Dermapharm confirms profitable growth in H1 2026 and increases adjusted EBITDA

Dermapharm confirms profitable growth in H1 2026
and increases adjusted EBITDA

• H1 2026 a success: consolidated revenue up 2.9% to EUR 591.0 million, while adjusted EBITDA jumps by 10.3% to EUR 163.2 million, and adjusted EBITDA margin improves to 27.6%
• "Branded pharmaceuticals" segment drives growth: revenue rises by 11.6% due to organic growth and the consolidation of the newly acquired Mucos Group and F. Trenka
• "Other healthcare products" and "Parallel import business" segments record significant increase in earnings, driven by operational measures, favourable currency effects and portfolio optimisations
• 2026 outlook confirmed: consolidated revenue of between EUR 1,182 million and EUR 1,218 million, as well as adjusted consolidated EBITDA of between EUR 331 million and EUR 341 million

Grünwald, 25 August 2026 – Dermapharm Holding SE ("Dermapharm"), a rapidly growing manufacturer of branded pharmaceuticals and other healthcare products, today published its report (reviewed by the auditor) for the first half of the current 2026 financial year and confirmed the preliminary consolidated figures (IFRS).

On the basis of the final consolidated figures (IFRS), consolidated revenue rose by 2.9% to EUR 591.0 million in H1 2026 (prior-year period: EUR 574.5 million). This growth is attributable primarily to the revenue contributions from the Mucos Group and F. Trenka for the first time and strong organic growth in the domestic and international branded pharmaceuticals business. This more than offset the decrease in revenue in the "Parallel import business" segment (resulting from the ongoing portfolio optimisation efforts) and the slight decline in revenue in the "Other healthcare products" segment.

Adjusted EBITDA increased by an above-average 10.3% to EUR 163.2 million (prior-year period: EUR 148.0 million). The adjusted EBITDA margin improved by 1.8 percentage points to 27.6% (prior-year period: 25.8%). Prior to adjustment, EBITDA increased by 27.3% to EUR 184.5 million (prior-year period: EUR 144.9 million). This was driven primarily by the strong growth in the "Branded pharmaceuticals" segment, the increase in earnings in the "Other healthcare products" segment, and the successful ongoing efforts to optimise the portfolio in the "Parallel import business" segment.

"The business performance in the first half of 2026 underscores the profitability and resilience of our company. The double-digit growth in adjusted EBITDA is driven by the strong performance of our branded pharmaceuticals business, the successful contributions from our most recent acquisitions, and the increasing impact of operational optimisation measures. The significant improvement in earnings in the "Other healthcare products" and "Parallel import business" segments is particularly encouraging. Looking ahead to the second half of the year, we believe we are well positioned to consistently drive ahead with our growth strategy and therefore confirm our guidance for financial year 2026," said Dr Hans-Georg Feldmeier, CEO of Dermapharm Holding SE.

Branded pharmaceuticals

Revenue in the "Branded pharmaceuticals" segment rose by 11.6% to EUR 321.9 million (prior-year period: EUR 288.5 million). This growth was driven primarily by the revenue contributions of the Mucos Group and F. Trenka, which were consolidated for the first time, and the strong growth in the existing domestic and international business.

The adjusted EBITDA rose by 8.0% to EUR 137.0 million (prior-year period: EUR 126.8 million). The adjusted EBITDA margin amounted to 42.6% (prior-year period: 43.9%). The increase in earnings is attributable primarily to the core business in Germany and abroad. Unadjusted EBITDA increased by 26.4% to EUR 158.8 million (prior-year period: EUR 125.6 million), with the unadjusted EBITDA margin improving to 49.3% (prior-year period: 43.5%). Adjustments in the reporting period amounted to EUR -21.8 million and were due primarily to the negative goodwill arising from the acquisition of the Mucos Group recognised in profit or loss. Adjustments in the prior-year period amounted to EUR 1.2 million.

Other healthcare products

Revenue in the "Other healthcare products" segment remained nearly unchanged against the prior-year period (-1.2% to EUR 177.4 million; prior-year period: EUR 179.5 million).

An increase in the gross profit margin and favourable currency effects led to a significant improvement in earnings. Adjusted EBITDA rose by 14.5% to EUR 29.3 million (prior-year period: EUR 25.6 million), and the adjusted EBITDA margin increased to 16.5% (prior-year period: 14.3%). Unadjusted EBITDA rose by 15.7% to EUR 28.8 million (prior-year period: EUR 24.9 million), with the unadjusted EBITDA margin improving 16.2% (prior-year period: 13.9%). In H1 2026, adjustments of EUR 0.5 million related primarily to restructuring expenses at Arkopharma (prior-year period: EUR 0.7 million).

Parallel import business

In the "Parallel import business" segment, there was no let-up in efforts to restructure the product portfolio to focus on contribution margins. As expected, this strategic focus on high-margin products caused revenue to decline by 14.0% to EUR 91.6 million (prior-year period: EUR 106.5 million).

At the same time, earnings increased significantly. Unadjusted EBITDA increased to EUR -0.2 million (prior-year period: EUR -2.9 million). In the previous year, earnings had also been weighed down by restructuring expenses of EUR 1.2 million in connection with the adjustment to the headcount. Adjusted EBITDA in the prior-year period had amounted to EUR -1.6 million. This development underscores the effectiveness of the ongoing portfolio adjustments and the focus on higher-margin products.

Board of Management confirms outlook for 2026 overall

The Board of Management confirms the guidance for the 2026 financial year published in the 2025 Annual Report.

Dermapharm expects the "Branded pharmaceuticals" segment to build on its positive performance. The key drivers of growth remain the expansion of existing brand portfolios, the positive performance of the national and international business and the full availability of the product range. The anti-allergy business in particular is expected to provide further momentum.

In the "Other healthcare products" segment, Dermapharm expects Cernelle and Euromed to continue to perform well in the second half of the year and for Arkopharma to have a strong second half of the year.

The "Parallel import business" segment is also forecast to see a continuation of its positive earnings trend during the further course of the year.

Given this, the Board of Management confirms its guidance for financial year 2026, with consolidated revenue of between EUR 1,182 to 1,218 million and adjusted EBITDA of between EUR 331 to 341 million.

The full report on the first half of 2026 can now be downloaded from https://ir.dermapharm.de/.

IFRS figures for H1 2026 and the prior-year period

(excluding segment reconciliation/Group holding company)

1 H1 2026 EBITDA adjusted for non-recurring items totalling EUR -21.3 million, of which EUR -17.6 million was attributable to Q2 2026;
H1 2025 EBITDA adjusted for non-recurring items totalling EUR 3.1 million, of which EUR 1.9 million was attributable to Q2 2025.

Company profile

Dermapharm – Pharmaceutical Excellence "Made in Europe"

Dermapharm is an innovative and rapidly growing manufacturer of branded pharmaceuticals and other healthcare products. Founded in 1991, the Company is based in Grünwald near Munich. In addition to its main location in Brehna near Leipzig, Dermapharm also operates other production, development and distribution locations, including in Germany, the rest of Europe and the United States.

In the "Branded pharmaceuticals" segment, Dermapharm has more than 1,400 marketing authorisations with more than 400 active pharmaceutical ingredients. Dermapharm's portfolio of pharmaceuticals is tailored to selected therapeutic areas in which the Company is a market leader, especially in Germany. The Company's integrated business model extends from in-house product development and production through quality management and logistics to the distribution of branded pharmaceuticals by a trained pharmaceutical sales force.

Dermapharm bundles food supplements, herbal pharmaceuticals, cosmetics, medical devices, herbal extracts and medicinal cannabis in its "Other healthcare products" segment. In this segment, Dermapharm can tap the expertise of Arkopharma, the market leader for phytotherapeutic food supplements in France, and the Spanish company Euromed S.A., a leading global manufacturer of herbal extracts and plant-based active ingredients for the pharmaceuticals, nutraceuticals, foodstuffs and cosmetics industries.

Dermapharm also operates the "Parallel import business" segment under the axicorp brand. axicorp imports originator pharmaceuticals from other EU Member States and resell them to pharmaceuticals wholesalers and pharmacies in Germany. This enables axicorp to benefit from the different pricing structures in the individual EU Member States. Based on revenue, axicorp is currently the seventh largest parallel importer in Germany.

With a consistent R&D strategy and numerous successful product and company acquisitions and by stepping up its internationalisation efforts, the Group is continuously optimising its business activities and seeks external growth opportunities in addition to organic growth.

Contact

Investor Relations & Corporate Communications
Britta Hamberger
Tel.: +49 (0)89 64186-233
E-mail: ir@dermapharm.com