Celon Pharma (CLN) Q3 2025 earnings summary

Executive summary

• Achieved 13% year-over-year revenue growth for the first nine months of 2025, with consolidated revenue at PLN 180.0 million, driven by strong domestic sales and increased grant income.

• EBITDA margin improved to 4.5%, up 2.5 percentage points, reflecting a favorable revenue mix and cost discipline.

• Generic drugs segment revenue grew 8.8% year-over-year to PLN 151.4 million, driven by higher volumes and stable prices.

• Innovative segment saw a significant increase in R&D grant income, rising from PLN 16.4 million in 9M24 to PLN 24.2 million in 9M25.

• The Slovak subsidiary remains in the investment phase, with all revenue generated by the parent company.

Financial highlights

• Total revenues reached PLN 179.99 million for 9M 2025, up from PLN 158.81 million year-over-year.

• EBITDA for the generic segment reached PLN 53.4 million, up 5.4% year-over-year, with a margin of 35.0%.

• Consolidated EBITDA was PLN 8.1 million, up from PLN 3.1 million in 9M24 (excluding the 2024 one-off).

• Net loss for the period was PLN -54.5 million, compared to a net profit of PLN 33.5 million in 9M24.

• Cash and equivalents at September 30, 2025, were PLN 21.0 million, down from PLN 75.1 million at year-end 2024.

Outlook and guidance

• Continued focus on expanding the generics portfolio and advancing innovative R&D projects.

• Commercial revenues from the innovation segment expected in future stages as clinical projects progress.

• The company plans to continue active participation in grant competitions to diversify funding.

• No financial forecasts for 2025 were published.