Navamedic ASA 2026 Q3 Report
Navamedic ASA: Profitability improvement driven by product mix and cost discipline despite decreased revenue
Oslo, 29 October 2026 – In the third quarter of 2026, Navamedic ASA delivered revenues of NOK 120.6 million, representing a 13.2 per cent decrease compared to the same period last year. Gross margin for the quarter was 39.5 per cent, compared to 37.5 per cent in Q3 2025. The Adjusted EBITDA margin in the quarter was 8.8 per cent compared to 8.1 per cent in Q3 2025.
The decrease in revenue was driven by the Prescription Drugs and Consumer Health business areas. Changes in currency rates contributed negatively by approximately NOK 6 million in the quarter.
Revenues from Prescription Drugs were NOK 60.9 million in the third quarter of 2026, compared to NOK 74.1 million in the third quarter of 2025. The decrease is driven by a reduction in sales of Mysimba of NOK 10.5 million and the discontinuation of certain brands which contributed NOK 6.8 million in the third quarter of 2025.
Revenues from Hospital were NOK 32.6 million in the third quarter of 2026, compared to NOK 29.5 million in the same quarter last year. The growth is driven by Antibiotics with increased revenue of NOK 2.7 million in the quarter compared to same quarter last year.
Revenues from Consumer Health were NOK 27.1 million in the third quarter of 2026, down from NOK 35.3 million in the same quarter last year. The reduction is driven by Modifast reflecting increased competition, decrease in revenue for ThermaCare primarily due to timing of campaigns and the phase-out of GeloRevoice.
Year to date, Navamedic delivered revenues of NOK 398.9 million, a decrease of 2.3 per cent from NOK 408.2 million in the first nine months last year. The decrease in revenue is mainly in the Consumer Health area, partly offset by an increase in the Prescription Drugs area. Revenue is impacted by fluctuations of the Norwegian krone against relevant currencies. The strengthening of NOK, to especially SEK and EUR, contributed negatively to revenue by approximately NOK 11 million when comparing against monthly currency rates for the first nine months of 2025. Gross margin was 39.1 per cent in the first nine months of 2026 compared to 38.5 per cent in the same period last year. The improvement in gross margin is primarily due to a more favourable product mix.
The unadjusted EBITDA margin in Q3 2026 was 8.8 per cent compared to 6.5 per cent in Q3 2025.
“We have had a quarter with low sales of Mysimba mainly relating to wholesaler purchasing patterns, and together with other factors like discontinued products it has resulted in decreased revenues compared to last year. We have, however, managed to deliver an EBITDA margin improvement due to our continued focus on optimising our product mix and operational execution combined with cost discipline.” says Lars Minor, CEO of Navamedic ASA.
For 2026, consistent with the focus on strengthening profitability, Navamedic expects an improved EBITDA compared to 2025 driven by improved gross margins due to a more favourable product mix and continued operational efficiencies. Revenue is expected to be somewhat lower in 2026 compared to 2025 on a constant currency basis.
Presentation and webcast
CEO Lars Minor and CFO Nils Ole Krekling will present the results today at 08:30 CET. The presentation will be streamed live and available on demand via the following link: https://navamedic.com/investors/.