Vistin Pharma Hits Record Highs Despite Market Headwinds

OSLO, NORWAY – February 12, 2026 – Vistin Pharma ASA today celebrated a landmark year, announcing record-breaking full-year revenue and earnings for 2025. The Norwegian pharmaceutical company demonstrated significant resilience, navigating a volatile market to achieve its highest-ever financial results, underpinned by a substantial increase in sales volume and a strategic focus on operational excellence.

Despite facing headwinds from declining global prices for metformin, its core product, Vistin Pharma reported an all-time high annual revenue of MNOK 452, a notable increase from MNOK 430 in the previous year. The company's ability to successfully grow its top line was driven by a remarkable 12% increase in sales volume, a testament to what the company calls its “strong commercial execution.”

Record Performance Amid Market Volatility

The full-year results paint a picture of robust health and strategic success. Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 10% to an all-time high of MNOK 115, up from MNOK 104 in 2024. This bottom-line growth translated into a 19% surge in earnings per share, which ended the year at NOK 1.69.

“We are pleased with our 2025 results which shows that we are able to grow our top- and bottom line through strong commercial execution creating healthy earnings for our owners,” stated CEO Magnus Tolleshaug in the company’s official announcement.

A closer look at the fourth quarter, however, reveals the challenging market dynamics Vistin successfully navigated. Quarterly revenue stood at MNOK 111, a slight decrease from MNOK 114 in the same period of 2024. This dip occurred despite a 9% increase in sales volume for the quarter, with the company explicitly citing lower global metformin prices as the offsetting factor. The global market for metformin, a key drug for treating type 2 diabetes, is characterized by intense competition, particularly from Asian manufacturers, which creates persistent price pressure. Vistin’s ability to post record annual figures in such an environment highlights the effectiveness of its operational strategy.

The Engine of Growth: Operational Strategy and Execution

The cornerstone of Vistin Pharma's 2025 success was its ability to significantly ramp up production and sales. The 12% annual increase in sales volume, reaching 5,810 metric tons, is a direct result of strategic investments made in prior years. A pivotal MNOK 100 investment in 2020 to install a second production line at its Kragerø facility effectively doubled manufacturing capacity to approximately 7,000 metric tons. Since this new capacity became commercially available in 2022, sales volume has surged by an impressive 65%.

This expansion has allowed the company to capitalize on the growing global demand for metformin, which is projected to expand at a compound annual growth rate of 4-6% due to the rising prevalence of type 2 diabetes. Vistin Pharma has carved out a significant niche, supplying approximately 10% of the world's metformin.

The company positions itself as a premium European producer, emphasizing its state-of-the-art, fully automated manufacturing plant and certifications from major international regulatory bodies. This focus on quality, reliability, and a strong ESG profile—bolstered by a long-term renewable energy agreement with Statkraft—resonates with European clients seeking secure, high-quality, and near-shore supply chains, insulating the company from some of the purely price-based competition.

A Boon for Shareholders and a Sign of Strength

The record earnings and strong operational cash flow have been accompanied by a significant gesture of confidence toward its shareholders. Vistin Pharma's Board of Directors announced it will propose an ordinary cash dividend of up to NOK 1.50 per share for 2025. The proposed payout will be distributed in two installments: NOK 1.00 in May and up to NOK 0.50 in November.

This substantial dividend is supported by a robust balance sheet. The company ended the year with a high equity ratio of 75% and a net cash position of MNOK 16, underscoring its financial stability and prudent management. The proposed dividend not only rewards investors but also signals the board's strong belief in the company's sustained profitability and future cash-generating capabilities.

This commitment to shareholder returns is consistent with Vistin's history, having paid dividends in six of the last ten years. The proposed 2025 dividend represents a significant return for investors and reinforces the company's reputation for financial health.

Navigating the Future: Beyond Metformin

While celebrating the success of its core business, Vistin Pharma is actively laying the groundwork for future growth and diversification to mitigate its reliance on the single, price-sensitive metformin market. The company’s forward-looking strategy involves both enhancing its current product line and expanding into new areas.

A key development is the near-completion of a Metformin DC 95% grade formulation, a value-added product expected to be commercially ready in 2026. This move is part of a broader strategy to convert a portion of its generic production to higher-margin premium products annually.

Perhaps the most significant strategic initiative is the company's move to grow beyond metformin. In early 2024, Vistin Pharma acquired a 15% stake in CF Pharma, a Hungarian contract development and manufacturing organization (CDMO). This investment provides Vistin with a platform to expand its product portfolio and leverage CF Pharma’s expertise in producing and commercializing other active pharmaceutical ingredients (APIs). This aligns with the company's stated ambition to evolve into a broader European CDMO, reducing its long-term risk and opening up new avenues for growth in-demand pharmaceuticals. As Vistin continues to optimize its expanded capacity in Kragerø, these strategic investments signal a clear path toward sustained growth and market leadership.