MERZ PHARMA FRANCE : revenue, balance sheet and financial ratios

MERZ PHARMA FRANCE is a French company founded 19 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques. Based in COURBEVOIE (92400), this company of category PME shows in 2025 a revenue of 29.3 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-09

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - MERZ PHARMA FRANCE (SIREN 492060215)
Indicator 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 29 283 874 € 25 497 263 € 30 605 736 € 26 570 108 € 22 978 638 € 19 854 860 € 21 193 846 € 19 894 748 € 18 955 831 € 15 477 312 €
Net income 542 127 € 526 948 € 559 776 € 1 424 537 € 353 046 € 440 720 € -201 581 € 524 328 € 487 825 € 585 965 €
EBITDA 1 205 274 € 1 173 703 € 320 888 € 1 308 610 € 2 107 793 € 1 049 660 € 344 996 € 619 485 € 2 411 185 € 498 092 €
Net margin 1.9% 2.1% 1.8% 5.4% 1.5% 2.2% -1.0% 2.6% 2.6% 3.8%

Revenue and income statement

In 2025, MERZ PHARMA FRANCE achieves revenue of 29.3 M€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +7.3%. Vs 2024, growth of +15% (25.5 M€ -> 29.3 M€). After deducting consumption (16.5 M€), gross margin stands at 12.7 M€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.2 M€, representing 4.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 542 k€, i.e. 1.9% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2025) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

29 283 874 €

Gross margin (2025) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

12 734 604 €

EBITDA (2025) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

1 205 274 €

EBIT (2025) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

861 326 €

Net income (2025) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

542 127 €

EBITDA margin (2025) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

4.1%

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Chart evolution

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 0%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 22%. The balance between equity and debt is satisfactory. Cash flow represents 3.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2025) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

0.0%

Financial autonomy (2025) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

21.641%

Cash flow / Revenue (2025) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

3.265%

Repayment capacity (2025) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

0.0

Asset age ratio (2025) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

38.7%

Solvency indicators evolution
MERZ PHARMA FRANCE

Sector positioning

Debt ratio
0.0 2025
2023
2024
2025
Q1: 0.0
Med: 3.67
Q3: 28.55
Excellent

In 2025, the debt ratio of MERZ PHARMA FRANCE (0.00) ranks in the bottom 25% of the sector, which is positive. This ratio measures the weight of debt relative to equity. A low ratio indicates a solid financial structure with little dependence on creditors.

Financial autonomy
21.64% 2025
2023
2024
2025
Q1: 26.28%
Med: 43.48%
Q3: 62.04%
Watch -34 pts over 3 years

In 2025, the financial autonomy of MERZ PHARMA FRANCE (21.6%) ranks in the bottom 25% of the sector. This ratio represents the share of equity in total financing. Low autonomy may limit investment capacity and increase vulnerability.

Repayment capacity
0.0 years 2025
2023
2024
2025
Q1: 0.0 years
Med: 0.0 years
Q3: 0.67 years
Excellent

In 2025, the repayment capacity of MERZ PHARMA FRANCE (0.00) ranks in the bottom 25% of the sector, which is positive. This ratio indicates the number of years needed to repay debt with cash flow. A short capacity reflects controlled debt and good cash generation.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 114.80. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 0.0x. Danger: operating income does not cover interest charges, unsustainable situation.

Liquidity ratio (2025) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

114.795

Interest coverage (2025) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

0.005

Liquidity indicators evolution
MERZ PHARMA FRANCE

Sector positioning

Liquidity ratio
114.8 2025
2023
2024
2025
Q1: 147.44
Med: 215.05
Q3: 310.05
Watch -16 pts over 3 years

In 2025, the liquidity ratio of MERZ PHARMA FRANCE (114.80) ranks in the bottom 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio below 1 may signal potential cash flow tensions.

Interest coverage
0.01x 2025
2023
2024
2025
Q1: 0.0x
Med: 0.36x
Q3: 5.44x
Average -23 pts over 3 years

In 2025, the interest coverage of MERZ PHARMA FRANCE (0.0x) ranks below the median of the sector. This ratio indicates how many times operating income covers interest expenses. An improvement would strengthen the competitive position.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 80 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 98 days. Favorable situation: supplier credit is longer than customer credit by 18 days. Inventory turnover is 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 103 days of revenue, i.e. 8.4 M€ to permanently finance. Over 2016-2025, WCR increased by +158%, requiring additional financing.

Operating WCR (2025) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

8 363 182 €

Customer credit (2025) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

80 j

Supplier credit (2025) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

98 j

Inventory turnover (2025) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

11 j

WCR in days of revenue (2025) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

103 j

WCR and payment terms evolution
MERZ PHARMA FRANCE

Positioning of MERZ PHARMA FRANCE in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Valuation estimate

Based on 124 transactions of similar company sales (all years), the value of MERZ PHARMA FRANCE is estimated at 2 384 275 € (range 1 249 037€ - 7 536 504€). With an EBITDA of 1 205 274€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.

Estimated enterprise value 2025
124 transactions
1249k€ 2384k€ 7536k€
2 384 275 € Range: 1 249 037€ - 7 536 504€
NAF 5 all-time

Valuation detail by method

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EBITDA Multiple 50%
1 205 274 € × 0.7x
Estimation 848 374 €
401 057€ - 3 087 773€
Revenue Multiple 30%
29 283 874 € × 0.21x
Estimation 6 236 716 €
3 382 023€ - 18 891 114€
Net Income Multiple 20%
542 127 € × 0.8x
Estimation 445 366 €
169 509€ - 1 626 419€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 124 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Commerce de gros (commerce interentreprises) de produits pharmaceutiques)

Compare MERZ PHARMA FRANCE with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Frequently asked questions about MERZ PHARMA FRANCE

What is the revenue of MERZ PHARMA FRANCE ?

The revenue of MERZ PHARMA FRANCE in 2025 is 29.3 M€.

Is MERZ PHARMA FRANCE profitable?

Yes, MERZ PHARMA FRANCE generated a net profit of 542 k€ in 2025.

Where is the headquarters of MERZ PHARMA FRANCE ?

The headquarters of MERZ PHARMA FRANCE is located in COURBEVOIE (92400), in the department Hauts-de-Seine.

Where to find the tax return of MERZ PHARMA FRANCE ?

The tax return of MERZ PHARMA FRANCE is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does MERZ PHARMA FRANCE operate?

MERZ PHARMA FRANCE operates in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques (NAF code 46.46Z). See the 'Sector positioning' section above to compare the company with its competitors.