Chemical Works Of Gedeon Richter Plc · BET:RICHTER
Chemical Works Of Gedeon Richter — Gedeon Richter — Q1 2026 Earnings Presentation
71 slides from Chemical Works Of Gedeon Richter's earnings presentation, May 2026
Slide 1: Investor presentation May 2026
Investor presentation May 2026
Slide 2: Richter at a glance
Richter at a glance 125 Years ~11,500 8 41 EUR 2.3bn history employees manufacturing commercial and sales revenue in 2025, sites marketing in 4 business units companies 666 Neuropsychiatry | CNS 826 Vraylar® 200+ 2nd position EUR ~6.6bn Women’s healthcare |WHC 21st best-selling molecules in Women's
Slide 3: Our Vision for 2035
Our Vision for 2035 We improve quality of life globally with a special focus on women and mental health patients We concentrate on the development, Innovative manufacturing and commercialization of Pharma pharmaceuticals Global recognition & only Affordable Our innovative solutions elevate therapeut
Slide 4: Innovative and Affordable approach driven by therapeutic area focus
Innovative and Affordable approach driven by therapeutic area focus INNOVATIVE AFFORDABLE We aspire to become thought leaders globally and to build Our aim is to provide reasonably priced products a portfolio of leading therapies accessible to a wide range of people, ensuring equitable access and su
Slide 5: Multiple levers of Revenue growth and Margin improvement
Multiple levers of Revenue growth and Margin improvement 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Maximizing potential of current portfolio and indications (Contraception, Endometriosis, Fertility, Menopause) 2nd wave of 1st wave of new products in existing segments new products and PC
Slide 6: Women’s Healthcare
Women’s Healthcare WHC 6 6
Slide 7: WHC to become the largest cEBIT contributor by 2035
WHC to become the largest cEBIT contributor by 2035 EXPAND THERAPEUTIC SEGMENTS DOUBLE REVENUE THOUGHT LEADERS IN WOMEN'S HEALTHCARE Focus on growth of established TAs Double Revenue, double R&D (Contraception, Fertility, Endometriosis, investment, and improve EBIT margin Address unmet medical needs
Slide 8: Women’s Healthcare – rich in history, full of ambitions
Women’s Healthcare – rich in history, full of ambitions Foundation Expansion Acceleration 1901 1902 1908 1930 1966 1994 2010 2010 2013 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025 2026 Crystaline oestron Publicly Lenzetto® innovative License and supply Acquisition of Evra License and supply Fou
Slide 9: WHC at a glance at Richter
WHC at a glance at Richter Global WHC Coverage Europe WHC market share Market share compared to the market lead competitor (%) GEDEON RICHTER 90 85% 85 80 77% 75 72% 70 65 61% 60 Global WHC revenue: EUR 826 mn 55 50% 50 WEU 39% EEU 21% CEE 14% APAC 11% 2021 2022 2023 2024 2025 Latin USA / 9% 4% Othe
Slide 10: Women’s Healthcare: from contraception to broad-based therapies
Women’s Healthcare: from contraception to broad-based therapies Global WHC Revenue, 2020-25 (EUR mn) The breakdown of WHC revenues by indications (%) 826 70 6% 6% 6% 6% 7% 8% +14% 1% 2% 4% 724 3% 4% 6% 6% 9% 669 48 111 6% 13% 18% 8% 42 68 18% 15% 582 40 81 Others 15% 10% 33 42 62 13% 22 Endometriosi
Slide 11: Seven strategic Therapeutic segments defined in WHC
Seven strategic Therapeutic segments defined in WHC Our traditional Therapeutic segments New strategic Therapeutic segments Evra® Lenzetto® Drovelis® Ryeqo® Bemfola® Women’s Contraception Endometriosis Menopause Fertility Urinary tracts PCOS oncology Nr.1 position in Key strategic Recent co High gro
Slide 12: Contraception — the leading provider in Europe
Contraception — the leading provider in Europe Market potential and position Our product portfolio European market share (%) in regular ◼ Oral contraception (in cycles) ◼ Among the 1.9bn women of contraceptives GEDEON RICHTER Competitor 2 Competitor 4 Competitor 1 Competitor 3 reproductive age (15–4
Slide 13: Fertility — a broad portfolio for infertility specialists
Fertility — a broad portfolio for infertility specialists Market potential and position Our product portfolio Age-related decline in infertility in women and men8 ◼ r-hFSH* ◼ Global sales of infertility treatment 1.0 women are estimated to be USD 1.9bn in men 2024 and are anticipated to reach 0.8 Be
Slide 14: Menopause — protected brands on a high-growth market
Menopause — protected brands on a high-growth market Market potential and position Our product portfolio The growth of menopause market in Europe ◼ Menopause is an area of high unmet ◼ Transdermal delivery 180 Quarterly menopause market size (EUR mn) need globally. 160 ◼ Based on the age distributio
Slide 15: Hormone Replacement Therapies: Boom&Bust and a new Dawn
Hormone Replacement Therapies: Boom&Bust and a new Dawn The proportion of HRT users in relevant female population in select markets (%) Figures are population adjusted: 1. UK is back on usage level at % c.85% vs. the 2001 peak, having tripled in recent years from its low 45 point. This still implies
Slide 16: From Ovarii to Fylrevy – the history of estrogen-based HRTs
From Ovarii to Fylrevy® – the history of estrogen-based HRTs 1965 Egon Diczfalussy discovered estetrol* at Karolinska First Hormonal Innovation university in Menopause market OVARIUM tbl. for 80 years 1901 2026 125 years of Innovation in WHC 16 * Elio Gurpide was a co-inventor at the Rockefeller Ins
Slide 17: Endometriosis — leading original therapy
Endometriosis — leading original therapy Market potential and position Our product portfolio Number of patients treated with Ryeqo® ◼ Globally, 190mn women are ◼ Original GnRH antagonist combination 140 000 Endometriosis suffering from endometriosis. indication 120 000 Currently no cure exists, and
Slide 18: Pipeline delivery built on innovative research hubs
Pipeline delivery built on innovative research hubs Hirundo Biosciences – Liège • Global women’s health R&D and BD hub of Gedeon Richter • Dedicated to women’s health • R&D platform based on small molecules, antibodies and Estetrol (E4) • Integrated discovery platform, spanning therapeutic modalitie
Slide 19: Neuropsychiatry
Neuropsychiatry CNS 19 19
Slide 20: CNS at a glance at Richter
CNS at a glance at Richter Proven track record of Cariprazine ~1.7 million patients treated worldwide through our network AbbVie – Vraylar net sales (USD mn) Gedeon Richter CEE & RU/CIS, +19% ~4 000 Vietnam Recordati – 3 621 WEU & 3 267 Tunisia 2 670 AbbVie Dexcel 1 978 USA, Israel 1 681 Canada, MPT
Slide 21: Our focus is on disease symptom domains with high prevalence
Our focus is on disease symptom domains with high prevalence GR’s focus diseases GR’s target symptoms Loss of motivation, social withdrawal 7% Major Depression Negative symptoms 2.9% Generalized Anxiety Disorder Problems with executive Cognitive Affective Changes in emotional 2.8% functioning, focus
Slide 22: The success of cariprazine
The success of cariprazine • Oral, once daily atypical antipsychotic discovered by Richter and co-developed with Forest Laboratories (acquired by AbbVie) • Approved indications: USA (Vraylar®): schizophrenia, bipolar mania, bipolar depression, adjunctive therapy to antidepressant for major depressiv
Slide 23: Key Vraylar competitors in the US
Key Vraylar® competitors in the US Major Depression API Bipolar Bipolar Schizophrenia (adjunctive Other indications & information (Brand, Originator) Mania Depression therapy) Cariprazine (Vraylar; AbbVie/Richter) Treatment of agitation associated with Brexpiprazole dementia due to Alzheimer’s (Rexu
Slide 24: Healthy pipeline includes partnered and stand-alone projects
Healthy pipeline includes partnered and stand-alone projects Revenue aspirations from current projects (snapshot, subject to change) Key highlights Expected revenue • Healthy pipeline that gives us confidence we can manage Cariprazine LoE* AbbVie 2022 collaboration effects AbbVie 2024 Cariprazine co
Slide 25: General Medicines
General Medicines GM 25 25
Slide 26: GenMed’s ambition is to establish generics excellence
GenMed’s ambition is to establish generics excellence DOUBLE REVENUE IMPROVE FRESHNESS OF OPERATIONAL EXCELLENCE OUR PORTFOLIO Double revenue by 2035, reach over Continuously bring new products to Run focused cost excellence programs 20% profitability, and remain a key market and improve the freshne
Slide 27: GenMed at a glance
GenMed at a glance GenMed Revenue EUR mn GenMed cEBIT EUR mn GenMed geographic coverage 6% 4.4% 21% HU 634 628 128 PL 594 44% 574 113 12% RO 529 103 Other CE*** 90 93 49% 23% 46% RU 8% UKR 13% UZB Central Europe 10% 67% KAZ Eastern Europe 5% Other 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Ot
Slide 28: Clear focus set regarding therapeutic areas
Clear focus set regarding therapeutic areas AFFORDABLE PILLAR GENMED BIOTECH Traditional Generic therapeutic Loss of exclusivity-driven strategic areas therapeutic areas Cardiovascular Blood therapies Musculoskeletal Traditional CNS Diabetes and Obesity Immunology We have a wide portfolio coverage i
Slide 29: Harnessing speed and scale and rolling it out to Western Europe
Harnessing speed and scale and rolling it out to Western Europe Our aim is to strengthen Generics Excellence at HQ level Broaden our geographic reach to Western Europe • Pursue Portfolio management excellence; BD+L* • Expand our operational excellence • Enhance Development and Regulatory excellence
Slide 30: Strategic ambitions for 2030 and 2035
Strategic ambitions for 2030 and 2035 Doubling cEBIT margin R&D Spend to Revenue Revenue 634 1,300+ 16% 20%+ 5% 7% mn EUR mn EUR 2024 2035 2024 2030 Top5 in key 2024 2030 Freshness countries in index* the core region 8.4% 15%+ 1 4 2024 2030 2024 2035 30 *Freshness index: Revenue share of products la
Slide 31: Biotechnology
Biotechnology BIO 31 31
Slide 32: Fastest growing segment to reach scale and become profitable
Fastest growing segment to reach scale and become profitable STRONG DOUBLE-DIGIT STRONG BIOTECH ENHANCED PARTNERING REVENUE GROWTH PORTFOLIO AND PIPELINE Aspiring double-digit growth and Launch 8 own developments Further build on existing commercial reaching break-even by 2027 establishing ourselves
Slide 33: Biotech at a glance at Richter
Biotech at a glance at Richter Global Biotech Revenue EUR mn Global Teriparatide partner network Other product revenues 161 4 Teriparatide CDMO 137 121 77 105 72 57 53 80 64 65 52 2022 2023 2024 2025 R&D Capability Production sites Number of own Affiliates • Cell line development • Microbial DS* man
Slide 34: Biotech therapeutic areas are focusing on niche market segments
Biotech therapeutic areas are focusing on niche market segments AFFORDABLE PILLAR BIOTECH GENMED Musculoskeletal Immunology Cardiovascular Skin affected Traditional CNS Rheuma- Atopic Psoriatic Psoriatic toid dermatitis arthritis arthritis Axial Blood therapies Osteo- Coltis Morbus spondylo- porosis
Slide 35: Building a strong Biotech portfolio
Building a strong Biotech portfolio* Molecule/ Therapeutic Early CMC Late CMC Expected Indication Originator Clinical dev. Submission Commercial Product area dev. dev. Launch date TERROSA® Musculoskeletal Osteoporosis Marketed Teriparatide JUNOD®/ YAXWER®, Osteoporosis, Marketed ENOBYTM/ Musculoskel
Slide 36: Richter BioLogics Germany – Increased production capacity
Richter BioLogics Germany (RB) – Increased production capacity for microbially expressed Biopharmaceuticals Complete Drug Substance Development & Manufacturing from one Source Strain Development Process Development / Process Transfer Clinical Trial Supply Commercial / Optimization Analytical Develop
Slide 37: Mammalian cell expressed DS and DP manufacturing facilities – Debrecen
Mammalian cell expressed Drug Substance (DS) and Drug Product (DP) manufacturing facilities – Debrecen DS DP • 2 x 5000 L stainless steel • Syringe, cartridge, vial filling fermentation capacity (RABS) • 4 x 2000 L single use • Automated freeze drying & 2 x 50 L pilot scale • Variable batch sizes bi
Slide 38: Research and Development
Research and Development R&D 38 38
Slide 39: R&D pipeline – changes during Q1 2026
R&D pipeline – changes during Q1 2026 Market Preclinical phase Clinical phase Regulatory & Launch Phase 1 Phase 2 Phase 3 Own Technology Development Clinical phase Neuropsychiatry Biotechnology Women’s Healthcare Own RSL* General Medicines new discontinued License 39 * Ready-to-Sell Licensed pipelin
Slide 40: Sustainability
Sustainability 40 40
Slide 41: The role and place of ESG in Richter
The role and place of ESG in Richter ESG Governance and main supporting functions Women on Board Supervisory Board Board of Directors Board of Directors ESG Committee 33% CEO 33% IR and ESG Ratio of women in total workforce: 44% EHS Focus areas in ESG HR Legal 41
Slide 42: Sustainable and scalable growth with purpose
Sustainable and scalable growth with purpose ACCESS TO HEALTH ◼ Focusing on unmet needs ◼ New original research for women’s healthcare ◼ Growing availability of Cariprazine globally Access to ◼ Awareness raising programs health ◼ Diverse and expanding portfolio of affordable medicines PEOPLE ENVIRON
Slide 43: GHG emissions: declining trend and progress towards targets
GHG emissions: declining trend and progress towards targets Richter Group carbon footprint (Scope 1-2-3, kt CO2eq/year) Key Environmental messages -5.9% +4.8% -3.7% -9.6% 341 337 Group-level GHG emissions decreased materially in 2025 321 324 293 ➢ Nearly 10% reduction in total greenhouse gas emissio
Slide 44: ESG focused initiatives
ESG focused initiatives Preservation of natural resources: optimization of water consumption Water consumption in Richter, Hungary Efficient water consumption 1992-2024 1000m3 • Continuous reduction in water consumption by: 4,500 4,000 ➢ Process optimization for efficient water use in our technologi
Slide 45: Steroids and other pharmaceuticals in wastewater
Steroids and other pharmaceuticals in wastewater – well below the safety threshold PEC/PNEC* Pharmaceuticals in the environment API / intermediates Site Roll-out (acceptable value <1) estetrol Dorog 2022 0.000042 • Following the working out and acceptance of a risk assessment system and methodology,
Slide 46: Diversity vision
Diversity vision The presence of diverse experience, Key initiatives: knowledge, professional background, skills, opinions and thoughts enables us to elevate • Analysis of existing • Focus groups on • DEI the standard of care in key therapeutic Mapping DEI HR data and special issues and/or organizat
Slide 47: Risk management framework
Risk management framework Integral part of Richter's activities and corporate governance system Regular reports to decision-making bodies Independent risk management function Holistic and integrated risk management system Connected to the realization of strategic goals Rules, regulations, limits, co
Slide 48: Key financial, strategic and operational risks
Key financial, strategic and operational risks Financial risks Main strategic and operational risks Risk Mitigation Risk Mitigation Hedging strategy, early/long-term pre-order, accurate planning, Currency risk V Supply chain risk* long-term forecasts, alternative suppliers, H natural hedges, shorter
Slide 49: Financials
Financials 49 49
Slide 50: Pharma revenues and Clean EBIT
Pharma revenues and Clean EBIT Pharma Revenues, 2021-26 (EUR mn) Clean EBIT, 2021-2026 (EUR mn) Clean EBIT margin % WHC CNS GM BIO Other 28.3% 31.5% 31.6% 31.5% 33.5% 33.3% 2,298 2,320 +13% 18 14 2,136 161 173 766 778 28 +18% 1,957 137 674 93 80 34 121 616 619 1,667 628 90 36 634 525 113 1,408 105 5
Slide 51: Ex-CNS Revenues to more than double by 2035
Ex-CNS Revenues to more than double by 2035 Pharma Revenues 2020-2035 (EUR bn) CNS ~7-8% CAGR (ex-CNS) Pharma-ex CNS 2.3 2.1 0.7 0.6 ~3.2-3.5 ~2.2-2.4 1.5 1.6 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Key highlights • All projections are based on organic gr
Slide 52: Steady-state cEBIT margin to exceed 20% in the 30s
Steady-state cEBIT margin to exceed 20% in the 30s Clean EBIT margin between 2023-2035E (%) 40 cEBIT margin (ex-CNS) 35 cEBIT margin 30 25 20 15 11.3% 9.5% 8.9% 10 5 0 2023 2024 2025 2031E 2035E Key highlights • Years of portfolio and capability building, coupled with operational excellence and effi
Slide 53: The heavy lifting has to happen until LoE
The heavy lifting has to happen until LoE The source of the margin improvement (cEBIT margin ex-CNS, %) ~+2ppt ~+11ppt 22%+ 20%+ 8.9% 2024A Self- Commercial Commercial G&A Portfolio Operational Infrastructure 2031E R&D step-up Portfolio Biotech CAPEX 2035E sufficient excellence footprint complexity
Slide 54: Capital allocation priorities: R&D, external innovation, shareholders
Capital allocation priorities: R&D, external innovation, shareholders Key highlights • More for R&D – R&D will be the biggest use of cash in 2025-35 with c. 30-35% of pre-R&D cash spent • Less for Capex (physical infrastructure) and NWC - proportionally much less spend than in the last 5 years • Ext
Slide 55: Capital allocation – balancing between predictability and flexibility
Capital allocation – balancing between predictability and flexibility Protecting shareholders’ interest and providing an attractive income stream • Richter can sustain paying at least EUR 200mn annual dividends in 2025-35, even beyond Vraylar LoE • Richter to pay out 30-50% of its adjusted net incom
Slide 56: Sustainable long-term dividend with material upside through 2030
Sustainable long-term dividend with material upside through 2030 A conceptual path to future dividends (EUR mn, all hypothetical values beyond 2025) Dividend Dividend per share, payout ratio (HUF; %) Min. dividend Special dividend 700 656 100 90 Dividend upside 600 509 80 30% payout 500 70 50% payou
Slide 57: Shareholders structure
Shareholders structure 5% 5% 7% 10% International institutional investors Domestic institutional investors 10% Retail investors Free float: Foundation for National Health and Education of Medical Doctors ~73% 2% Maecenas Universitatis Corvini Foundation Mathias Corvinus Collegium Foundation Treasury
Slide 58: Executive compensation overview
Executive compensation overview CEO long-term incentive plan KPIs CEO and CFO payout breakdown in 2025 15% 22% Base salary Short term incentive 34% 36% Long term incentive 20% Other compensation 43% 15% 15% The weight of KPIs for the CEO in 2025 and 2026 Stronger LT focus with capped, rebalanced CEO
Slide 59: Q1 2026 update
Q1 2026 update 59 59
Slide 60: Q1 2026 highlights – guidance reiterated
Q1 2026 highlights – an eventful quarter; guidance reiterated High-single-digit guidance Pharma Revenues (CER*) Q1 2026 CER revenue growth was 5.9% growth 2026 1 High-single-digit Q1 2026 CER Clean EBIT growth was 15% Clean EBIT (CER*) growth Q1 HUF 217.3bn HUF 69.8bn HUF 67.4bn 1 EBIT: Profit/loss
Slide 61: Q1 2026 CER revenues +5.9%; BIO, Vraylar ahead, GM behind plan
Q1 2026 CER revenues +5.9%; BIO, Vraylar® ahead, GM behind plan Key messages • WHC sales growth (+6% CER) was affected by the timing of deliveries (some contraception sales Revenues Reported CER in APAC likely to be realized later this year; some Q1 2026 pre-shipments affected EEU/CEU revenues). The
Slide 62: Very strong FX headwind - reported revenues declined 1% in Q1
Very strong FX headwind - reported revenues declined 1% in Q1 Pharmaceutical Revenues, cumulative (HUF bn), reported Pharmaceutical Revenues by region (HUF bn) -1.3% Western Europe 41.6 220.1 217.3 45.9 13.1 2.9 16.7 1.3 Central Europe 46.1 44.7 65.5 57.7 Pharma other Eastern Europe 43.8 39.1 BIO No
Slide 63: Strong CER Clean EBIT growth of 15% on Vraylar and BIO
Strong CER Clean EBIT growth of 15% on Vraylar® and BIO Pharmaceutical Clean EBIT*, cumulative (HUF bn) Key messages Q1 2025 Q1 2026 • CER Clean EBIT growth was a remarkable 15% in Q1 YoY. 68.7 69.7 FX was a massive headwind in Q1 2026 (continued trend of 12.0 1.1 weaker USD, stronger HUF), conseque
Slide 64: Below-the-line: taxes offset net financial income
Below-the-line: taxes offset net financial income; no unusual items Net Profit in Q1 2026, below-Clean EBIT items (HUF bn) Including HUF 1.3bn Includes taxes calculated in line restructuring expenses 0.9 with Global Minimum Tax 2.5 3.0 69.8 -13.3 -2.4 67.4 5.0 65.3 -0.2 Clean EBIT Non-recurring EBIT
Slide 65: Sustained robust cash generation in Q1 2026
Sustained robust cash generation in Q1 2026 Free Cash Flow in Q1 2026 (HUF bn) Key messages No material change • Free Cash Flow was HUF 77bn in Q1 2026, Application of Cash Flow in NWC in Q1 2026 rising by 29% YoY on the back of stronger operating cash flows and no increase in 76.4 77.4 77.0 0.9 3.1
Slide 66: 2026 guidance and outlook
2026 guidance and outlook ▪ At current spot FX rates, reported revenues would see High-single-digit guidance around 5ppt headwind Pharma Revenues (CER**) growth 2026 ▪ R&D-to-sales to be around 11% in 2026 ▪ Adjusted „Clean EBIT” methodology* High-single-digit ▪ c. EUR 100mn restructuring expenses e
Slide 67: Leadership team
Leadership team Gábor Orbán László András Kovács Dr István Greiner CEO CFO R&D Director Appointed Chief Executive Officer from Graduated at Corvinus University Budapest Appointed Research Director in 2014. November 1, 2017. Began his professional in 2006. He began his career at PwC Chemical engineer
Slide 68: Leadership team
Leadership team Katalin Erdei Attila Szénási Tamás Szolyák HR & Technical Director Chief Operating Officer Commercial Director After graduating at the University of Szeged Joined the Company in 2019 as Director Joined the company in September 2018 as from the Faculty of Arts, and pursuing of Pharmac
Slide 69: References
References Women’s Healthcare 1 https://www.grandviewresearch.com/industry-analysis/womens-health-market 2 (a) https://ec.europa.eu/eurostat/statistics-explained/index.php?oldid=664290 (b) https://data.worldbank.org/indicator/SP.DYN.TFRT.IN?locations=US 3 https://www.grandviewresearch.com/industry-a
Slide 70: Contacts and financial calendar
Contacts Financial calendar Company name: Gedeon Richter Plc. | 12 May 2026 – Q1 2026 results Sector: Pharmaceutical | 7 August 2026 – H1 2026 results Company address: 1103 Budapest, Gyömrői út 19-21., Hungary | 10 November 2026 – Q3 2026 results Telephone: +36 1 431 5764 Investor relations manager
Slide 71: Disclaimer
Disclaimer This presentation may contain forward-looking statements, that may include, but are not limited to, those regarding capital, investment, cash flows, demand, earnings, efficiency, production, profits. These forward-looking statements are subject to risks, uncertainties, and other factors,