Faes Farma (FAE) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 24% to €563.5M; EBITDA increased 17% to €124.4M, or 20% excluding €3.2M of SIFI and Edol restructuring costs.

• Acquisitions, international direct-market growth and ophthalmology expansion diversified revenue; Japan bilastine loss of exclusivity weighed on licensing.

Financial highlights

• Net revenue increased 25% to €551.9M; gross profit rose 27% to €380.6M and operating profit increased 7% to €94.5M.

• EBITDA reached €124.4M, up 17%, or 20% excluding €3.2M of SIFI and Edol restructuring costs.

• Consolidated net profit was €74.3M, up 1%; parent-attributable profit was €74.1M, up 1%.

• Staff costs rose 41% to €126.3M, reflecting expanded scope, restructuring and strategic hiring; other operating expenses increased 24%.

• Financial expenses increased to €7.2M from €1.1M; depreciation, amortisation and impairment rose 60% to €29.9M.

Outlook and guidance

• FY26 guidance reaffirmed: revenue growth of 17%–19%, EBITDA growth of 28%–31%, and net debt/EBITDA below 2x; EBITDA guidance includes remaining Derio costs.

• Growth drivers include strategic-market expansion, full SIFI and Edol integration, commercial synergies and efficiencies following the Derio move.

• Q4 sales growth expected to slow against a comparison period including SIFI and Edol; EBITDA expected to accelerate with lower one-off costs and stronger existing businesses, particularly SIFI.

• FY26 pro forma growth estimated at ~10% excluding Japan bilastine impact; quantitative FY27 guidance deferred to full-year results. Japan’s impact is expected to ease in FY27.