Celon Pharma 2025: record PLN 244 m revenue, but net loss deepens to PLN 79.4 m - the 2026 outlook hinges on Salmex registration in China and the GLP-1 programme

Celon Pharma 2025: revenue PLN 244 m (+17.9%), but the net loss deepens to PLN 79.4 m - the consequence of GLP-1 CAPEX

Celon Pharma S.A. - headquartered at ul. Ogrodowa 2A in Kiełpin (gmina Łomianki, Mazowieckie voivodeship, postcode 05-092), registered in the KRS under number 0000437778 - closed 2025 with consolidated revenue of PLN 244.34 m (+17.9% YoY versus PLN 207.19 m in 2024) and EBITDA of PLN 21.42 m (+42%, vs PLN 15.05 m). The operating-level result is positive, but the net loss deepened to PLN -79.36 m versus PLN -34.45 m a year earlier (+130%). This is the direct effect of spending on the new flagship R&D programme - GLP-1 receptor agonists (cardiometabolic) - which is to become the main 2026–2028 driver but absorbs capital and widens the gap between reported EBITDA and net result.

The structural divergence between the company's two businesses matters for interpretation. The generics segment (lead products: Salmex inhaler, plus Zarixa, cardiology) generates 84.4% of revenue - PLN 206.25 m, +15.3% YoY. Generics-segment exports exceeded PLN 44 m (vs PLN 41.6 m). The innovation segment (R&D, grants, clinical programmes) accounts for 15.6% of revenue (PLN 38.09 m, +34.3% YoY), with grant revenue rising from PLN 28.3 m to PLN 38.3 m. The generic core remains a strong cash generator, but its margin does not cover the scale of GLP-1 pipeline spending.

In the background: the Chinese partner of Celon Pharma is sustaining the Salmex registration timeline to end-2026. If it succeeds - Salmex becomes the main export lever; if registration is delayed, the expected 2026–2027 export growth must be pushed out. Q1 2025 already showed a clear signal - company exports grew +73% YoY to PLN 13.8 m.

Celon Pharma

KIEŁPIN · KRS 0000437778 · SPÓŁKA AKCYJNA

Revenue

244.3 M PLN

Kiełpin (Łomianki), Ogrodowa 2A: Wieczorek's 2-member board, founder control of 58.8% capital / 68.2% voting rights

The address ul. Ogrodowa 2A in Kiełpin - a village in the Łomianki municipality west of Warsaw - places Celon Pharma's seat in the Warsaw-suburban pharmaceutical cluster of the Warszawa-zachodni district. The company has operated in its current corporate form (Celon Pharma S.A., KRS 0000437778) since 25 October 2012 (previously as a sp. z o.o.) and has been listed on the Warsaw Stock Exchange since 2016. It belongs to the sWIG80.

Governance: a two-member management board - CEO Maciej Wieczorek (founder) plus one board member. The cap table is strongly founder-concentrated: Maciej Wieczorek, through Glatton sp. z o.o. (which he 100% owns), controls 58.8% of capital and 68.2% of voting rights at the AGM (as of January 2024). This makes Celon Pharma effectively family-controlled despite its formal WSE listing. The remaining shares are held by OFE pension funds and TFI investment funds - free float is around 41%.

Under Polish PKD codes the principal activity is 21.20.Z (manufacture of pharmaceutical preparations and other pharmaceutical products). The company has a registered electronic-delivery address (AE:PL-58206-76240-RVIES-16), the e-mail info@celonpharma.com and the website celonpharma.com.

A significant corporate event is in progress: the formal separation of the generics and innovation businesses into separate companies. The operation is to be completed in 2026 and aims to separate the predictable generics segment (Salmex sales, reimbursed drugs) from the capital-intensive innovation segment (R&D in GLP-1, FGFR, oncology). No equity issuance in 2026 - pipeline financing is to come from current sales and grants.

Polish pharma sector on the WSE: Celon Pharma as the only pure hybrid „generics + R&D" player

The Polish pharmaceutical sector listed on the Warsaw exchange has a specific structure in 2026:

• Celon Pharma (Kiełpin) - hybrid: 84% generics + 16% innovation; deepening R&D investment in GLP-1.
• Bioton (Warsaw) - pure biosynthetic-insulin manufacturer, post-revenue but still loss-making; Chinese-Yifan controlled.
• Mabion (Konstantynów Łódzki, mWIG40) - contract biotech with the Novavax CDMO contract - post-revenue, lower risk than Celon or Bioton.
• Ryvu Therapeutics (Kraków, mWIG40) - pre-commercial oncology biotech (RVU120 Phase II). Zero drug-sales revenue.
• Bioceltix (Wrocław) - pre-commercial veterinary biotech.
• Selvita - contract CRO, post-revenue.

Three structural features of the Celon Pharma model that explain the divergence between rising revenue and the deeper loss:

• Hybrid „generics + innovation" model - a rarity in Polish pharma - most Polish pharma companies are either purely generic (Polpharma, Aflofarm - unlisted) or purely pre-commercial (Ryvu, Captor, Bioceltix). Celon attempts a „Genmab"-style strategy - generics finance the R&D pipeline. It works in Scandinavian and German pharma, but requires a generics scale much larger than the current PLN 244 m a year.
• GLP-1 as the 2026 priority and an execution risk - GLP-1 receptor agonists (the therapeutic class including semaglutide and tirzepatide - global hits from Novo Nordisk and Eli Lilly) are currently the most lucrative segment of global pharma (sales >USD 100 bn per year, projected to grow to USD 200+ bn by 2030). Celon Pharma develops its own GLP-1 agonists with the European and Middle East markets in mind, with the option of producing the oral form at the Slovak plant. The risk: competition from giants (Novo, Lilly) with R&D budgets 100x larger than the Polish biotech. Time-to-market is a critical competitive factor.
• Salmex in China as a single high-risk catalyst for 2026 - Salmex registration in China is a multi-year partnership process; the partner-expected end-2026 timeline does not guarantee an outcome. A favourable decision by the Chinese regulator (NMPA) would open a market worth billions of EUR per year for Celon; a negative outcome or delay keeps export growth at moderate levels.

Implication for the investment profile: deepened loss = deliberate CAPEX, no dividend, dependence on the pipeline

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“The Group is consistently developing innovative therapies with global potential while strengthening the generics business - particularly in the cardiometabolic area.”

Three possible consequences of the 2025 results for Celon Pharma's investment profile in 2026:

• Deepening net loss = deliberate CAPEX, not operating deterioration - EBITDA growth of 42% shows the underlying generics business is operationally improving. The deeper net loss is driven mainly by GLP-1 pipeline spending, clinical programmes and depreciation. An investor treating Celon as a pre-commercial company (like Ryvu) should focus on EBITDA and pipeline progress, not the bottom line. Conversely, an investor seeking dividend pharma should rotate - the loss excludes a 2026 payout.
• Salmex in China as a 2026 binary - registration expected by end-2026 is a single high-risk catalyst. A positive Chinese NMPA decision = potentially doubling Celon Pharma's export in 2027. A negative outcome or delay = sustaining the current +73% YoY momentum from other markets but without Chinese scale.
• GLP-1 = 5–7 year horizon, capital-intensive - full development of the GLP-1 clinical line (Phase I → III → registration) typically takes 5–7 years from strategic decision. Exposure to this segment is positioned for 2030+ - leverage for patient investors, not for the 2026 results cycle.

Main company-specific risks across the 2026–2027 cycle:

• Deepened net loss - accumulated losses preclude dividend for several years; equity issuance is not planned in 2026 but may be required in case of capital pressure.
• Salmex registration in China - single high-risk 2026 catalyst, timeline not guaranteed.
• GLP-1 competition from Novo Nordisk and Eli Lilly - global giants with R&D budgets 100x larger than the Polish biotech.
• Wieczorek control (58.8% capital / 68.2% voting rights) - low free-float liquidity; strategic decisions depend on a single founder-shareholder.
• Business separation into separate companies - operation in progress in 2026, may affect capital structure and market perception.

What you'll find in the Celon Pharma S.A. profile

The Celon Pharma S.A. profile in our database carries the full picture of the company: composition of the two-member management board (with founder-CEO Maciej Wieczorek), the KRS registration history from 25 October 2012, the registered address at ul. Ogrodowa 2A in Kiełpin, e-delivery status (AE:PL-58206-76240-RVIES-16), the website celonpharma.com, the e-mail info@celonpharma.com, and the assigned PKD code 21.20.Z (manufacture of pharmaceuticals). The profile is also available in English - important for international biotech-pharma fund investors, since Celon Pharma is the only Polish hybrid „generics + innovation" player on the WSE, with an active GLP-1 pipeline and potential for Salmex registration on the Chinese market.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000437778); Celon Pharma S.A. - consolidated annual report RR/2025; Stockwatch - analysis of Celon Pharma 2025 results; Inwestycje.pl - communication on Celon Pharma 2025 net loss and EBITDA; pl.investing.com / ISBnews - communication on Salmex registration in China and Q1 2025 export; Stockwatch - analysis of Celon Pharma 2026 export and new markets (Gulf, Mexico, RSA); Bankier ESPI - RR/2025 current report; Rejestr.io - shareholder structure and Glatton sp. z o.o. control; PKD 21.20.Z classification (manufacture of pharmaceuticals); company history - incorporated 25 October 2012 as S.A., WSE IPO 2016, as of 2026-05-02.