Fagron: Revenue Up 23.2% in Third Quarter, Driven by Acquisitions
Fagron published on October 8, 2026 revenue of €281.3 million for the third quarter and confirmed its annual range of €1,125 to €1,150 million. The publication demonstrates the weight of acquisitions in the growth of the pharmaceutical magistral preparation group. Its preparation activities in North America-Pacific were also affected by a recall of intravenous infusion bags.
At constant exchange rates, the increase reached 19.5%, against 3.4% on an organic basis. The gap between these two measures corresponds to the contribution of acquired companies. The differential with the published growth of 23.2% reflects a favorable exchange rate effect over the period.
EMEA and Latin America Drive Organic Growth
On an organic basis and at constant exchange rates, three segments drove the quarter's activity. The EMEA region grew by 6.5%, Latin America by 9.7% and the Brands & Essentials division in North America-Pacific by 26.1%.
According to Rafael Padilla, Chief Executive Officer, growth in EMEA was led by the Compounding Services activity (magistral preparations), thanks to new customers and increased underlying demand. In Latin America, the executive cites the Consulfarma trade show as well as acquisitions carried out in Brazil.
Conversely, Compounding Services activity in North America-Pacific was hampered by the temporary recall of intravenous infusion bags, which affected the entire sector. The group indicates that the situation has now stabilized.
Announced Acquisitions Are Finalized
The group completed the acquisition of Injeplast in Brazil during the period. With this transaction, all previously announced acquisitions are now closed, and their integration is proceeding according to the planned schedule, according to the company.
This sequence explains the gap between growth at constant exchange rates and organic growth: the majority of the 19.5% increase at constant exchange rates does not come from the existing scope. Rafael Padilla clarified that the portfolio of external growth operations remained substantial, with priority given to disciplined and value-creating opportunities.
For North America-Pacific, management expects a gradual increase in infusion bag volumes toward normalized levels during the fourth quarter. The Chief Executive Officer believes the region has reached an inflection point.
Annual Target Maintained Between €1,125 and €1,150 Million
For fiscal year 2026, Fagron confirmed a revenue target of between €1,125 and €1,150 million, with an adjusted EBITDA margin of 19.5% to 20.0%. At its annual results published on March 15, 2026, the group reported revenue of €952.17 million for fiscal year 2025.
Management also indicated that its medium-term targets remained unchanged. Rafael Padilla stated that the group considered itself in a favorable position for 2027, relying on the return of infusion bag volumes, the commissioning of expansion projects and the full contribution of acquisitions.
Fagron will hold its investor day in October 2027 at the FSS site in Wichita, Kansas. For the current fiscal year, the key element of the publication remains the confirmation of expected annual revenue of between €1,125 and €1,150 million, after €281.3 million achieved in the third quarter alone.
