Fourth Quarter Performance
Sothema's consolidated revenue for the fourth quarter of 2025 amounted to MAD 921 million, reflecting an 18% increase compared to the same period in 2024. When adjusted for constant perimeter, the revenue growth stands at 14%.
Annual Revenue Overview
For the entire fiscal year, consolidated revenue reached MAD 3.227 billion, up from MAD 2.816 billion in 2024, representing a growth rate of 15%. On a constant perimeter basis, the increase is recorded at 13%.
Pro Forma Revenue Including Soludia
If Soludia's figures were included for the full year of 2025, the pro forma revenue would amount to MAD 3.502 billion.
Acquisition of Soludia
The year was notably marked by the completion of the acquisition of Soludia, a leading Moroccan dialysis solutions provider, finalized on December 17, 2025. This acquisition contributed MAD 27 million to the 2025 revenue, accounting for just 14 days of operations.
Strategic Partnerships and Investments
Additionally, Sothema entered into an agreement with Lilly for the acquisition of rights to the CIALIS brand and associated products in Morocco. Investments, excluding the acquisition of Soludia, totaled MAD 85 million in 2025, down from MAD 112 million in 2024.
Debt and Consolidation Changes
As of December 31, 2025, consolidated net debt stood at MAD 738 million, a significant increase of 45% from MAD 507 million the previous year, primarily due to financing the Soludia acquisition.
Changes in Consolidation Scope
Soludia has been fully integrated into the Group's consolidation perimeter as of December 18, 2025. Meanwhile, Leiden Pharma has exited the consolidation perimeter, with no significant impact on the consolidated financial statements.
