Fagron (FAGR) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue grew 6.4% year-over-year to €228.2 million, with normalized organic growth of 8.5% and 5.7% organic growth at constant rates, excluding GLP-1s.

• Eight acquisitions completed year-to-date, including University Compounding Pharmacy in North America and UCP in California, with integrations progressing well and a strong M&A pipeline.

• FDA verified corrective and preventive actions at Wichita, validated capacity expansion, and issued Form 483s with several observations at Wichita and Anazao, with no repeat issues.

Financial highlights

• Q3 2025 total revenue reached €228.2 million, up 6.4% year-over-year; 9M 2025 revenue at €704.4 million, up 9.4%.

• EMEA revenue up 17.3% year-over-year in Q3 2025, with strong growth across all segments.

• Latin America revenue increased 9.2% year-over-year, with Brands segment up 21.5%.

• North America revenue declined 3.1% year-over-year, reflecting absence of GLP-1 drug shortages and lower productivity due to facility validation.

• Wichita facility capacity expansion validated by FDA, expected to generate $25 million in additional revenue.

Outlook and guidance

• Full-year 2025 revenue guidance confirmed at €930–€950 million, with a slight year-on-year profitability increase expected.

• CapEx expected to remain around 3.5% of revenues, excluding announced one-off projects.

• Expansion CapEx includes $39 million for Wichita, $29 million for Las Vegas, and €15 million for a sterile facility in the Netherlands.

• Guidance excludes signed acquisitions not yet closed and assumes stable market conditions.