Corporate profile

Grünenthal is a science-based, fully-integrated pharmaceutical company headquartered in Aachen, Germany. We have affiliates in 29 countries across Europe, Latin America and the US. We employ around 4,500 people and our products are available in around 100 countries. Everything we do is focused on driving progress towards our vision of a world free of pain.

”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
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.

Profit and loss statement 2019/2020 - abstract1
in € million
Actual 2019
Actual 2020
Revenue                                                       1,394 1,280
Cost of sales                                                 -419 -413
Gross profit       975 867
Marketing, Sales & Medical costs                                          -439 -384
Core Research & Development costs                                                  -184 -137
Other costs                                           -290 -250
Depreciation Fixed Assets                                            207 191
EBITDA                                               270 288
Adj. EBITDA                                              341 338
Earnings before taxes (EBT)                                                    27 63


1 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 recognized 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.

Grünenthal Report

Our yearly Grünenthal Report provides information about our key objectives and activities, as well as our recent business development highlights and financial performance.
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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 five percent among our peers in the pharmaceutical subindustry.

Society and the Environment

Caring for the world around us is a big part of who we are. That is why we support projects that have a positive impact on people and communities, from palliative care and charity activities through to protecting the environment.

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Educated Access to Pain Management

Pain is a huge burden – for patients as well as their families, friends, caregivers and society as a whole. That’s why we’re driven to seek new solutions in this hugely underserved area. This includes educating healthcare professionals, patients and our employees about pain management. In this way, we strive to deepen the understanding of patients’ needs, and of the risks and benefits of pain medicines.
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Compliance, Ethics and Transparency

At Grünenthal, we adhere to the highest ethical standards – and we go beyond the regulations and codes of our industry. Building trust through the way we work gives confidence to all of our stakeholders, including patients, business partners, customers and the communities we serve.


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Our performance in environmental, social and governance (ESG) criteria is reflected in an external rating by Sustainalytics. We were attributed a medium ESG risk. This places Grünenthal in the top five percent of the global pharmaceuticals subindustry that inherently features higher ESG risk.

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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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.
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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.


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We rely on patents, trademarks and other intellectual property protections in the discovery, development, manufacturing and sale of our products. We have over 2,000 granted patents, 380 pending patent applications and over 250 licenses to our patents granted.
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