Revenue Growth Strengthened by Regional Diversification
Fagron, the global leader in pharmaceutical compounding, reported steady performance in the third quarter of 2025, achieving a 6.4% increase in reported revenue to €228.2 million. At constant exchange rates, growth accelerated to 10.3%, underscoring the resilience of the company’s operations amid currency fluctuations and regulatory challenges.

Regional diversification remained a key advantage. Europe, the Middle East, and Africa (EMEA) led with a robust 17.3% rise in sales, supported by recent acquisitions, including Active Pharma Supplies (UK), LSP and EuroOTC (Germany), and Guinama (Spain). Latin America followed with 9.2% growth, reflecting strong operational execution despite foreign exchange headwinds. North America, however, experienced a short-term slowdown due to lower GLP-1 compounding activity and temporary production adjustments during the Wichita expansion process.

FDA Clearance at Wichita Marks a Turning Point
One of the most significant developments of the quarter was the FDA’s clearance of the Wichita facility, validating corrective and preventive measures that had previously constrained production. This regulatory milestone enables Fagron to fully utilize its expanded U.S. compounding capacity, which management estimates could contribute approximately $25 million in annual revenue once fully operational.

The Wichita site expansion doubles the facility’s footprint, enhances sterile compounding capabilities, and strengthens supply chain resilience in the U.S. healthcare market. While the FDA issued limited observations during its review, Fagron has already addressed key compliance areas, reinforcing the company’s commitment to regulatory excellence.

Strategic Expansion and Shareholder Alignment
Fagron’s acquisition-driven strategy continues to bolster its market position across continents. Integration of Purifarma, Injeplast, and UCP expands the company’s reach in personalized and sterile compounding. The newly announced share buyback program, limited to 200,000 shares, underlines management’s belief in the company’s financial stability and long-term growth trajectory.

For the first nine months of 2025, total revenue reached €704.4 million, up 9.4% year-over-year and 13% at constant exchange rates, keeping Fagron on track to meet its full-year outlook.

Outlook: Expansion Benefits with Execution Challenges
Looking ahead, Fagron’s focus will shift to operational execution — scaling Wichita’s new capacity, integrating acquisitions, and maintaining FDA compliance. Currency volatility and ongoing inspection follow-ups may create short-term noise, but the company’s fundamentals remain solid.

Fagron’s Q3 results highlight a business in transition from recovery to expansion. With regulatory clarity restored, geographic diversification strengthened, and a disciplined capital allocation strategy in place, the company appears well positioned to deliver sustained growth through 2026 and beyond.