Gedeon Richter (RICHTER) Q2 2026 earnings summary

Executive summary

• H1 2026 CER pharma revenue grew 8.7%, with double-digit Q2 top-line growth; reported revenues declined 0.5–0.8% YoY due to a 9ppt HUF FX headwind.

• Clean EBIT (CER) rose 21% YoY, driven by CNS and BIO segments and efficiency initiatives; reported Clean EBIT up 2.2–3% YoY.

• Net profit fell 13.7–14% YoY to HUF 103.5bn, mainly due to HUF 27.1bn FX losses despite resilient operating profit.

• Free cash flow reached a record HUF 137bn in H1 2026, up 23.7–24% YoY, supported by lower net working capital needs and higher operating profits.

• Top-line growth accelerated in Q2, aligning with high single-digit CER growth targets, led by CNS, BIO, Women's Healthcare, and GenMed.

Financial highlights

• Pharma revenues at HUF 455.2–461.6bn (EUR 1,228mn) in H1 2026; Clean EBIT at HUF 143.5–151.8bn (EUR 407mn).

• Gross profit (pharma) fell 2.2–2.3% YoY to HUF 314–316.8bn; gross margin declined to 68.6–69%.

• EPS at HUF 566, down 13.7% YoY.

• Return on equity at 15.8%, down 1.2ppt YoY.

• Free cash flow before M&A at record HUF 137bn, up 24% YoY.

Outlook and guidance

• Pharma CER revenue guidance maintained at high-single-digit growth for 2026.

• Clean EBIT (CER) guidance upgraded to double-digit growth for 2026.

• Continued focus on innovative portfolio expansion and operational efficiency.