Reconciliations

Revenue at constant currencies1

kEUR

2025

2024

 

 

 

Revenue at constant currency rates 1

390,628

336,653

Impact from changes in exchange rates compared to prior period

-1,301

139

Revenue reported (IFRS)

389,327

336,792

1 Revenue translated into the presentation currency, EUR, using the weighted average EUR currency exchange rate from the prior period.

Change in revenue

 

2025 vs 2024

2024 vs 2023

 

 

 

Change in revenue reported (IFRS) (%)

15.6%

5.1%

Change in revenue at constant currency rates (%) 1

16.0%

5.1%

1 The change is calculated as: (Current period's revenue at constant currencies) / (Prior period's revenue reported (IFRS)) - 1.

Revenue by business area, excl. coronavirus pandemic (2025 vs 2024 and 2021)

kEUR

2025

2024

2021

 

 

 

 

Commercial revenue

235,896

218,644

115,120

Development revenue, excl. revenue associated with the coronavirus pandemic

153,431

118,148

103,812

Revenue associated with the coronavirus pandemic

63,194

Revenue reported (IFRS)

389,327

336,792

282,126

Revenue by therapeutic area, excl. coronavirus pandemic (2025 vs 2024 and 2021)

kEUR

2025

2024

2021

 

 

 

 

Metabolic

220,573

133,363

62,219

Oncologic

39,359

56,245

40,189

Other, excl. revenue associated with the coronavirus pandemic

129,395

147,184

116,524

Revenue associated with the coronavirus pandemic

63,194

Revenue reported (IFRS)

389,327

336,792

282,126

Revenue by customer type, excl. coronavirus pandemic (2025 vs 2024 and 2021)

kEUR

2025

2024

2021

 

 

 

 

Large pharma

243,768

205,504

119,429

Biotech, excl. revenue associated with the coronavirus pandemic

87,498

91,968

66,710

Other

58,061

39,320

32,793

Revenue associated with the coronavirus pandemic

63,194

Revenue reported (IFRS)

389,327

336,792

282,126

Operating result to EBITDA

kEUR

2025

2024

 

 

 

Operating result (EBIT)

8,689

-7,364

Depreciation, amortization and impairment charges (if any)

38,066

32,714

EBITDA

46,755

25,350

Return on net operating assets (RONOA)1

kEUR

2025

2024

 

 

 

Operating result (EBIT)

8,689

-7,364

Average 1 Net operating assets:

 

 

Total non-current assets (average)

464,719

395,420

Total current assets (average)

326,549

327,412

Cash and cash equivalents (average)

-71,433

-81,992

Total current liabilities (average)

-190,518

-185,477

Average 1 Net operating assets

529,317

455,363

Return on net operating assets (RONOA)

1.6%

-1.6%

1 The average amounts are calculated as: (Current period's figures + prior period's figures) / 2.

Free Cash Flow

kEUR

2025

2024

 

 

 

Net cash flows from operating activities

77,510

89,399

Acquisition of intangible assets

-1,152

-1,217

Acquisition of property, plant and equipment

-107,753

-85,751

Free Cash Flow

-31,395

2,431

Net Cash

kEUR

2025

2024

 

 

 

Cash and cash equivalents

74,589

68,277

Interest-bearing liabilities (Total financial debt):

 

 

Interest-bearing loans and borrowings (Non-current)

-109,034

-39,420

Lease liabilities (Non-current)

-15,979

-18,982

Other financial liabilities (Non-current)

-9,435

-9,508

Interest-bearing loans and borrowings (Current)

-544

-30,642

Lease liabilities (Current)

-5,008

-5,073

Other financial liabilities (Current)

-1,361

-1,266

Interest-bearing liabilities (Total financial debt)

-141,361

-104,891

Net Cash / (debt)

-66,772

-36,614

Capital expenditures (Capex)

kEUR

2025

2024

 

 

 

Property, plant and equipment assets capitalized

108,806

86,777

Intangible assets capitalized

1,172

1,062

Capital expenditures (Capex)

109,978

87,839