® Bemfola ® -0.5% 9.6 10.1 8.2 8.1 8.1 +25.8% 7.8 7.8 7.0 6.2 6.6 5.3 4.9 5.1 5.0 3.6 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 -0.5% 7.7 8.2 8.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 +25.8% 6.2 3.7 7.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 -5.1% 5.3 5.3 5.0 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Evra ® performance was stable in Q1, in line with expectations Overall sales performance (own network) was affected by stock management issues Partner business was better than expected in Canada, while worse in Argentina and South Africa Drovelis ® : solid growth in Q1, as some volatility in Eastern Europe was more than offset by strong partner business Strong and better than expected revenues in Belgium, South Africa and Australia Slight slowdown in Romania and CIS region Bemfola ® : slight decline in Q1 due to phasing of promotional activities No supply chain challenges affected the period The Fertility franchise continued to grow steadily (+7% YoY), supported by the growth of Cyclogest ® and ExemFoam ‌Biotechnology BIO ‌BIO Increasing revenues, sustained margins and lower R&D in Q1 2026 Revenue (HUFbn) +28.0% 16.7 13.1 21.0 16.4 BIO | HUF mn Q1 2025 Q1 2026 Ch. % YoY Revenues 13 060 16 721 28 Cost of Sales -8 357 -10 596 27 Gross Profit 4 703 6 125 30 Gross Margin % 36.0 36.6 Sales & Marketing -2 123 -2 589 22 G&A -1 031 -1 303 26 R&D -6 504 -3 467 -47 Clawback -72 -413 474 Milestone income -10 1 835 n.a. Inventory and receivable impairment -557 877 n.a. Clean EBIT -5 594 1 065 n.a. cEBIT Margin % -42.8 6.4 +28.0% 16.7 13.1 13.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q1 2026 Key messages Revenues in Q1 2026 showed a significant increase YoY, due to strong teriparatide shipments and growing contribution from new product revenues (rising denosumab biosimilar sales since the launch in late-2025, early-2026 across numerous Richter affiliates and partners). Gross margin was steady and gross profit rose on revenue and volume uplift. Clean EBIT was again positive (similarly to Q4), boosted by the much-reduced R&D spend, but also some milestone income and impairment reversal. The revenue growth seen in Q1 may not sustain throughout the year due to some expected moderation in teriparatide shipments, while the -5.6 -2.9 -5.2 0.5 Clean EBIT (HUFbn) 1.1 1.1 price erosion trends of biosimilars, particularly in European markets, may affect the expected ramp-up of new product revenues. Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 -5.6 Q1 2025 Q1 2026 ‌BIO Strong teriparatide shipments, continued CDMO revenue fluctuation Teriparatide Key messages +40.1% 8.5 7.7 8.4 8.6 6.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 CDMO services +40.1% 8.6 6.1 6.1 Q1 2024 Q1 2025 Q1 2026 Teriparatide biosimilar (incl. Terrosa ® ) revenues reached record highs and were up by 40% Q1 YoY, slightly higher than in Q4 2025. Revenue growth was driven by continued high-volume shipments in Q1 2026 and strong in-market performance of many Richter affiliates and some commercial partners. Such high level of shipments may not be maintained over the full year, as some slowdown in shipments expected in later periods. CDMO revenues in Q1 2026 were somewhat below the year ago level. Activities and orders remain on plan, and some quarterly revenue fluctuation is primarily driven by order fulfillment and payment timings. We expect CDMO revenues to be broadly flat over the full year. -14.1% 11.1 6.9 7.9 6.1 6.0 -14.1% 6.9 5.4 6.0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 ‌General Medicines GM ‌GM A challenging start to the year with external headwinds Gross Margin % Sales & Marketing G&A R&D Clawback Inventory and receivable impairment 55.2 -14 422 -5 719 -3 038 -676 -367 50.4 -13 317 -4 955 -3 340 -581 -747 -8 -13 10 -14 n.a. 65.5 65.3 65.1 -12.0% 53.6 57.7 57.7 GM | HUF mn Revenues Q1 2025 65 541 Q1 2026 57 702 Ch. % YoY Revenue (HUFbn) -12 Cost of Sales -29 349 -28 599 -3 Gross Profit 36 192 29 103 -20 -12.0% 65.5 Clean EBIT 11 970 6 163 -49 Clean EBIT (HUFbn) cEBIT Margin % 18.3 10.7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q1 2026 Key messages Revenues declined by 12% YoY to HUF 57.7bn in Q1 2026. While in-market sales trends remained broadly positive across most Rx markets and products, OTC performance was adversely impacted by the absence of a flu season in Q1. Q1 performance was also affected by portfolio streamlining, including the discontinuation of some high-impact assets (e.g. Lunaldin, Decaris) as well as trade-related financial headwinds, such as mandatory price adjustments in certain markets (notably Uzbekistan and Kazakhstan). Operational execution and distributor stock phasing, originating from Q3 2025, are gradually normalizing; yet they continued to weigh on Q1. Disciplined cost control remains a priority, which mitigated the cEBIT decline. Higher R&D reflects targeted investments in GLP-1 assets. -48.5% 12.0 9.9 10.6 6.2 4.5 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 -48.5% 12.0 6.2 Q1 2025 Q1 2026 ‌GM Blood&metab driven by launches, Pain recovers, OTC suffers Total GenMed revenues by therapeutic areas (quarterly, HUF bn) Key messages Blood&metabolic non-strategic TA OTC Cardiology Pain&neurology Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Blood & metabolic category saw timely launch of Rivaroxaban in wave-2 CEE countries. Dabigatran brands hold top ranking among generics in key markets (HU, PL and RO) and Edoxaban reaches #1 generic position in HU. These positive trends were offset by pruning of established assets in alimentary. -12.0% 65.5 4.6 7.0 65.3 4.9 5.8 53.6 4.8 5.1 65.1 4.9 6.0 57.7 5.1 5.2 21.8 19.4 16.0 22.3 21.3 16.2 17.2 19.2 19.4 11.4 20.9 8.4 15.7 11.5 13.2 Cardio category performance was mixed with mid-single-digit net sales growth YoY in HU, CEE and KZ, but with a significant negative impact of mandatory reference pricing in UZ. The impact of phasing of distributor stocks in PL, RU, RO also continued to weigh on performance. GenMed revenues by therapeutic areas (HUF bn; % in Q1 2026) Pain & neurology category saw a decent recovery from the Mydocalm/Mydeton out-of-stock situation. Distribution coverage and market share positions have been recovering non-strategic TA Blood&metabolic 9.1% 8.9% OTC 14.5% in key markets. OTC brands performance was limited by lack of flu season in Q1. This was most prominent in PL, RU, UZ, where this negative impact drove the overall country performance to negative territory YoY. 37.8% Pain&neurology 29.8% Cardiology ‌Appendix ‌Net financial income in Q1 2026 on some FX gain, net interest Diff Q1 Q1 2025 Q1 2026 -8.0 forward exchange contracts -1.1 -1.1 Result of realised & unrealised 1.1 0.0 -4.1 3.0 Realised exchange (loss)/gain 6.1 14.1 Unrealised exchange (loss)/gain 1.4 Interest income / (Interest expense) 1.6 3.0 1.8 Other financial items 0.7 2.5 13.4 10.5 -2.8 Profit (loss) from financial operations Key messages Net financial income amounted to HUF 10.5bn in Q1 2026, somewhat lower than a year ago (HUF 13.4bn), primarily due to smaller FX gains Exchange rates continue to bring volatility to the below-the-line financial items, mostly through unrealized (and realized) gains/losses recorded on working capital items. In Q1 2026 FX gains amounted to HUF 5bn (vs. HUF 10bn FX gains a year ago), all unrealized, due to the stronger USD at the end of the period. Due to exchange rate trends since the end of Q1 - renewed depreciation of the USD and a strengthening HUF -, unrealized FX gains are likely to disappear and turn into FX losses in the coming periods Net interest income amounted to HUF 3bn in Q1 2026, higher YoY due to the larger net cash position Richter continues to use hedging transactions to mitigate some of the risks resulting from the volatility of the functional currency (or commodities), and these transactions had some positive impact (net gain) on net financials in Q1 2026 ‌Business units' P&L in Q1 2026 Q1 2026 WHC CNS BIO GM Pharma other Pharma total Other Eliminations Group total Revenues 79.4 62.2 16.7 57.7 1.3 217.3 5.5 -2.6 220.2 Cost of Sales -29.7 -0.4 -10.6 -28.6 -1.1 -70.4 -4.4 2.6 -72.2 Gross Profit 49.6 61.7 6.1 29.1 0.3 146.9 1.2 0.0 148.0 Sales & Marketing -22.9 -1.2 -2.6 -13.3 -0.1 -40.1 -0.5 0.0 -40.6 General & Administrative -6.8 -0.2 -1.3 -5.0 -0.1 -13.4 -0.5 0.0 -13.9 Research & Development -7.6 -8.3 -3.5 -3.3 0.0 -22.6 0.0 0.0 -22.6 Clawback -2.5 -0.3 -0.4 -0.6 0.0 -3.8 0.0 0.0 -3.8 Milestone income 0.4 1.4 1.8 0.0 0.0 3.6 0.0 0.0 3.6 Inventory and receivable impairment -0.9 0.1 0.9 -0.7 -0.2 -0.8 -0.1 0.0 -0.9 Clean EBIT 9.4 53.2 1.1 6.2 -0.1 69.7 0.1 0.0 69.8 Note: The items of the Pharmaceutical segment's profit and loss statement are allocated to the business units by product groups, where direct correspondence exists. For the remaining items, Richter Group uses allocation keys based on historical data and management accounting estimation. Other | Other segment Non-pharmaceutical activities ‌Strategic positioning and vision of the business units Pharma | Pharmaceuticals segment Name of the Business Units Brief description Key strategic goal Therapeutic areas CNS Neuropsychiatry Leveraging our world class early phase R&D capability in the central nervous system domain we build a pipeline of small molecule drug candidates mainly in the field of neuropsychiatry Maximize the potential of cariprazine, while developing and partnering original R&D projects that provide the basis for revenue and earnings growth beyond 2030 Neuropsychiatry 1 WHC Women's Healthcare We look after women's health globally by setting trends in female contraception, fertility, menopause, uterine fibroids/endometriosis, urinary tracts, PCOS and in women's oncology As thought leaders in women's healthcare, Richter is committed to address unmet medical needs by developing and delivering market-leading solutions in its established therapeutic segments, while also introducing novel therapies in urinary tracts, PCOS and women's oncology Women's Healthcare BIO Biotechnology Leverage our biotechnology platform to develop and manufacture biosimilar drugs for global markets By scaling up we aim to become a relevant biosimilar player in the Immunology and Musculoskeletal TA, while we leverage our biotechnology expertise in providing value to third-party clients through our contract development and manufacturing services Immunology, Musculoskeletal GM General Medicines Comprises our established and generic portfolio in various therapeutic areas in the Central and Eastern European regions Provide broad access to high quality and affordable medications while remaining a reliable source of revenue growth, scale and margins Cardiology, Blood&Metabolic, Pain&Neurology 2 ‌Consolidated Income Statement 2025 Consolidated P&L Q1 2026 Q1 2025 Change HUFm HUFm HUFm % 928 962 Revenues 220 202 224 024 -1.7% 259 719 of which royalty 61 324 58 542 4.8% (288 051) Cost of Sales (72 450) (68 854) 5.2% 640 911 Gross Profit 147 752 155 170 -4.8% (166 128) Sales & marketing expenses (40 980) (44 572) -8.1% (56 663) General & administrative expenses (14 345) (14 669) -2.2% (91 185) Research & development expenses (22 846) (23 758) -3.8% (30 871) Other income & expense (3 690) (4 385) -15.8% (11 895) of which clawback (3 837) (2 601) 47.5% 5 335 of which milestone income 3 572 27 n.a. (3 213) (Impairment)/Reversal of impairment on financial and contract assets 1 476 (28) n.a. 292 851 EBIT (Profit from operations) 67 367 67 758 -0.6% 68 208 Finance income 26 155 54 375 -51.9% (79 000) Finance costs (15 630) (41 012) -61.9% (10 792) Net financial (loss)/income 10 525 13 363 -21.2% 2 688 Share of profit/(loss) of associates and joint ventures 890 859 3.6% 284 747 Profit before income tax 78 782 81 980 -3.9% (46 561) Income and deferred tax (11 358) (11 702) -2.9% (5 958) Local business tax and innovation contribution (1 945) (2 100) -7.4% 232 228 Profit for the period 65 479 68 178 -4.0% Profit attributable to: 232 335 Owners of the parent 65 283 68 141 -4.2% (107) Non-controlling interest 196 37 429.7% HUF Earning per share (EPS) HUF HUF 1 271 Basic 357 373 -4.3% 1 271 Diluted 357 373 -4.3% ‌Consolidated Balance Sheet - ASSETS Consolidated Balance Sheet 31 March 2026 31 Dec 2025 Change HUFm HUFm % ASSETS 1 761 213 1 698 220 3.7% Non-current assets 919 973 918 967 0.1% Property, plant and equipment 379 196 383 667 -1.2% Goodwill 43 124 42 155 2.3% Other intangible assets 290 251 293 428 -1.1% Investments in associates and joint ventures 18 406 17 516 5.1% Non-current financial assets at amortised cost 9 063 6 156 47.2% Non-current financial assets at FVTPL 80 797 73 656 9.7% Non-current financial assets at FVOCI 36 326 43 344 -16.2% Derivative financial instruments 14 589 12 038 21.2% Deferred tax assets 40 669 39 486 3.0% Long term receivables 7 552 7 521 0.4% Current assets 841 240 779 253 8.0% Inventories 220 020 214 114 2.8% Trade receivables 231 250 244 395 -5.4% Contract assets 8 281 7 822 5.9% Other current assets 42 776 39 134 9.3% Current financial assets at amortised cost 62 323 44 049 41.5% Financial assets at FVTPL 777 773 0.5% Short term financial assets at FVOCI 2 670 1 523 75.3% Derivative financial instruments 3 063 6 982 -56.1% Current tax asset 3 168 3 038 4.3% Cash and cash equivalents 261 181 211 817 23.3% Assets classified as held for sale 5 731 5 606 2.2% ‌Consolidated Balance Sheet - EQUITY AND LIABILITIES Consolidated Balance Sheet 31 March 2026 31 Dec 2025 Change HUFm HUFm % EQUITY AND LIABILITIES 1 761 213 1 698 220 3.7% Capital and reserves 1 460 347 1 400 889 4.2% Share capital 18 638 18 638 0.0% Treasury shares (34 118) (34 021) 0.3% Share premium 15 214 15 214 0.0% Capital reserves 3 475 3 475 0.0% Revaluation reserve 49 930 47 722 4.6% Revaluation reserves for financial assets at FVOCI (20 852) (15 488) 34.6% Cash-flow hedge reserve 445 3 791 -88.3% Retained earnings 1 424 878 1 359 063 4.8% Non-controlling interest 2 737 2 495 9.7% Non-current liabilities 121 558 119 056 2.1% Borrowings 1 012 1 015 -0.3% Deferred tax liability 13 212 13 304 -0.7% Non-current financial liabilities at FVTPL 61 086 61 123 -0.1% Derivative financial instruments 12 075 9 078 33.0% Lease liability 14 056 14 128 -0.5% Other non-current liabilities and accruals 12 700 12 986 -2.2% Provisions 7 417 7 422 -0.1% Current liabilities 179 308 178 275 0.6% Borrowings 200 194 3.1% Trade payables 41 675 55 636 -25.1% Contract liabilities 2 177 2 600 -16.3% Current tax liabilities 38 950 35 021 11.2% Current financial liabilities at FVTPL 5 986 6 306 -5.1% Derivative financial instruments 530 8 n.a. Lease liability 5 802 5 808 -0.1% Other current liabilities and accruals 72 987 60 362 20.9% Provisions 9 030 10 526 -14.2% Liabilities related to assets classified as held for sale 1 971 1 814 8.7% ‌Consolidated Cash Flow Statement 2025 Consolidated cash flow Q1 2026 Q1 2025 Change HUFm HUFm HUFm % Operating activities 284 747 Profit before income tax 78 782 81 980 -3.9% 60 463 Depreciation and amortisation 16 102 14 053 14.6% 9 690 Non cash items (5 097) (9 038) -43.6% (5 402) Net interest and dividend income (2 692) (1 322) 103.6% 2 839 Other items (1 790) (26) n.a. (9 254) Interest paid (65) (215) -69.8% (35 895) Income tax paid (8 812) (4 301) 104.9% 1 414 Gain on disposal of subsidiaries - - n.a. 308 602 Net cash flow from operating activities before changes in working capital 76 428 81 131 -5.8% (32 199) Movements in working capital 927 (17 717) n.a. (3 507) Increase in trade and other receivables 11 061 6 284 76.0% (9 232) Increase in inventories (8 172) (9 225) -11.4% (19 460) (Increase) / decrease in payables and other liabilities (1 962) (14 776) -86.7% 276 403 Net cash flow from operating activities 77 355 63 414 22.0% Cash flow from investing activities (42 579) Payments for property, plant and equipment (3 417) (5 385) -36.5% (23 825) Payments for intangible assets (1 638) (940) 74.3% 2 564 Proceeds from disposal of property, plant and equipment 791 613 29.0% (54 427) Payments to acquire financial assets (26 802) - n.a. 9 635 Proceeds on sale or redemption on maturity of financial assets (989) 9 058 n.a. 660 Disbursement of loans net (201) 248 n.a. 15 905 Interest received 3 065 1 830 67.5% 22 Dividend received - - n.a. (935) Net cash outflow on acquisition of subsidiaries - - n.a. 1 079 Net cash inflow from disposal of subsidiaries - - n.a. (91 901) Net cash flow to investing activities (29 191) 5 424 n.a. Cash flow from financing activities (1 988) (Purchase) / disposal of treasury shares - - n.a. (93 074) Dividend paid - (2) n.a. (7 694) Principal elements of lease payments (2 082) (1 635) 27.3% (204) Repayment of borrowings (4) (63) -93.7% (102 960) Net cash flow (to) / from financing activities (2 086) (1 700) 22.7% 81 542 Net increase / (decrease) in cash and cash equivalents 46 078 67 138 -31.4% 135 627 Cash and cash equivalents at beginning of year 211 817 135 627 56.2% (5 352) Effect of foreign exchange rate changes on cash and cash equivalents 3 286 (1 762) n.a. 211 817 Cash and cash equivalents at end of period 261 181 201 003 29,9% ‌Contacts Company name: Gedeon Richter Plc. Sector: Pharmaceutical Company address: 1103 Budapest, Gyömrői street 19-21., Hungary Telephone: +36 1 431 5764 Investor relations manager Róbert Réthy, CFA +36 20 342 2555 [email protected] Financial calendar | 12 May 2026 - Q1 2026 results | 7 August 2026 - Q2/H1 2026 results | 10 November 2026 - Q3/Q1-Q3 2026 results https://www.gedeonrichter.com/en/ https://www.linkedin.com/company/richter-gedeon-hungary/ ‌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, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to developments in government regulations, foreign exchange rates, political stability, economic growth, and the completion of on-going transactions. Many of these factors are beyond the company's ability to control or predict. Given these and other uncertainties, you are cautioned not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The company cannot guarantee the performance and does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable laws. Statements and data contained in this presentation and the associated slides and discussions, which relate to the performance of Richter in this and future years, represent plans, targets, or projections. The presentation does not constitute an offer to sell or issue, or solicitation of an offer to purchase or subscribe for securities, or a recommendation. Any data in this presentation are based on publicly available information of the company and can be accessed by anyone on the company's website. Investors (gedeonrichter.com)

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