SAINT-PREX, SWITZERLAND -- Ferring published its 2025 Annual Report and Sustainability Report. The company achieved total revenues of over €2.5 billion in 2025, an increase of 7% over the previous year at actual exchange rates (AER) and 10% at constant exchange rates (CER). These were mainly driven by our flagship product Menopur® (menotropins for injection) in reproductive medicine, and the ramp-up in the US of our breakthrough gene-based therapy for non-muscle invasive bladder cancer, Adstiladrin® (nadofaragene firadenovec-vncg).

Operating expenses were contained to an increase of €61 million year-on-year (i.e. +5% at AER and +7% at CER), and this includes significant non-recurring items (notably impairment charges and restructuring provisions). Underlying operating expenses remained well-controlled, with increased investments targeted to support the growth of Adstiladrin and other opportunities. Thus, operating profit for the year reached €167 million, a decrease of -€24 million (‑13%) versus the prior year at AER, while remaining flat at CER - with the difference being driven by the weaker US dollar.

Following a focus on improving cash conversion after several heavy investments, free cash flow generation approached neutral despite currency headwinds from the weaker US dollar. This represents a substantial improvement compared to the previous year, and a significant step towards sustainable cash generation.

Jean-Frédéric Paulsen, Chairman of the Board of Directors and Chief Executive Officer, said: “This was a pivotal year as we continued evolving our business to become stronger, more agile and more resilient, and importantly we got back to free cash flow neutral. Moreover, in 2025, we introduced an enterprise model designed to create greater value for patients and customers while supporting sustainable growth. This reflects our long-term commitment to serving patients’ need, and fostering an environment where people can learn, grow and perform at their best.”

Ferring has always conducted business responsibly by seeking to protect the environment, create value for society, and uphold our high standards of ethics and governance. In 2025, we passed a major milestone when our targets for reducing greenhouse gas (GHG) emissions were approved by the Science Based Targets initiative (SBTi). This globally recognised standard ensures corporate goals are aligned with international climate policy. During the year, we succeeded in reducing our Scope 1 and 2 GHG emissions by 4.3% and Scope 3 emissions by 19%.

Access to affordable healthcare is embedded in Ferring’s purpose and strategic priorities. The Project Family™: Safe Birth initiative aims to reduce maternal deaths in low- and lower middle-income countries by enabling wider access to Carbetocin Ferring (carbetocin, room-temperature stable formulation). In 2025, we worked with partners to supply around 1.7 million doses of this life-saving medicine at an affordable access price, while gaining further approvals in seven low- and lower middle-income countries.