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Esteve Grows by Double Digits in 2023, up to 710 Million Euros

Esteve reported a 10% growth in 2023, with net income of €710 million. Revenue grew 2% in Spain, 18% in the EU, and 9% globally, especially in the US. Growth is attributed to increased manufacturing and portfolio expansion. Esteve invested €38 million in R&D and plans further growth with acquisitions and a significant production capacity expansion in Celrà.




Esteve, a Catalan laboratory, presents its annual report for 2023, which reports net income of 710 million euros, which implies a growth of 10% compared to the previous year.

By region, revenue in Spain represented 25% of the total, with a growth of 2% compared to 2022. The rest of the European Union (EU) represented 49% of revenue, with an increase of 18% . Finally, the remaining 26% came from the rest of the world, with an increase of 9%, especially in the US market.

Esteve attributes this growth to a significant increase in the activity of manufacturing active pharmaceutical ingredients for third parties (CMO) and to the expansion of its portfolio in areas of specialized medicine. In this sense, investment in research and development (R&D) amounted to 38 million euros, including both product innovation and industrial processes.

Esteve has signed the acquisition of a new company to expand its product portfolio to rare diseases

“Our roadmap involves further strengthening our growth in Europe, increasing our presence and expanding our product portfolio,” the pharmaceutical company’s CEO, Staffan Schüberg, detailed in a statement.

Esteve incorporated Lubea with a 26% stake in 2023. Following this entry, the laboratory announced a binding agreement to purchase HRA Pharma Rare Diseases , a subsidiary of Perrigo Company. These purchases are the result of a commitment to expand its product portfolio with treatments for rare diseases.

Expansion of capabilities

The financial advisor of the Catalan pharmaceutical company Esteve, Roser Gomila, explained that the group plans to expand its production capacity between 10% and 15% with a “relevant investment” in the plant they have in Celrà (Girona). At a press conference with Staffan Schüberg, Gomila explained that they will build a new facility next to the plants they already have in the municipality, which he has described as their “main industrial site .”

The board has attributed the decision to the high level of demand and the evolution of CMO’s business: “We cannot satisfy all the demand we have from our clients and new clients who call us ,” she stated. Gomila has also maintained that “the business generates enough resources to invest in new capacity,” and has said that the project will allow them to apply the latest technology to make processes more efficient and sustainable.


(Featured image by CDC via Unsplash)

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Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.