Grünenthal Announces Strong Financial Results for 2023 with Continued Focus on R&D and Strategic Acquisitions

Grünenthal GmbH reported a 10% increase in revenues for 2023, reaching €1.8 billion. Despite a 3% decline in adjusted EBITDA to €427 million, attributed to higher investments in R&D, acquisitions, and facility modernization, the pharmaceutical company celebrated over tripling its adjusted EBITDA since 2017. Key developments included significant progress in its R&D pipeline, particularly in Phase III projects for RTX in knee osteoarthritis and Qutenza™ for post-surgical neuropathic pain.

The year also marked the finalization of a joint venture with Kyowa Kirin, establishing Grünenthal Meds, in which Grünenthal holds a 51% majority. This move is part of the company’s €2 billion investment in acquisitions since 2017. Grünenthal attributed its revenue growth to strong performances in the Americas and Europe, highlighting the success of its pain management brands such as Qutenza™ and newly acquired products like Nebido™ from Bayer.

Grünenthal’s CEO, Gabriel Baertschi, emphasized the company’s commitment to innovation in pain management and its strategy for growth through R&D and market expansion. The company aims to further its development pipeline with non-opioid treatments and anticipates advancements in clinical trials for various compounds. Furthermore, Grünenthal strives for a positive societal impact and has been recognized for its low ESG risk by Sustainalytics.