Strong Top-Line Growth
Total revenues grew 27% year-on-year in 2025, driven by increased sales, royalties and licensing income (sales +20%, royalties +4%, licensing revenues +66%).
Major Profitability Improvement
EBITDA reached approximately EUR 68 million (~5x the 2024 level) and net income increased 187% year-on-year to EUR 75 million.
Cash Generation and Balance Sheet Strength
Operating cash flow of EUR 53 million; year-end cash and financial investments of EUR 168 million while net debt remained at levels similar to 2024, supporting ongoing projects and optional capital allocation (EUR 34 million spent on share buybacks in 2025).
Regulatory and Commercial Milestones for Zepzelca
U.S. approval in October 2025 for first-line maintenance use; approval also obtained in Switzerland; European regulatory dossier submitted with EMA opinion expected in Q1 2026 and potential commercial launches in some EU countries in H2 2026.
Commercial Momentum for Key Products
Zepzelca growth observed in Switzerland and France (+31% cited for France/early use model); Yondelis raw material sales to partners up 20% and Yondelis royalties in the U.S. more than doubled versus 2024; Yondelis unit sales in Europe grew ~4% despite generic entrants.
Clinical Pipeline Progress and Upcoming Catalysts
Pivotal trials LAGOON and SaLuDo progressing on schedule (LAGOON top-line expected H2 2026; SaLuDo enrollment completion H1 2026, results H1 2027). PM54 reached recommended dose; IND cleared for PM54 combination trial with immunotherapy and trial start expected in H1 2026. PM534 in dose escalation with planned expansion in H2 2026.