Key figures |
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Change |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
2025 |
|
2024 |
|
€ million |
|
% |
||||||
Net sales |
|
8,607 |
|
8,455 |
|
153 |
|
1.8% |
||||||
Operating result (EBIT)1 |
|
2,165 |
|
2,481 |
|
-316 |
|
-12.7% |
||||||
Margin (% of net sales)1 |
|
25.2% |
|
29.3% |
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|
|
|
||||||
EBITDA2 |
|
2,864 |
|
3,021 |
|
-156 |
|
-5.2% |
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Margin (% of net sales)1 |
|
33.3% |
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35.7% |
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|
|
|
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EBITDA pre1 |
|
3,080 |
|
2,995 |
|
85 |
|
2.8% |
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Margin (% of net sales)1 |
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35.8% |
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35.4% |
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Development of sales and results of operations
The development of net sales in the individual quarters in comparison with 2024 as well as the respective organic growth rates are presented in the following chart:
Healthcare
Net sales and organic growth1 by quarter2
€ million/organic growth in %
2 Quarterly breakdown unaudited.
Net sales of the key product lines and products developed as follows in 2025:
Net sales by major product lines/products |
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|
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€ million |
|
2025 |
|
Share |
|
Organic growth1 |
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Exchange rate effects1 |
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Acqui |
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Total change1 |
|
2024 |
|
Share |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oncology |
|
1,926 |
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22% |
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0.3% |
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-4.5% |
|
– |
|
-4.2% |
|
2,009 |
|
24% |
||||
thereof: Erbitux® |
|
1,176 |
|
14% |
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6.6% |
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-5.5% |
|
– |
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1.2% |
|
1,162 |
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14% |
||||
thereof: Bavencio® |
|
612 |
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7% |
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-13.8% |
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-2.9% |
|
– |
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-16.7% |
|
735 |
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9% |
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Rare Diseases |
|
188 |
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3% |
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|
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thereof: Ogsiveo® |
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134 |
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2% |
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|
|
|
|
|
|
|
|
|
|
|
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thereof: Gomekli® |
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55 |
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1% |
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|
|
|
|
|
|
|
|
|
|
|
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Neurology & Immunology |
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1,659 |
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19% |
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1.9% |
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-3.6% |
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– |
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-1.7% |
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1,688 |
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20% |
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thereof: Mavenclad® |
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1,194 |
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14% |
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16.6% |
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-4.1% |
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– |
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12.4% |
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1,062 |
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13% |
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thereof: Rebif® |
|
465 |
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5% |
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-23.0% |
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-2.8% |
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– |
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-25.8% |
|
626 |
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7% |
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Fertility |
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1,457 |
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17% |
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0.4% |
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-5.1% |
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– |
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-4.6% |
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1,528 |
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18% |
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thereof: Gonal-f® |
|
735 |
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9% |
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-6.7% |
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-5.0% |
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– |
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-11.7% |
|
833 |
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10% |
||||
thereof: Pergoveris® |
|
329 |
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4% |
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22.6% |
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-5.2% |
|
– |
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17.4% |
|
280 |
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3% |
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Cardiovascular, Metabolism & Endocrinology |
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3,050 |
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35% |
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7.3% |
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-3.8% |
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– |
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3.4% |
|
2,949 |
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35% |
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thereof: Glucophage® |
|
975 |
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11% |
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5.9% |
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-3.7% |
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– |
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2.3% |
|
954 |
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11% |
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thereof: Concor® |
|
625 |
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7% |
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4.7% |
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-2.3% |
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– |
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2.4% |
|
611 |
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7% |
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thereof: Euthyrox® |
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653 |
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8% |
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9.4% |
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-3.9% |
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– |
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5.4% |
|
619 |
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7% |
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thereof: Saizen® |
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388 |
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5% |
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13.0% |
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-6.8% |
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– |
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6.2% |
|
366 |
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4% |
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Other |
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328 |
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4% |
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|
280 |
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3% |
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Healthcare |
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8,607 |
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100% |
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3.7% |
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-4.1% |
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2.2% |
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1.8% |
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8,455 |
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100% |
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The oncology drug Erbitux® (cetuximab) recorded strong organic sales growth in fiscal 2025, supported by the Latin America, Europe and Middle East and Africa regions in particular. Growth in these regions was driven by increased demand compared with the year-earlier period.
In immuno-oncology, the oncology drug Bavencio® (avelumab) recorded a decline in the mid-teen percentage range in the reporting period. This sales decline was attributable to reduced demand in North America in particular, but also in Asia-Pacific and Europe, as alternative treatment methods for patients with locally advanced or metastatic urothelial carcinoma were increasingly preferred.
The Rare Diseases franchise includes sales from the products Ogsiveo® (nirogacestat), which is used to treat progressing desmoid tumors, and Gomekli® (mirdametinib), which is the first and only medicine for both adults and children aged two years and older with NF1-associated plexiform neurofibromas (NF1-PN). Both products were gained as a result of the acquisition of SpringWorks Therapeutics, Inc., USA, (SpringWorks), on July 1, 2025, and have since contributed to our portfolio and overall growth. This is reflected in acquisition-related growth of 2.2% for Healthcare.
Mavenclad®, for the oral short-course treatment of highly active relapsing forms of multiple sclerosis (MS), generated organic sales growth in the high-teen percentage range in fiscal 2025, maintaining its blockbuster status for the third year in a row with net sales of more than US$ 1 billion. This favorable growth was driven primarily by increasing demand in North America and Europe.
Sales of the drug Rebif®, which is used to treat relapsing forms of MS, decreased organically in the low-twenties percentage range in fiscal 2025. This was attributable to the ongoing difficult competitive situation in the interferon market due to challenges from oral dosage forms and high-efficacy MS therapies.
Sales of the Fertility franchise remained around stable organically in fiscal 2025 compared with the year-earlier period. Gonal-f®, the leading recombinant hormone used in the treatment of infertility, saw a strong organic sales decline. This development was primarily influenced by the North America region. In the same period, Pergoveris®, which combines recombinant human follicle-stimulating hormone (r-hFSH) and recombinant human luteinizing hormone (r-hLH), posted organic sales growth in the low-twenties percentage range, to which all regions contributed.
The Cardiovascular, Metabolism & Endocrinology franchise, which commercializes drugs for the treatment of cardiovascular diseases, thyroid disorders, diabetes, and growth disorders, delivered strong organic sales growth in fiscal 2025 thanks to increased demand. The diabetes medicine Glucophage® posted solid sales growth, driven primarily by the Latin America and Asia-Pacific regions. The beta-blocker Concor® also saw solid organic sales growth, driven mainly by the Asia-Pacific region. The thyroid medicine Euthyrox® achieved strong organic sales growth compared with the year-earlier period, to which all regions except North America contributed. The product Saizen® for the treatment of various growth hormone disorders recorded organic sales growth in the low-teens percentage range compared with the year-earlier period. This was mainly influenced by the development in the Middle East and Africa, Latin America and Europe regions.
Product sales and organic growth1 of Mavenclad®, Erbitux® and Glucophage® by region – 2025 |
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Total |
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Europe |
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North America |
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Asia-Pacific (APAC) |
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Latin America |
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Middle East and Africa (MEA) |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mavenclad® |
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€ million |
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1,194 |
|
423 |
|
635 |
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19 |
|
69 |
|
48 |
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Organic growth1 |
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16.6% |
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13.3% |
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18.1% |
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-3.3% |
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31.9% |
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14.6% |
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Share |
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100% |
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35% |
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53% |
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2% |
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6% |
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4% |
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Erbitux® |
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€ million |
|
1,176 |
|
483 |
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– |
|
476 |
|
138 |
|
79 |
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Organic growth1 |
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6.6% |
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5.5% |
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– |
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-1.3% |
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31.3% |
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24.9% |
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Share |
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100% |
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41% |
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– |
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40% |
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12% |
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7% |
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Glucophage® |
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€ million |
|
975 |
|
142 |
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– |
|
509 |
|
229 |
|
95 |
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Organic growth1 |
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5.9% |
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2.5% |
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– |
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5.3% |
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14.1% |
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-3.2% |
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Share |
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100% |
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15% |
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– |
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52% |
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23% |
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10% |
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Net sales in the Healthcare business sector by region in 2025 developed as follows:
Net sales by region |
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€ million |
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2025 |
|
Share |
|
Organic growth1 |
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Exchange rate effects1 |
|
Acqui |
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Total change |
|
2024 |
|
Share |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Europe |
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2,835 |
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33% |
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4.6% |
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-0.7% |
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0.4% |
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4.3% |
|
2,720 |
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32% |
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North America |
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1,810 |
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21% |
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-4.2% |
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-4.0% |
|
10.0% |
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1.8% |
|
1,778 |
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21% |
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Asia-Pacific (APAC) |
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2,277 |
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27% |
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3.0% |
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-4.3% |
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– |
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-1.2% |
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2,305 |
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27% |
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Latin America |
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1,062 |
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12% |
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13.1% |
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-12.5% |
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– |
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0.5% |
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1,056 |
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11% |
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Middle East and Africa (MEA) |
|
622 |
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7% |
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9.4% |
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-4.8% |
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– |
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4.6% |
|
595 |
|
7% |
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Healthcare |
|
8,607 |
|
100% |
|
3.7% |
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-4.1% |
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2.2% |
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1.8% |
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8,455 |
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100% |
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The following table presents the composition of EBITDA pre in fiscal 2025 in comparison with 2024. The IFRS Accounting Standards figures have been modified to reflect the elimination of adjustments included in the functional costs.
Reconciliation EBITDA pre1 |
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2025 |
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2024 |
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Change |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
IFRS |
|
Elimination of adjustments |
|
Pre1 |
|
IFRS |
|
Elimination of adjustments |
|
Pre1 |
|
Pre1 |
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Net sales |
|
8,607 |
|
– |
|
8,607 |
|
8,455 |
|
– |
|
8,455 |
|
1.8% |
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Cost of sales |
|
-2,368 |
|
54 |
|
-2,314 |
|
-2,201 |
|
– |
|
-2,201 |
|
5.2% |
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Gross profit |
|
6,239 |
|
54 |
|
6,293 |
|
6,254 |
|
– |
|
6,254 |
|
0.6% |
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Marketing and selling expenses |
|
-1,832 |
|
62 |
|
-1,770 |
|
-1,713 |
|
3 |
|
-1,710 |
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3.5% |
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Administration expenses |
|
-355 |
|
32 |
|
-323 |
|
-313 |
|
12 |
|
-301 |
|
7.2% |
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Research and development costs |
|
-1,661 |
|
34 |
|
-1,627 |
|
-1,503 |
|
9 |
|
-1,493 |
|
8.9% |
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Impairment losses and reversals of impairment losses on financial assets (net) |
|
22 |
|
– |
|
22 |
|
2 |
|
– |
|
2 |
|
>100.0% |
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Other operating income and expenses |
|
-248 |
|
229 |
|
-18 |
|
-247 |
|
110 |
|
-137 |
|
-86.6% |
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Operating result (EBIT)1 |
|
2,165 |
|
|
|
|
|
2,481 |
|
|
|
|
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||||||
|
699 |
|
-197 |
|
502 |
|
540 |
|
-160 |
|
380 |
|
32.3% |
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EBITDA2 |
|
2,864 |
|
|
|
|
|
3,021 |
|
|
|
|
|
|
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Restructuring expenses |
|
65 |
|
-65 |
|
– |
|
8 |
|
-8 |
|
– |
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|
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Integration expenses/IT expenses |
|
112 |
|
-112 |
|
– |
|
11 |
|
-11 |
|
– |
|
|
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Gains (-)/losses (+) on the divestment of businesses |
|
1 |
|
-1 |
|
– |
|
-45 |
|
45 |
|
– |
|
|
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Acquisition-related adjustments |
|
38 |
|
-38 |
|
– |
|
– |
|
– |
|
– |
|
|
||||||
Other adjustments |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
|
||||||
EBITDA pre1 |
|
3,080 |
|
– |
|
3,080 |
|
2,995 |
|
– |
|
2,995 |
|
2.8% |
||||||
of which: organic growth1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
11.5% |
||||||
of which: exchange rate effects |
|
|
|
|
|
|
|
|
|
|
|
|
|
-8.5% |
||||||
of which: |
|
|
|
|
|
|
|
|
|
|
|
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|
-0.1% |
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In fiscal 2025, gross profit after the elimination of adjustments remained around stable, whereas the gross margin, at 73.1% (2024: 74.0%), decreased slightly year-on-year.
After the elimination of adjustments, marketing and selling expenses increased moderately in the reporting period. Moreover, after eliminating adjustments in both cases, research and development costs and administration expenses increased significantly in fiscal 2025. This development was driven primarily by the additional follow-on costs resulting from the acquisition of SpringWorks. The continuous intensification of research and development projects caused an additional increase in research and development costs.
In fiscal 2025, the negative net balance of other operating expenses and income after eliminating adjustments declined considerably compared with the previous year. This was especially attributable to income of € 61 million from the sale of an intangible asset that entitles the holder to priority review by the U.S. Food and Drug Administration.
In fiscal 2025, EBITDA pre recorded an organic increase in the low-teens percentage range. However, strong negative foreign exchange effects meant that EBITDA pre increased moderately overall. In fiscal 2025, the EBITDA pre margin was 35.8% (2024: 35.4%) and thus remained around stable.
The development of EBITDA pre in the individual quarters in comparison with 2024 is presented in the following overview:
Healthcare
EBITDA pre1 and change by quarter2
€ million/change in %
2 Quarterly breakdown unaudited.