Richter 4Q25 Detailed Review

Richter finished another favourable year in 2025. The Hungarian pharmaceutical company's revenues increased by 8% y/y, and operating profit also increased by 12%, driven by growth in innovative business lines and successful cost-cutting measures within the Generics (GM) division.
The company ended 2025 with a significant cash position of HUF 211 bn, which was already utilized for acquisitions in early 2026. Richter entered into an agreement with FimmCyte for joint research and development activities and acquired Celmatix's women’s health discovery portfolio.
Our 12-month target price for the end of December 2026 is HUF 13,154 (+12.5% upside potential), which is close to the consensus value of HUF 13,197 (+12.9% upside potential).
Based on our valuation, the progress of the RGH-932 (“Vraylar 2.0”) research holds significant share price appreciation potential. Should favourable readings come in both indications, our model projects an additional 7% implicit upside.