PHARMASYNTHESE : revenue, balance sheet and financial ratios

In 2025, PHARMASYNTHESE achieves revenue of 14.8 M€. Revenue is growing positively over 9 years (CAGR: +3.7%). Vs 2024: +5%. After deducting consumption (1.7 M€), gross margin stands at 13.0 M€, i.e. a rate of 88%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.4 M€, representing 9.3% of revenue. Warning negative scissor effect: despite revenue change (+5%), EBITDA varies by -23%, reducing margin by 3.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 410 k€, i.e. 2.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 89%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 760.12. 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 1.7x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 40 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. The company must finance 12 days of gap between collections and payments. Inventory turnover is 211 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 243 days of revenue, i.e. 10.0 M€ to permanently finance. Over 2017-2025, WCR increased by +47%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of PHARMASYNTHESE is estimated at 961 399 € (range 467 795€ - 2 447 731€). With an EBITDA of 1 378 899€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.11x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.