Dermapharm (DMP) Q2 2026 earnings summary

Executive summary

• Revenue grew 2.9% year-over-year to €591.0 million in H1 2026, driven by organic growth, branded pharmaceuticals, and first-time contributions from Mucos and F. Trenka.

• Adjusted EBITDA increased 10.3% to €163.2 million, with margin rising to 27.6% from 25.8% year-over-year.

• Profitability and resilience were underscored by double-digit adjusted EBITDA growth and successful operational optimizations.

• Share buyback and M&A activity, including Mucos and F. Trenka, significantly impacted financials and reduced equity.

• Strong branded and international business momentum, with successful relaunches and continued outperformance in allergology and anti-allergy portfolios.

Financial highlights

• Revenue: €591.0 million (+2.9% year-over-year); Adjusted EBITDA: €163.2 million (+10.3%); Unadjusted EBITDA: €184.5 million (+27.3%).

• Earnings after tax rose 26.2% to €68.3 million; earnings per share increased to €1.32.

• Operating cash flow increased by €35.2 million to €105.3 million, with cash conversion up to 64.5%.

• Net debt increased to €1,008 million, with leverage at 3.0x adjusted EBITDA, below covenant limits.

• Branded pharmaceuticals revenue: €321.9 million (+11.6%); Other healthcare products: €177.4 million (-1.2%); Parallel import business: €91.6 million (-14.0%).

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue expected at €1,182–1,218 million and adjusted EBITDA at €331–341 million.

• Branded pharmaceuticals expected to continue strong performance, with anti-allergy and international business providing further growth.

• Other healthcare products (Cernelle, Euromed, Arkopharma) and parallel import business forecast to maintain positive earnings trends in H2 2026.

• No material impact anticipated from the German Financial Stabilization Act for the remainder of 2026.

• Risks include regulatory changes, geopolitical tensions, and raw material price volatility.