Global pharma powerhouse Siegfried has reported a robust 2025, hitting all key financial metrics and continuing its streak of profitable growth despite macroeconomic volatility and currency pressures. 

 

The company’s EVOLVE+ strategy is on track, driving increased inbound customer inquiries and the strategic acquisition of high-quality small molecule drug substance capacity in the US.

 

Marcel Imwinkelried, Chief Executive Officer, said: “In 2025, Siegfried accelerated profitable growth and further strengthened our position through disciplined execution of our EVOLVE+ strategy. Limited visibility around the pending customer confirmation for a large contract could impact sales growth in Drug Substances in 2026 and in order to reflect this we have taken a conservative approach to our guidance. 

 

"With strong commercial momentum and the strategic expansion of our US drug substance platform, we have significantly enhanced our capabilities and are well positioned to capture the long-term growth opportunities ahead. There is a strong momentum in Drug Products delivering strong growth, and we reiterate our positive mid-term outlook of profitable above market growth.”

 

Net sales reached CHF 1,327.8 million, up 2.6% year-on-year in Swiss francs, or 4.3% at constant exchange rates. Sales showed increased seasonality, with 46.7% of revenue in the first half and 53.3% in the second half, reflecting stronger execution toward year-end.

 

The Drug Substances cluster contributed CHF 916.3 million (+4.3% in local currencies), while Drug Products generated CHF 411.6 million (+4.3% in local currencies), with particular momentum at the Barcelona sites. Customer and product diversification remained high: over 90% of revenues came from commercial-phase products, with the top ten products accounting for about a third of total revenue. Roughly 60% of revenues came from small- and mid-cap pharma, and 40% from large pharma.

 

Profitability surged as operational excellence and portfolio optimization took effect. Core gross profit rose to CHF 354.0 million, lifting the gross margin to 26.7% from 25.4% a year earlier. Core EBITDA climbed 9.3% to CHF 312.3 million, core EBIT increased 8.3% to CHF 217.5 million, and core net profit reached CHF 162.1 million. Margins hit record levels: 23.5% for EBITDA, 16.4% for EBIT, and 12.2% for net profit.

 

Operating cash flow totaled CHF 228.2 million, while investments in property, plant, and equipment reached CHF 211.9 million, 16% of net sales. Free cash flow was slightly negative at CHF 3.1 million, compared with CHF -11.6 million in 2024.

 

At year-end, Siegfried held CHF 103.1 million in cash and cash equivalents, with financial liabilities of CHF 575.2 million, resulting in net debt of CHF 472.1 million and a net debt-to-core EBITDA ratio of 1.5, underscoring the company’s strong balance sheet and financial flexibility ahead of its 2026 acquisition financing.