Laboratorio Reig Jofre, S.A researches, develops, manufactures, and markets essential pharmaceutical products for people’s health, with a presence in more than 70 countries (59% of sales outside Spain). The company has four production centres: one in Barcelona (aseptic production of chemical and biological injectable products), two in Toledo (penicillin-derived antibiotics that require segregated plants due to their potential allergenic effects), and one in Malmö, Sweden (semi-solid products, topical products, and technologically advanced formulations such as enteral gels). The company plans to open its fifth production center in Barcelona by the end of 2026 to supply biological raw materials. It also has a logistics center in Toledo.
Reig Jofre specialises in niche services with high demand, with a focus on profitable growth and cash generation.
Reig Jofre has three business units:
- Pharmaceutical Technologies – PHT (41% of sales in 2025)
This business unit specialises in technology for the manufacturing of sterile, lyophilised injectables and antibiotics, particularly beta-lactams. The global CDMO services market is highly concentrated, with a relatively small number of competitors capable of offering production capacities aligned with demanding industry standards.
- Specialty Pharmacare – SPC (36%)
It focuses on the therapeutic areas of osteoarticular and dermatology, offering essential products for joint pain, tendonitis, and joint problems, as well as innovative solutions for onychomycosis, alopecia, and acne.
- Consumer Healthcare – CHC (23%)
This unit strategically focuses on the OTC ENT segment (ear, larynx, and disinfection), as well as on the development and consolidation of the Forté Pharma brand, specialising in products aimed at comprehensive well-being (sleep, stress management, general health, energy, and weight control, among others).
From 2019 to 2025, the company’s total revenue registered a compound annual growth (CAGR) of 9%. Although all three business units contributed positively to this growth, the performance of the SPC division is particularly noteworthy, showing a significant increase of 15% annually, driven primarily by expansion in the osteoarticular and dermatology product lines. Regarding EBITDA, an improvement in the operating margin is estimated, driven by investments focused on production efficiency and optimisation of the product and customer mix, which would allow a margin of 15% to be achieved by the end of the forecast period.
Considering the current price1 and assuming an EV/EBIT multiple of 14x in 2032, an Internal Rate of Return (IRR)2 is estimated at 22%.
1 Share price €2,71 – date June 11, 2026
2 Adjusted for net debt and associates. The projections presented are based on internal estimates prepared by Tenvalue.
