PolyPeptide delivers +24% growth in H1 2025, successful ramp-up at its Belgian site, 2025 full-year guidance revised towards the upper end of the range
Baar, 12 August 2025 – PolyPeptide Group AG (SIX: PPGN), a specialized global CDMO for peptide-based active pharmaceutical ingredients, today announced its results for H1 2025, revised its full-year guidance for 2025 towards the upper end of the range, and confirmed its mid-term outlook:
- Revenue of EUR 167.1 million, +23.7% versus H1 2024 or +23.3% at constant currency rates, driven mainly by growth in metabolic therapeutics (+98.2%)
- Commercial revenue up +37.9% versus H1 2024, reflecting the ramp-up of the new SPPS capacity at its Belgian site and favorable market trends across PolyPeptide’s broad portfolio
- Improved EBITDA of EUR 4.4 million versus EUR 2.9 million in H1 2024, driven by higher sales, partially offset by an unfavorable product mix with higher material costs, investment in FTEs to support growth, and exceptional costs related to the ramp-up of the large-scale SPPS asset in Braine and ERP-related investments
- Financial result at EUR -17.3 million versus EUR 0.3 million in H1 2024, largely driven by an unfavorable revaluation impact on intra-Group positions due to foreign exchange movements (favorable impact in H1 2024). Interest expenses stable compared to H1 2024
- Net cash flow from operating activities reached EUR 49.7 million versus EUR 0.5 million in H1 2024; further prepayments from customers (net inflows of EUR 27.7 million in H1 2025) secured as well as disciplined capital management offsetting the buildup of inventory to support planned growth in H2 2025
- Capital expenditures reached EUR 46.1 million or 27.6% of revenue (versus 15.2% in H1 2024) to progress capacity expansion projects across PolyPeptide’s global multi-site network; large-scale SPPS capacity in Belgium on track to reach target utilization rate by end 2025; construction work for doubling of SPPS capacity in Sweden on track
- Expansion of revolving credit facility (RCF) by additional capital commitments of EUR 40 million to EUR 151 million to further enhance the Group’s financial flexibility, as previously announced in May 2025
- Appointment of Raoul Bernhardt as new Chief Manufacturing and Supply Chain Officer and member of the Executive Committee, succeeding Jens Fricke. Jens Fricke remains in the Group and will oversee the multi-site capacity expansion programs
- Revised guidance for the full-year 2025 towards the upper end of the range: now expecting revenue growth of 13-20% vs 2024 at constant currency rates, with an EBITDA margin in the high single-digit/low double-digit range, and capital expenditures of around EUR 100 million
- Mid-term outlook confirmed
- Audio webcast and conference call will take place today, 12 August 2025 at 9:30 am CEST (details see page 5).
Juan José González, CEO of PolyPeptide: “I’m pleased with PolyPeptide’s achievements to date in 2025, having increased revenue by 24% and successfully ramped up SPPS capacity at our Belgian site, which reflects the hard work and dedication of our team. Additionally, we improved operating cash flow and secured increased financial flexibility. I believe we are in a strong position to continue participating in the dynamic global peptide market, which is driven by the attractive metabolic opportunity. Our priority continues to be executing the Group’s growth strategy, advancing our operational excellence agenda, expanding our multi-site network, and supporting our customers to commercialize Phase III projects. With this momentum, we have revised our 2025 full-year guidance towards the upper end of the range and confirm our mid-term outlook.”
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