Siegfried on track to deliver profitable growth

Marcel Imwinkelried, Chief Executive Officer: "In the first half of the year, Siegfried delivered according to plan, laying a solid foundation which allows us to confirm our 2025 outlook. This reflects the strength of our diversified customer base and our efficient operations. The execution of our strategy EVOLVE⁺ is making rapid progress, setting the course to outpace market growth across the key segments we are operating in and further strengthening our position as a leading CDMO in the pharmaceutical industry."

Net sales amounted to CHF 619.5 million, an increase of 1.6% in local currencies (-0.1% in Swiss Francs). The Drug Substances cluster contributed CHF 413.8 million, an increase of 2.1% in local currencies (0.6% in CHF), while Drug Products generated CHF 205.8 million in net sales, an increase of 0.7% in local currencies (-1.5% in CHF).

Core EBITDA amounted to CHF 133.9 million (prior period: CHF 132.1 million), resulting in an increased Core EBITDA margin of 21.6% (prior period: 21.3%). Core net profit amounted to CHF 65.7 million (prior period: CHF 71.7 million). This decrease is caused by negative exchange rate differences which reflect a point-in-time view. Cash flow from operating activities increased to CHF 149.6 million (prior period: CHF 118.9 million).

Strategic expansions focusing on growth opportunities In line with the EVOLVE⁺ strategy, Siegfried made targeted technology investments in the first half of 2025 to capture future growth opportunities. At its ophthalmic drug manufacturing site in El Masnou, Siegfried is increasing production capacity for sterile eye drops in response to strong customer demand, with new capacity expected to be available in 2027. This expansion complements the ongoing investment in sterile eye care ointment capacity, which is expected to come online in 2026. At its Barberà del Vallès site, Siegfried is building up spray drying capacity, with first revenues anticipated in 2027. At its Hameln site, in addition to expanding its fill-finish capabilities, Siegfried is adding two new manufacturing lines for pre-filled syringes and cartridges, the first expected to start generating revenue in 2026 and the second in 2027. DINAMIQS’ new 2,500 m² cGMP viral vector manufacturing facility is on track to become operational by the end of 2025, and the construction of the new large-scale multi-purpose production plant for Drug Substances in Minden is nearing completion, with first revenues expected in the second half of 2025.

Outlook confirmed For 2025, Siegfried expects a sales growth in the mid-single-digit percentage range in local currencies and a core EBITDA margin above 22%. Positive mid-term outlook confirmed: Continued profitable growth above market (excl. M&A).