Full-Year Revenue Growth
Total company revenue for fiscal 2025 increased 9% at constant currency and 7% on a reported basis versus 2024, delivering the company guidance-backed growth and positive momentum heading into 2026.
Biopharmaceutical & Diagnostic Solutions (BDS) Outperformance
BDS delivered double-digit full-year growth and finished the fourth quarter with revenue up 13% at constant currency (10% reported) to EUR 307.1 million, offsetting Engineering weakness and driving consolidated results.
High-Value Solutions — Strong Growth and Mix Impact
Revenue from high-value solutions rose 29% for fiscal 2025 and grew 31% in Q4 to EUR 171 million, representing ~46% of full-year company revenue and ~49% of Q4 company revenue—materially contributing to margin expansion.
GLP-1 Tailwind
Revenue from GLP-1 related products accounted for ~19%–20% of total company revenue in 2025 and grew more than 50% year-over-year; management expects GLP-1s to remain a meaningful tailwind, projecting mid-teens GLP-1 growth in 2026.
Margin Expansion
Full-year gross profit margin expanded ~160 basis points versus 2024; Q4 gross profit margin increased 120 basis points to 30.9%, supported by favorable mix toward high-value products and improved utilization at new facilities.
Profitability and Adjusted Metrics (Q4)
Q4 net profit was EUR 47.6 million (diluted EPS EUR 0.17), adjusted net profit EUR 49.8 million (adjusted diluted EPS EUR 0.18). Adjusted EBITDA increased 7% to EUR 97.7 million with adjusted EBITDA margin up 70 basis points to 28.2%.
Positive Free Cash Flow and Strong Operational Cash Generation
For fiscal 2025, cash from operations was EUR 286.1 million and the company generated positive free cash flow of EUR 18.4 million after capital expenditures of EUR 294.9 million (≈89% deployed to growth projects).
2026 Financial Guidance Reflects Continued Growth
Management provided 2026 guidance: revenue EUR 1.260–1.290 billion (constant currency EUR 1.278–1.308 billion), adjusted EBITDA EUR 331.8–346.9 million, adjusted diluted EPS EUR 0.59–0.63, and expected high-value solutions of 47%–48% of revenue.
Strategic Capacity Investments and Global Footprint
Significant investments and ramp activities in Latina (syringe capacity, upcoming EZ-fill cartridge capacity) and Fishers (line installations, customer validations, contract manufacturing build-out) position the company to scale high-value production and serve U.S. onshoring demand.