You talk about a paradigm shift: going from being a pharmaceutical company to a biopharmaceutical company. How should the weight of the biotechnology business within the group evolve in the next five or ten years?
Ignasi Biosca: In 2025, Reig Jofre has begun a transformation process towards biotechnology, driven by the integration of Leanbio and Syna Therapeutics. However, this move does not come out of nowhere: the project began in 2018, when we acquired a 10% stake in Leanbio and began working together on the Syna project.
Leanbio is a biotechnology services company that offers development and production capabilities to other companies in the sector. For its part, Syna Therapeutics is a company focused on the development of products, especially biosimilars. Its main product has been licensed since 2023 to Accord Healthcare and in 2025 it began the final clinical phases, with completion expected in 2026.
With all this, we believe that Reig Jofre has made a qualitative leap. Over the next five years we will progressively evolve towards an increasingly biopharmaceutical company, combining services, production and product development.
This is a vertical integration strategy: we go from manufacturing the final product that reaches the hospital to also integrating ourselves in the initial phases of the chain, producing biotechnology-based active ingredients. It is the first time in the more than 96 years of Reig Jofre’s history that we enter this area.
With the integration of Leanbio and Syna Therapeutics, is the strategic objective to capture value in the biological chain or to develop your own products?
Ignasi Biosca: Actually we look for both. Leanbio allows us to participate in the growth of the biotechnology industry, where today many of the new launches and great medicines in the sector are concentrated. Reig Jofre did not want to remain anchored in the traditional pharmaceutical model of the 20th century, but rather to evolve towards 21st century biotechnology. Furthermore, these services integrate very well with our current injectable development and production capabilities, which is precisely the format of many hospital biotech products.
On the other hand, with Syna we enter the development of biosimilars, a market with great potential. Not only do they help reduce the price of certain medicines in developed markets, but they also help expand access to treatments in developing countries.
The 2025 financial year was marked by the integration of the new subsidiaries and by the technical stoppages at the Toledo plant. How much of the profit decline is extraordinary? Can we expect double-digit profits in 2026?
Laura Marti: Indeed, 2025 has been marked by several extraordinary impacts. The reduction in capacity at the antibiotics plant had a negative impact estimated at around 10 million euros. At the same time, other divisions have performed well. We have grown in Specialty Pharmacare, Consumer Healthcare and in the injectables area, which contributed approximately 4 million euros of additional profitability.
We have also had the impact of the Mintec project and a significant effort in investment in R&D, part of which is subsidized. Looking ahead to 2026, the new line of antibiotics will come into operation during the year and we hope to begin to see the positive impact in the second half of the year.
Regarding profitable growth and cash generation, what EBITDA margin do you consider sustainable once antibiotic production is normalized?
Laura Marti: Our historical goal is to achieve EBITDA margins around 15%. To achieve this, we are integrating more profitable businesses, such as those linked to biotechnology, and making investments in productive capacity that allow us to improve profitability.
The gross margin has held up well in 2025. With the new mix of biotechnological products with greater added value, what objectives do you set for 2026?
Ignasi Biosca: We expect 2026 to be a year of recovery in growth. First, we will recover the antibiotic business. Although it is a lower margin segment, price increases have recently been announced in Spain and we are launching a new, more efficient production line for sterile antibiotics.
Additionally, we are rationalizing the portfolio, focusing on more profitable antibiotics and reducing low-priced mature products.
Together we expect to recover sales growth, achieve double-digit EBITDA growth and increase net profit. At the same time, we will continue to advance in the transition towards biotechnology, with products with greater added value in our plants in Barcelona.
Reig Jofre has diversified its business beyond antibiotics into areas such as dermatology or osteoarticular health. After the 2025 investments, what weight will the higher value-added divisions have in the 2026 sales mix?
Laura Marti: The Specialty Pharmacare and Consumer Healthcare divisions have higher margins than the Pharmaceutical Technologies division, which includes antibiotics. With investments in new capacities and improved prices for some antibiotics, we hope to improve global profitability and return to historical levels, with the potential to even surpass them.
In terms of mergers and acquisitions, you have mentioned interest in markets such as Italy or Germany. What are your objectives in this area?
Ignasi Biosca: We are very satisfied with the growth of our current markets. In 2025 we have grown by 17% in the United Kingdom, 16% in Poland, 11% in Belgium and 12% in the Nordic countries. We have also started operations in the Czech Republic. We want to continue consolidating our presence in Europe. We currently have products in Germany and Italy, but through distributors. If any opportunity arises to acquire a commercial base in these countries, we would study it with interest.
Outside Europe we continue to work with distributors, but we seek to strengthen our presence in markets such as China, Latin America and Japan, where we have historically had good growth.
After the most intense investment cycle, will we see a greater conversion of profit into free cash flow and a reduction in leverage in 2026?
Laura Marti: Yes. Most of the investments in the traditional business have already been completed. In 2026 we will still make some investments linked to new biotechnology businesses, but the volume will be smaller. Currently the debt/EBITDA ratio is around 3.3 times, somewhat higher than the previous year, but it is a level with which we feel comfortable and that we have already had in the past after important acquisitions such as Bioiberica. Our intention is to reduce it progressively.
Despite the drop in profit in 2025, the company maintains its commitment to shareholders. Is the scrip dividend model sustainable in 2026?
Ignasi Biosca: The final decision corresponds to the Board of Directors and will be proposed at the next meeting. However, our intention is to maintain the same model used in recent years. Many of the main shareholders choose to receive the dividend in shares, which allows us to remunerate the minority shareholder without generating a significant cash outflow, and at the same time continue reducing debt and financing investments.
You currently have more than 6,000 shareholders. After the integration of Leanbio and the push for biotechnology, how would you define 2026 for the shareholder?
Ignasi Biosca: The evolution of Reig Jofre has been progressive. In 2010 we took our first international step with the purchase of a company in Sweden. In 2015 we merged with Natraceutical, which strengthened our operations in France and Belgium and allowed us to go public.
In 2019 we acquired the osteoarticular business of Bioiberica and internationalized it, creating bases in countries such as Poland or the Czech Republic.
In 2025 we take the next natural step: the transition to biotechnology.
For the shareholder, 2026 will above all be a year of recovery in growth and results, after the investment parenthesis of 2025. In the next three or four years we will really see the leap in value and the transformation of Reig Jofre into an increasingly biopharmaceutical company.