Company | Grünenthal

Corporate profile

Grünenthal is a global leader in pain management and related diseases.

We have a long track record of bringing innovative treatments to patients worldwide. As a fully integrated pharmaceutical company, we cover the entire value chain – from drug research and development to commercialisation of portfolios with growth products and established medicines. We operate in accordance with the highest ethical and regulatory standards. At Grünenthal, we focus our efforts on our vision of a World Free of Pain.

Grünenthal at a glance

Our virtual company showcase provides information about our key objectives and activities, as well as our recent business development highlights and financial performance.

Pain has a huge and growing impact on patients, families, communities and healthcare systems around the globe.1

people suffer from chronic pain worldwide.2

of chronic pain patients in Europe are not satisfied with their treatment.3

is the estimated cost of chronic pain across Europe.3

We as pain experts

Grünenthal is the leading pharmaceutical company with a clear focus on pain therapies and research.

We have dedicated the last 50 years to delivering innovative pain medicines for patients with unmet needs.

Now, we are pursuing our vision of a World Free of Pain by developing next-generation treatments that make life better for pain patients and their families.

Highlights.

Our Company​.

Leadership, Transformation, Strategy, Product Portfolio & Finance

LEADERSHIP TEAM

Gabriel Baertschi

Chief Executive Officer

Gabriel joined Grünenthal in 2016 as Chairman of the Corporate Executive Board and CEO. As a biologist, his love of science and dedication to improving patients’ lives led him to work for the pharma industry. His strong leadership and clear vision have enabled Grünenthal to transform its business. He has executed a diligent strategy with EBITDA-accretive acquisitions, a promising R&D pipeline and strong financial performance that has tripled the company value since 2017. Gabriel is a non-executive board member at DKSH, a Swiss stock-listed company where he serves on the Compensation and Remuneration and the M&A committees. He is a non-executive board member at MedXCell, and, since May 2026, a member of the Board of Directors of Idorsia, both Swiss biotech companies.

Jan Adams, MD

Chief Commercial Officer

Jan assumed the role of Chief Commercial Officer and Member of the Corporate Executive Board in October 2024. Since 2019, he had led Grünenthal's R&D organisation as Chief Scientific Officer and Member of the Corporate Executive Board. He has over two decades of experience in the pharmaceutical and healthcare industry. Since joining Grünenthal in 2017, he has played a key role in driving the company's transformational journey. Under his leadership, Grünenthal successfully built a state-of-the-art R&D organisation, redefined its R&D strategy, and built an industry-leading pipeline focused on delivering innovative treatments for acute and chronic pain.

Uli Brödl, MD

Head of Research & Development, Chief Scientific Officer

Through more than 15 years in the pharmaceutical industry, Uli oversaw end-to-end clinical development and operations activities across therapeutic areas and worked at the interface of R&D, Commercial, and Market Access functions. He has a proven track record of bringing innovative medicines to patients, including Empagliflozin, an oral anti-diabetic medicine.

Fabian Raschke

Chief Financial Officer

In his career, Fabian has a proven track record of success in projects ranging from completely modernising a company’s Finance function to increasing efficiency, driving growth and taking advantage of the full range of financing models. Fabian joined Grünenthal in 2016 as Head Group Controlling, before assuming the role of Chief Financial Officer in 2019. He was pivotal in Grünenthal’s move to the capital markets with the first bond placement in 2021. Fabian is also responsible for the realignment of the IT function, supporting our digital roadmap and substantially increasing our cyber defence capabilities.

Victor Barbosa

Head Global Operations

Since joining Grünenthal in 2006, Victor has worked across the organisation’s supply chain and operations teams. With extensive experience in diverse markets, he has been instrumental in redefining Grünenthal’s organisation of product supply. As Head Global Operations (GO), Victor is accountable for Grünenthal’s product quality, cost and service to patients and customers worldwide. He leads around 2,000 people in the GO unit, spanning the full value chain of product supply, and is also accountable for Grünenthal’s Contract Manufacturing Business.

Leen Hofkens

Head Global Human Resources

Leen joined Grünenthal in 2018 and has driven a high-performance culture where individuals can thrive and make an impact on Grünenthal’s success. She was instrumental in launching the organisation’s Values & Behaviours, which guide our decision-making and help shape the culture at Grünenthal. Leen also played a key role in strengthening the Performance, Development and Compensation approach. She is also passionately driving Grünenthal’s Diversity and Engagement agenda and related activities.

Sebastian Köhler

General Counsel

Sebastian joined Grünenthal in 2018, bringing with him more than 10 years of expertise in executive roles and strategic legal consultancy, to build and lead the General Counsel area, which comprises Legal, Responsibility, Compliance, Enterprise Risk, Internal Audit, Patents and Trademarks, and Legal Operations. In his role, Sebastian ensures that Grünenthal receives best-in-class, in-house advice to support the sustainable implementation and evolution of its strategy.

Quentin Le Masne de Chermont

Head Corporate Strategy and Portfolio Management

Before joining Grünenthal in 2019, Quentin spent 8 years consulting companies in the healthcare sector on game-changing business strategies. His career began in research. He now drives our business goals at the intersection of Strategy, Commercial, R&D and Operations. Quentin has additional responsibility for deal assessment of established brand acquisitions.

Grünenthal is in a strong position to accelerate progress and unlock new opportunities in the years ahead. Our solid performance gives us confidence as we enter the next phase of growth, with significant potential to deliver measurable value for our business, our partners and the patients we serve.

Transformation Milestones

Financial growth

More than tripled company value, entered debt capital market and received favourable credit ratings.

R&D transformation

Built promising R&D pipeline with projects in all three Phases of clinical development and innovative pre-clinical platforms.

M&A

Since 2017, Grünenthal closed successful acquisitions of established brands and a Joint Venture with total deal value of more than € 2.3 billion, outperforming benchmark M&A in the pharmaceutical market.

Patient supply

Continued reliable supply of medicines despite strong headwinds in recent years.

Latin America

Focused promotion on innovative products in pain for better profitability and sustainable growth.

US presence

Fully represented in the USA with our research site Boston Innovation Hub and our commercial affiliate Averitas Pharma. In 2024, Grünenthal acquired US-based pharmaceutical company Valinor Pharma and its product MovantikTM. This expands Grünenthal’s portfolio of innovative treatments for patients with pain and related conditions and grows its presence in the US.

Our strategy towards a World Free of Pain.

We are striving to achieve our vision by pursuing two key strategic approaches.

First, we are targeting organic growth by focusing our R&D activities on pain management.

Second, we are tapping into inorganic growth by acquiring assets that strengthen our established brand portfolio – no matter which therapeutic area. These deals significantly boost our profitability, which enables us to continue investing in pain innovation.

Our corporate strategy is built on five pillars.

Growth through our M&A journey

Since 2017, Grünenthal has invested more than € 2.3 billion in successful deals that expand our portfolio of products and R&D assets – while also boosting our company’s profitability.

Financials

Our strategy continues to strengthen our position to deliver outstanding business performance.

We maintained a robust revenue of €1.8 billion in 2025, with a record-high adjusted EBITDA of €500 million.

Strong performance drove a 46% increase in operating cash flow versus 2024, reaching €309 million in 2025.

Operational excellence and strategic diversification across geographies, product types and therapy areas are powering our path to growth.

Since 2017, we have more than tripled our EBITDA.

Strong Product Portfolio

Grünenthal’s product portfolio has a well-balanced and resilient mix of innovative growth brands and established medicines.

The growth brands are innovative and patent-protected products like QutenzaTM, as well as brands that continue to have valuable growth potential like VimovoTM and Movantik™/ MoventigTM.

The established medicines include all mature and off-patent products. They are characterised by high brand awareness, predictable and stable sales, and high profitability. Examples include NexiumTM, CrestorTM, NebidoTM and TramalTM.

Read our statement on the responsible use of opioid-based medicines here.

Our innovative R&D​.

Always exploring the latest science

Cutting-edge Science

Grünenthal leverages in-house research, business development and collaboration opportunities to drive cutting-edge science and bring innovative medicines to patients. We are committed to applying our capabilities to pain and pain-adjacent indications where we can create value for patients by leveraging our expertise in neurobiology, neuronal hyper- and hypoexcitability, sensory biology, neuronal health and neuroinflammation.

Our R&D activities focus on four indications.

Our Pipeline

Our pharmaceutical scientists have created a leading pipeline of pain-related innovations.

LIFE CYCLE MANAGEMENT

Further developing Qutenza

Qutenza™ is a non-opioid treatment that can provide pain relief for several months. It contains prescription-strength capsaicin and is applied to the skin.

In Europe, Qutenza™ is approved for treating peripheral neuropathic pain. In the US, it is approved for treating peripheral neuropathic pain associated with post-herpetic neuralgia and for treating pain associated with diabetic peripheral neuropathy (DPN) of the feet in adults.

The Phase III trial AV001 investigated the efficacy, safety and tolerability of Qutenza™ in post-surgical neuropathic pain (PSNP). The results will support several regulatory submissions aimed at increasing Qutenza™’s availability. In addition, Grünenthal follows a dedicated partnering strategy to reach more patients around the world.

MPC-06-ID – a cell therapy for chronic low back pain

In 2019, we entered into a strategic partnership with Mesoblast, a world leader in developing allogeneic (off-the-shelf) cellular medicines, for the development of their investigational medicine Rexlemestrocel-L (MPC-06-ID).

This innovative cell therapy option is currently in clinical Phase III development for chronic low back pain (CLBP), associated with degenerative disc disease and has received Regenerative Medicine Advanced Therapy designation from the FDA.

Mesoblast commenced MSB-DR004, a randomised controlled Phase III trial to investigate MPC-06-ID in CLBP associated with degenerative disc disease. MSB-DR004 completed recruitment in April 2026. Readout and potential FDA submission are expected in 2027.

Potential anti-inflammatory with improved safety

Tegacorat, our propriertary non-steroidal selective glucocorticoid receptor agonist and modulator (SEGRAM), is an oral investigational medicine for the treatment of Duchenne muscular dystrophy (DMD).

Tegacorat has the potential to provide potent anti-inflammatory efficacy with reduced side effects compared to corticosteroids, the current standard of care. Its safety profile could enable long-term treatment to address a major unmet medical need for patients with DMD that would make a meaningful positive difference to patients’ lives.

Tegacorat has concluded clinical Phase I with positive results and we are currently preparing a clinical Phase II of boys between the ages of four and under seven who have DMD but have not taken corticosteroids. The trial will commence in 2026 at centres in the US and Europe.

Our proprietary nociceptin (NOP) receptor agonists

Our proprietary nociceptin (NOP) receptor agonists provide a unique mechanism of action for treating acute and chronic pain. They are hypothesised to deliver robust pain relief in a broad range of conditions without the side effects commonly associated with opioids. For this reason, they may provide a unique and transformative first-in-class therapy option for patients living with pain.

In the second half of 2026, our front runner will enter a Phase II trial in post-surgical bunionectomy, a well-established setting to test the efficacy and safety of our compound in acute pain.

NaV – Creating the next generation of non-opioid pain medicines

One of Grünenthal’s most promising early research areas is our voltage-gated sodium channels (NaV) programme, where we are striving to create the next generation of non-opioid pain medicines. NaV channels can carry sodium ions into cells, resulting in an excitatory signal. If a channel's activity is modified so it can no longer carry sodium ions, it will also no longer be able to evoke excitatory signals.

Our lead candidate, a highly selective NaV 1.8 inhibitor, entered clinical development in Q1 2026.

Supply to Patients.

Safe & Reliable Supply

Reliable supply to patients

Our teams deliver a safe and reliable supply of pain treatments to patients in over 100 countries. We ensure the highest levels of safety, quality and cost-efficiency at every stage in our value chain.

Grünenthal operates five production facilities – in Chile, Ecuador, Germany, Italy and Switzerland and provides a global production network with full service supply to 100 countries worldwide.

Aachen, Germany

Grünenthal is a global leader in pain management with its headquarters in Aachen, Germany. Our purpose is to change lives for the better – and innovation is our passion.

Mitlödi, Switzerland

Our Active Pharmaceutical Ingredient (API) plant serves almost 20 countries. It produces one-third of all tramadol worldwide – with 30 years of experience.

Origgio, Italy

This site plays a vital role in manufacturing our key brands for global markets, including the US and Japan. It offers a broad range of bulk production, with over 2 billion tablets and 29 million packs per year.

Quito, Ecuador

This site is Ecuador’s only pharmaceutical production site certified by the EU, and one of Latin America’s largest and most advanced production facilities, servicing countries across Latin America and Europe.

Santiago, Chile

This site is home to our centre of excellence for hormone production, which supplies products for patients across Latin America.

Inclusive culture and responsible business

A recognised industry leader in ESG

Our industry-leading way of doing business responsibly is reflected in our external Environment, Social and Governance (ESG) ratings. Independent rating agencies regularly assess our performance in ESG criteria, such as greenhouse gas emissions, employee health and safety and corporate governance.

Our focus areas: Patient, People, Planet

Grünenthal aims to positively impact society and the world we live in – with and beyond its core business. We have a deep commitment to our patients and their families, our employees, our customers and investors, and the communities in which we operate. We focus on creating sustainable value in the three areas that matter most to our stakeholders: Patient, People and Planet.

Meet our people and their passion for our vision.

"Our commitment to making pain more manageable is more than just a slogan; it's personal."

Magdalena Poznanski

Transaction Manager & Due Diligence Lead

"I see chronic pain as a barrier to unlocking human potential."

Omar Mossad

Disease Biology Scientist

"The work we do can significantly affect an individual, and that's what makes it exceptionally meaningful to me."

Laura Wasser

Sourcing Manager DACH

"Given the complexity of our healthcare systems, making pain treatment more accessible to patients is a very fulfilling task."

Loi Vo

National Market Access Manager

As a privately-owned and science-driven pharmaceutical company, we have 4,100 employees working in labs, offices, factories and customer-facing field roles in 28 countries. Guided by our Values & Behaviours, every individual is encouraged to innovate in every possible way.

1 Oliveira DS, et al. Pain Medicine. 2019;20(4):736–746.

2Treede RD, et al. Pain. 2015 Jun;156(6):1003-1007

3Pain Alliance Europe, Survey on Chronic Pain 2017, Diagnosis, Treatment and Impact of Pain. Available at: https://www.pae-eu.eu/wp-content/uploads/2017/12/PAE-Survey-on-Chronic-Pain-June-2017.pdf.

For more information, please visit

Contact

Matt Crabb

Head of Global Communications (Interim)

E-mail: GlobalCommunication@grunenthal.com

Publisher

GRÜNENTHAL PHARMA GMBH & CO. KG

Zieglerstrasse 6

52078 Aachen

Germany