Navamedic
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Navamedic (NAVA) investor relations material

Navamedic Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Q4 2025 revenue reached a record NOK 157.1 million, up 19.8% year-over-year, driven by the acquisition of DNE Pharma assets and strong growth in Antibiotics.

  • Full-year 2025 revenue was NOK 565.4 million, a 6.4% increase from 2024, with growth primarily from Antibiotics and the new Addiction portfolio.

  • Adjusted EBITDA for Q4 was NOK 13.4 million (8.5% margin), and for the full year NOK 47.6 million (8.4% margin), both excluding transaction costs.

  • Key milestones included the acquisition of DNE Pharma assets, launch of Flexilev in OraFID, and new distribution agreements.

  • Integration of the Addiction portfolio and expansion into the German market supported business growth.

Financial highlights

  • Q4 gross margin improved to 40.3% from 33.7% in Q4 2024; full-year gross margin was 39.0%.

  • Q4 adjusted EBITDA increased to NOK 13.4 million from a loss of NOK 3.2 million in Q4 2024.

  • Net profit for Q4 was a loss of NOK 11.1 million, and for the full year a loss of NOK 23.5 million, impacted by higher amortization and financial expenses.

  • Cash at year-end was NOK 74.2 million, up from NOK 37.3 million at the end of 2024.

  • Pro forma revenue for 2025, including full-year DNE effect, would be approximately NOK 600 million, a 12.9% increase over 2024.

Outlook and guidance

  • Modest revenue growth expected in 2026, with full-year contribution from the Addiction portfolio and Flexilev in OraFID, offset by phase-out of selected brands.

  • Improved gross margins and reduced operating expenses anticipated to positively impact EBITDA.

  • Additional growth initiatives, including market expansion for Flexilev, Ventizolve, Absolut Torr, and further in-licensing, out-licensing, and M&A, are being actively pursued.

Flexelev US market entry strategy
Majzimba vs GLP-1s: How to maintain share?
Drivers for 2026 EBITDA improvement
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Frequently asked questions

Navamedic ASA is a Norwegian pharmaceutical company focused on developing, producing, marketing, and distributing a range of healthcare products. Its portfolio includes both prescription and non-prescription pharmaceuticals, medical nutrition products, medical devices, and consumer health items such as food supplements and cosmetics. The company primarily serves hospitals, pharmacies, and patients across the Nordic countries, Benelux, and the Baltics, with additional presence in the UK and other European markets. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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