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Santhera Pharmaceuticals (SIX: SANN) has reported full-year results for the year ended 31 December 2025, highlighting strong growth for AGAMREE® (vamorolone) as global expansion accelerates.
Santhera said it is on track for cash flow breakeven in 2026, with no additional funding required, supported by revenue growth, royalties and milestones from licensing partners.
Santhera attributed its 2025 performance to continued momentum in AGAMREE adoption across core European markets and growing contributions from global partners. The company said strategic partnerships—Catalyst in the U.S., Sperogenix in China, and Nxera in Asia-Pacific—are expanding patient access and supporting revenue growth.
Santhera reported total revenue growth of 97% to CHF 77.2 million in 2025 (2024: CHF 39.1 million), driven by strong AGAMREE adoption in Europe and the U.S., and ahead of original guidance of CHF 65–70 million.
Operating expenses were CHF 53.0 million (2024: CHF 56.9 million), down 7% year-on-year. Santhera reported an operating loss of CHF 37.6 million (2024: CHF 33.1 million).
On cash, Santhera reported cash and cash equivalents of CHF 22.4 million at 31 December 2025 (2024: CHF 40.9 million). The company said it reconfirms guidance to reach cash flow breakeven during Q3 2026, with no additional funding required.
Santhera said it secured additional growth capital in September 2025, including CHF 20.5 million from existing investors Highbridge and R-Bridge and new investor Partners Group.
The company also noted that it expects continued strong sales momentum in 2026, with total revenues projected at CHF 80–90 million. It guided product sales growth of more than 50% in 2026, despite a one-off 17% price reduction in Germany effective from the start of 2026.
Santhera said it expects royalty income from Catalyst and Sperogenix to increase year-on-year, while royalty income from Catalyst is expected to lag underlying U.S. sales due to a step-down in the royalty rate applicable to the first USD 100 million of U.S. sales after the initial 24-month post-launch period.
For 2026, Santhera also said milestone income is expected to exceed 2025 levels, driven primarily by the USD 30 million upfront payment from Nxera. The company said it does not include additional sales milestones in revenue guidance pending greater visibility on licensing partners’ commercial performance.
Santhera said long-term clinical data up to eight years continue to support AGAMREE’s differentiated profile, showing improved safety while maintaining efficacy comparable to standard-of-care corticosteroids.
Separately, Santhera reported leadership updates: Catherine Isted was appointed Chief Financial Officer and Dr. Melanie Rolli was appointed to the Board during 2025. Post year-end, Marc Clausse was appointed Chief Commercial Officer effective 1 June 2026. In April 2026, Santhera announced a planned CEO transition, with Dario Eklund stepping down and Orlando Oliveira appointed as CEO effective 15 July 2026.
Santhera will host a conference call on 28 April 2026 at 14:00 CEST / 13:00 BST / 08:00 EDT. The full-year 2025 report (English only) is available for download on the company’s website.
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