Cosmo Pharmaceuticals (COPN) H2 2025 earnings summary

Executive summary

• Completed a structural transformation to a leaner, scalable, recurring revenue-focused operating model, emphasizing MedTech AI and dermatology platforms.

• Achieved €104.2M in 2025 revenue, with 85% from recurring sources, reflecting a strategic shift to predictable income streams.

• EBITDA reached €9.5M, surpassing guidance, driven by operating leverage and cost discipline.

• Delivered strong commercial and pipeline progress, including positive Phase 3 data for clascoterone in male hair loss and expansion of AI-enabled MedTech platforms.

• Proposed €2.10 per share dividend, supported by strong liquidity and no financial debt.

Financial highlights

• Total revenue for 2025 reached €104.2M, with recurring revenue at €88.1M (85% of total), up 15% year-over-year.

• GI Genius™ recurring revenue up 211% year-over-year to €17.9M; Winlevi® up 27% to €17.2M.

• EBITDA was €9.5M, exceeding the upper end of guidance.

• Year-end cash, equivalents, and investments stood at €128.3M, with zero debt.

• Operating expenses decreased 6% year-over-year, with SG&A down 26% and R&D down 14%.

Outlook and guidance

• 2026 guidance: total revenue €105–110M, recurring revenue €98–102M (11–16% growth), EBITDA €10.5–13.5M (10–42% growth).

• R&D investment for 2026 expected at €25–30M, focused on key late-stage programs.

• Year-end 2026 cash and investments projected at ~€200M, with no debt.

• Guidance excludes potential upside from pipeline or development-stage assets.

• Vision 2030 targets recurring revenue of €260M (CAGR ~23%) from existing portfolio, up to €480M (CAGR ~39%) with new launches.