Vistin Pharma (VISTN) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 reached NOK 118 million (MNOK 118), up 11% year-over-year, driven by a 17% increase in sales volumes.

• EBITDA for Q2 was NOK 30 million, up 11% from Q2 2024, with a stable EBITDA margin of 26%.

• Year-to-date revenue was NOK 233 million, also up 11% from the prior year.

• Net debt at end of June was NOK 40 million, with a cash dividend of NOK 1.25 per share (NOK 55 million total) paid in June.

• No changes in customer demand following US tariff discussions; safety stock mitigated supply chain risks.

Financial highlights

• Q2 sales volume hit an all-time high of 1,460 tons, up from 1,250 tons in Q2 2024; YTD sales volume rose 15%.

• Gross margin held steady at 63% in Q2 2025, well above the long-term target of 60%.

• EBITDA margin for Q2 was 26%.

• Net profit for Q2 was NOK 18.5 million, slightly down from NOK 19 million in Q2 2024.

• Cash and cash equivalents at quarter-end were NOK 2.2 million, down from NOK 11.4 million a year earlier.

Outlook and guidance

• Metformin market expected to grow 4%-6% CAGR, with the company maintaining a 10% global market share as capacity expands.

• Strategic focus on ramping up production to reach 7,000 metric tons annually and expanding CDMO activities.

• Long-term renewable energy agreement with Statkraft ensures stable, green power supply until 2032.

• Ongoing focus on cost control and operational efficiency to sustain margins.

• No impact on demand from new diabetes drugs or US tariff discussions; metformin remains baseline treatment.