AI Terminal
BioGaia
Interim Report • Jul 18, 2025
3013_ir_2025-07-18_7ec6b550-f345-4e92-b55a-2a9d95e6c6c0.pdf
Interim Report
Open in ViewerOpens in native device viewer
BioGaia AB (publ.) Interim report, January – June 2025 1
Interim Report January – June 2024 2025
SECOND QUARTER 2025 FIRST HALF 2025
Net sales amounted to SEK 404.7 million (384.1), an increase of SEK 20.6 million, or an increase of 5% (excluding foreign exchange effects an increase of 13.2%).
Net sales in the Pediatrics segment amounted to SEK 310.1 million (304.8), an increase of 2% (excluding foreign exchange effects an increase of 9%).
Net sales in the Adult Health segment amounted to SEK 89.8 million (78.2), an increase of 15% (excluding foreign exchange effects an increase of 23%).
Operating expenses amounted to SEK 185.5 million (148.7), an increase of SEK 36.9 million (25%). Operating expenses, excluding items affecting comparability, increased by 23% to SEK 185.5 million (151.4).
Operating profit decreased by 20% to SEK 108.3 million (135.4), which corresponds to an operating margin of 27% (35%).
Adjusted operating profit decreased by 18% to SEK 108.3 million (132.6), which corresponds to an adjusted operating margin of 27% (35%).
Profit after tax amounted to SEK 87.9 million (111.0), a decrease of 21%.
Earnings per share amounted to SEK 0.87 (1.10) before and after dilution. Cash flow amounted to SEK -623.8 million (-582.2). Cash and cash equivalents amounted to SEK 622.3 million (1,007.7).
Key events in the second quarter of 2025
On May 7 BioGaia announced that it is expanding its global footprint by establishing direct sales in the Netherlands initially through an online approach.
On May 30 BioGaia announced that the number of votes in BioGaia decreased as a result of the conversion of a total of 1,038,202 Class A shares into 1,038,202 Class B shares.
Net sales amounted to SEK 771.0 million (753.9), an increase of SEK 17.0 million, or an increase of 2% (excluding foreign exchange effects an increase of 5.0%).
Net sales in the Pediatrics segment amounted to SEK 580.0 million (597.1), a decrease of 3% (excluding foreign exchange effects a decrease of 0%).
Net sales in the Adult Health segment amounted to SEK 184.4 million (153.0), an increase of 20% (excluding foreign exchange effects an increase of 23%).
Operating expenses amounted to SEK 356.8 million (271.3), an increase of SEK 85.5 million (31%). Operating expenses, excluding items affecting comparability, increased by 33% to SEK 356.8 million (269.1).
Operating profit decreased by 26% to SEK 205.5 million (278.6), which corresponds to an operating margin of 27% (37%).
Adjusted operating profit decreased by 27% to SEK 205,5 million (280.8), which corresponds to an adjusted operating margin of 27% (37%).
Profit after tax amounted to SEK 168.1 million (232.9), a decrease of 28%.
Earnings per share amounted to SEK 1.66 (2.31) before and after dilution. Cash flow amounted to SEK -590.5 million (-541.4).
Key events after the end of the second quarter of 2025
On July 16 BioGaia announced that it launches a subsidiary company – BioGaia New Sciences AB – dedicated to advancing microbiome research and innovation beyond its core business.
| Apr – Jun 2025 | Apr – Jun 2024 | |
|---|---|---|
| Net sales, SEK thousands | 404,692 | 384,122 |
| Growth in net sales | 5% | 22% |
| Operating profit, SEK thousands | 108,346 | 135,377 |
| Operating margin | 27% | 35% |
| Profit after tax, SEK thousands | 87,906 | 111,010 |
| Number of shares before dilution, thousands | 101,162 | 100,982 |
| Number of shares after dilution, thousands | 101,162 | 100,992 |
| Earnings per share before dilution, SEK | 0.87 | 1.10 |
| Earnings per share after dilution, SEK | 0.87 | 1.10 |
This information is information that BioGaia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the CEO, at 08.00 a.m. CEST on 18 July 2025.
BioGaia AB (publ.) Interim report 2025
The Board of Directors and the CEO of BioGaia AB hereby present the interim report for the period 1 January – 30 June 2025.
CEO's comment
Continued solid growth
Strong sales momentum returned in the second quarter, supported by high demand in key markets, especially in the APAC region and North America. Sales for the quarter were up 5%, but when factoring in the strengthening SEK, sales were up 13,2% for the quarter and 5% year to date.
Particularly noteworthy in the quarter was the strong sales in the Adult Health segment that net of currency effects was up 23% and the Pediatric segment grew 9%.
Year to Date net of currency effects the Adult Health segment was up 23% and the Pediatric segment was flat.
It is noteworthy how well our increased focus on Adult Health is paying off with strong growth for our BioGaia Gastrus and BioGaia Protectis tablets. It should also be mentioned that BioGaia Prodentis and Prodentis Kids is growing rapidly.
Year to Date the Americas region continues its strong growth at 21%, with the US market continuing to lead the way. Noteworthy is strong sales in Chile and Guatemala.
Year to Date sales for the APAC region was -1% but sales for the Second Quarter was strong at 15% driven by online sales and both medical and consumer marketing activities. The Indonesian market is performing well.
EMEA sales year to date declined 13%. This is partially due the termination of our local partner agreement in France and the start-up of our direct distribution through our own subsidiary – a successful strategy we are now continuing in France.
In the Second quarter we opened the Netherlands market using a digital-first strategy, a slightly different approach from our strategy mentioned above. This allows us to test this new market potential before establishing a subsidiary. Early results have been encouraging and outperforming our initial expectations.
Operating profit decline reflects increased marketing investments
Year to date adjusted operating profit decreased by 27% and corresponds to an adjusted operating margin of 27%. This is a result of our current increased marketing investments and opening of new direct businesses.
New evidence highlights BioGaia Protectis' impact on children's gut health
New clinical evidence highlights the effectiveness of BioGaia Protectis in preventing antibiotic-associated diarrhea in children. A recently published large-scale, randomized, placebo-controlled clinical trial further strengthens the evidence for BioGaia Protectis (L. reuteri DSM 17938) in supporting gut health in children.
The study showed a significant reduction in antibiotic-associated diarrhea by 54% among children taking our probiotic vs placebo, particularly in younger age groups and those treated for ear infections. Results like these not only validate the efficacy of our products but also reinforce BioGaia's position as a trusted leader in pediatric probiotics.
Successful participation in key medical congresses
In the quarter, we participated in two important medical congresses. At the International Association for Dental, Oral, and Craniofacial Research (IADR) in Barcelona, we showcased BioGaia oral health probiotic products and hosted a symposium on the oral microbiome's role in oral health. At the European Society for Pediatric Gastroenterology, Hepatology and Nutrition (ESPGHAN) Congress in Helsinki, our symposium highlighted advances in pediatric gut health, featuring leading experts and presenting promising pre-clinical data on our next-generation probiotic strain BG-R46Ò.
Proud to be recognized by TIME for Sustainable Growth Leadership
BioGaia has been recognized by TIME Magazine and Statista as one of the World's Top 500 Companies pairing strong growth with environmental stewardship. This honor underscores our commitment to sustainable business practices, balancing robust financial performance with responsible environmental management. From innovative packaging solutions to rigorous ESG standards and transparent reporting, we continue to integrate sustainability into every aspect of our operations.
Executing on our strategic investments to strengthen our brand and direct sales
Passing the mid-point of 2025 we are pleased with the results of our strategic investments to strengthen the BioGaia brand and expand our direct business. This past quarter, we advanced targeted consumer marketing initiatives to boost awareness and engagement in key direct markets.
As mentioned and in line with our strategic direction, our direct business presence continues to grow with newer direct markets such as France and the Netherlands, and our established direct markets like the USA, Canada, Australia, Finland and the UK continue to show excellent sales growth. Our direct businesses now represent 36% of our sales.
I am confident that our ongoing investments in the BioGaia brand, direct markets, and R&D will unlock long-term value and strengthen our leadership in probiotics.
Theresa Agnew President and CEO, BioGaia 18 July 2025
Teleconference: Investors, analysts, and the media are invited to take part in a teleconference on the interim report to be held today, 18 July 2025, at 09:30 a.m. CEST with CEO Theresa Agnew and CFO Alexander Kotsinas. More information about the teleconference is available here https://financialhearings.com/event/51893.
Revenue
| SEKm | Apr – Jun | Apr – Jun | Change | Jan – Jun | Jan – Jun | Change |
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| Pediatrics | 310.1 | 304.8 | 2% | 580.0 | 597.1 | -3% |
| Adult Health | 89.8 | 78.2 | 15% | 184.4 | 153.0 | 20% |
| Other | 4.8 | 1.1 | 336% | 6.6 | 3.8 | 74% |
| Total | 404.7 | 384.1 | 5% | 771.0 | 753.9 | 2% |
| SEKm | Apr – Jun | Apr – Jun | Change | Jan – Jun | Jan – Jun | Change |
| 2025 | 2024 | 2025 | 2024 | |||
| EMEA | 136.7 | 137.4 | -1% | 260.3 | 298.9 | -13% |
| APAC | 111.7 | 97.5 | 15% | 180.8 | 183.3 | -1% |
| Americas | 156.3 | 149.3 | 5% | 329.8 | 271.8 | 21% |
| Total | 404.7 | 384.1 | 5% | 771.0 | 753.9 | 2% |
| Jan - Jun 2025 |
Jan - Jun 2024 |
Change |
|---|---|---|
| 580.0 | 597.1 | -3% |
| 184.4 | 153.0 | 20% |
| 6.6 | 3.8 | 74% |
| 771.0 | 753.9 | 2% |
| Jan - Jun | Jan - Jun | Change |
| 2025 260.3 |
2024 298.9 |
-13% |
| 180.8 | 183.3 | -1% |
| 329.8 | 271.8 | 21% |
SALES SECOND QUARTER SALES FIRST HALF YEAR
Consolidated net sales amounted to SEK 404.7 million (384.1), which is an increase of SEK 20.6 million, or an increase of 5% (excluding foreign exchange effects an increase of 13%).
Sales in EMEA amounted to SEK 136.7 million (137.4), a decrease of 1%, which was due to lower sales in the Pediatrics segment, while sales increased in the Adult Health segment. Sales decreased mainly in Turkey, France and Germany. Sales for the quarter were negatively impacted by the decision to start selling direct in France.
Sales in APAC amounted to SEK 111.7 (97.5), an increase of 15%, which was due to higher sales in the Pediatrics and the Adult Health segments. Sales increased mainly in Indonesia, Australia and South Korea.
Sales in Americas totaled SEK 156.3 million (149.3), up 5% due to increased sales in the Adult Health segment, while sales decreased in the Pediatrics segment. Sales increased mainly in USA and Guatemala.
Consolidated net sales amounted to SEK 771.0 million (753.9), which is an increase of SEK 17.0 million, or an increase of 2% (excluding foreign exchange effects an increase of 5%). Over the past 12-month period, sales increased 5%.
Sales in EMEA amounted to SEK 260.3 million (298.9), a decrease of 13%, which was due to lower sales in the Pediatrics and the Adult Health segments. Sales decreased mainly in France, Germany and Turkey. Sales were negatively impacted by the decision to start selling direct in France.
Sales in APAC amounted to SEK 180.8 (183.3), a decrease of 1%, which was due to lower sales in the Pediatrics segment, while sales increased in the Adult Health segment. Sales decreased mainly in China due to quarterly variations for individual orders.
Sales in Americas totaled SEK 329.8 million (271.8), up 21% due to increased sales in the Pediatrics and the Adult Health segments. Sales increased mainly in USA, Chile and Guatemala.
Net sales bridge second quarter
| SEKm | Change | |
|---|---|---|
| 2024 | 384.1 | |
| Foreign exchange | -30.1 | -7.8% |
| Organic growth | 50.6 | 13.2% |
| 2025 | 404.7 | 5.4% |
Net sales bridge first half year
| SEKm | Change | |
|---|---|---|
| 2024 | 753.9 | |
| Foreign exchange | -20.3 | -2.7% |
| Organic growth | 37.4 | 5.0% |
| 2025 | 771.0 | 2.3% |
Pediatrics
The Pediatrics segment accounts for approximately 75% of BioGaia's total sales. BioGaia Protectis drops remain the most sold product and are sold in more than 100 countries. Other key products within the Pediatrics segment include Protectis tablets, oral rehydration solution as well as cultures to be used as ingredients in licensee products.
| SEKm | Apr – Jun 2025 | Apr – Jun 2024 | Change | Jan – Jun 2025 | Jan – Jun 2024 | Change |
|---|---|---|---|---|---|---|
| Pediatrics | 310.1 | 304.8 | 2% | 580.0 | 597.1 | -3% |
SALES SECOND QUARTER SALES FIRST HALF YEAR
Sales in the Pediatrics segment amounted to SEK 310.1 million (304.8), an increase of 2% (excluding foreign exchange effects an increase of 9%).
Sales of BioGaia Protectis drops decreased in Americas and EMEA, while sales increased in APAC, compared to the corresponding period last year. Sales increased mainly in USA, Guatemala and Chile.
Sales of BioGaia Protectis tablets within the Pediatrics segment increased compared to the corresponding period last year. Sales increased in APAC and EMEA, mainly in Spain and South Africa.
Sales in the Pediatrics segment amounted to SEK 580.0 million (597.7), a decrease of 3% (excluding foreign exchange effects, a change of 0%).
Sales of BioGaia Protectis drops decreased in EMEA and APAC and increased in Americas compared to the corresponding period last year. Sales increased mainly in USA, Guatemala and Chile.
Sales of BioGaia Protectis tablets within the Pediatrics segment slightly decreased compared to the corresponding period last year. Sales decreased mainly in Brazil and the Philippines despite increased sales in USA.
Q2 2025 Adult Health
The Adult Health segment accounts for approximately 25% of BioGaia's total sales. Sales mainly comprise BioGaia Protectis, BioGaia Gastrus, BioGaia Prodentis, BioGaia Osfortis, as well as cultures as an ingredient in a licensee's dairy products and Nutraceutics' own products.
| SEKm | Apr – Jun 2025 | Apr – Jun 2024 | Change |
|---|---|---|---|
| Adult Health | 89.8 | 78.2 | 15% |
| Jan – Jun 2025 | Jan – Jun 2024 | Change |
|---|---|---|
| 184.4 | 153.0 | 20% |
SALES SECOND QUARTER SALES FIRST HALF YEAR
Sales in the Adult Health segment amounted to SEK 89.8 million (78.2), an increase of 15% (excluding foreign exchange effects, an increase of 23%).
Sales of BioGaia Protectis tablets increased compared to the corresponding period last year. Sales increased in EMEA and APAC, mainly in South Africa and Japan.
Sales of BioGaia Gastrus increased compared to the corresponding period last year, mainly in USA.
Sales of BioGaia Prodentis increased compared to the corresponding period last year. Sales increased in Americas and APAC, mainly in USA and Indonesia.
Sales in the Adult Health segment amounted to SEK 184.4 million (153.0), an increase of 20% (excluding foreign exchange effects, an increase of 23%).
Sales of BioGaia Protectis tablets increased compared to the corresponding period last year. Sales increased in APAC, mainly in Hong Kong and South Korea.
Sales of BioGaia Gastrus increased compared to the corresponding period last year. Sales increased in all regions, mainly in USA.
Sales of BioGaia Prodentis increased compared to the corresponding period last year. Sales increased in Americas, mainly in USA.
Earnings
SECOND QUARTER FIRST HALF YEAR
Gross margin
The total gross margin amounted to 73% (74%).
The gross margin for the Pediatrics segment amounted to 74% (77%) and for the Adult Health segment to 66% (61%). The Adult Health gross margin increased compared to the same quarter last year due to a more favorable geographic sales mix effect and previous price increases.
Operating expenses and operating profit
Operating expenses amounted to SEK 185.5 million (148.7), an increase of SEK 36.9 million (25%) mainly due to increased selling expenses and exchange losses on receivables. Operating expenses, excluding items affecting comparability, increased by 23% to SEK 185.5 million (151.4). There were no Items affecting comparability in the quarter. Items affecting comparability in the same quarter last year include the reversal of an accrual for litigation fees in connection with the termination of the distribution agreement in Italy and costs related to terminating rental premises.
Selling expenses amounted to SEK 138.4 million (110.3), an increase of 25%, mainly due to higher costs for sales and marketing activities mainly in subsidiaries.
R&D expenses amounted to SEK 30.4 million (26.8), an increase of 13%, mainly due to increased clinical study costs in the quarter.
Administrative expenses amounted to SEK 12.0 million (5.8), an increase of 108%. Administrative expenses were higher this quarter, whereas in the same quarter last year they were lower due to the reversal of an accrual for litigation fees in connection with the termination of the distribution agreement in Italy and costs related to terminating rental premises.
Other operating expenses refers to exchange losses on receivables and liabilities of an operating nature and amounted to SEK 4.8 million (5.8).
Operating profit amounted to SEK 108.3 million (135.4), a decrease of 20%. The operating margin was 27% (35%).
Adjusted operating profit amounted to SEK 108.3 million (132.6), a decrease of 18%. The adjusted operating margin was 27% (35%).
Net financial items amounted to SEK 2.1 million (7.4). Net financial items were impacted by the adjustment of the value of the earn-out in relation to Nutraceutics in the amount of SEK -1.6 million (-1.0).
Profit after tax and earnings per share
Profit after tax amounted to SEK 87.9 million (111.0), a decrease of 21%. The effective tax rate was 20% (22%).
Earnings per share amounted to SEK 0.87 (1.10) before dilution and SEK 0.87 (1.10) after dilution.
Gross margin
The total gross margin amounted to 73% (73%).
The gross margin for the Pediatrics segment amounted to 75% (76%) and for the Adult Health segment to 66% (59%). The Adult Health gross margin increased compared to the same quarter last year due to a more favorable geographic sales mix effect and previous price increases.
Operating expenses and operating profit
Operating expenses amounted to SEK 356.8 million (271.3), an increase of SEK 85.5 million (31%). Operating expenses, excluding items affecting comparability, increased by 33% to SEK 356.8 million (269.1). There were no Items affecting comparability in the period. Items affecting comparability in the same period last year include the reversal of an accrual for litigation fees in connection with the termination of the distribution agreement in Italy and costs related to terminating rental premises.
Selling expenses amounted to SEK 251.5 million (206.3), an increase of 22%, due to higher costs for sales and marketing activities mainly in subsidiaries.
R&D expenses amounted to SEK 53.1 million (51.9), an increase of 2% .
Administrative expenses amounted to SEK 23.1 million (19.7), an increase of 17%. Administrative expenses were higher this year, whereas in the same quarter last year they were lower due to the reversal of an accrual for litigation fees in connection with the termination of the distribution agreement in Italy and costs related to terminating rental premises.
Other operating expenses refers to exchange losses on receivables and liabilities of an operating nature and amounted to SEK 29.2 million (-6.6).
Operating profit amounted to SEK 205.5 million (278.6), a decrease of 26%. The operating margin was 27% (37%).
Adjusted operating profit amounted to SEK 205.5 million (280.8), a decrease of 27%. The adjusted operating margin was 27% (37%). Items affecting comparability in the same period last year include the reversal of an accrual for litigation fees in connection with the termination of the distribution agreement in Italy and costs related to terminating rental premises.
Net financial items amounted to SEK 6.8 million (17.8). Net financial items were impacted by the adjustment of the value of the earn-out in relation to Nutraceutics in the amount of SEK –3.5 (-2.2) million.
Profit after tax and earnings per share
Profit after tax amounted to SEK 168.1 million (232.9), a decrease of 28%. The effective tax rate was 21% (21%).
Earnings per share amounted to SEK 1.66 (2.31). There are no significant dilutive effects.
Parent Company
The Parent Company's net sales amounted to SEK 586.1 million (624.0) and profit before tax was SEK 175.2 million (263.5). The two clinical studies in BioGaia Pharma did not meet their primary endpoints although there were positive trends and the company is now investigating out licensing opportunities. The financial net includes a write-down of the shares in BioGaia Pharma AB amounting to 21.1 million. The financial performance of the Parent Company is in all material respects aligned with that of the Group.
Balance sheet and cash flow Other disclosures
Balance sheet 30 June 2025
Total assets amounted to SEK 1,432.5 million (2,034.0).
Goodwill from the acquisition of Nutraceutics was adjusted for currency translation. The financial liability for the additional purchase price was value adjusted. For more information, see Note 3.
Compared with the preceding year, receivables increased whereas payables and inventory decreased.
Cash and cash equivalents on 30 June 2025 amounted to SEK 622.3 million (1,224.0).
Cash flow second quarter
Cash flow amounted to SEK -623.8 million (-582.2). Cash flow includes dividends of SEK 698.0 million (696.8).
Cash flow from operating activities amounted to SEK 77.2 million (119.1). The decrease in cash flow in operations compared with the year-earlier period was due to lower operating profit and a negative change in working capital.
Cashflow from investing activities amounted to SEK 1.2 million (2.2).
Cash flow first half year
Cash flow amounted to SEK -590.5 million (-541.4). The cash flow includes a dividend payment of SEK 698.0 million (696.8).
Cash flow from operating activities amounted to SEK 112.9 million (171.1). The decrease in cash flow in operations compared with the year-earlier period was mainly due to a lower operating profit.
Cashflow from investing activities amounted to SEK 1.9 million (11.0).
Employees
The number of employees in the Group on 30 June 2025 totaled 230 (220 on 30 June 2024).
The company has an incentive program for all employees based partly on the company's sales and profit and partly on individual targets. The maximum bonus is equal to 12% of annual salary. In addition to this program, BioGaia has also implemented an employee stock option program as resolved by the 2024 Annual General Meeting. 490,000 stock options were granted on the 16th of March 2025 whereof 305,000 were granted to management. IFRS 2 has been used to calculate the costs associated with the program. The costs are SEK 0.5 million in the quarter. Furthermore, the 2025 Annual General Meeting resolved on a performance share plan for employees that is currently being implemented. Further details about the programs are available on biogaia.com under Annual General Meetings 2024 and 2025.
Future outlook
BioGaia's goal is to create strong value growth and a good return for its shareholders. This will be achieved through a greater emphasis on the BioGaia brand, online sales, increased sales to both existing and new customers and a controlled cost level.
The long-term financial target is an operating margin of at least 34% with continued strong growth and increased investments in research, product development, brand building and in the sales organization. BioGaia's dividend policy is to pay a shareholder dividend equal to 50% of profit after tax in the Group excluding nonrecurring items. For the coming years BioGaia intends to give extra dividends of 50% to 100% of profit after tax in the Group excluding non-recurring items, provided that the future cash flows are in line with BioGaia's projections.
In view of the company's strong portfolio consisting of an increased number of innovative products that are sold predominantly under the BioGaia brand, successful clinical trials and a strong distribution network that covers a large share of key markets for BioGaia, BioGaia's future outlook remains bright.
Significant risks and uncertainties – Group and Parent Company
Significant risks and uncertainties are described in the administration report of the annual report for 2024 on pages 137 and 138 and in Notes 26 and 27. No significant changes in these risks and uncertainties are assessed to have taken place on 30 June 2025 except for increased geopolitical and trade uncertainties, including challenging global economic conditions, market trends and the imposition of tariffs and sanctions.
Related party transactions
During the quarter Annwall & Rothschild Investment AB sold 3,703,340 class A shares and 500,000 class B shares, corresponding to 4.2% of the share capital and 27.9% of the voting rights in BioGaia AB. Annwall & Rothschild Investment AB is owned by Peter Rothschild and Jan Annwall. Peter Rothschild is Chairman of the Board of BioGaia AB and receives a director's fee of SEK 950,000 per year. During the quarter, Peter Rothschild received additional remuneration for significant working duties, in addition to his assignment on the Board, of SEK 35,000 in accordance with the decision of the Annual General Meeting and the Board of Directors.
Key events in the second quarter of 2025
Launches
| Distributor | Country | Product |
|---|---|---|
| Pemix | Malta | BioGaia Gastrus |
| Abbott | Jordan | BioGaia Protectis drops |
| BioGaia | Sweden | BioGaia Gastrus Pure Action |
| Ewopharma | Poland | BioGaia Gastrus Pure Action |
| BG Distribution | Hungary | BioGaia Gastrus Pure Action |
BioGaia establishes direct sales in the Netherlands.
On May 7 BioGaia announced that it is expanding its global footprint by establishing direct sales in the Netherlands initially through an online approach.
Change in number of votes in BioGaia.
On May 30 BioGaia announced that the number of votes in BioGaia decreased as a result of the conversion of a total of 1,038,202 Class A shares into 1,038,202 Class B shares.
Key events after the end of the second quarter of 2025
BioGaia launches BioGaia New Sciences.
On July 16 BioGaia announced that it launches a subsidiary company – BioGaia New Sciences AB – dedicated to advancing microbiome research and innovation beyond its core business.
Accounting policies
This interim report has been prepared for the Group in accordance with IAS 34 Financial Reporting and the Swedish Annual Accounts Act, and for the Parent Company in accordance with the Swedish Annual Accounts Act. Disclosures according to IAS 34 Interim Financial Reporting are provided both in notes and elsewhere in the interim report. The consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretations from the International Financial Reporting Interpretations Committee (IFRIC) that have been approved by the European Commission for application in the EU. The accounting policies applied by the Group and the Parent Company are consistent with the accounting policies applied in preparation of the most recent annual report.
The Parent Company prepares its financial statements in accordance with RFR 2 Accounting for Legal Entities, and the Swedish Annual Accounts Act, and applies the same accounting policies and valuation methods as in the most recent annual report.
For balance sheet items, figures in parentheses refer to previous year-end figures. For income statement and cash flow items, they refer to the same period previous year.
New accounting standards
Management's assessment is that new and amended standards and interpretations that came into force in 2025 have not had a material effect on the Group's financial statements. Management's assessment is that new and amended standards and interpretations that have not yet come into effect will not have a material effect on the Group's financial statements for the period of initial application.
Summary of consolidated statements of comprehensive income
| (Amounts in SEK 000s) | Apr – Jun | Apr – Jun | Jan – Jun | Jan – Jun | Jan – Dec | Jul 2024 – | Jul 2023 – |
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | Jun 2025 | Jun 2024 | |
| Net sales (Note 1) | 404,692 | 384,122 | 770,957 | 753,918 | 1,422,718 | 1,439,757 | 1,369,386 |
| Cost of sales | -110,811 | -100,081 | -208,712 | -204,048 | -391,975 | -396,639 | -358,276 |
| Gross profit | 293,881 | 284,041 | 562,245 | 549,870 | 1,030,743 | 1,043,118 | 1,011,110 |
| Selling expenses | -138,354 | -110,276 | -251,456 | -206,258 | -422,657 | -467,855 | -391,723 |
| Administrative expenses | -11,998 | -5,756 | -23,086 | -19,682 | -41,621 | -45,025 | -37,790 |
| Research and development expenses | -30,390 | -26,826 | -53,058 | -51,940 | -157,104 | -158,222 | -101,216 |
| Other operating income/ expense | -4,792 | -5,806 | -29,161 | 6,570 | 14,010 | -21,721 | -1,753 |
| Operating profit | 108,346 | 135,377 | 205,483 | 278,560 | 423,371 | 350,294 | 478,628 |
| Financial income | 4,579 | 8,856 | 11,459 | 20,817 | 39,372 | 30,014 | 52,418 |
| Financial expenses | -2,524 | -1,481 | -4,629 | -3,026 | -14,924 | -16,527 | -18,482 |
| Profit before tax | 110,401 | 142,752 | 212,313 | 296,351 | 447,819 | 363,781 | 512,564 |
| Tax | -22,495 | -31,742 | -44,210 | -63,494 | -96,431 | -77,147 | -110,847 |
| Profit for the period | 87,906 | 111,010 | 168,103 | 232,857 | 351,388 | 286,634 | 401,717 |
| Gains/losses arising on translation of the statements of foreign operations |
-9,620 | -2,581 | -34,675 | 13,287 | 22,565 | -25,397 | -9,036 |
| Comprehensive income for the period | 78,286 | 108,429 | 133,428 | 246,144 | 373,953 | 261,237 | 392,681 |
| Profit for the period attributable to: Owners of the Parent Company |
87,906 | 111,010 | 168,103 | 232,857 | 351,388 | 286,634 | 401,717 |
| Non-controlling interests | – | – | – | – | - | - | - |
| Profit for the period | 87,906 | 111,010 | 168,103 | 232,857 | 351,388 | 286,634 | 401,717 |
| Comprehensive income for the period attributable to: Owners of the Parent Company |
78,286 | 108,429 | 133,428 | 246,144 | 373,953 | 261,237 | 392,681 |
| Non-controlling interests | – | – | – | – | - | - | - |
| Comprehensive income for the period | 78,286 | 108,429 | 133,428 | 246,144 | 373,953 | 261,237 | 392,681 |
| Earnings per share | |||||||
| Earnings per share before dilution, (SEK) | 0.87 | 1.10 | 1.66 | 2.31 | 3.48 | 2.83 | 3.98 |
| Earnings per share after dilution, (SEK) | 0.87 | 1.10 | 1.66 | 2.31 | 3.48 | 2.83 | 3.98 |
| Number of shares (thousands) | 101,162 | 100,982 | 101,162 | 100,982 | 101,162 | 101,162 | 100,982 |
| Average number of shares before dilution, (thousands) |
101,162 | 100,982 | 101,162 | 100,982 | 101,072 | 101,117 | 100,982 |
| Average number of shares after dilution, (thousands) |
101,162 | 101,004 | 101,162 | 100,998 | 101,072 | 101,117 | 100,993 |
Consolidated balance sheets
| (Amounts in SEK 000s) | 30 Jun | 30 Jun | 31 Dec | |
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| Assets | ||||
| R&D projects in progress | 842 | 46,240 | 767 | |
| Goodwill | 153,552 | 174,246 | 175,104 | |
| Right-of-use assets | 26,271 | 33,191 | 30,183 | |
| Property, plant, and equipment | 166,453 | 180,955 | 175,436 | |
| Financial assets | 28,013 | 28,013 | 28,013 | |
| Deferred tax assets | 23,349 | 10,482 | 14,266 | |
| Deposits | 45 | 51 | 52 | |
| Total non-current assets | 398,525 | 473,178 | 423,821 | |
| Current assets excl. cash and cash equivalents | 411,597 | 419,788 | 386,201 | |
| Cash and cash equivalents | 622,343 | 1,007,742 | 1,223,984 | |
| Total current assets | 1,033,940 | 1,427,530 | 1,610,185 | |
| Total assets | 1,432,464 | 1,900,708 | 2,034,006 | |
| Equity and liabilities Equity attributable to owners of the Parent Company |
1,154,712 | 1,575,310 | 1,723,932 | |
| Non-controlling interests | 2 | 2 | 2 | |
| Total equity | 1,154,714 | 1,575,312 | 1,723,934 | |
| Deferred tax liability | 5,348 | 15,226 | 5,444 | |
| Non-current liabilities | 92,162 | 90,164 | 98,425 | |
| Current liabilities | 180,241 | 220,006 | 206,203 | |
| Total liabilities and equity | 1,432,464 | 1,900,708 | 2,034,006 |
Consolidated cash flow statements
| (Amounts in SEK 000s) | Apr – Jun | Apr – Jun | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Operating activities Operating profit |
108,346 | 135,377 | 205,483 | 278,560 | 423,371 |
| Depreciation/amortization | 6,197 | 6,148 | 12,395 | 11,890 | 76,695 |
| Other non-cash items | -73 | -1,657 | 2,143 | -3,136 | -3,537 |
| Taxes | -27,881 | -24,556 | -59,451 | -60,995 | -111,515 |
| Interest received and paid | 4,389 | 8,364 | 11,275 | 20,026 | 37,918 |
| Cash flow from operating activities before changes in working capital |
90,978 | 123,676 | 171,845 | 246,345 | 422,932 |
| Changes in working capital | -13,805 | -4,551 | -58,951 | -75,293 | -49,714 |
| Cash flow from operating activities | 77,173 | 119,125 | 112,894 | 171,052 | 373,218 |
| Investing activities | |||||
| Purchase of property, plant, and equipment | -1,111 | -2,233 | -1,790 | -11,006 | -13,756 |
| Purchase of intangible assets | -56 | -8 | -75 | -9 | -397 |
| Sale of equipment | - | - | - | - | 80 |
| Cash flow from investing activities | -1,167 | -2,241 | -1,865 | -11,015 | -14,073 |
| Financing activities | |||||
| Dividend | -698,020 | -696,778 | -698,020 | -696,778 | -696,778 |
| Repayment of lease liability | -1,742 | -2,345 | -3,543 | -4,627 | -9,355 |
| Provision to Foundation to Prevent Antibiotic Resistance | - | - | - | - | -4,400 |
| New share issue | - | - | - | - | 20,815 |
| Cash flow from financing activities | -699,762 | -699,123 | -701,563 | -701,405 | -689,718 |
| Cash flow for the period | -623,756 | -582,239 | -590,534 | -541,368 | -330,573 |
| Cash and cash equivalents at the beginning of the period |
1,249,297 | 1,591,393 | 1,223,984 | 1,544,192 | 1,544,192 |
| Exchange difference in cash and cash equivalents | -3,197 | -1,412 | -11,107 | 4,918 | 10,365 |
| Cash and cash equivalents at the end of the period | 622,343 | 1,007,742 | 622,343 | 1,007,742 | 1,223,984 |
Summary consolidated statement of changes in equity
| (Amounts in SEK 000s) | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Opening balance | 1,723,934 | 2,030,344 | 2,030,344 |
| New share issue | - | - | 20,815 |
| Dividend | -698,020 | -696,777 | -696,778 |
| Provision to Foundation to Prevent Antibiotic Resistance | -5,000 | -4,400 | -4,400 |
| Share-based payments | 372 | - | - |
| Comprehensive income for the period | 133,428 | 246,144 | 373,953 |
| Closing balance | 1,154,714 | 1,575,312 | 1,723,934 |
Note 1. Reporting by segment – Group
Executive Management has analyzed the Group's internal reporting and determined that the Group's operations are monitored and evaluated based on the following segments:
– Pediatrics segment (drops, gut health tablets, oral rehydration solution (ORS), creams and cultures to be used as ingredients in licensee products (such as infant formula).
– Adult Health segment (gut health tablets, oral health lozenges and cultures as an ingredient in a licensee's dairy products, Nutraceutics own products as well as royalty revenues for Adult Health products).
– Other segment (smaller segments such as royalty from packaging solutions).
For the above segments BioGaia reports net sales and gross profit, which are monitored regularly by the CEO (who is regarded as the chief operating decision maker) together with the Executive Management. There is no monitoring of the company's total assets and liabilities against the segments' assets and liabilities.
| (Amounts in SEK 000s) | Apr – Jun 2025 |
Apr – Jun 2024 |
Jan – Jun 2025 |
Jan – Jun 2024 |
Jan – Dec 2024 |
Jul 2024 – Jun 2025 |
Jul 2023 – Jun 2024 |
|---|---|---|---|---|---|---|---|
| Revenue by segment | |||||||
| Pediatrics | 310,080 | 304,809 | 579,974 | 597,088 | 1,093,278 | 1,076,164 | 1,072,930 |
| Adult Health | 89,762 | 78,200 | 184,353 | 153,019 | 321,288 | 352,621 | 288,684 |
| Other | 4,850 | 1,113 | 6,631 | 3,811 | 8,153 | 10,972 | 7,772 |
| Total | 404,692 | 384,122 | 770,957 | 753,918 | 1,422,718 | 1,439,757 | 1,369,386 |
| Gross profit by segment | |||||||
| Pediatrics | 230,179 | 235,007 | 433,860 | 455,379 | 820,406 | 798,887 | 820,295 |
| Adult Health | 58,901 | 47,923 | 121,853 | 90,680 | 202,184 | 233,357 | 183,043 |
| Other | 4,800 | 1,111 | 6,532 | 3,811 | 8,153 | 10,873 | 7,772 |
| Total | 293,881 | 284,041 | 562,245 | 549,870 | 1,030,743 | 1,043,118 | 1,011,110 |
| Selling, administrative, R&D expenses | -180,742 | -142,858 | -327,600 | -277,880 | -621,382 | -671,102 | -530,729 |
| Other operating expenses/income | -4,792 | -5,806 | -29,161 | 6,570 | 14,010 | -21,721 | -1,753 |
| Operating profit | 108,346 | 135,377 | 205,483 | 278,560 | 423,371 | 350,294 | 478,628 |
| Net financial items | 2,055 | 7,375 | 6,830 | 17,791 | 24,448 | 13,487 | 33,936 |
| Profit before tax | 110,401 | 142,752 | 212,313 | 296,351 | 447,819 | 363,781 | 512,564 |
| Sales by geographical market | |||||||
| APAC | |||||||
| Pediatrics | 83,211 | 71,839 | 121,200 | 129,534 | 238,181 | 229,847 | 226,210 |
| Adult Health | 27,030 | 24,838 | 56,831 | 50,360 | 120,852 | 127,323 | 108,279 |
| Other | 1,457 | 818 | 2,736 | 3,360 | 6,798 | 6,175 | 6,592 |
| Total APAC | 111,699 | 97,495 | 180,767 | 183,254 | 365,832 | 363,345 | 341,081 |
| EMEA | |||||||
| Pediatrics | 109,255 | 112,802 | 214,783 | 250,565 | 423,687 | 387,905 | 437,799 |
| Adult Health | 26,409 | 24,271 | 44,070 | 47,888 | 82,088 | 78,270 | 80,566 |
| Other | 990 | 283 | 1,489 | 441 | 1,336 | 2,384 | 1,136 |
| Total EMEA | 136,655 | 137,357 | 260,342 | 298,893 | 507,110 | 468,559 | 519,501 |
| Americas | |||||||
| Pediatrics | 117,613 | 120,169 | 243,991 | 216,989 | 431,410 | 458,411 | 408,922 |
| Adult Health | 36,323 | 29,090 | 83,452 | 54,772 | 118,348 | 147,029 | 99,838 |
| Other | 2,402 | 10 | 2,405 | 10 | 18 | 2,413 | 44 |
| Total Americas | 156,339 | 149,269 | 329,849 | 271,771 | 549,776 | 607,853 | 508,804 |
| Total | 404,692 | 384,122 | 770,957 | 753,918 | 1,422,718 | 1,439,757 | 1,369,386 |
| Date of recognition (Amounts in SEK 000s) Performance obligations met on specific date (Product sales) |
Apr – Jun 2025 |
Apr – Jun 2024 |
Jan – Jun 2025 |
Jan – Jun 2024 |
Jan – Dec 2024 |
|---|---|---|---|---|---|
| Pediatrics | 310,080 | 304,809 | 573,304 | 597,088 | 1,093,278 |
| Adult Health | 86,407 | 75,164 | 179,026 | 147,680 | 311,003 |
| Other | 4,018 | 871 | 5,468 | 3,632 | 7,335 |
| Total | 400,506 | 380,844 | 757,798 | 748,400 | 1,411,616 |
| Performance obligations met over time (Royalty) | |||||
| Pediatrics | - | - | 6,670 | - | - |
| Adult Health | 3,354 | 3,036 | 5,327 | 5,339 | 10,285 |
| Other | 832 | 241 | 1,162 | 179 | 817 |
| Total | 4,186 | 3,277 | 13,159 | 5,519 | 11,102 |
| Total | 404,692 | 384,121 | 770,957 | 753,918 | 1,422,718 |
Note 2. Largest shareholders on 30 June 2025 (source: Vantage by Euroclear)
| Shares | Shares % | Votes | Votes % | ||
|---|---|---|---|---|---|
| 1 | Anatom Holding AG | 7,357,533 | 7.27% | 23,348,355 | 18.66% |
| 2 | Fjärde AP-fonden | 8,200,182 | 8.11% | 8,200,182 | 6.55% |
| 3 | Boleo Holding AG | 1,012,590 | 1.00% | 5,010,300 | 4.00% |
| 4 | Schember Holding AG | 1,012,590 | 1.00% | 5,010,300 | 4.00% |
| 5 | Premier Miton Investors | 3,662,321 | 3.62% | 3,662,321 | 2.93% |
| 6 | Cargill Inc | 3,000,000 | 2.97% | 3,000,000 | 2.40% |
| 7 | Handelsbanken Fonder AB | 2,454,907 | 2.43% | 2,454,907 | 1.96% |
| 8 | JP Morgan Asset Management | 2,245,377 | 2.22% | 2,245,377 | 1.79% |
| 9 | Allianz Global Investors | 2,108,837 | 2.08% | 2,108,837 | 1.69% |
| 10 | TIN Fonder | 1,835,665 | 1.81% | 1,835,665 | 1.47% |
| Other shareholders | 68,272,308 | 67.49% | 68,272,308 | 54.55% | |
| Total | 101,162,310 | 100% | 125,148,552 | 100% |
Note 3. Fair value
Financial liabilities
BioGaia has a financial liability relating to the additional purchase price in business acquisitions that is measured at fair value through profit or loss. The additional purchase price is due to the acquisition of Nutraceutics and is based on sales in Nutraceutics in 2026 or 2027. The amount, which will be settled in April 2027 or 2028, may also be adjusted if the agreed budget for marketing costs is exceeded.
Revaluation took place during the second quarter of 2025 and BioGaia's best assessment of fair value of the financial liability related to the additional purchase price on 30 June 2025 was therefore adjusted to SEK 59.6 million.
Estimates of fair value are based on Level 3 of the hierarchy for fair value, which means fair value is determined using valuation models where significant inputs are based on unobservable data. The measurement was based on anticipated future cash flows discounted with a market-based interest rate. The value adjustment is recognized as a financial expense of SEK 1.6 million (1.0) during the quarter. The weighted average cost of capital (WACC) amounted to 12.8% (12.7 % on 31 December 2024).
| (Amounts in SEK 000s) | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Opening balance | 65,053 | 46,529 | 46,529 |
| Value adjustment | 3,486 | 2,240 | 13,483 |
| Exchange difference | - 8,921 | 2,658 | 5,041 |
| Closing balance | 59,618 | 51,427 | 65,053 |
Financial assets
BioGaia owns shares in the companies Boneprox AB and Skinome AB through BioGaia Invest. These financial assets are measured at fair value through profit or loss. Estimates of fair value are based on Level 3 of the hierarchy for fair value, which means fair value is determined using valuation models where significant inputs are based on unobservable data.
The fair values of other receivables, cash and cash equivalents, trade payables and other liabilities are estimated to be equal to their carrying amounts (amortized cost) due to the short maturities.
| (Amounts in SEK 000s) | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Opening balance | 28,013 | 28,013 | 28,013 |
| Value adjustment | - | - | - |
| Acquisitions | - | - | - |
| Closing balance | 28,013 | 28,013 | 28,013 |
Consolidated key ratios
| (Amounts in SEK 000s) | Jan – Jun 2025 |
Jan – Jun 2024 |
Jan – Dec 2024 |
|---|---|---|---|
| Net sales | 770,957 | 753,918 | 1,422,718 |
| Growth of net sales | 2 % | 11% | 10% |
| Operating profit, SEK 000s | 205,483 | 278,560 | 423,371 |
| Adjusted operating profit, SEK 000s | 205,483 | 280,819 | 477,622 |
| Profit after tax, SEK 000s | 168,103 | 232,857 | 351,388 |
| Return on equity | 12% | 13% | 19% |
| Return on capital employed | 14% | 16% | 25% |
| Capital employed, SEK 000s | 1,160,061 | 1,590,538 | 1,729,378 |
| Number of shares, thousands | 101,162 | 100,982 | 101,162 |
| Average number of shares before dilution, thousands 1) | 101,162 | 100,982 | 101,072 |
| Average number of shares after dilution, thousands 1) | 101,162 | 100,998 | 101,072 |
| Earnings per share before dilution, SEK 1) | 1.66 | 2.31 | 3.48 |
| Earnings per share after dilution, SEK 1) | 1.66 | 2.31 | 3.48 |
| Equity per share, SEK | 11.41 | 15.60 | 17.06 |
| Equity/assets ratio | 81% | 83% | 85% |
| Operating margin | 27% | 37% | 30% |
| Adjusted operating margin | 27% | 37% | 34% |
| Profit before tax margin | 28% | 39% | 31% |
| Average number of employees | 226 | 212 | 217 |
1) Key ratio defined according to IFRS.
A list of definitions of key ratios reported in the consolidated financial statements is provided on page 164 of BioGaia's annual report for 2024. In this report, BioGaia reports information used by Executive Management to assess the Group's development. Some of the key ratios presented are not defined according to IFRS. The company is of the opinion that these metrics provide valuable complementary information to stakeholders and the company's management since they contribute to evaluation of relevant trends and the company's performance. Since not all companies calculate
key ratios in the same manner, these are not always comparable to metrics used by other companies. These key ratios should therefore not be seen as a replacement for metrics defined according to IFRS. ESMA's guidelines on alternative performance measures are applied, which means extended disclosure requirements regarding key ratios not defined according to IFRS. A reconciliation of key ratios that BioGaia considers relevant according to these guidelines is provided below.
| Key ratio | Definition/calculation | Purpose | ||
|---|---|---|---|---|
| Adjusted operating margin |
Adjusted operating margin excluding items affecting comparability. |
The adjusted measure provides enhanced understanding of the performance of operations. |
||
| Adjusted operating profit |
Operating profit (earnings before financial items and tax) excluding items affecting comparability. |
The adjusted measure provides enhanced understanding of the performance of operations. |
||
| Average number of shares |
Time-weighted number of outstanding shares during the year taking bonus issue elements into account. |
Used to calculate equity and earnings per share. | ||
| Capital employed | Total assets less interest-free liabilities. | Capital employed measures the company's ability, in addition to cash and liquid assets, to meet the requirements of business operations. |
||
| Earnings per share | Profit for the period attributable to owners of the Parent Company divided by the average number of shares (definition according to IFRS). |
EPS measures how much of net profit is available for payment to the shareholders as dividends per share. |
||
| Equity/assets ratio | Shareholders' equity at the end of the period as a percentage of total assets. |
A traditional metric to show financial risk expressed as the share of total assets financed by the shareholders. Shows the company's stability and ability to withstand losses. |
||
| Equity per share | Equity attributable to the owners of the Parent Company divided by the average number of shares. |
Equity per share measures the company's net value per share and indicates whether a company will increase the shareholders' wealth over time. |
||
| Gross margin | Gross profit as a percentage of net sales. | The gross margin is used to measure profitability. | ||
| Growth | Sales for the period less sales for the year earlier period divided by sales for the year earlier period. Breakdown by foreign exchange, organic growth and acquisitions. |
Shows the company's realized sales growth over time. | ||
| Items affecting comparability |
Expenses in conjunction with restructuring, impairment and other items of a nature that affect comparability. |
The separate recognition of items that affect comparability between different periods provides enhanced understanding of the company's financial performance. |
||
| Operating margin (EBIT margin) |
Operating profit expressed as a percentage of net sales. |
The operating margin is used to measure operational profitability. | ||
| Profit before tax margin |
Profit before tax as a percentage of net sales. | This key ratio makes it possible to compare profitability regardless of the corporate income tax. |
||
| Return on capital employed |
Profit before net financial items plus financial income as a percentage of average capital employed. |
Return on capital employed is used to analyze profitability, based on the amount of capital used. |
||
| Return on equity | Profit attributable to the owners of the Parent Company divided by average equity attributable to the owners of the Parent Company. |
Return on equity is used to measure profit generation, over time, given the resources attributable to the owners of the Parent Company. |
Key ratio
| (Amounts in SEK 000s) | Jan – Jun | Jan – Jun | Jan – Dec | |
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| Return on equity | ||||
| Profit attributable to owners of the Parent Company (A) | 168,103 | 232,857 | 351,388 | |
| Equity attributable to owners of the Parent Company | 1,154,712 | 1,575,310 | 1,723,932 | |
| Average equity attributable to owners of the Parent Company (B) | 1,439,322 | 1,802,826 | 1,877,137 | |
| Return on equity (A/B) | 12% | 13% | 19% | |
| Return on capital employed | ||||
| Operating profit | 205,483 | 278,560 | 423,371 | |
| Financial income | 11,459 | 20,817 | 39,372 | |
| Profit before net financial items + financial income (A) | 216,942 | 299,377 | 462,743 | |
| Total assets | 1,432,464 | 1,900,708 | 2,034,006 | |
| Interest-free liabilities | -272,403 | -310,170 | -304,628 | |
| Capital employed | 1,160,061 | 1,590,538 | 1,729,378 | |
| Average capital employed (B) | 1,602,793 | 1,818,031 | 1,887,451 | |
| Return on capital employed (A/B) | 14% | 16% | 25% |
Key ratio
| (Amounts in SEK 000s) | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Equity/assets ratio | |||
| Equity (A) | 1,154,714 | 1,575,312 | 1,723,934 |
| Total assets (B) | 1,432,464 | 1,900,708 | 2,034,006 |
| Equity/assets ratio (A/B) | 81% | 83% | 85% |
| Operating margin | |||
| Operating profit (A) | 205,483 | 278,560 | 423,371 |
| Net sales (B) | 770,957 | 753,918 | 1,422,718 |
| Operating margin (A/B) | 27% | 37% | 30% |
| Profit before tax margin | |||
| Profit before tax (A) | 212,313 | 296,351 | 447,819 |
| Net sales (B) | 770,957 | 753,918 | 1,422,718 |
| Profit before tax margin (A/B) | 28% | 39% | 31% |
| Equity per share | |||
| Equity attributable to owners of the Parent Company (A) | 1,154,712 | 1,575,310 | 1,723,932 |
| Average number of shares (B) | 101,162 | 100,982 | 101,072 |
| Equity per share (A/B) | 11.41 | 15.60 | 17.06 |
Change in sales by segment (including and excluding foreign exchange effects)
| Pediatrics | Adult Health |
Other | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| (Amounts in SEK 000s) | Apr – Jun | Jan – Jun | Apr – Jun | Jan – Jun | Apr – Jun | Jan – Jun | Apr – Jun | Jan – Jun | |
| 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | ||
| Description | |||||||||
| A | Previous year's net sales according to the average rate |
304,809 | 597,087 | 78,200 | 153,019 | 1,113 | 3,813 | 384,122 | 753,918 |
| B | Net sales for the year according to the average rate |
310,080 | 579,974 | 89,762 | 184,353 | 4,850 | 6,630 | 404,692 | 770,957 |
| C | Recognized change (B-A) | 5,271 | -17,113 | 11,562 | 31,334 | 3,737 | 2,817 | 20,570 | 17,038 |
| Percentage change (C/A) | 2% | -3% | 15% | 20% | 336% | 74% | 5% | 2% | |
| D | Net sales for the year according to the previous year's average rate |
333,466 | 596,149 | 96,427 | 188,508 | 4,850 | 6,630 | 434,743 | 791,287 |
| E | Foreign exchange effects (B–D) | -23,386 | -16,175 | -6,665 | -4,155 | 0 | 0 | -30,051 | -20,330 |
| Percentage change (E/A) | -8% | -3% | -9% | -3% | 0% | 0% | -8% | -3% | |
| F | Organic change (C–E) | 28,657 | -938 | 18,227 | 35,489 | 3,737 | 2,817 | 50,621 | 37,368 |
| Organic change, % (F/A) | 9% | 0% | 23% | 23% | 336% | 74% | 13% | 5% |
| Average key exchange rates | Apr – Jun | Apr – Jun | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| EUR | 10.91 | 11.61 | 11.12 | 11.38 | 11.41 |
| USD | 9.71 | 10.67 | 10.21 | 10.49 | 10.52 |
| JPY | 0.0670 | 0.0683 | 0.0683 | 0.0691 | 0.0699 |
| Closing date key exchange rates | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| EUR | 11.15 | 11.36 | 11.49 |
| USD | 9.51 | 10.61 | 11.00 |
| JPY | 0.0659 | 0.0661 | 0.0698 |
| Pledged assets and contingent liabilities – Group | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| (Amounts in SEK 000s) | 2025 | 2024 | 2024 |
| Pledged assets | None | None | None |
| Contingent liabilities | None | None | None |
| Adjusted operating profit – Group | Apr – Jun | Apr – Jun | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|---|---|
| (Amounts in SEK 000s) | 2025 | 2024 | 2025 | 2024 | 2024 |
| Operating profit | 108,346 | 135,377 | 205,483 | 278,560 | 423,371 |
| Items affecting comparability | - | -2,741 | - | 2,259 | 54,251 |
| Adjusted operating profit | 108,346 | 132,636 | 205,483 | 280,819 | 477,622 |
Summary statements of comprehensive income – Parent Company
Parent Company income statement
| (Amounts in SEK 000s) | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Net sales | 586,078 | 623,938 | 1,121,581 |
| Cost of sales | -205,276 | -228,500 | -407,727 |
| Gross profit | 380,802 | 395,438 | 713,854 |
| Selling expenses | -94,897 | -88,215 | -191,197 |
| Administrative expenses | -23,086 | -18,618 | -39,057 |
| Research and development expenses | -47,082 | -49,780 | -147,888 |
| Other operating income/expenses | -29,252 | 6,647 | 14,038 |
| Operating profit | 186,485 | 245,472 | 349,750 |
| Impairment loss on shares in subsidiaries | -21,142 | - | -2,704 |
| Net financial items | 9,842 | 18,055 | 66,223 |
| Profit before tax | 175,185 | 263,527 | 413,269 |
| Tax | -39,465 | -54,147 | -78,849 |
| Profit for the period | 135,720 | 209,380 | 334,420 |
Parent Company balance sheet
| (Amounts in SEK 000s) | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Assets | |||
| R&D projects in progress | 842 | 46,240 | 767 |
| Property, plant, and equipment | 7,625 | 9,596 | 8,315 |
| Shares in Group companies | 244,912 | 252,575 | 256,307 |
| Non-current receivables from subsidiaries | 7,785 | - | 5,516 |
| Deferred tax assets | 3,987 | 1,537 | 2,442 |
| Total non-current assets | 265,152 | 309,948 | 273,347 |
| Current assets excl. cash and cash equivalents | 352,449 | 338,274 | 291,220 |
| Cash and cash equivalents | 391,834 | 769,291 | 976,509 |
| Total current assets | 744,283 | 1,107,565 | 1,267,729 |
| Total assets | 1,009,435 | 1,417,513 | 1,541,076 |
| Equity and liabilities | |||
| Total equity | 759,014 | 1,180,151 | 1,326,007 |
| Deferred tax liability | - | 9,445 | - |
| Non-current liabilities | 6,440 | - | - |
| Interest-free current liabilities | 243,981 | 227,917 | 215,069 |
| Total liabilities and equity | 1,009,435 | 1,417,513 | 1,541,076 |
Parent Company cash flow statement
| (Amounts in SEK 000s) | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Operating activities | |||
| Operating profit | 186,485 | 245,472 | 349,750 |
| Depreciation/amortization | 876 | 1,136 | 48,213 |
| Other non-cash items | 6,780 | -2,887 | -4,496 |
| Taxes | -42,947 | -48,550 | -87,597 |
| Interest received and paid | 9,842 | 18,055 | 36,223 |
| Cash flow from operating activities before changes in working capital |
161,035 | 213,226 | 342,093 |
| Changes in working capital | -29,036 | -35,439 | 4,454 |
| Cash flow from operating activities | 132,000 | 177,787 | 346,547 |
| Investing activities | |||
| Purchase of intangible assets | -75 | -9 | -397 |
| Purchase of property, plant, and equipment | -186 | -633 | -633 |
| Purchase of financial assets | -9,748 | -5,000 | -14,242 |
| Sale of equipment | - | - | 80 |
| Dividend received | - | - | 30,000 |
| Cash flow from investing activities | -10,009 | -5,642 | 14,808 |
| Financing activities | |||
| Dividend | -698,020 | -696,778 | -696,778 |
| Provision to Foundation to Prevent Antibiotic Resistance | - | - | -4,400 |
| New share issue | - | - | 20,815 |
| Cash flow from financing activities | -698,020 | -696,778 | -680,363 |
| Cash flow for the period | -576,030 | -524,633 | -319,008 |
| Cash and cash equivalents at the beginning of the period |
976,509 | 1,291,037 | 1,291,037 |
| Exchange difference in cash and cash equivalents | -8,645 | 2,887 | 4,480 |
| Cash and cash equivalents at the end of the period | 391,834 | 769,291 | 976,509 |
Summary Parent Company statement of changes in equity
| (Amounts in SEK 000s) | Jan – Jun | Jan – Jun | Jan – Dec |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Opening balance | 1,326,007 | 1,671,949 | 1,671,949 |
| Dividend | -698,020 | -696,778 | -696,778 |
| Provision to Foundation to Prevent Antibiotic Resistance | -5,000 | -4,400 | -4,400 |
| Share-based payments | 308 | - | - |
| New issue warrants | - | - | 20,816 |
| Comprehensive income for the period | 135,720 | 209,380 | 334,420 |
| Closing balance | 759,014 | 1,180,151 | 1,326,007 |
Financial calendar
22 OCT 2025 8:00 a.m. CET Interim management statement 1 January – 30 September 2025
The Board of Directors and the President and CEO declare that the six-month Interim Report provides a true and fair overview of the Parent Company's and Group's operations, their financial position and performance, and describes material risks and uncertainties facing the Parent Company and other companies in the Group.
Stockholm, 18 July 2025
Peter Rothschild Board Chairman
David Dangoor Board Vice Chairman Outi Armstrong Member of the Board
Bénédicte Flambard Member of the Board Barbro Fridén Member of the Board Anthon Jahreskog Member of the Board
Vanessa Rothschild Member of the Board
Theresa Agnew President and CEO
Auditor's review report
Introduction
We have reviewed the interim report of BioGaia AB (publ), for the period 1 January – 30 June 2025. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm, 18 July 2025
Deloitte AB
Jenny Holmgren
Authorised Public Accountant
BioGaia AB
The company
BioGaia is a Swedish world-leading probiotic company that has been at the forefront of microbiome research for more than 35 years. Our vision is to be the most trusted probiotic brand in the world. We develop, manufacture, market, and sell probiotic products for gut, oral, and immune health. The products are primarily based on different strains of the lactic acid bacterium Limosilactobacillus reuteri, L. reuteri (formerly Lactobacillus).
The class B shares of the Parent Company BioGaia AB are quoted on the Mid Cap List of Nasdaq Stockholm.
Business model
BioGaia has two types of distribution – sales through distribution partners and direct sales (subsidiaries). Most of BioGaia's revenue comes from the sale of gut health products, such as colic drops, immune- and oral health products. Revenues also include the sale of bacterial cultures to be used in licensee products, such as infant formula and dairy products, as well as royalties for the use of L. reuteri in licensee products. BioGaia's products are available in more than 100 countries through partnerships with nutrition and pharmaceutical companies, as well as through our own subsidiaries.
BioGaia's direct distribution, through subsidiaries, extends across nine countries (Sweden, Finland, France, the UK, USA, Canada, Australia, New Zealand and Japan).
BioGaia holds patents for the use of certain strains of L. reuteri and certain packaging solutions in all major markets. At the end of 2024, BioGaia held more than 600 granted patents for various bacteria strains and territories.
The BioGaia brand
BioGaia launched its own consumer brand in 2006. Today, several BioGaia's distribution partners sell finished products under the BioGaia brand in several markets. One important element of BioGaia's brand strategy is to increase the percentage of sales under the BioGaia brand. Of products (drops, tablets for gut and oral health, oral rehydration, etc.) sold in 2024, 92% (90%) were sold under the BioGaia brand including co-branding.
Some of BioGaia's distributors sell finished consumer products under their own brand names. On these products, the BioGaia brand is shown on the consumer package since BioGaia is both the manufacturer and licensor.
BioGaia's licensees add L. reuteri culture to their products and sell these under their own brand names. On these products, the BioGaia brand is most often shown on the package as the licensor/patent holder.
Research and clinical studies
BioGaia's strains of L. reuteri are among the most studied in the world, in particular studies in young children, with strong pre-clinical and clinical evidence. As of December 2024, over 270 clinical studies with BioGaia's various strains of L. reuteri have been performed. These studies involved more than 23,000 individuals of all ages.
Over the years, BioGaia has performed studies in the following areas:
- Colic and constipation in infants
- Immune modulation and infection prevention
- Acute diarrhea
- Antibiotic-associated side effects, such as diarrhea
- Treatment of H. pylori infections
- Irritable bowel syndrome (IBS)
- Oral health, such as gingivitis (inflammation of the gums) and periodontitis (loosening of the teeth)
- Osteopenia
- Autism spectrum condition
- Urinary tract infections