Grünenthal's financial performance in 2025 shows the strength of our business, the remarkable achievements of our teams and underpin the bright future we have ahead.

Revenue was strong and stable at €1.8 billion, and adjusted EBITDA reached a record €500 million - an increase of more than 20% versus 2024. Strong business performance drove a significant 46% increase in operating cash flow, reaching €309 million in 2025, reinforcing our ability to advance towards the future.

Profit and loss statement*

_{* Management view Profit and loss statements (P&L) can be displayed in Accounting and Management view. Both P&Ls include the same information, but are designed to serve different needs. The Accounting P&L is used for reporting according to German Commercial Code (HGB) while the Management P&L is used for internal steering and tracking. Both views are similar for Revenue, Cost of sales and thus Gross profit. But they differ in terms of the recognition of depreciation on acquired product rights and medical affairs costs. Depreciation of acquired products rights are recognised in Management view as part of “other costs” whereas Accounting view shows it as part of “selling expenses”. Medical commercial R&D costs comprise post approval product costs, e.g. for the maintenance of registration, for clinical studies for Phase IIIb/IV and the support of investigator initiated studies as well as structural costs. These costs are part of “Marketing, Sales & Medical costs” in Management view whereas shown as “Research & Development costs” in Accounting view}

_{** Revenue primarily comprises sales of products and revenue from licensing, as well as milestone payments. It also includes service income from our contract manufacturing business, such as customer refunds for the purchase of machines required to produce a certain product or for customisation of product formulations}

_{*** Cost of sales are any costs that can be directly associated with products sales}

_{# Gross profit reveals how much money a company earns taking into consideration the costs that it incurs for producing its products and/or services}

_{## Marketing, Sales & Medical costs consists of all costs to promote, sell and distribute our products to the customer. This excludes depreciation on acquired products which is part of “other costs”}

_{### Depreciation of machines, IT equipment and several other items is an incremental part of CoGs, Marketing, Sales and Medical costs, R&D costs. In order to derive the Earnings before interest, taxes, depreciation and amortisation (EBITDA), it needs to be added back}

_{+ Adjusted EBITDA, short for adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation, is a key performance indicator for the Grünenthal Group. It is calculated by adjusting the operating result for amortisation, depreciation and impairment and special effects, in particular from restructuring and acquisition-related expenses}

Corporate profile

Grünenthal is a science-based, fully-integrated pharmaceutical company headquartered in Aachen, Germany. We have affiliates in 28 countries across Europe, Latin America, and the US. We employ around 4,100 people and our products are available in around 100 countries. Everything we do is focused on driving progress toward our vision of a World Free of Pain.

Our vision of a World Free of Pain

Pain represents a huge burden for people and society, and the unmet medical need remains high. Addressing the unmet medical need in the treatment of all types of pain and finding and developing new treatment options to try to break the cycle is what drives our strategy. As a global leader with a unique position in pain research and management, we want to create a positive impact for society. It is due to this potential to improve the lives of patients in real need that we are committed to delivering on our vision of a World Free of Pain.

Meet our leadership team →