Gedeon Richter Media Richter publishes Q4 results
Richter publishes Q4 results
28/02/2025
Richter 2024 results: Another record year with outstanding cash flow
  • Pharma revenues grew by 13% to HUF 845bn (EUR 2.14bn) in 2024, as all businesses sustained double-digit growth. FX-adjusted revenue growth was 10%, at the low end of the guidance range.
  • Net profit increased by 51% to HUF 239bn in 2024 on significantly stronger operating profitability and the lack of FX losses.
  • 2024 was an active year with business development across all segments, aimed at providing access to health by bringing solutions to unmet needs and by offering affordable medicines to a wide range of patients globally
  • Richter expects continued growth (excluding FX) of around 10% in 2025 both in pharma revenues and Clean EBIT.

 

Budapest, 28 February 2025 - Gedeon Richter Plc. (“Richter”) announced today its Q4/FY 2024 financial results.

Pharma revenues grew by 9% to HUF 218bn in Q4 2024, bringing 2024 pharma revenues to HUF 845bn (EUR 2.14bn), up 13% YoY. Excluding currency changes (ex-FX), revenue growth was 10% in 2024, at the lower end of the guidance range. The weaker HUF provided some support for reported sales, only partly offset by the negative impact of the weaker RUB. All business units achieved double-digit sales growth in 2024.

  • CNS revenues increased by 18% in 2024 YoY, as the royalty income from Vraylar® rose by 18%, while Reagila® sales continued to grow at strong double-digit rates (+24%), both in Richter’s own network and at other partners.
  • Women’s Healthcare revenue growth reached 12% in 2024 YoY, as growth further slowed in Q4 due to shipment schedules (earlier pre-shipments in APAC) and a high base. Western and Central Europe continued to be the best performing regions, driven by the leading brands (Drovelis®, Ryeqo®, Lenzetto® and EVRA®). APAC sales declined in Q4 YoY, while Eastern Europe was affected by the weak RUB.
  • BIO revenues rose by 17% in 2024 YoY, as both teriparatide (also helped by the RHT acquisition) and CDMO revenues sustained double-digit growth, despite the latter being affected by the seasonality of CDMO sales booking in Q4.
  • GenMed kept on growing at around 10% both in Q4 and in 2024 YoY, benefiting from successful product launches (volume/mix was the key driver of growth), but also from positive price impact and FX.
  • The R&D pipeline saw two Phase-1 programs having been terminated in the last three months due to pharmacokinetics and commercial reasons. On the other hand, two new preclinical CNS projects were initiated (and one was discontinued), and the pipeline now also includes two preclinical projects in WHC (at the new original research hub).

Gross profit (pharma) grew by 14% to HUF 586bn, while gross margin improved by 0.5ppt to 69.3% in 2024.

Clean EBIT (pharma) increased by 18% in 2024 to HUF 280bn. If adjusting for FX (ex-FX) Clean EBIT rose by 15% to EUR 712mn. CNS was the key driver of Clean EBIT growth on the back of double-digit Vraylar and Reagila sales growth and the material milestone income in Q4. WHC profitability in Q4 was affected by the impact of the Mithra asset transaction, while GenMed Clean EBIT declined slightly as the business invests in new launches and boosting the “freshness” of the portfolio. BIO losses narrowed slightly.

Reported EBIT came in at HUF 261bn in 2024, rising 38% YoY.

Net profit (attributable to the owners of the parent) amounted to HUF 239bn in 2024, up by 51% YoY. The improvement was driven by stronger operations and the lack of FX losses in 2024.

Free cash flow (before M&A) amounted to HUF 244bn in 2024, nearly tripling YoY. Stronger operations, the lack of FX losses, no special taxes and lower capex all contributed to a jump in FCF in 2024. The cash generated was spent on M&A and higher dividends during the year, leaving the net cash position virtually unchanged compared to a year ago.

2024: a very active year with business development. A new R&D collaboration agreement with AbbVie in neuropsychiatry and the setting up of a new women’s healthcare original research hub in Belgium will allow Richter to continue to come up with innovative solutions to address unmet needs. Significant milestones were achieved in the development of three biosimilar product candidates during 2024 and the successful launch of NOACs (novel oral anticoagulant) in several countries contribute to expanding access to affordable medicines for millions of patients.

 

Gábor Orbán, CEO commented the results:

“In 2024 we both harvested the fruits of past investments and also planted new seeds in all four lines of business. We delivered record-high financial results while at the same time concluded a number of crucial business development transactions and reached several milestones across all segments during the year. These will allow us to further expand access to treatments and medicines for a growing number of patients globally. We also made important progress in rationalizing our existing asset base, accelerating major digital initiatives and enforcing operational efficiency and execution. In 2025 we will continue to invest in our businesses to strengthen our platforms and capabilities, which will keep us on our targeted growth trajectory. We expect both pharma revenues and Clean EBIT to grow around 10% this year.“

 

About Gedeon Richter Plc.

Gedeon Richter Plc. (www.gedeonrichter.com), headquartered in Budapest/Hungary, is a major pharmaceutical company in Central Eastern Europe, with an expanding direct presence in Western Europe, China, Latin America, and Australia. Having reached a market capitalization of EUR 4.3bn (USD 4.7bn) by the end of 2023, Richter's consolidated sales were approximately EUR 2.1bn (USD 2.3bn) during the same year. The product portfolio of Richter covers many important therapeutic areas, including Women's Healthcare, Central Nervous System, and Cardiovascular areas. Having the largest R&D unit in Central Eastern Europe, Richter's original research activity focuses on CNS disorders. With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the Women's Healthcare field worldwide. Richter is also active in biosimilar product development.

 

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