2024: The Year Spanish Pharma Tightened Its Belt to Turn Profitable

A year of maintaining, improving and making a profit for the Spanish pharmaceutical sector. In 2024, the six largest groups in the sector were not very prominent when it came to acquiring new businesses, expanding their structures or presenting advances and discoveries.

However, Grifols, Almirall, Rovi, PharmaMar, Reig Jofre and Faes Farma face the next year with the aim of improving their finances, since together they have accumulated, in 2024, a profit 18% lower than in the first nine months of 2023.

Overall, the sector got off to a bad start in the year. In the first quarter, only Faes Farma and PharmaMar managed to keep their net profits up . In the case of the biopharmaceutical company , profits soared by 64% between January and March, to 23 million euros. Faes Farma, for its part, recorded a profit of 30.4 million , 10% more than in the first quarter of the previous year.

In fact, the Madrid-based pharmaceutical company based in the Basque Country was the one that maintained the best financial rhythm throughout 2024, reaching the first nine months of the year with a positive profit.

The six giants of the sector reached the middle of 2024 with several ups and downs. Faes Farma again increased its profits by 10% between January and June, while Almirall was the other company with an increase in profits , having accumulated a result 28.3% higher than that of the previous first half of the year.

Faes Farma managed to keep its profits up during the first quarter and the first half of 2024

On the other hand, Grifols, which had one of the most turbulent years in recent years, saw its results plummet by 151.8% in the first six months . Rovi also fell by double digits in the period with a year-on-year drop of 33.5% in its profit. However, in the group of six companies in the sector, accumulated profits were positive, standing at over 163 million euros .

Although the annual results for 2024 will be announced in 2025, the six Spanish pharmaceutical giants face the final stretch of the year with the challenge of improving joint profitability . In the first nine months, total profit fell by 17.9% , in line with the double-digit drop in the group’s EBITDA.

In this sense, the Catalan company Almirall was the one that dragged down the total profit, since it contracted its net result by almost 50% in the first nine months of 2024. Pharma Mar and Rovi were the other two companies that reduced their profits between January and September, with falls of 7% and 4.5%, respectively.

On the other hand, Grifols avoided a sharper fall in the overall results of the six Spanish pharmaceutical giants , by accumulating a profit 46.7% higher than that of the first nine months of 2023. Faes Farma, for its part, earned 7.8% more, while Reig Jofre increased its profit by 2.6%.

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(Featured image by Joshua Hoehne via Unsplash)

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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