|
|
|
|
|
|
Change (%)1 |
|
|
|
|
|
Change (%)1 |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
Q2 2025 |
|
Q2 2026 |
|
Reported |
|
Fx & p adj. |
|
H1 2025 |
|
H1 2026 |
|
Reported |
|
Fx & p adj. |
|||||||
Sales |
|
1,427 |
|
1,445 |
|
+1.3 |
|
+1.5 |
|
2,926 |
|
2,936 |
|
+0.3 |
|
+3.5 |
|||||||
Change in sales1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Volume |
|
–0.4% |
|
–1.0% |
|
|
|
|
|
+0.7% |
|
+0.9% |
|
|
|
|
|||||||
Price |
|
+0.6% |
|
+2.5% |
|
|
|
|
|
+0.7% |
|
+2.6% |
|
|
|
|
|||||||
Currency |
|
–5.6% |
|
–0.2% |
|
|
|
|
|
–3.0% |
|
–3.1% |
|
|
|
|
|||||||
Portfolio |
|
+3.3% |
|
0.0% |
|
|
|
|
|
+2.8% |
|
0.0% |
|
|
|
|
|||||||
Sales by region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
537 |
|
563 |
|
+4.8 |
|
+4.4 |
|
1,109 |
|
1,167 |
|
+5.2 |
|
+5.8 |
||||||||
North America |
|
500 |
|
458 |
|
–8.4 |
|
–6.0 |
|
1,054 |
|
951 |
|
–9.8 |
|
–3.6 |
|||||||
|
217 |
|
224 |
|
+3.2 |
|
+2.9 |
|
435 |
|
445 |
|
+2.3 |
|
+5.5 |
||||||||
Latin America |
|
173 |
|
200 |
|
+15.6 |
|
+12.3 |
|
328 |
|
373 |
|
+13.7 |
|
+15.4 |
|||||||
EBITDA1 |
|
323 |
|
319 |
|
–1.2 |
|
|
|
657 |
|
656 |
|
–0.2 |
|
|
|||||||
Special items1 |
|
(8) |
|
– |
|
|
|
|
|
(16) |
|
– |
|
|
|
|
|||||||
EBITDA before special items1 |
|
331 |
|
319 |
|
–3.6 |
|
|
|
673 |
|
656 |
|
–2.5 |
|
|
|||||||
EBITDA margin before special items1 |
|
23.2% |
|
22.1% |
|
|
|
|
|
23.0% |
|
22.3% |
|
|
|
|
|||||||
EBIT1 |
|
229 |
|
222 |
|
–3.1 |
|
|
|
466 |
|
465 |
|
–0.2 |
|
|
|||||||
Special items1 |
|
(8) |
|
– |
|
|
|
|
|
(16) |
|
– |
|
|
|
|
|||||||
EBIT before special items1 |
|
237 |
|
222 |
|
–6.3 |
|
|
|
482 |
|
465 |
|
–3.5 |
|
|
|||||||
Net cash provided by operating activities |
|
194 |
|
206 |
|
+6.2 |
|
|
|
599 |
|
504 |
|
–15.9 |
|
|
|||||||
Cash flow-relevant capital expenditures |
|
36 |
|
40 |
|
+11.1 |
|
|
|
66 |
|
68 |
|
+3.0 |
|
|
|||||||
Research and development expenses2 |
|
56 |
|
53 |
|
–5.4 |
|
|
|
117 |
|
106 |
|
–9.4 |
|
|
|||||||
|
|||||||||||||||||||||||
Second quarter of 2026
Sales
Following a strong first quarter, sales at Consumer Health increased by 1.5% (Fx & portfolio adj.) to €1,445 million in the second quarter of 2026. Business was up in almost all categories, with Digestive Health posting the strongest growth. From a regional perspective, we recorded higher sales in Europe/Middle East/Africa, Latin America and Asia/Pacific. However, we faced continued headwinds from the weak market environment in the United States, as well as a soft cough, cold and allergy season.
The Dermatology category posted a moderate increase in sales, with growth largely fueled by higher Bepanthen™ sales in Latin America that were partly attributable to a product line extension in Brazil. By contrast, we recorded declines in North America and Asia/Pacific.
Sales in the Nutritionals category were up year on year, with growth largely fueled by significant gains for our Natsana e-commerce business. We also recorded a significant increase in Elevit™ sales in China that was partly driven by a product line extension. However, declines in the United States weighed on growth.
Business in the Allergy & Cold category was down against the prior-year period, reflecting a soft allergy, cough and cold season overall. Sales of allergy products mainly declined in the United States amid continued headwinds from a weak market environment.
The Digestive Health category posted a sharp rise in sales, with business up in all regions. MiraLAX™ sales advanced substantially in the United States. Following a weak prior-year quarter, business in Europe/Middle East/Africa mainly benefited from substantial volume growth for Iberogast™ and Talcid™.
Sales in the Pain & Cardio category were up against the prior-year quarter, with growth mainly fueled by higher Actron™ volumes and prices in Latin America.
|
|
|
|
|
|
Change (%)1 |
|
|
|
|
|
Change (%)1 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
Q2 2025 |
|
Q2 2026 |
|
Reported |
|
Fx & p adj. |
|
H1 2025 |
|
H1 2026 |
|
Reported |
|
Fx & p adj. |
|||||
Consumer Health |
|
1,427 |
|
1,445 |
|
+1.3 |
|
+1.5 |
|
2,926 |
|
2,936 |
|
+0.3 |
|
+3.5 |
|||||
Dermatology |
|
374 |
|
386 |
|
+3.2 |
|
+1.5 |
|
726 |
|
761 |
|
+4.8 |
|
+5.5 |
|||||
Nutritionals |
|
362 |
|
366 |
|
+1.1 |
|
+1.9 |
|
713 |
|
741 |
|
+3.9 |
|
+7.1 |
|||||
Allergy & Cold |
|
266 |
|
242 |
|
–9.0 |
|
–8.0 |
|
613 |
|
567 |
|
–7.5 |
|
–3.1 |
|||||
Digestive Health |
|
224 |
|
244 |
|
+8.9 |
|
+9.4 |
|
476 |
|
472 |
|
–0.8 |
|
+2.2 |
|||||
Pain & Cardio |
|
193 |
|
198 |
|
+2.6 |
|
+3.4 |
|
381 |
|
378 |
|
–0.8 |
|
+4.4 |
|||||
Other |
|
8 |
|
9 |
|
+12.5 |
|
+26.5 |
|
17 |
|
17 |
|
0.0 |
|
+14.4 |
|||||
|
|||||||||||||||||||||
Earnings
EBITDA before special items at Consumer Health decreased by 3.6% to €319 million (Q2 2025: €331 million) in the second quarter of 2026. The decline in earnings was partly due to an increase in the cost of goods sold, product mix effects, and a negative currency effect of €4 million (Q2 2025: €24 million). These headwinds were only partially offset by our continuous cost and price management efforts. The EBITDA margin before special items declined by 1.1 percentage points to 22.1%.
EBIT came in at €222 million (Q2 2025: €229 million) and did not include any special items (Q2 2025: special charges of €8 million).
€ million |
|
EBIT |
|
EBIT |
|
EBIT |
|
EBIT |
|
EBITDA |
|
EBITDA |
|
EBITDA |
|
EBITDA |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Restructuring |
|
(8) |
|
– |
|
(16) |
|
– |
|
(8) |
|
– |
|
(16) |
|
– |
|||
Total special items |
|
(8) |
|
– |
|
(16) |
|
– |
|
(8) |
|
– |
|
(16) |
|
– |
|||
|
|||||||||||||||||||
First half of 2026
Sales
Sales at Consumer Health increased by 3.5% (Fx & portfolio adj.) to €2,936 million in the first half of 2026, with business up in nearly all categories. However, growth was slowed by continued headwinds from a challenging market environment in the United States and a soft allergy, cough and cold season. We registered a sharp rise in sales in the Nutritionals category that was largely driven by very strong performance in the Natsana e-commerce business and significantly higher Elevit™ volumes in China. Dermatology sales were up against the prior-year period, mainly thanks to substantial gains for Bepanthen™ in Europe/Middle East/Africa and Latin America. Sales also advanced in the Pain & Cardio category, with growth mainly driven by higher Actron™ volumes and prices and in Latin America. The Digestive Health category registered an increase in sales that was primarily attributable to MiraLAX™ continuing to deliver significant gains in the United States. However, growth in this category was slowed by customers in China adapting their ordering behavior as a result of market consolidation. Sales in the Allergy & Cold category declined year on year, with business mainly impacted by a weak allergy, cough and cold season in the United States and Europe/Middle East/Africa.
Earnings
EBITDA before special items at Consumer Health decreased by 2.5% to €656 million in the first half of 2026. The decline in earnings was largely attributable to a negative currency effect of €35 million (H1 2025: €24 million). Earnings were also impacted by higher investments in marketing our innovative products as well as a slight increase in the cost of goods sold. These effects were only partially offset by the increase in sales, active cost management efforts, and a one-time gain from the sale of minor, nonstrategic brands. The EBITDA margin before special items declined by 0.7 percentage points to 22.3%.
EBIT came in at €465 million (H1 2025: €466 million) and did not include any special items (H1 2025: special charges of €16 million).