Access to therapy is part of the protection of the constitutional order: Peter Bely spoke at the SPIEF session on intellectual property
20.04.2026
Corporate
For investors
Industry development
20.04.2026
April 20, 2026, Moscow – PJSC PROMOMED (MOEX: PRMD) (formerly –PROMOMED", the "Company", and together with its subsidiaries, the "Group") announces the Group's IFRS financial results for the 12 months of 2025.
The Group's revenue reached 38 billion rubles and increased by 75.2% YoY, which is more than 6 times the growth rate of the pharmaceutical market[1]. EBITDA amounted to RUB 15 billion (+86% YoY), EBITDA margin - 41% (+3 percentage points YoY), net profit — RUB 7.2 billion (+149% YoY). The Group's strategic areas of Endocrinology and Oncology accounted for 76% of the Company's revenue (61% in 2024).
Key results for the 12 months of 2025:
- Significant sales growth in strategic segments:
Endocrinology: Revenue increased by 163% YoY and reached RUB 21.6 billion. due to the growth of sales of innovative drugs for therapy diabetes and obesity — Tirzetta®, Velgia® and Velgia® IVF.
Oncology: revenue increased by 42% YoY to RUB 7.0 billion, including due to increased sales of targeted drugs and market launch the drug Pradetro® (INN: apalutamide).
- Balanced sales structure: the revenue share of the commercial channel was 66%, budget channel — 34%.
- Moderate debt burden: Net debt/EBITDA decreased to 1.65x.
- Active development of the product portfolio: the number of drugs increased to 364 units (+21 units yoy), while the Group continues to increase the share of innovative and biotechnological solutions — the share of such drugs in revenue increased to 74% and 72%, respectively.
- Product platform development: Russia's first subscription system for course-based medications has been launched (promeka.ru ), on the basis of which an ecosystem of patient support is being formed — from treatment to lifestyle changes, including the digital platform "Preobrazhenie" and the Telegram channel "INform: weight loss and healthy lifestyle".
PROMOMED will hold an Investor Day on April 21, 2026. The broadcast of the event will begin at 16:00, registration is available here.
KEY OPERATIONAL AND FINANCIAL RESULTS
"Despite the volatile market conditions and the difficult macroeconomic background, in 2025 the Group showed double-digit growth in key indicators, significantly exceeding the dynamics of the pharmaceutical market and the dynamics of many other industries. Our result once again confirms the thesis about the sustainability of pharma in the face of macroeconomic trends, and also highlights the advantages of PROMOMED in the market: focus on the fastest-growing therapeutic areas and maintaining a high level of operational efficiency while scaling the business.
By the end of the year, the Group has confirmed and consolidated its leadership in strategic areas. Today PROMOMED is the leader in Russia in the obesity and diabetes market. At the same time, PROMOMED is developing even faster technologically, creating innovations in the development and production of medicines: we are already working on targeted therapy, trincretics, and actively introducing AI and industrial robots, and this is far from the whole list.
In addition to developing traditional business lines, the Group is consistently working on business diversification. In particular, we are actively expanding our breakthrough solutions to the most extensive export markets, including the CIS, the Middle East, Southeast Asia, and Africa. In addition, in 2025, the first launches were carried out in a new veterinary area for the Group, a promising market with high consumer demand for domestic solutions.
We focus on the future needs of patients and the market, which allows us to develop our own solutions in the most demanded areas in advance. Having our own R&D hub and a full production cycle provides us with flexibility and readiness for the most difficult challenges of the healthcare system.
Our success in 2025 was a natural result of the Group's long-term strategy. For the second year in a row since the IPO, we have achieved our goals and exceeded the forecasts given during the initial public offering of the Company. We are confident in our strategy and confirm our ambitious goals for 2026."
|
Indicators for the reporting period |
2025 |
2024 |
y/y |
|
Revenue, billion rubles, including segments: |
37,6 |
21,4 |
75,2% |
|
Endocrinology |
21,6 |
8,2 |
163% |
|
Oncology |
7,0 |
4,9 |
42% |
|
Other drugs[2] |
9,0 |
8,3 |
8,0% |
Following the sales of drugs to distributors, according to the company's revenue and IQVIA data, sales in pharmacies are growing (withdrawal from pharmacies): according to the DSM by 122% YoY, according to the MDLP by 88% yoy.
The main drivers of the Group's consolidated revenue growth were the launch and successful commercialization of new drugs in the strategic therapeutic areas of Endocrinology and Oncology, as well as a significant increase in sales of individual basic PROMOMED drugs.
- In the Endocrinology segment, revenue by the end of 2025 increased by 163% YoY to 21.6 billion rubles, mainly due to the successful sales of innovative drugs for the treatment of obesity and diabetes mellitus — Tirzetta®, Velgia® and Velgia® IVF.
- In the Oncology segment, revenue by the end of 2025 increased by 42% YoY to 7.0 billion rubles due to increased sales of targeted drugs, including Cabozantinib-PROMOMED, as well as the launch of the drug Pradetro® (INN: apalutamide).
- In the Other drugs segment, revenue by the end of 2025 increased by 8.0% YoY and reached 9.0 billion rubles. by increasing sales of drugs in the segments of neurology, general therapy and antiviral drugs, as well as expanding the product portfolio. Significant growth was shown by the launch of Cladribine and Ambene® brand drugs in 2024.
- Export sales revenue amounted to 0.9 billion rubles, an increase of 65%. The Group consistently develops international drug supplies, forming a stable presence both in neighboring countries (Belarus, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan and Armenia) and in Non-CIS countries (Morocco, Jordan, UAE, Iraq, Vietnam, Philippines, Thailand and Brazil).
|
Indicators for the reporting period |
2025 |
2024 |
y/y |
|
The share of Endocrinological and drugsOncological portfolios in revenue, % |
76 |
61 |
15 pp . |
|
The share of drugs sold through Commercial and Budget sales channels, in revenue, % |
66/34 |
53/47 |
- |
|
The share of VED[3] in revenue, % |
60 |
67 |
(7 pp.) |
|
Share of innovative drugs in revenue, % |
74 |
59 |
15 pp . |
|
Biotech drugs share in revenue, % |
72 |
43 |
29 pp . |
- The Group increased the share of strategic areas of Endocrinology and Oncology in revenue to 76% (61% a year earlier).
- The share of Commercial and Budget sales channels was 66% and 34%, respectively, which forms a balanced revenue structure.
- The share of innovative drugs in the Group's revenue was 74%, while biotechnological drugs accounted for 72%, reflecting the consistent implementation of the Group's strategy to bring high—tech modern drugs to the market.
|
Indicators for the reporting period |
2025 |
2024 |
y/y |
|
Gross profit, billion rubles |
25,4 |
14,2 |
79% |
|
Gross profit margin, % |
68 |
66 |
2 p.p . |
|
EBITDA, billion rubles |
15,3 |
8,2 |
86% |
|
EBITDA margin, % |
41 |
38 |
3 p.p . |
|
Net profit, billion rubles. |
7,2 |
2,9 |
149% |
|
Net income adjusted for one-time expenses expenses, billion rubles. |
7,2 |
4,0 |
78% |
|
Profitability according to cor. State of emergency, % |
19,1 |
18,8 |
0.3 percentage points |
The Group's gross profit in 2025 increased by 79% to RUB 25.4 billion. by maintaining an efficient cost structure of production, as well as transforming the product portfolio in favor of more marginal drugs in strategic therapeutic areas.
General and administrative expenses, as well as commercial expenses, increased in 2025 due to increased costs for advertising, marketing and salaries of new employees against the background of increased marketing activity in the context of intensive commercialization of new drugs and the expansion of staff, in commercial divisions and R&D personnel. At the same time, the share of commercial expenses in revenue decreased to 17% compared to 21% in 2024.
EBITDA increased to 15.3 billion rubles by the end of 2025. compared to 8.2 billion rubles in 2024. The EBITDA margin by the end of 2025 exceeded the target value and amounted to 41%, reflecting the growth in sales of innovative drugs in the most promising therapeutic areas, as well as the business scaling effect.
Net profit by the end of 2025 amounted to 7.2 billion rubles. compared to 2.9 billion rubles a year earlier. The dynamics reflect a significant increase in operating profit against the background of a significant increase in sales of the Company's key drugs.
Liquidity and debt burden
|
Indicators as of the reporting date |
31.12.25 |
31.12.24 |
y/y |
|
Debt on loans and borrowings, billion rubles |
29,4 |
21,0 |
40% |
|
Cash and cash equivalents, billion rubles |
4,21 |
4,08 |
3% |
|
Net debt, billion rubles. |
25,1 |
16,9 |
49% |
|
Net debt/ EBITDA LTM, x |
1,65 |
2,05 |
- |
LTM's net debt/EBITDA decreased to 1.65x by the end of 2025 compared to 2.05x at the end of 2024 on the back of an increase in operating performance, which is consistent with the goals for 2025 and reflects the sustainability of the Group's financial model.
In 2025, the Group placed a bond issue of RUB 5 billion. with a circulation period of 2 years. The funds raised will be used to refinance part of the debt portfolio and accelerate the development of innovative medicines.
The Group also raised 3.3 billion rubles through two issues of structural bonds linked to the value of PROMOMED shares. The instruments are aimed at reducing the cost of financing and increasing the liquidity of the Company's stock market, while they do not involve additional share issues and coupon payments.
Cash flow indicators
|
Indicators for the reporting period |
2025 |
2024 |
y/y |
|
Net cash flow from operating activities, billion rubles |
0,27 |
0,09 |
188% |
|
Cash flow from investing activities, billion rubles, including: |
(6,15) |
(6,02) |
2,1% |
|
Research & Development (R&D)[4] |
(2,69) |
(1,41) |
90% |
|
Capital expenditures (CAPEX)[5] |
(1,87) |
(2,65) |
(29%) |
|
Free cash flow, billion rubles. |
(4,29) |
(3,97) |
8,0% |
Cash flow from operating activities by the end of 2025 increased by 188% YoY and amounted to 0.27 billion rubles. due to the EBITDA growth.
Net working capital at the end of 2025 amounted to 27.5 billion rubles. compared to 18.3 billion rubles at the end of 2024. The increase reflects the Group's active growth phase, the growth of high-quality accounts receivable and the expansion of inventories for counterparty purchases in early 2026, related to the launch of new drugs on the market.
PROMOMED expects to optimize its net working capital in future periods, including through increased sales of innovative drugs and increased commercialization of the Group's key products.
Cash flow from investment activities in 2025 amounted to (6.15) billion rubles. compared to (6.02) billion rubles in 2024:
- R&D expenses amounted to 2.69 billion rubles by the end of 2025. Clinical trials prevail in the cost structure, which is in line with the Group's strategy with an emphasis on the development of innovative drugs and is consistent with previously announced plans to introduce new products to the market
- Capital expenditures by the end of 2025 amounted to 1.87 billion rubles. The slowdown in capital investments is associated with the completion of the main phase of capacity renewal. In the reporting period, the plant of JSC Biochemik launched sites for the production of pre-filled syringes and the production of veterinary drugs in tablets.
PROGRESS IN THE DEVELOPMENT OF THE DRUG PORTFOLIO
Notable progress has been made across the entire pipeline of innovative drugs announced during the IPO. By 2030, it is planned to launch more than 20 innovative drugs, with 9 launches in 2025. At the same time, the Group continues to actively develop its core drug portfolio, which forms a sustainable operational basis for business growth.
In the reporting period, PROMOMED introduced a number of new drugs to the market for strategic therapeutic purposes. regions:
Endocrinology
- Tirzetta® is a new generation drug for the treatment of obesity and type II diabetes mellitus, the first and only direct competitor of the American Mounjaro on the Russian market. In 2025, the drug became the second largest in absolute sales growth among the entire retail segment[6].
- Velgia® ECO is the only injectable semaglutide drug on the Russian market without phenol and other preservatives, intended for patients with hypersensitivity and concomitant diseases.
- Semaltara® is the first and currently the only semaglutide—based tablet drug in Russia for the treatment of type II diabetes mellitus with high efficacy in weight maintenance. The launch of the drug at the end of 2025 formed the basis for further sales growth in 2026.
- Pradetro® (INN: Apalutamide) is the first Russian second—generation androgen receptor inhibitor for the treatment of prostate cancer.
- Amberwin® Pulmo is the first in its class preparation of short peptides with a fragment of succinic acid, which has anti—inflammatory and antioxidant effects and promotes the restoration of lung tissues.
- Migrenium® Neo is a combined analgesic drug based on ibuprofen and caffeine for the rapid relief of headaches and migraines.
- Reitbufen® is a new generation dexibuprofen—based analgesic with pronounced anti-inflammatory and analgesic effects.
- Teduglutide is an orphan drug for the treatment of short bowel syndrome, which reduces patients' dependence on parenteral nutrition.
-
Flexonorm® Cat is a drug for the treatment of inflammatory diseases and pain syndrome in cats.
- Amklav® VET is a combined antibiotic for the treatment of a wide range of bacterial infections in animals.
An important step was the passage of the international GMP inspection by the regulators of Iraq by the plant of JSC Biochemik, which opens up opportunities for the registration of drugs and entry into the country's market.
DEVELOPMENT OF AN ECOSYSTEM FOR DRUG PROMOTION In 2025, PROMOMED created an ecosystem for the promotion and support of therapy, the key element of which was Russia's first subscription program for course—based drugs - promeka.ru , which allows patients to receive flagship drugs at significant discounts and follow prescribed therapy without interruptions.
The ecosystem also includes digital and educational services to support patients throughout the course of therapy — the Transfiguration platform (vforme.pro ) with recommendations on nutrition, healthy lifestyle and workouts, as well as the Telegram channel "Shape: weight loss and healthy lifestyle" (t.me/vforme_pro ).
EVENTS AFTER THE REPORTING DATE
- In March 2026, PROMOMED repaid bond issue 002P-1 for 3.5 billion rubles and placed two-year bonds of the 002P-03 series in the amount of 6.8 billion rubles maturing in 2028. In addition to refinancing current liabilities, the funds raised are used for general corporate purposes, including continuing to implement the Group's growth strategy.
- In March 2026, PROMOMED's Board of Directors decided to exclude from the dividend policy the requirement for a positive operating cash flow as a prerequisite for the payment of dividends. The change will allow the Company to consider the economic validity of payments in the broader context of financial results while maintaining a balanced approach to capital allocation between investments in growth and creating shareholder value. About the Company
- an offer to purchase any securities,
- an invitation to make offers to purchase any securities,
- as part of such offers or invitations,
- advertising of securities in the Russian Federation or other jurisdictions,
- an offer to purchase medicines,
- advertising of medicines,
- by encouraging or recommending transactions,
- and is also not subject to interpretation as such.
PROMOMED is a leading innovative biopharmaceutical company with significant growth potential in promising segments of the pharmaceutical market.
The company's structure includes its own unique world-class R&D center and a high—tech enterprise, the Biochemist plant. Thanks to this, PROMOMED implements the concept of a full production cycle "from Idea to Molecule, from Molecule to Patient", promptly responds to current needs.It also implements the latest technologies to create innovative medicines. The company is developing a diversified portfolio of more than 360 medicines in the top 10 segments of the pharmaceutical market. The company's portfolio includes blockbuster drugs and innovative biotechnological drugs that have no analogues on the Russian market. Based on its own developments, the company produces drugs for the treatment of diseases in various therapeutic areas: endocrinology, oncology, neurology, autoimmune diseases, infection control, acute and chronic pain, and others. Thanks to its own innovative chemical technologies and biotechnologies, as well as modern production facilities, the company is an active participant in the system of ensuring national drug safety and import independence of the country.
Contacts
|
For investors |
For the media |
Neither this announcement nor any part of it should serve as a basis for making any investment decisions and/or decisions on the use of any medicines.
The publication of this communication does not imply investment consulting (in the meaning defined in the legislation of the Russian Federation (including Federal Law No. 39-FZ of April 22, 1996 "On the Securities Market"). The information provided in this message is not an individual investment recommendation, and the financial instruments or transactions mentioned in it may not meet your investment profile and investment goals (expectations). It is your task to determine whether a financial instrument or operation matches your interests, investment goals, investment horizon, and acceptable risk level. PJSC PROMOMED is not responsible for possible losses in the event of transactions or investments in financial instruments mentioned in this information, and does not recommend using this information as the only source of information when making an investment decision.
Before making an investment decision on making or not making transactions with the Company's shares, it is necessary, among other things, to familiarize yourself with the information disclosed on the Company's web page: https://e-disclosure.ru/portal/company.aspx?id=38533.
The information contained in this announcement may include estimates and other forward-looking statements regarding the intentions, plans, future events, financial, operational or other activities of the Group. Actual events, calculations and results of their activities may differ materially from those contained or anticipated in the forward-looking statements, words and expressions provided in this communication or related materials due to the influence of various external and internal factors (general economic conditions; risks associated with the specifics of the Company's activities, including those that cannot be controlled by the Company; changes in market conditions in the industry in which the Company and the Group operate; geopolitical and other factors and risks). An indication of goals, potential, growth opportunities or other indicators is not a guarantee of the realization of these goals, potential, opportunities.
The methodology for determining and calculating the Company's operational and financial indicators may differ from the methodology used by others.individuals, companies, or organizations.
The Company or persons belonging to the Group, their directors, participants (shareholders), employees, representatives do not provide any guarantees or assurances confirming the accuracy, completeness or unambiguous nature of the information and information contained in this communication or related materials, and do not assume any obligations or obligations to updating them.
[1] According to IQVIA.
[2] Including other revenue from related activities.
[3] Vital and essential medicines
[4] Corresponds to the line "Payments in connection with the acquisition and creation of intangible assets" in the Cash Flow statement of the IFRS financial Statements.
[5] Corresponds to the line "Payments in connection with the acquisition, creation, modernization, reconstruction and preparation for the use of the operating system" Cash Flow statement of IFRS reporting.
[6] According to IQVIA, in rubles among the Rx products.
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