Annual report 2025

03

Highlights

03

Key figures

04

Message from the CEO

06

Directors’ report

15

Sustainability report

97

Independent auditor’s report

103

Alternative performance measures

3 | Annual report 2025, Navamedic ASA

7.7%

4 | Annual report 2025, Navamedic ASA

Dear Shareholders,

Navamedic strengthened its strategic position in 2025 with the launch of

market for obesity products that has continued to be very competitive.

The decline in Mysimba® sales has resulted in weaker margins overall. We

are however confident that the increased proportion of proprietary

products will enable us to secure stronger margins over time.

In Prescription Drugs, we launched Flexilev® in OraFID® in Scandinavia in December 2025, and in Finland in January

2026 through our partner Orion Corporation. This product offers more precise dosing for Parkinson’s patients and

has received positive early feedback.

Mysimba® remained the cornerstone of our obesity portfolio and our largest individual product in 2025. The obesity

category continued to evolve rapidly, shaped by strong competition and increasing patient expectations. While

Mysimba® faced significant competitive pressure in Norway, it continued to grow in Sweden and Finland. However,

supporting evidence-based obesity management.

Our antibiotics portfolio delivered solid performance in 2025, supported by the implementation of new hospital

tenders secured in late 2024. Throughout the year, we ensured reliable supply of critical antibiotics to hospitals

across the Nordic region, contributing to national efforts to manage antimicrobial resistance.

A key development in 2025 was Navamedic’s expansion into the addiction treatment field. In July, we acquired dne

Pharma’s business, adding a portfolio of established products for opioid addiction and overdose care. This includes

an intranasal naloxone spray for opioid overdose reversal, as well as oral methadone and levomethadone therapies

for opioid dependence.

By integrating dne Pharma’s products and expertise, we have become a key provider of addiction treatments across

the Nordics. The portfolio was rapidly incorporated into our commercial platform, supported by our existing

5 | Annual report 2025, Navamedic ASA

Our Consumer Health business area saw modest growth in 2025. We completed the Nordic launch of Eroxon®,

Navamedic enters 2026 with a stronger foundation, supported by the integration of new products. Our continued

expansion in Sweden, Finland and Denmark reflects the progress of our Nordic strategy. A well subscribed rights

issue in 2025 partly financed the acquisition of assets from dne Pharma and confirmed investor confidence in our

long-term direction.

Looking ahead, we have a solid pipeline of product launches and market extensions. This includes introducing

selected products into additional European markets through out-licensing and advancing new treatments in

segments with attractive potential.

I would like to thank our shareholders for their continued support and trust. Their commitment enables us to

pursue strategic opportunities and strengthen Navamedic’s position in our key markets. I would also like to thank

our employees for their strong contribution throughout 2025. Their competence, flexibility and collaborative

6 | Annual report 2025, Navamedic ASA

7 | Annual report 2025, Navamedic ASA

8 | Annual report 2025, Navamedic ASA

future growth.

Navamedic continues to see scalability in adding new products to its well-established distribution and market

access platform in the Nordic region and the Netherlands. With strong commercial infrastructure built on long

standing relationships with key stakeholders, including wholesalers, pharmacy chains and hospital procurement

bodies, and deep expertise in key therapeutic areas such as obesity, Parkinson’s disease and addiction, enables

Navamedic to efficiently launch new products across core markets. This platform also supports selective

geographic expansion, with new market launches primarily executed through distributors within Europe and

through partners outside Europe. The performance of recent product launches and tender implementations

demonstrates the Company’s ability to integrate new offerings and build market presence across multiple

countries.

Based on the Company’s strategy and the current outlook, the Board expects continued positive development in

2026. The strategic initiatives undertaken in 2025 have created a strong foundation for sustained growth.

9 | Annual report 2024, Navamedic ASA

The operational and financial risks faced by Navamedic are largely comparable to those of other pharmaceutical

companies, but with a few notable differences. Unlike many peers, Navamedic has limited exposure to product

development risk and only indirect exposure to manufacturing risk, as production is outsourced to third-party

manufacturers.

The Group is exposed to several categories of financial risk, including market risk (comprising operational,

currency, interest rate, and price risk), credit risk, and liquidity risk. Navamedic actively monitors these exposures

Navamedic relies on third party suppliers for production and distribution. These relationships are governed by

agreements typically lasting from one to eight years. To ensure continuous and reliable access on competitive

terms, the Company maintains close dialogue with key suppliers and works proactively to secure timely contract

renewals.

Some products face competitive pressure from both new entrants and generic alternatives. Navamedic mitigates

this risk by diversifying its product portfolio and expanding its geographic footprint. The Company continuously

evaluates opportunities to strengthen its portfolio and enter new markets.

In 2025 a change in operational risk has emerged as the company has transitioned from direct sales to out-licensing

of Flexilev in OraFID in selected markets.

Currency risk arises because a significant share of product purchases is denominated in EUR, GBP, SEK, and USD,

while revenues and operating expenses are mainly in NOK and SEK, with smaller exposures in DKK and EUR. Net

investments in foreign subsidiaries expose the Group to currency risk primarily in SEK. The Company assesses the

need for currency hedging on an ongoing basis and has currently not established dedicated hedging positions

beyond natural hedging and targeted evaluations in major agreements.

Credit risk is considered to be generally low. Navamedic primarily trades with financially solid counterparties,

including pharmacy chains, wholesalers, public health institutions, and hospitals. The Company also has a factoring

16 | Annual report 2025, Navamedic ASA

sustainable value creation, we deepened our understanding of sustainability

challenges and risks across our value chain. This progress has delivered

valuable insights that will inform our strategies and actions in the years ahead.

Navamedic’s sustainability goals are included in the overall KPIs for the group, and

maybe more importantly, broken down into detailed KPIs for all departments.

In this section we will illustrate the highlights of the progress made during 2025 and where

we stand going into 2026.

Navamedic continues to align its sustainability objectives and initiatives with the United Nations Sustainable

Development Goals (SDGs). In 2025, we revisited our SDG assessment to ensure our focus remains on the areas

where our actions can have the greatest impact. This ongoing evaluation has reaffirmed the SDGs most relevant to

Focus on packaging material of our products to reduce waste, introduce environmental-friendly

alternatives and improve labelling to sort waste material

17 | Annual report 2025, Navamedic ASA

Environment

In 2025, Navamedic strengthened its sustainability work through close cooperation with value‑chain partners to

identify and implement initiatives that lower its environmental footprint. During the year, Navamedic also carried

out extensive mapping of potential environmental risk areas in its upstream value chain. The findings from this

work will be presented in detail in the updated report prepared under the Norwegian Transparency Act, to be

published on our website on or before June 30th. A summary of the key elements is provided below.

As part of the supply chain sustainability

risk assessment, Navamedic relied on

multiple sources, direct input from

suppliers, traditional research, and AI

supported analysis, to conduct a

comprehensive assessment of all key

suppliers. This process enabled the

the assessment.

Navamedic has identified 121 suppliers as key suppliers based on criteria such as size, geography, and industry.

not necessarily indicate the presence of a confirmed issue; rather, it often reflects the strategic significance of the

supplier or gaps in available information regarding their sustainability practices and compliance with international

standards. Navamedic therefore prioritizes follow-up with high-risk suppliers to better understand the nature of the

risks and determine appropriate actions.

The illustration below also outlines the geographic footprint of Navamedic’s key suppliers, which are largely

concentrated in the Nordics and Western Europe, regions known for strong performance on sustainability

indicators such as labour laws, human rights, and governance transparency. However, residual risks remain,

particularly related to the potential use of subcontractors in higher‑risk countries. This highlights the continued

importance of strengthening supply‑chain visibility and deepening Navamedic’s detailed understanding of supplier

networks.

18 | Annual report 2025, Navamedic ASA

Note: The map shows the concentration of Navamedic’s key suppliers by the shade of blue

CO2 emissions

Reducing its climate footprint continues to be a central part of Navamedic’s sustainability agenda. Building on

initiatives launched in 2023 and 2024, the company has made clear and meaningful progress that has served as a

solid foundation for the work continuing in 2025. As is typical for companies in our sector, most emissions originate

from activities outside our direct operations, especially the transportation and shipping of products and the travel

required to support commercial activities. Throughout 2025, Navamedic also benefitted from more complete data

and improved tools, enabling a more accurate and transparent understanding of its overall emissions profile.

Looking at the development over time, Navamedic’s climate impact has moved in a positive direction. The

company saw a reduction in emissions from one year to the next, reflecting both improved measurement practices

resulted in a clear shift in travel behaviour: employees increasingly opt for lower‑emission alternatives such as

trains and buses, rely more frequently on digital meetings, and choose hotels with a strong environmental profile.

At the same time, the transition to electric vehicles for the company’s car fleet has further reduced emissions linked

to mobility. The combined effect of these actions can be seen in a reduction in the carbon intensity of business

travel across the organisation.

Together, these developments illustrate a broader shift in how Navamedic operates—one defined by more efficient

logistics, more conscious travel decisions, and a stronger focus on reducing environmental impact across the value

chain. As the company moves into 2026, this strengthened foundation enables continued progress toward a more

sustainable and responsible footprint.

19 | Annual report 2025, Navamedic ASA

Social responsibility

products in our portfolio. These products play an essential role in public health, and maintaining their availability

remains one of our highest priorities. Through proactive supply‑chain management and strong partnerships, we

work continuously to minimise disruptions and ensure patients can rely on the treatments they need.

Navamedic is not simply a provider of medicinal products; our portfolio reflects our vision of being a proud

contributor to public health. Many of our products address significant societal health challenges—including obesity,

Parkinson’s disease, viral infections, erectile dysfunction, and pain. We complement these offerings with

patient‑support initiatives such as Lighter Together, 6‑in‑1, and MyControl, all designed to assist both patients and

healthcare professionals in improving health outcomes and enhancing quality of life.

In 2025, we expanded our public health impact by acquiring dne Pharma’s addiction treatment portfolio, including

Ventizolve® (a nasal spray for opioid overdose) and oral therapies for opioid dependence. This strategic move

colleagues, of whom 25 were women and 15 were men.

To support continuous improvement in our workplace culture, Navamedic introduced a quarterly

employee‑satisfaction survey at the end of 2023. The results have consistently shown a high level of employee

satisfaction, in line with or exceeding benchmark levels, with results indicating a stable or slightly upward trend.

These insights help guide our efforts to create a workplace where people feel motivated, supported, and inspired to

contribute their best.

20 | Annual report 2025, Navamedic ASA

Board of Directors, sets clear expectations for ethical and professional behaviour. It applies to all individuals

representing the company, including employees, management, board members, and contractors. The Code

addresses key areas such as business ethics, anti-corruption, workplace conduct, and environmental responsibility.

Navamedic also adheres to the European Federation of Pharmaceutical Industries and Associations (EFPIA)

Disclosure Code, reinforcing our commitment to transparency in our interactions with patient organisations,

healthcare professionals, and public authorities. We support EFPIA’s advocacy for mandatory registration of

lobbying organisations and ensure transparent reporting of financial support to patient organisations across

Europe.

We maintain a zero-tolerance policy toward corruption and bribery, with clear guidelines on gifts, benefits, and

conflicts of interest. The CEO holds ultimate responsibility for enforcing our ethical standards, which are embedded

In summary, Navamedic continues to demonstrate a clear commitment to contributing to public health, fostering

an inclusive and supportive workplace, and maintaining high standards of governance and ethical conduct. By

preparing for upcoming sustainability reporting requirements, including the CSRD, and carrying out thorough

assessments, the company strengthens its foundation for responsible and resilient growth. These efforts,

supported by transparent leadership, a solid workplace culture, and sustainable business practices, position

Navamedic to navigate emerging challenges and deliver long term value to stakeholders and society.

21 | Annual report 2025, Navamedic ASA

22 | Annual report 2025, Navamedic ASA

23 | Annual report 2025, Navamedic ASA

The third authorisation given at the annual general meeting on 4 June 2025 was the authorisation to the Board to

24 | Annual report 2025, Navamedic ASA

The Board of Navamedic has four ordinary members in addition to the chairman, all of whom are elected by the

25 | Annual report 2025, Navamedic ASA

No Navamedic senior executives sit on the Company's Board of directors.

accordance with the law. For matters in which the chairman of the Board is, or has been, actively involved, another

Board member is nominated to chair the discussion such that the Company is assured an independent process.

A clear division of work between the Board and senior executives has been established. The CEO is responsible for

the Company's operational management.

The Board holds a minimum of six Board meetings a year, one of which is a strategy meeting. Extraordinary Board

meetings are held as required to consider matters that cannot wait until the next ordinary Board meeting.

During 2025, 21 Board meetings were held, and the duties of the Board were also addressed through updates via

phone conferences, with and without the management team present.

The Board has established an audit committee as a sub-committee to the Board. Special rules and procedures have

The Board ensures that the Company maintains effective internal control and risk management systems tailored to

the scope of its pharmaceutical operations, including its ethical guidelines and corporate social responsibility. The

Audit Committee is specifically responsible for monitoring processes for risk management and internal control.