FY 2025: Strong results and momentum for 2026

FY 2025 was a year of strong execution and robust performance across all therapeutic areas, driving significant topline growth and reinforcing the company’s strategic momentum. Total sales grew 10.9% at constant exchange rates (CER), supported by a solid 7.5% growth in Q4.

Strong growth across all therapeutic areas

Oncology remained a cornerstone of our business, delivering 4.1% growth and accounting for 69% of total 2025 sales. Rare Disease was a standout performer in 2025, with sales doubling year‑over‑year (+102.5%). Neuroscience delivered high single‑digit growth (9.7%), supported by steady expansion across core markets.

We delivered a core operating margin of 35.2%, an improvement of 2.6 percentage points, reflecting strong cost discipline and improved mix.

With strong profitability, we closed the year with €3.2bn in firepower to invest in external innovation and strategic opportunities.

2026 outlook: continued growth and pipeline progress

We set our 2026 guidance: total sales growth above 13% at CER in FY 2026 and a core operating margin above 35%. This outlook is supported by accelerated momentum across the portfolio.

2026 will be a pivotal year for innovation, with five major milestones, including three pivotal readouts and the full Phase II presentation of IPN10200 in its first aesthetics indication (glabellar lines) at an upcoming medical meeting.