Lavipharm (LAVI) Q4 2025 earnings summary

Executive summary

• FY 2025 sales before rebate & clawback reached €70.03mn, up 14.8% year-over-year, with net income at €5.99mn, down due to a prior year deferred tax asset recognition; excluding this, net profit grew 123.2%.

• Adjusted EBITDA rose 48.9% to €15.47mn, reflecting strong operational performance.

• Major strategic moves included the cessation of wholesale/logistics, launch of medical cannabis, and acquisition of Durogesic rights.

• Leadership credits disciplined execution and employee commitment for performance, emphasizing readiness for accelerated growth and long-term value creation.

Financial highlights

• Sales after rebate & clawback were €62.58mn, up 18.2% year-over-year.

• Gross profit increased 20.8% to €30.31mn; EBIT rose 68.8% to €9.35mn.

• Net result from continued operations was €5.1mn, down 41.7% year-over-year.

• Free cash flow turned positive at €2.0mn, compared to -€5.0mn in 2024.

• Net debt decreased to €26.57mn from €28.23mn at year-end 2024.

Outlook and guidance

• Durogesic acquisition projected to increase annual revenue by 60% and expand EBITDA margin from 22% to 31%.

• Commercialization of new products and international expansion expected to drive future growth.

• Management highlights strong foundations and clear strategy, positioning for accelerated growth and long-term value creation.