Chiesi Reports Strong FY2025 Financial and Sustainability Results and Announces Leadership Transition Highlights

Chiesi Group (“Chiesi”), an international research‑focused biopharmaceutical company and certified B Corp, today announced its financial results for the year ended 31 December 2025.

Chiesi reported €3.625 billion in consolidated revenues, an increase of 8.2% at constant exchange rates (CER) compared to 2024. EBITDA reached €931 million (25.7%).

Chiesi closed 2025 with a positive Net Financial Position (cash minus financial liabilities including leasing) of €729 million, improving by €194 million versus 2024, reconfirming the Group’s capacity to self‑finance its investment strategy.

The Group’s three therapeutic areas – Respiratory (Air), Rare Diseases (Rare), and Specialty Care (Care) – all contributed well to the year’s sales. A strong performance in the Global Rare Disease business unit saw sales increase to €906 million, +22.3% at CER, representing 50% of total Group growth across the U.S., Europe and international markets.

The Air franchise sales reached €1.886 billion, up 3.9% at CER, driven by an impressive growth of Chiesi triple inhaled therapy (15.8%) which more than compensated for continued generic competition on legacy products.

Finally, the Care franchise revenues totaled €904 million, growing double digits (+13.3% at CER) across key markets.

Driven by three years of accelerated internationalization, the Group continued to expand its global footprint with strong geographic momentum. The U.S. remained the fastest growing region (+23.5% at actual rates; +28.9% at CER). China & International and Emerging Markets also achieved double-digit growth. The EU midsize countries grew by 9.8%, while EU Top5 markets remained broadly stable (-0,6% at CER) within a mature landscape.

Leadership transition opens the next phase of the Company’s journey

Chiesi today also announced a leadership transition, as Giuseppe Accogli, following a three-year tenure with solid results, will leave the company on 15 May 2026 to pursue another opportunity.

To ensure continuity, and maintain momentum, Chiesi’s Group CFO Jean-Marc Bellemin will be appointed Interim Group CEO (while also retaining his current role), with the full support of the Group Executive Leadership Team and the Board of Directors. The search process to identify the right candidate for the next phase of the Group’s journey is already underway. With a strong foundation in place, Chiesi remains firmly committed to executing its patient-centric strategy, intensifying its focus on advancing innovation and R&D, and delivering long-term sustainable value.

Alessandro Chiesi, Chiesi Group Chairman, commented: “Giuseppe Accogli has played a meaningful role in strengthening the organization and supporting its development over recent years, in particular across business performance and cultural evolution. On behalf of the Board and personally, I thank him warmly for his contributions. We also thank Jean-Marc Bellemin for taking on the interim role and ensuring a smooth transition. Chiesi has deep and strong foundations, a clear strategy, and a talented leadership team. Thanks to the passionate work of all our people, we are well positioned to maintain continuity and progress, while staying focused on meeting patients’ needs, supporting our people and advancing our innovation and sustainability objectives”.

Giuseppe Accogli commented: “I feel great pride in closing out 2025 as a year of strong and resilient performance for Chiesi, and overall three years of remarkable progress, including double-digit revenue growth over the period, and eight partnerships to develop innovative products. Our diversified portfolio, global footprint and long‑term sustainability commitments, together with our expanded industrial capacity and supply chain resilience are a legacy I am proud to have reinforced. I know they set the company up for continued success. I want to thank warmly all our colleagues, as truly people and culture are what makes Chiesi the unique company it is and made my time here very special.”

Strong financial position supports innovation and long-term value for patients, communities and the planet

The company invested €885 million in R&D, equivalent to 24.4% of revenues, the highest level in the Group’s history and reflective of strategic focus on respiratory, neonatology and rare disease innovation.

During 2025, Chiesi expanded its rare disease innovation platform through three strategic partnerships strengthening both near-term pipeline and long-term technology capabilities and reinforcing Chiesi’s position in high unmet-need areas: with Key2Brain to advance the development of two blood-brain barrier (BBB)-crossing recombinant enzyme replacement therapies (ERT) for lysosomal storage disorders (LSD); with Arbor Biotechnologies to develop a clinical-stage gene-editing program and access to broader platform capabilities; and with Aliada Therapeutics to advance BBB-crossing platform technology in LSD.

In 2025, Chiesi achieved its third B Corp certification, with a verified score of 117.5, an improvement of over 13 points compared to the previous certification in 2022. This achievement demonstrates Chiesi Group’s strategic approach and reinforces its continued progress on its sustainability roadmap and dedication to a healthier future, reflecting its purpose of generating a positive impact for patients and communities, while protecting the planet.

Chiesi continued to advance towards its Net Zero ambition by 2035, reporting a 56% reduction in Scope 1 and 2 emissions compared to the 2019 baseline, driven by fleet electrification and energy efficiency initiatives across its manufacturing sites. The Group broadened its use of sustainable product design tools, including Carbon Smart PET for selected primary packaging, and progressed further in My Green Lab certification, with 14 R&D laboratories reaching Green level by the end of 2025. The Group also maintained its EcoVadis Platinum rating, improving its score to 88/100.

Chiesi continued to address Scope 3 emissions, by advancing its Carbon Minimal Inhalers (CMI) program, which is designed to significantly reduce the carbon footprint of pressurized meter-dosed inhalers (pMDIs) by up to 90%, through the transition to a next-generation, low global warming potential (GWP) propellant, while maintaining established treatment options and device familiarity for patients.

To advance this transition and support uninterrupted patient care, the Group has continued to strengthen its industrial network through key investments, including the ongoing major redevelopment of the Nerviano site in Italy for sterile biologics and carbon minimal‑ inhalers, and expanded capacity at the Parma and La Chaussée Saint‑Victor sites, building a resilient, future-ready manufacturing footprint.

In 2025, Chiesi expanded its health equity initiatives across 37 countries, while also advancing the Group's global health strategy, with the aim of reducing barriers to care and improving access to treatment across low-, middle-, and high-income countries.

In 2025, Chiesi Group created 392 new roles, and increased its workforce by 5.1% compared to the previous year, reaching a total of 7,934 employees globally. Chiesi was once again certified as a Great Place to Work, reflecting its ongoing commitment to fostering an inclusive, engaging, and purpose-driven workplace.

2026 Outlook

Chiesi expects continued revenue growth at mid-single digit in 2026, supported by the expansion of core products, geographic strengthening, and ramp-up of industrial capacity. The Group will continue to advance late-stage respiratory programs, including studies for triple inhaled therapy (ICS/LABA/LAMA) and low-GWP propellant pMDI launches, while accelerating innovation in neonatology and further reinforcing Chiesi’s position in rare diseases globally.

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About Chiesi Group

Chiesi is a research-oriented international biopharmaceutical group that develops and markets innovative therapeutic solutions in respiratory health, rare diseases, and specialty care. The company’s mission is to improve people’s quality of life and act responsibly towards both the community and the environment.

By adopting the legal form of Benefit Corporation in Italy, the US, France and Colombia, Chiesi’s commitment to creating shared value for society as a whole is legally binding and central to company-wide decision-making. As a certified B Corp since 2019, Chiesi meets verified standards for social and environmental business practices. The company aims to reach Net-Zero greenhouse gases (GHG) emissions by 2035.

With 90 years of experience, Chiesi is headquartered in Parma (Italy), with 31 affiliates worldwide, and counts more than 7,900 employees. The Group’s research and development center in Parma works alongside 6 other important R&D hubs in France, the US, Canada, China, the UK, and Sweden.

For further information please visit www.chiesi.com or the website of your local Chiesi affiliate.

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