Lavipharm enters 2026 with strong growth momentum, increased international focus, and a new catalyst, Durogesic, which management describes as a deal that will transform the company’s scale and profitability.
During the annual general meeting, where all agenda items were approved, it was decided to distribute a dividend of 2 cents per share for the second consecutive year, while the Board of Directors was expanded from 7 to 8 members with the election of Konstantinos Reggis. The ex-dividend date will be July 20, the record date July 21, and the payment date July 24.
Sophia Kounenaki-Efraimoglou: The acquisition of Durogesic is a strategic move
The chair of the board of directors, Sofia Kounenaki-Efraimoglou, emphasized that in 2025, the company’s growth exceeded the industry average by a significant margin.
As she noted, the agreement for Durogesic and the acquisition of rights in 24 countries constitute a “strategic statement” regarding Laipharm’s direction, while medical cannabis, investments in facilities, and the expansion of the portfolio are creating a broader foundation for the future.
Telemachus Lavidas: In 2025, the company moved into a new league
Laωipharm’s CEO, Telemachus Lavidas, highlighted the company’s transition to a new phase of growth, emphasizing that 2025 was the year the company “moved into a new league.”
As he noted, revenue rose to 70 million euros, up from 61 million euros in 2024, while adjusted EBITDA reached 15.5 million euros, a 49% increase. He made special mention of the Durogesic agreement, which he described as a milestone, and identified transdermal technology, the acquisition of international pharmaceutical products at attractive valuations, and a focus on selected therapeutic categories.
Panagiotis Giannouleas: 28.2% growth compared to 5.7% for the market
For his part, Deputy CEO Panagiotis Giannouleas highlighted Laipharm’s outperformance, noting that the company grew at a rate of 28.2% in the outpatient market, compared to 5.7% for the market as a whole.
As he noted, Laipharm climbed five spots to 25th place among 254 companies, while its market share rose to 1.2% from 0.7%.
He made special mention of medical cannabis, where sales surged from approximately 0.5 million euros in 2024 to 8.7 million euros in 2025, with management estimating that they will more than double again this year. In fact, the market share rose from 73% to 91%, and a figure close to 97% is projected for 2026.
How Durogesic Is Changing the Landscape
Durogesic was the focal point of the presentation. The acquisition is expected to add sales of nearly 40 million euros to existing operations and increase total revenue by approximately 60%, while international revenue is projected to grow by 150%.
As noted, of the 24 countries for which rights were acquired, 5 are of immediate commercial interest. Based on a conservative timeline, sales are expected in some of these markets in November and in all of them in December, with estimated revenue of 5–6 million euros in the last two months of the year.
Production of Durogesic will begin in Paiania in the second half of 2027, as production in Belgium will cease on December 31, 2027. The goal is for the product to be manufactured in Greece starting in January 2028. At that point, according to management, the gross margin could reach 60%, significantly improving EBITDA in subsequent fiscal years.
Expansion Abroad at the Heart of the Strategy
The shift toward international markets is now considered a cornerstone of the strategy. In 2025, sales outside Greece accounted for 34% of the total. Following the integration of Durogesic, this picture is expected to change, with exports accounting for approximately two-thirds of sales and the Greek market for one-third.
This, as noted, will reduce dependence on the clawback and the country’s fiscal conditions, while leading to better margins. For 2028, management is targeting an EBITDA margin of close to 37%.
Lavipharm’s international expansion, however, is not limited to Durogesic. As management noted, export activity will be further strengthened through three additional initiatives: the further development of fentanyl and nitroglycerin; the implementation of the agreement with iNova to bring Betaoctine into new international markets; and the licensing process for transdermal clonidine in Germany, France, and Spain.