Dermapharm Holding SE reports profitable growth in H1 2026 and confirms guidance

Dermapharm Holding SE reports profitable
growth in H1 2026 and confirms guidance

• Consolidated revenue up 2.9% to EUR 591.0 million in first half of 2026
• Unadjusted EBITDA jumps by 27.3% to EUR 184.5 million, unadjusted EBITDA margin rises to 31.2%
• Adjusted EBITDA up by 10.3% to EUR 163.2 million, adjusted EBITDA margin rises to 27.6%
• Strong organic and accretive growth in "Branded pharmaceuticals" segment provides significant cushion against planned reorganisation expenses at axicorp
• Board of Management confirms outlook for 2026, expects consolidated revenue of EUR 1,182–1,218 million and adjusted EBITDA of EUR 331–341 million.

Grünwald, 11 August 2026 – Dermapharm Holding SE ("Dermapharm"), a rapidly growing manufacturer of branded pharmaceuticals and other healthcare products, today published its unaudited preliminary consolidated figures (IFRS) for the first half of 2026.

Dermapharm has continued the positive Q1 trend into the second quarter of 2026. Based on preliminary figures, the Group reports a 2.9% increase in revenue in the first half of 2026, to EUR 591.0 million (prior-year period: EUR 574.5 million).

Unadjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 27.3% to EUR 184.5 million, with the adjusted EBITDA margin at 31.2% (prior-year period: EUR 144.9 million and margin of 25.2%). The adjustments in the first half of 2026 totalled EUR -21.3 million (prior-year period: EUR 3.1 million) and consisted primarily of preliminary negative goodwill arising in connection with the acquisition of the Mucos Group as well as restructuring and other one-off transaction-related items. Adjusted EBITDA amounted to EUR 163.2 million, representing 27.6% of net income (prior-year period: EUR 148.0 million, or 25.8%).

The strong organic growth in the branded pharmaceuticals segment and the revenue contributions from the Mucos Group and F. Trenka – which have been included for the first time – represented a significant buffer against the expected decline resulting from the strategic overhaul of the axicorp portfolio and the restructuring of Arkopharma's business model.

"The business performance in the first half of 2026 once again underscores the strength of our business model. Our established branded products, both at home and abroad, remain our key growth drivers, and we are continuously refining and strengthening them through targeted portfolio expansions. At the same time, we are benefiting from the growth momentum generated by the acquisitions of the Mucos Group – with brands such as Wobenzym^®. We also anticipate an overall positive trend across all three segments in the second half of the year and, against this backdrop, confirm our full-year guidance for 2026," said Dr Hans-Georg Feldmeier, CEO of Dermapharm Holding SE.

Branded pharmaceuticals

The "Branded pharmaceuticals" segment recorded particularly robust organic growth. This growth is primarily attributable to the contributions from the Mucos Group, which was consolidated for the first time, the inclusion of F. Trenka, and the strong performance of the existing domestic and international business.

Other healthcare products

The "Other healthcare products" segment recorded a moderate decline in revenue as a result of weakened purchasing power due to the economic situation. The segment's earnings benefited in particular from favourable exchange rate effects and an improved cost of materials ratio, which more than offset the increase in customs duties.

Parallel import business

In the "Parallel import business" segment, revenue and earnings are developing in line with expectations following the strategic realignment of the product portfolio. While the ongoing focus on higher-margin products is, as expected, leading to lower revenue, earnings are improving as a result of the successfully implemented portfolio restructuring.

Outlook for the 2026 financial year confirmed

In light of the positive business performance in the first half of the year, the Board of Management has confirmed its full-year guidance for 2026. Dermapharm continues to expect 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.

Dermapharm will publish its final figures (reviewed by the auditor) for the first half of 2026 along with its complete Half-year Financial Report 2026 on 25 August 2026.

IFRS figures for H1 2026 and the prior-year period

(excluding segment reconciliation/Group holding company)

 * H1 2026 EBITDA was adjusted for non-recurring items amounting to EUR -21.3 million.
    H1 2025 EBITDA was adjusted for non-recurring items amounting to EUR 3.1 million.

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 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 herbal 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 resells 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 sixth 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