EQL Pharma (EQL) ABGSC Investor Days summary

Company overview

• Founded in 2006, EQL Pharma develops niche generics for Nordic and European markets, focusing on products overlooked by larger firms due to low prescription volumes.

• Operates in three segments: Pharmacy (70% of sales), Hospital (15%), and Branded (15%), with 40 active marketed products and a SEK 2.4bn market cap as of March 2025.

• Achieved 27 consecutive quarters of year-over-year growth, with significant milestones including Nasdaq Stockholm listing in 2024 and strategic product launches.

• Diversified offering combines generics and branded products, with gross margins ranging from 45% to 70% depending on segment.

Financial performance and targets

• Q4 2024/25 sales grew 45% to SEK 113.3m, with EBIT up 174% to SEK 23.0m and EBITDA margin at 25%.

• Gross margin was 41%, slightly impacted by external factors such as the Red Sea situation.

• Growth outlook for 2025/26 is approximately 30%, with leverage at 3.5x EBITDA (pro-forma).

• Long-term targets include a 30% net sales CAGR, EBITDA margin above 25%, and net leverage below 2.5x.

Pipeline and business development

• Portfolio includes 46 marketed products and 44 in the pipeline, with 28 under development and several in review or launch phases.

• 11 new products added to the pipeline in Q4 2024/25, supporting future growth.

• Expected to launch 10–17 new products annually from 2025/26 through 2029/30.

• Recent deals include Mellozzan for GCC markets and ongoing regulatory procedures in Germany, France, and UK.