FOURTH QUARTER 2025
(Figures in parentheses refer to the corresponding period last year, unless otherwise specified.)
Net sales amounted to SEK 440.6 million (364.8), an increase of SEK 75.7 million, an organic sales increase of 32% (21% including foreign exchange effects).
Net sales in the Pediatrics segment amounted to SEK 331.5 million (270.3), an organic sales increase of 34% (23% including foreign exchange effects).
Net sales in the Adult Health segment amounted to SEK 106.6 million (91.7), an organic sales increase of 27% (16% including foreign exchange effects).
Operating expenses amounted to SEK 202.8 million (155.1), an increase of SEK 47.7 million (31%). There were no Items affecting comparability in the quarter.
Operating profit increased by 17% to SEK 121.0 million (103.4), which corresponds to an operating margin of 27% (28%).
Adjusted operating profit increased by 17% to SEK 121.0 million (103.4), which corresponds to an adjusted operating margin of 27% (28%).
Profit after tax amounted to SEK 98.8 million (81.9), an increase of 21%.
Earnings per share amounted to SEK 0.98 (0.81) before and after dilution.
Cash flow amounted to SEK 76.5 million (99.3).
Cash and cash equivalents amounted to SEK 801.3 million (1,224.0).
Key events in the fourth quarter of 2025
On October 16 BioGaia announced that the study on BioGaia's new patented strain L. reuteri BG-R46® has been published in Beneficial Microbes.
On October 28 BioGaia announced that BioGaia and University of Gothenburg discovered a new role for bacteria present in the gut: serotonin production.
JANUARY - DECEMBER 2025
(Figures in parentheses refer to the corresponding period last year, unless otherwise specified.)
Net sales amounted to SEK 1,538.2 million (1,422.7), an increase of SEK 115.5 million, or an organic sales increase of 14% (8% including foreign exchange effects).
Net sales in the Pediatrics segment amounted to SEK 1,154.0 million (1,093.3), an organic sales increase of 11% (6% including foreign exchange effects).
Net sales in the Adult Health segment amounted to SEK 372.5 million (321.3), an organic sales increase of 22% (16% including foreign exchange effects).
Operating expenses amounted to SEK 716.1 million (607.4), an increase of SEK 108.7 million (18%). Operating expenses, excluding items affecting comparability, increased by 29% to SEK 716.1 million (553.1).
Operating profit decreased by 3% to SEK 412.5 million (423.4), which corresponds to an operating margin of 27% (30%).
Adjusted operating profit decreased by 14% to SEK 412,5 million (477.6), which corresponds to an adjusted operating margin of 27% (34%).
Profit after tax amounted to SEK 332.8 million (351.4), a decrease of 5%.
Earnings per share amounted to SEK 3.29 (3.48) before and after dilution.
Cash flow amounted to SEK -406.6 million (-330.6). Cash flow includes dividends of SEK 698.0 million (696.8).
The Board proposes that the upcoming Annual General Meeting on 7 May 2026 approves an ordinary dividend according to policy of SEK 1.64 (1.95) per share, plus an extra dividend of SEK 2.36 (4.95) per share resulting in a total dividend of SEK 4.00 (6.90) per share, corresponding to SEK 404.6 million (698.0).The Board further proposes a provision to charitable donations of SEK 5.6 million of which SEK 4.4 million to the Foundation to Prevent Antibiotic Resistance.
Key events after the end of the fourth quarter of 2025
On February 3 BioGaia announced that the results for the fourth quarter exceed market expectations.
CEO'S COMMENTS
A solid year for BioGaia
As we close the books on the year, we are pleased to report strong sales performance. Net sales for the year reached SEK 1,538 million, an increase of 14% in organic growth compared with 2024 (+8% including currency effects). In the fourth quarter, net sales reached SEK 441 million, up 32% in organic growth (21% including currency effects), with an operating margin of 27% (28%). We experienced some order variability in the fourth quarter, amounting to approximately SEK 35 million in net sales.
These results and achievements reflect not only the strength of our strategy but also the dedication, creativity, and collaboration of our colleagues and partners around the world.
Growing demand for adult products alongside robust pediatric performance
The Pediatric segment had solid growth for the year with an increase of 11% in organic growth (+6% including currency effects) and strong growth in the quarter with an increase of 34% in organic growth (+23% including currency effects). Protectis® drops remain our top-selling product, while demand for Prodentis® for children, Pharax®, and Aldermis® probiotic ointment continues to grow. Our Adult Health segment increased by 22% for the year (+16% including currency effects) and by 27% for the quarter (+16% including currency effects). Our Gastrus® product line delivered standout performance, particularly Gastrus® Pure Action capsules, which were successfully rolled out to multiple countries during the year. In the third quarter, we launched Prodentis® Fresh Breath and continued to roll out this new product across more markets in the fourth quarter. The product was first introduced in the US, where initial feedback has been positive and sales have grown every month.
Regional performance highlights
In 2025, we expanded our direct distribution to ten markets, adding France and the Netherlands. Germany and Austria follow in the first quarter of 2026. Our direct markets are performing well and overall are growing ahead of our partner markets; this is a successful strategy for us.
USA delivered strong results and had record sales of SEK 316 million for 2025, an organic sales increase of 30% (21% including foreign exchange effects). Increased marketing investment strengthened brand equity and expanded market share, driving growth in baby and oral health categories and broadening retail distribution. Healthcare professional engagement and targeted digital initiatives also contributed, together with launches such as Prodentis® Fresh Breath and Gastrus® Pure Action capsules. Canada also performed strongly, driven by Prodentis® and Protectis® chewables, with Protectis® drops remaining the leading product.
Americas delivered positive quarterly (+6% including currency effects) and full-year (+14% including currency effects) growth, driven by strong performance in Chile, Colombia, Peru, Guatemala, and Argentina. Medical marketing, digital campaigns, and new product launches contributed significantly to the region's results.
APAC showed strong development, with sales growth of 33% including currency effects for the quarter and 13% including currency effects for the full year. Sales for the quarter were positively impacted by quarterly variations for individual orders to China.
Direct-to-consumer sales expanded through effective digital marketing in South Korea and Indonesia. Japan achieved robust e-commerce growth across Amazon, Rakuten, and Qoo10. Our direct markets, Australia and New Zealand, established only a year ago, secured listings in major pharmacy and grocery chains and built a strong healthcare professional network.
EMEA region reported strong quarterly growth (+28% including currency effects), while the full year showed a marginal decline (-2%). Sales for the quarter were positively impacted by quarterly variations for individual orders to Italy. France transitioned to direct distribution, and the Netherlands launched with a digital-first strategy. Italy and Poland showed strong growth, and Finland delivered significant gains in adult gut health with Gastrus® chewables and the Gastrus® Pure Action launch. The UK saw strong retail performance with Boots and Amazon, supported by active consumer campaigns.
Scientific milestones in the fourth quarter
Our newly patented strain L. reuteri BG-R46® was published in Beneficial Microbes. Developed with the Swedish University of Agricultural Sciences, L. reuteri BG-R46® is a next-generation derivative of L. reuteri Protectis® with enhanced bile tolerance and increased production of anti-inflammatory adenosine. Comprehensive safety and functional assessments confirm it as a biologically distinct and well-characterized strain.1
A second major discovery, published in Cell Reports through our collaboration with the University of Gothenburg, demonstrated that specific gut bacteria produce bioactive serotonin. The strains L. mucosae and L. ruminis were shown to increase intestinal serotonin, support gut innervation, and normalize transit in serotonin-deficiency models, opening pathways for future microbiota-gut-brain innovations.2
Building a strong platform for sustainable growth
The global probiotic market continues to expand as consumers increasingly recognize the critical role of the microbiome in overall health. Probiotics are no longer viewed solely as digestive aids, they are now an integral part of gut and immune health. Rising demand for targeted, evidence-based solutions highlight the importance of clinically proven probiotics in daily wellness. This trend underscores the long-term potential of the category and validates BioGaia's focus on scientific innovation and meaningful health impact.
We remain committed to strengthening BioGaia as a global leader and creating long-term shareholder value through innovation, strategic marketing, and sustainable growth. We look forward to continued progress together with our colleagues, partners, and board of directors.
1Ermann Lundberg et al. 2025. Benef Microbes. doi: 10.1163/18762891-bja00101.
2Moretti et al. 2025. Cell Rep. 44(10):116434. doi: 10.1016/j.celrep.2025.116434.
Theresa Agnew
President and CEO, BioGaia
February 12, 2026
You find the complete report with tables in the attached PDF or on https://www.biogaiagroup.com/investors/reports-and-presentations/financial-reports
Teleconference:
Investors, analysts, and the media are invited to take part in a teleconference on the interim management statement to be held today, February 12, 2026, at 09:30 a.m. CET with CEO Theresa Agnew and CFO Alexander Kotsinas. More information about the teleconference is available here: https://financialhearings.com/event/54207.
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Contacts:
Alexander Kotsinas, CFO
Email: alexander.kotsinas@biogaia.com
Phone: +46 735 00 11 11
Mikaela Idermark Stern, Corporate Communications
Email: mikaela.idermark.stern@biogaia.com
Phone: +46 730 95 61 50
About BioGaia
BioGaia is an innovative Swedish healthcare company that develops, markets, and sells probiotic products with documented health benefits. The products are sold through local distribution partners or via own distribution in over 100 markets. The class B share of the Parent Company BioGaia AB is quoted on the Mid Cap segment of Nasdaq Stockholm. biogaiagroup.com
This disclosure contains information that BioGaia is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person set out above, at 08:00 a.m. CET on February 12, 2026.
