November 12, 2026

Three years recognised as a responsible business leader

We have secured our third consecutive ‘(p)AA’ rating from Morgan Stanley Capital International (MSCI), an established provider of independent environmental, social and governance (ESG) ratings and research, reaffirming our position among the ESG leaders in the pharmaceutical industry.

Grünenthal has consistently achieved an annual ‘(p)AA’ rating in MSCI’s Environmental, Social and Governance (ESG) assessment since its first evaluation in 2024. With its latest rating, Grünenthal is recognised as an ESG leader within MSCI’s Pharmaceuticals peer group of 218 companies.

Three highlights behind our ‘(p)AA’ rating

The latest assessment highlights strong performance across several areas. Three examples are Toxic Emissions & Waste, where Grünenthal demonstrates strong environmental risk management; Access to Healthcare, recognising our efforts to expand healthcare products and services in developing countries and underserved markets; and Corporate Behaviour, reflecting strong oversight and management of business ethics issues. All three score well-above the industry average.

What is an ESG rating?

MSCI ESG ratings aim to measure a company's resilience to financially relevant, industry-specific sustainability risks and opportunities. They assign each company an industry-relative letter rating from AAA to CCC based on how well they manage these risks and opportunities relative to peers. Ratings of ‘AA’ and ‘AAA’ identify ESG leaders.

How investors use MSCI ESG ratings

Investors such as pension funds and asset managers use ESG ratings as part of their due diligence processes for an informed understanding of risk and returns. MSCI ratings provide insight into how companies within a given industry compare with one another based on their exposure to, and management of, financially relevant, sustainability-related risks.

For Grünenthal, the rating provides bondholders with an independent assessment of our sustainability performance. It supports our credibility in the capital markets and helps us secure the funding needed to invest in our growth and, ultimately, in better outcomes for patients.

“Consistency builds trust. Achieving a ‘(p)AA’ ESG rating for the third consecutive year demonstrates our sustained high performance in responsible business. As stakeholder expectations evolve, we will build on this success, continue advancing our ESG performance and deliver on our long-term responsibilities.”
Sebastian Köhler, General Counsel and Member of the Executive Board Team

Achieving a ‘(p)AA’ ESG rating for the third consecutive year demonstrates our sustained high performance in responsible business.

Sebastian KöhlerGeneral Counsel and Member of the Executive Board Team

Responsibility at Grünenthal

At Grünenthal, responsibility starts with high ethical standards and a clear focus on what matters most: patients, people and the planet. By embedding these priorities into the way we work and make decisions, we aim to create lasting value while building a resilient business for the future.

Find out more

Disclaimer

The MSCI Provisional ESG Rating and related report and research (collectively, the “Provisional Rating”): (1) was prepared by MSCI Solutions for compensation, (2) is not a credit rating or securities research report, (3) is made available only for informational purposes and without any warranty or guaranty of accuracy, quality, completeness or usefulness, (4) is current only as of the date first issued and is subject to modification and withdrawal without notice, (5) does not, and is not intended to, constitute an investment promotion, report or opinion of an expert, assurance letter, part of any offering, or any offer or recommendation to purchase or sell any securities, credit commitments or other assets or to enter into any project or business transaction in connection with the rated company or otherwise, (6) is based in whole or in part on information provided to MSCI Solutions by or on behalf of the rated company, which MSCI does not validate for reliability, truthfulness, accuracy, completeness or otherwise at any time or over time, (7) is based in whole or in part on non-public information and may differ materially from a subsequent Provisional Rating or standard ESG Rating assigned by MSCI Solutions to the rated company, (8) may not incorporate or accurately reflect actual environmental, social or governance -related risks and information relevant to the rated company, (9) has not been submitted to, nor received approval from, any relevant regulatory bodies, and (10) may not be altered or modified, further copied or redistributed, or used to create derivative works, indexes, databases, risk models, analytics, software or other works or to train any large language model or other artificial intelligence system without the express prior written permission of MSCI Solutions. MSCI Solutions shall have no liability with respect to the Provisional Rating or any use thereof, including, without limitation, with respect to any use of the Provisional Rating in connection with any investment or any other purpose. All uses of the Provisional Rating are also subject to the disclaimer located at: msci.com/legal/provisional-rating, which may be updated by MSCI from time to time.