Strong financial performance

Revenue growth across all product categories and regions enabled strategic investments into the future of our company during 2023.

2023 was a strong year for Grünenthal The 2023 revenue of €1.8 billion marks an all-time high and an increase of 10 percent compared to 2022. The adjusted EBITDA reached €427 million, close to last year’s record level, despite continuous investments in growing our US business and advancing our pipeline.

Financial results enable investment

”We execute a growth strategy by concluding profit-accretive deals that strengthen our financial performance and enable continuous investments in research and development.”

Fabian Raschke

Chief Financial Officer, Grünenthal Group

Fabian Raschke, Chief Financial Officer
Profit and loss statement*
in € million
Actual 2022
Actual 2023
Revenue**                                                       1,654 1,819
Cost of sales***                                                 -519 -625
Gross profit#       1,134 1,194
Marketing, Sales & Medical costs##                                          -479 -519
Core Research & Development costs                                                  -164 -162
Other costs                                           -238 -325
Depreciation Fixed Assets###                                            155 202
EBITDA                                               408 390
Adjusted EBITDA+                                              438 427
Earnings before taxes                                                    203 123


* 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 27 countries across Europe, Latin America, and the US. We employ around 4,400 people and our products are available in approx. 100 countries. Everything we do is focused on driving progress toward our vision of a World Free of Pain.

Grünenthal Annual Report 2023/24 (Grünenthal Scientific Body & Grünenthal Report Cover Image)

Annual Report 2023/24 

Grünenthal achieved record revenues in 2023 and continued to invest in innovative pain medicines with the power to drive future growth. In our latest report, we share the latest insights into our company’s strategy, highlight projects and financial performance.
... Access the Grünenthal Report.
Our vision for 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.

Gabriel Baertschi Chief Executive Officer (CEO) Grünenthal Group

”As one of the world’s leading specialists in the therapeutic area of pain, we aim to create sustainable value. Everything we do is focused on driving progress towards our vision of a world free of pain.”

Gabriel Baertschi

Chief Executive Officer, Grünenthal Group

Being a responsible business and leader in ESG in our industry

Conducting business responsibly is a central element of our strategy and culture. We aspire to create a positive impact for society – with and beyond our core business. At all times, everything we do is guided by integrity, transparency and the highest ethical standards. This is recognized by our external ESG rating where we are in the top three percent among our peers in the pharmaceutical subindustry.

Grünenthal Headquarter Campus, Aachen Germany

Our Corporate Responsibility Programme

A world free of pain. This is our shared vision. Our Corporate Responsibility Programme is designed around this vision and centers on the strong purpose of creating a positive impact for our patients, our employees the wider community, and the environment.
... Read more
Writing on paper in office

Compliance, Ethics and Transparency

Integrity at the heart of everything we do. At Grünenthal, we treat everyone with respect, and we advocate and apply high ethical standards in all our actions and decisions. Building trust through the way we work gives confidence to all of our stakeholders, including patients, business partners, customers and the communities we serve.
... Read more
Logo Sustainalytics a Morningstar company rated


Our performance in environmental, social and governance (ESG) criteria is reflected in an external rating by Sustainalytics. In the 2023 rating, we were attributed a low ESG risk. This places Grünenthal in the top two percent of the global pharmaceuticals subindustry that inherently features higher ESG risk.
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Grünenthal Responsibility Report 2023

Responsibility Report 2023

Grünenthal’s business strategy is closely tied to its deep commitment to conducting business responsibly. Our company aims to have a net positive impact on patients, partners, employees, and wider society. We provide a transparent overview of our progress in line with the Global Reporting Initiative (GRI) standards each year. Our report is also subject to external auditing.
... Access our latest Responsibility Report
Lower Body Pain x-Ray Composing


We have a continuing commitment to explore and endorse measures that minimize the risk of inappropriate and illegitimate use of prescription opioids – while striving to ensure that individual patients with a clear need for opioid-based pain relief are not denied access.
... Find out more.
Grünenthal x-Ray composing Head

Our R&D pipeline

Our R&D activities focus on developing novel non-opioid therapy options for patients with high unmet medical needs. Our four key pain indications are peripheral neuropathic pain, chronic post-surgical pain, chronic low back pain and osteoarthritis.


... Find out more. 
Pain in the spine X-Ray Composing


We rely on patents, trademarks, and other intellectual property protections to discover, develop, manufacture, and sell our products. We have around 1,900 granted patents, more than 200 pending patent applications, and over 100 licenses to our patents granted.
Male doctor talking to patient

Our product range

We have been developing, making and commercialising innovative pain treatments for more than 50 years. Our product portfolio comprises a complementary mix of innovative, patent-protected growth brands and mature, off-patent established brands with continued high brand awareness.
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