Dermapharm (DMP) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €293.4m, down 0.5% YoY; adjusted EBITDA fell 3.6% to €84.9m, with lower BioNTech contribution and higher depreciation weighing on results.

• 9M revenue rose 1.7% to €884.4m and adjusted EBITDA increased 5.1% to €248.1m, led by Branded Pharmaceuticals.

• 9M operating cash flow grew 10.2% to €148.6m; earnings after tax was €93.3m versus €95.2m a year earlier.

• FY 2026 guidance was reaffirmed at revenue of €1,182m–€1,218m and adjusted EBITDA of €331m–€341m.

Financial highlights

• 9M operating result rose to €193.3m from €169.1m; EBT was €131.3m versus €137.4m and profit for the period was €93.3m versus €95.2m.

• 9M unadjusted EBITDA increased 15.6% to €266.9m; adjusted EBITDA margin rose to 28.0% from 27.1%.

• 9M free cash flow increased €16.6m to €113.1m; cash conversion improved to 59.9% of adjusted EBITDA from 57.1%.

• Q3 Branded Pharmaceuticals revenue grew 1.7%; management reported no exceptional quarterly factor and said it would review revenue phasing.

Outlook and guidance

• FY 2026 revenue guidance of €1,182m–€1,218m and adjusted EBITDA guidance of €331m–€341m were reaffirmed, supported by Q4 expectations.

• Branded growth is expected from the existing portfolio, expansion, seasonal anti-allergy demand and international business; no material 2026 impact from the German Financial Stabilisation Act is anticipated.

• Other Healthcare Products revenue and Parallel Import contribution margin are expected slightly below prior year, offset particularly by Branded Pharmaceuticals; leverage is forecast below 3x adjusted EBITDA by year-end.

• Arkopharma expects further acceleration in 2027, supported by customer feedback, pre-orders, media campaigns and new product launches.