In 2024, we estimate the company to land a modest 9.4% increase in reported sales to €408 million, after a 22.6% growth in the previous year partly linked to the acquisition of the Asker site. Growth in 2024 was constrained by one-off supply chain disruptions, key customer destocking at the Asker site, weaker development business in Edinburgh, and staff absenteeism across German sites. Despite this, NextPharma still benefitted from a strong orderbook, capacity expansion, and new contracts won across most sites. In particular, the Gottingen site saw a 13% increase in sales contribution, thanks to the move to 24/7 production to handle demand overflow. We expect the 2024 profitability landing to be €59 million, yielding a 14% EBITDA margin. This
