Gedeon Richter (RICHTER) Investor presentation summary

Strategic vision and business model

• Aims for global recognition as a pharma-only, innovative, and affordable company, focusing on women’s and mental health by 2035.

• Plans to double non-royalty business and add royalty streams by the 2030s, emphasizing scalable and diverse solutions.

• Four business units: Women’s Healthcare (WHC), Neuropsychiatry/CNS, Biotechnology (BIO), and General Medicines (GM), with EUR 2.3bn sales in 2025.

• WHC set to become the largest EBIT contributor by 2035, with a focus on innovation, portfolio expansion, and geographic growth.

Revenue growth and portfolio development

• Multiple growth levers: maximizing current portfolio, launching new products, expanding in the US and Western Europe, and biosimilar launches.

• WHC targets doubling revenue and R&D investment, expanding into new therapeutic segments and geographies.

• CNS driven by Cariprazine (Vraylar®), a top-selling US drug, with a robust pipeline to manage loss of exclusivity.

• Biotech aims for double-digit growth, break-even by 2027, and eight own biosimilar launches by 2035.

• GenMed focuses on generics excellence, portfolio freshness, and operational efficiency, targeting Western Europe expansion.

Financial performance and outlook

• 2025 pharma revenues reached EUR 2.3bn (+8.3% YoY CER), with Clean EBIT up 14% to HUF 305bn.

• All segments improved profitability YoY except CNS, which remained the largest earnings contributor.

• Net profit for 2025 was HUF 232.3bn, down 3% YoY due to FX losses and higher tax rates despite stronger operating profit.

• Free cash flow in 2025 was HUF 250bn, with strong cash generation and lower capex.

• 2026 guidance: high single-digit growth in both revenues and Clean EBIT, with R&D-to-sales around 11%.