Our Healthcare business sector helps to create, improve and prolong lives across the therapeutic areas of oncology, rare diseases, neurology & immunology, and fertility as well as cardiovascular, metabolic and endocrinological disorders. As a global specialty innovator with a strong established business, we deliver a diversified portfolio of therapies to millions of patients around the world every day.
In 2025, Healthcare generated 41% of Group sales and 47% of EBITDA pre (excluding Corporate and Other). Together, Europe and North America made up 54% of Healthcare’s net sales in fiscal 2025, while Asia-Pacific and Latin America together accounted for 39%.
We strive to ensure the supply of our high-quality medicines to patients around the world, regardless of circumstances and challenges, while always observing the highest health and safety standards for our people and partners. Throughout 2025, we ensured the supply of our medicines in full alignment with anticipated market demand despite ongoing geopolitical crises.
Oncology
Erbitux® (cetuximab) remains our best-selling oncology drug and maintained its blockbuster status with € 1,176 million in sales in 2025. Erbitux® is a standard of care for patients with epidermal growth factor receptor (EGFR)-expressing, RAS wild-type metastatic colorectal cancer as well as both recurrent and/or metastatic and locally advanced squamous cell carcinoma of the head and neck. We hold the marketing authorization rights to Erbitux® outside of the United States and Canada. With more than 270 active external clinical trials involving Erbitux®, including more than 40 Phase III trials, we are committed to continuously advancing our broad-based lifecycle management strategy (see Research and Development for further details).
We have continued to make progress for patients with locally advanced or metastatic urothelial carcinoma (UC) without disease progression on first-line platinum-containing chemotherapy as we continue to obtain additional regulatory approvals and reimbursement decisions for Bavencio® (avelumab), our anti-PD-L1 antibody. Bavencio® is approved as a first-line maintenance treatment for locally advanced/metastatic UC in more than 75 countries. It has become a treatment of choice for this disease in certain markets based on the results of the JAVELIN Bladder 100 trial, the only Phase III trial of an immunotherapy to demonstrate a significant overall survival benefit versus best supportive care alone in the first-line maintenance setting (see Research and Development for further details).
Bavencio® is also a standard of care as a monotherapy for the treatment of metastatic Merkel cell carcinoma, a rare form of skin cancer, in more than 65 countries. Additionally, Bavencio® is approved for the first-line treatment of advanced renal cell carcinoma in combination with axitinib in more than 65 countries.
We are also continuing to expand the availability of Tepmetko® (tepotinib), our oral MET inhibitor designed to inhibit the oncogenic MET receptor signaling caused by MET (gene) alterations. Tepmetko® is authorized in approximately 50 markets globally, with regulatory submissions under review in additional markets (see Research and Development for further details).
Rare Diseases
On July 1, 2025, we successfully completed the acquisition of SpringWorks Therapeutics, Inc., USA, (SpringWorks), a commercial-stage biopharmaceutical company dedicated to improving the lives of patients with rare diseases. SpringWorks is the largest acquisition by the Healthcare business sector in nearly 20 years and marks the formation of our rare diseases business. By combining our global reach and SpringWorks’ expertise in rare diseases, we are paving the way for further expansion in this area.
SpringWorks’ portfolio includes two highly transformative therapies for the treatment of rare diseases in areas of high unmet need. Ogsiveo® (nirogacestat) is the first and only therapy approved by the U.S. Food and Drug Administration (FDA) and the European Commission for adults with progressing desmoid tumors who require systemic therapy. These are rare, locally aggressive soft tissue tumors, which can cause patients significant pain, functional impairment and emotional distress due to their unpredictable growth. Following its FDA approval in November 2023, Ogsiveo® rapidly became the standard of care for the systemic therapy of adults with desmoid tumors in the United States. In August 2025, Ogsiveo® became the first approved therapy for patients with desmoid tumors in the European Union, and in October 2025 we started serving patients with desmoid tumors in Germany.
We are committed to bringing the benefits of Ogsiveo® to more patients globally and are planning phased launches on a country-by-country basis across Europe. In addition, we are actively evaluating the regulatory strategy, commercial opportunity and timelines across additional markets, including key locations in Asia. We have initiated a bridging study of Ogsiveo® in Japanese patients with desmoid tumors, which we expect will support a new drug application filing in Japan, where the Ministry of Health, Labour and Welfare has previously granted orphan drug designation of nirogacestat for the treatment of desmoid tumors.
The second approved medicine in SpringWorks’ portfolio is Gomekli® (mirdametinib), which was approved by the FDA in February 2025 and is the first and only medicine for both adults and children aged two years and older with NF1-associated plexiform neurofibromas (NF1-PN). These are rare tumors that grow in an infiltrative pattern along the peripheral nerve sheath and can cause severe disfigurement, pain and functional impairment. Gomekli® represents a significant advance for these patients, and we were pleased that SpringWorks received a rare pediatric disease priority review voucher from the FDA with this approval; we will be able to redeem this for a priority review of a different product by the FDA. In July 2025, the European Commission granted conditional approval of Ezmekly® (mirdametinib) for the treatment of adults and children aged two years and above with NF1-PN, making it the first approved therapy for this indication and these patient groups in Europe. In October 2025, we launched Ezmekly® in Germany and we expect to launch on a country-by-country basis across Europe in 2026, while also evaluating opportunities in additional rest-of-world markets to maximize patient access globally.
We are convinced that the differentiated product profile of Gomekli®/Ezmekly® and our established global infrastructure position us well for continued growth and, importantly, for making a meaningful impact on the lives of patients with NF1-PN.
The SpringWorks acquisition immediately adds revenue and accelerates medium-term growth for the Healthcare business sector. Net product sales for Ogsiveo® and Gomekli®/Ezmekly® between the closing of the acquisition and December 31, 2025, were € 134 million and € 55 million respectively.
Neurology & Immunology
We develop therapies for people living with neurological and immune-mediated conditions and aim to help significantly improve quality of life for them and their caregivers. Our portfolio is the result of over two decades of experience in multiple sclerosis (MS) research and currently includes two approved products for the treatment of relapsing MS (RMS): Rebif® (interferon beta-1a) and Mavenclad® (cladribine tablets).
Rebif®, a disease-modifying drug, has been a standard treatment for RMS for over 20 years with almost two million patient-years of therapy since approval.
Mavenclad®, the only short-course, oral disease-modifying therapy for the treatment of adults with various forms of highly active RMS, achieved blockbuster status in 2025 for the third consecutive year with total net sales of € 1,194 million. More than 130,000 patients have now benefited from Mavenclad® across more than 90 countries, including those of the European Union, Switzerland, Australia, Canada, and the United States. On October 30, 2025, the U.S. Court of Appeals for the Federal Circuit affirmed an earlier decision by the U.S. Patent Trial and Appeal Board finding two of our U.S. Mavenclad® dosing regimen patents invalid. On November 28, 2025, we filed a petition for rehearing which was denied on January 22, 2026. In some of the parallel District Court suits, the Court has entered judgement of invalidity of the two patents. With this, there is the potential for further generic competitors to enter the market.
Beyond MS, we are continuing to expand the disease focus of our Neurology & Immunology therapeutic area by developing potential first-in-class treatments for conditions with high unmet medical needs. We currently have an ongoing Phase III global clinical trial to evaluate the efficacy and safety of cladribine capsules as a potential treatment for patients with generalized myasthenia gravis (gMG), a rare neuromuscular disorder. In November, our cladribine capsules program for the treatment of gMG received fast-track designation by the FDA. The fast-track designation in the United States is granted for drugs that are intended, whether alone or in combination with one or multiple other drugs, for the treatment of a serious or life-threatening disease or condition; it demonstrates the potential to address unmet medical needs for such a disease or condition.
Fertility
We are a global market leader in fertility drugs and treatments. Infertility is an increasing challenge globally due to demographic change and lifestyle adjustments. Based on the latest data from the World Health Organization, one in six people worldwide is affected by infertility.
According to the latest data, more than six million babies have been born worldwide with the help of Gonal-f®, a therapeutic within our fertility portfolio. It contains the active ingredient follitropin alfa (r-hFSH alfa), which is a recombinant form of the natural follicle-stimulating hormone (FSH) and is available in a convenient and ready-to-use pre-filled injection pen.
In addition to Gonal‑f®, we offer another key product called Pergoveris® to support and meet the needs of today’s patients, many of whom are above 35 years of age. This product combines recombinant human follicle-stimulating hormone (r-hFSH) and recombinant human luteinizing hormone (r-hLH) and represents another treatment option for women with severe FSH and LH deficiency. Pergoveris® is also available as a ready-to-use pre-filled injection pen, eliminating the need for mixing. To complement Pergoveris® and Gonal-f®, we offer Ovidrel® rhCG, Cetrotide® GnrRH antagonist and Crinone® progesterone.
On October 16, 2025, we announced an agreement with the U.S. government to expand access to our in vitro fertilization (IVF) therapies in the country, aligning with the White House’s executive order aimed at lowering costs and reducing barriers to IVF access. Starting in the first quarter of 2026, we plan to offer our complete portfolio of IVF therapies to eligible patients with prescriptions at significantly reduced prices. Additionally, to further expand therapeutic options for people with fertility issues in the United States, we will file for FDA review of Pergoveris® under the FDA Commissioner’s National Priority Voucher program, which aims to expedite the drug review process for products that align with critical national health priorities in the United States.
Cardiovascular, Metabolism & Endocrinology
The Cardiovascular, Metabolism & Endocrinology (CM&E) franchise, which includes the medicines Glucophage®, Euthyrox®, Concor®, and Saizen®, is the largest franchise of the Healthcare business sector in terms of sales.
Glucophage®, containing the active ingredient metformin, is a drug for the first-line treatment of type 2 diabetes and is available in more than 100 countries. In recent years, Glucophage® has been approved by additional health authorities for use in prediabetes in cases where lifestyle changes failed to produce the desired outcome. In early 2025, Glucophage® extended release received a label extension in the United Kingdom for women with polycystic ovary syndrome, one of the most common hormonal conditions and the largest cause of anovulatory infertility affecting women of reproductive age; similar label extension in other countries is ongoing.
Euthyrox®, with the active ingredient levothyroxine, is a leading medicine for the treatment of hypothyroidism, a disease with high prevalence but still low diagnosis rates in most emerging markets. The new formulation of Euthyrox® obtained further regulatory approvals in 2025 and is available in more than 100 countries where this incremental innovation is registered. With its characteristics of delivering precise, fine-tuned and stable levothyroxine doses as a result of the tightened specification, Euthyrox® may help optimize disease management.
Concor®/Concor Cor®, containing bisoprolol, is a beta-blocker for treating hypertension and cardiovascular diseases such as coronary heart disease and chronic heart failure. In addition to Concor®/Concor Cor®, the Concor® family includes fixed-dose combinations such as Concor® Plus/Lodoz® (bisoprolol with hydrochlorothiazide) and Concor® AM (bisoprolol with amlodipine).
Saizen®, which contains the active ingredient somatropin, is our primary endocrinology product and is indicated for the treatment of various growth hormone disorders in both children and adults. Saizen® can be administered using the Easypod® auto-injector, the only growth hormone injection device capable of remotely transferring data such as injection times, dates and doses to the web-based software system Growzen® Connect, which healthcare professionals, patients and caregivers can access. Alternatively, Saizen® can be delivered using Aluetta®, a simple reusable pen injection device.