Navamedic (NAVA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached a record NOK 157.1m, up 19.8% year-over-year, driven by the acquisition of dne Pharma/Addiction portfolio assets and strong growth in Antibiotics.

• Full-year 2025 revenue was NOK 565.4m, a 6.4% increase from 2024, with growth primarily from Antibiotics and the new Addiction portfolio.

• Adjusted EBITDA for Q4 was NOK 13.4m (8.5% margin), and for the full year NOK 47.6m (8.4% margin), both excluding transaction costs.

• Launched Flexilev in OraFID for advanced Parkinson's care in December 2025, with reimbursement and distribution secured.

Financial highlights

• Q4 gross margin improved to 40.3% from 33.7% in Q4 2024; full-year gross margin was 39.0%.

• Q4 adjusted EBITDA increased to NOK 13.4m from a loss of NOK 3.2m in Q4 2024.

• Net profit for Q4 was a loss of NOK 11.1m, and for the full year a loss of NOK 23.5m, impacted by higher amortization and financial expenses.

• Cash at year-end was NOK 74.2m, up from NOK 37.3m at the end of 2024.

Outlook and guidance

• Modest revenue growth expected in 2026, with full-year contribution from the Addiction portfolio and Flexilev in OraFID, offset by phase-out of selected brands.

• Improved gross margins and reduced operating expenses anticipated to positively impact EBITDA.

• Focus on stabilizing gross margins above 40%.

• Growth initiatives include market expansion for Flexilev, Ventizolve, Absolut Torr, and continued focus on in-licensing, out-licensing, and M&A.