3/27/2026

• Revenue remained robust at €1.8 billion, with a record-high adjusted EBITDA of €500 million. This was driven by remarkable growth of Qutenza^® and Movantik^®, and strategic acquisitions.
• Strong performance drove a 46% increase in operating cash flow, reaching €309 million in 2025.
• Grünenthal closed the year with a robust financial foundation, achieving a net leverage of 2.24x and issuing a €175 million bond extension in November 2025, strengthening liquidity and positioning the company for future investments in R&D and further acquisitions.
• Grünenthal is progressing its innovation pipeline, including beyond pain. The tegacorat (GRM) and NOP programmes are advancing into the next phases of clinical development. The company will also focus on accelerating profitable growth in Qutenza^®, Movantik^® and Established Brands, while pursuing further strategic acquisitions and commercial partnerships.

Aachen, Germany, 27 March 2026 – Grünenthal, a global leader in pain management and research, has published exceptional 2025 financial results, marking a year of record-high profitability and operational excellence.

Grünenthal achieved a stable revenue of €1.8 billion, driven by the strong growth of Qutenza^® and Movantik^®, and strategic acquisitions. These continued to offset the ongoing expected impact of Palexia^® and Nebido^® loss of exclusivity.

Adjusted EBITDA reached an all-time high of €500 million, an increase of over 20% versus 2024 and demonstrating the strength of Grünenthal’s core business and increasing operational efficiency. Strong business performance also enabled a 46% increase in operating cash flow, reaching €309 million in 2025, reinforcing the company’s ability to advance towards the future.

Gabriel Baertschi, CEO and Chairman of the Corporate Executive Board, said: “Grünenthal has hit new heights of profitability, operational excellence, and deal execution and integration. In 2025, we maintained strong revenue, achieved impressive product growth and continued our successful track record of strategic acquisitions. This is an exceptional position to build from as we further expand our global reach, strengthen our portfolio and progress our innovative pipeline – and, most importantly, continue to deliver for the millions of people around the world living with pain.”

Grünenthal’s strategic expansion and diversification progressed in 2025 with the acquisition of Cialis^® from Eli Lilly in August and the early acquisition of PecFent^® from its Grünenthal Meds joint venture with Kyowa Kirin International in July. The latter was followed by Grünenthal’s acquisition of the remaining 49% stake in Grünenthal Meds in 2026, giving the company full ownership. The growth of Movantik^® was realised due to a seamless integration following the acquisition of Valinor Pharma in 2024, further expanding Grünenthal’s presence and growth in the US.

Global Operations was a key driver of growth in 2025, contributing €24 million in profitability improvements. Stable supply and strong integration capabilities supported growth brands, acquisitions and financial performance in a complex global environment. Grünenthal also received EU regulatory approval for its manufacturing site in Quito, Ecuador, for the commercial production of Vimovo^®, complying with some of the world’s most rigorous quality and safety standards. Across the organisation, operational efficiency while maintaining the highest quality standards continues to underpin Grünenthal’s strategy for growth.

Maintaining a robust financial position, Grünenthal concluded the year with a net leverage of 2.24x. It further strengthened its liquidity and investment capacity by issuing a €175 million bond extension in November 2025, enabling investment in future growth initiatives.

Fabian Raschke, CFO, commented: “Our financial results reflect the discipline and rigour with which we deliver on our strategy and manage our business. Growth of Qutenza^® and Movantik^®, and the success of our M&A efforts, have been key growth drivers, supported by strong performance from our Established Brands. We have strong financial flexibility and a resilient path to growth ahead of us, powered by strategic diversification and clear focus on maximising profitability and the value of our portfolio.”

Grünenthal is well positioned to deliver on its R&D strategy, with its commitment to an innovative, sustainable pipeline in pain and pain-adjacent indications, where the understanding of biology, patients’ needs and Grünenthal’s capabilities intersect. The tegacorat (GRM) and nociceptin (NOP) receptor agonist programmes are advancing into the next phases of clinical development. The company will also continue to accelerate the profitable growth of Qutenza^®, Movantik^® and its Established Brands, and pursue further strategic acquisitions.

Grünenthal remains a leader in environmental, social and governance (ESG) initiatives, including receiving further recognition by Morgan Stanley Capital International (MSCI) (pAA rating) and Sustainalytics (low ESG risk), and receiving a second EcoVadis gold medal in October 2025. Grünenthal was also ranked as one of the Best Companies to work for in Europe and one of the Fortune 100 Best Companies to Work For in the US.

About Grünenthal
Grünenthal is a global leader in pain management and related diseases. As a science-based, fully integrated pharmaceutical company, we have a long track record of bringing innovative treatments and state-of-the-art technologies to patients worldwide. Our purpose is to change lives for the better – and innovation is our passion. We focus all our activities and efforts on working towards our vision of a World Free of Pain.

Grünenthal is headquartered in Aachen, Germany, and has affiliates in 28 countries across Europe, Latin America, and the U.S. Our products are available in approx. 100 countries. In 2025, Grünenthal employed around 4,100 people and achieved revenues of €1.8 billion.

More information: www.grunenthal.com

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• Grünenthal achieves outstanding financial results in 2025, powered by strategic growth, integration and diversification (pdf, 233.3 KB)