Glycorex Transplantation (GTAB) Q4 2025 earnings summary

Executive summary

• Achieved 10% year-over-year revenue growth to 38.8 MSEK, with improved operating results and reduced losses compared to 2024.

• Sales increased in most markets, notably in Mexico, Switzerland, Czechia, and Singapore; Germany, the largest market, grew 10%.

• Entered new markets (Portugal, Morocco) and resumed sales in Greece.

• Secured a multi-year contract with a leading Dutch university hospital for GlycosorbⓇ ABO.

• Published a significant pediatric heart transplantation study, recognized among the year's top five in its field.

Financial highlights

• Full-year net sales: 38.8 MSEK (35.2 MSEK in 2024), up 10%.

• Operating result: -7.3 MSEK (-10.4 MSEK in 2024); net result: -7.7 MSEK (-10.9 MSEK in 2024).

• Q4 net sales: 9.4 MSEK (10.5 MSEK in Q4 2024); Q4 net result: -2.7 MSEK (-2.0 MSEK in Q4 2024).

• Cash flow for the year: 4.5 MSEK (-7.0 MSEK in 2024); cash and equivalents at year-end: 10.2 MSEK (5.8 MSEK in 2024).

• No dividend proposed for 2025.

Outlook and guidance

• Entering 2026 with confidence, driven by ongoing projects and strengthened regulatory foundation.

• Focus on expanding in growth markets (India, Mexico, South Africa) and launching new products, especially for rheumatoid arthritis.

• Continued investment in research and development, with a study for RA patients planned.