May 2026
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Largest Biopharmaceuticals Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Merck KGaA, Bayer, Dermapharm Holding, CureVac and Biotest.
 | Merck KGaA operates in three main segments: Life Science, Electronics, and Healthcare. The Life Science segment provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. The Electronics segment offers specialty materials to manufacture a variety of products, such as semiconductors and flat-screen televisions. In the healthcare segment, Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In 1995, the E. Merck KG family publicly sold part of the company, resulting in the current 30% public ownership of the firm. | $150 | +12% | $65B | $75B | 3.0x | 10.6x | ||
| Bayer is a German healthcare and agriculture conglomerate. Healthcare provides close to half of the company's sales and includes pharmaceutical drugs (39% of total sales in 2024) as well as vitamins and other consumer healthcare products (13% of total). The firm's crop science business (49% of total) sells seeds, pesticides, herbicides, and fungicides, which was expanded through its 2018 acquisition of Monsanto. | $45 | +57% | $44B | $77B | 1.5x | 6.9x | ||
| Dermapharm Holding SE manufactures patent-free branded pharmaceuticals for selected therapy fields, over-the-counter drugs, and natural remedies. The portfolio of the company includes cosmetics, nutritional supplements, and diet and medical devices. Business operating segments include Branded pharmaceuticals, which drive key revenue, Other healthcare products, and Parallel import business. The Branded pharmaceuticals segment covers numerous product areas through a wide variety of items sold under reputable brand names. | $58 | +41% | $3B | $4B | 2.8x | 10.3x | ||
| CureVac is a TĂĽbingen, Germany-headquartered biotechnology pioneer in mRNA therapeutics and vaccines. Its pipeline features oncology immunotherapies like autogene cevumeran in partnership with BioNTech and GSK, alongside infectious disease vaccines including a COVID-19 candidate tested in phase 3 trials. | -- | -- | $1B | $599M | - | - | ||
| Biotest AG is a supplier of biological medicines. The company produces its products from human blood plasma or manufactured by using biotechnology methods. It is engaged in the area of hematology, clinical immunology, and intensive care medicine. The company covers preclinical and clinical development of the preparations, plasma collection, production, as well as marketing and sales. | $23 | -- | $910M | $1B | - | - | ||
| Formycon AG is a globally operating, independent biosimilars specialist with a comprehensive product pipeline and a scalable platform for developing biosimilar drugs for various indications, including ophthalmology, immunology, and immunobiology. Its product, FYB201 (ranibizumab), is an approved biosimilar product for Lucentis, is on the market in the United States and Canada, Europe, the Middle East and North Africa (MENA), and other geographical regions. The other product candidates in its pipeline include FYB202, FYB203, FYB206, FYB207, FYB208, FYB209, and FYB210, which are biosimilar projects being developed for the treatment of various indications. Geographically, the company generates maximum revenue from Switzerland, followed by Germany. | $23 | -15% | $413M | $344M | 6.6x | (332.3x) | ||
| Heidelberg Pharma AG is a biopharmaceutical company. It is focused on oncology and develops the toxin Amanitin into cancer therapies using its proprietary Antibody Targeted Amanitin Conjugate (ATAC) technology platform and advances the biological mode of action of the toxin as a novel therapeutic principle. The proprietary lead candidate is HDP-101 which is a BCMA (B-cell maturation antigen) - ATAC for multiple myeloma. In addition, the company offers preclinical contract research services. It operates through the following business divisions: Customer Specific Research, Diagnostics, and TherapeuticS. | $3 | -17% | $152M | $141M | 83.3x | (3.2x) | ||
| Cantourage Group SE is engaged in the manufacture and wholesale of medicinal preparations based on cannabis and the trade and distribution of other legally permissible cannabis products, medical devices, pharmaceuticals, and accessories. The group offers cannabis flowers, dronabinol, CBD, and extracts of various strains. | $7 | -7% | $80M | $79M | 2.9x | (274.5x) | ||
| HAEMATO AG is a Germany based pharmaceutical company. It provides pharmaceuticals for the care of chronically ill people. The firm is engaged in the sale of generic and EU (European countries) import drugs. It is focused on patented and non-patented medicinal products. The company product portfolio includes human immunodeficiency virus (HIV), acquired immune deficiency syndrome (AIDS), neurology, oncology, rheumatology, and urology. Geographically, it operates only in Germany. | $14 | -- | $71M | $44M | 0.2x | 3.1x | ||
| Pentixapharm Holding AG is a clinical-stage biopharmaceutical company active in the field of research and development of radiopharmaceuticals for diagnostic and therapeutic applications. Radiopharmaceuticals are medical substances containing radioactive elements used in nuclear medicine to diagnose or treat diseases. Its clinical pipeline encompasses PentixaTher, a Yttrium-90 based therapeutic against non-Hodgkin lymphomas (NHL), and PentixaFor, a Gallium-68-based companion diagnostic. | $3 | -14% | $62M | $56M | 519.5x | (3.1x) | ||
| Vivoryon Therapeutics NV is a clinical-stage biopharmaceutical company focused on discovering, developing, and potentially commercializing small-molecule-based medicines that modulate the activity and stability of pathologically altered proteins. Vivoryon is currently focused on developing treatments for chronic kidney disease (CKD), and more precisely, is initially targeting stage 3b and worse diabetic kidney disease (DKD). Its product pipeline includes various drug candidates, including varoglutamstat (PQ912), VY2149, and NCE, as potential treatments for chronic kidney disease (CKD), and more precisely, are initially targeting stage 3b and worse diabetic kidney disease (DKD). The company is also pursuing antibody-based approaches for Alzheimer’s disease. | $1 | -27% | $43M | $36M | - | (3.6x) | ||
| Biofrontera AG is active in the field of healthcare. It manufactures pharmaceutical products, especially medical cosmetics and dermatological drugs for the care and treatment of skin diseases. Its suite of products includes the prescription drugs Ameluz and BF-RhodoLED, for the treatment of actinic keratosis and Belixos, for the regenerative care of reddened and inflamed skin. | $3 | +6% | $17M | $13M | 0.8x | (19.9x) | ||
| TME Pharma NV is a clinical-stage biopharmaceutical company engaged in improving cancer treatment by targeting the tumor microenvironment and focusing on the improvement in the effectiveness of cancer therapies. Its product is NOX-A12 which is being developed in solid tumors. In the Phase 1/2 trial in chemotherapy-resistant 1st line glioblastoma (brain cancer) patients, NOX-12 + radiotherapy + anti-VEGF has shown a statistically survival benefit over both standard of care reference cohort (p=0.003, HR: 0.30) and as well as vs. patients receiving NOX-A12 and radiotherapy alone (p=0.021, HR: 0.34). | $0 | +6% | $10M | $10M | - | (3.9x) | ||
| Cannovum Cannabis AG is a fully licensed pharmaceutical wholesaler, importer, and manufacturer of high-quality medical cannabis products based in Berlin. It focuses on the import of medical cannabis, medical-scientific education, and distribution for facilitated access to cannabis-based therapies. | $0 | +93% | $1M | $1M | - | (5.3x) | ||
| bioXXmed AG is an investment and holding company in the technology sector. It originated from CytoTools GmbH, a successful German technology enterprise from the pharmaceuticals and medical products field. | $1 | -- | $260K | $327K | 80.4x | (0.3x) | ||
| Median | $5 | +6% | $80M | $79M | 3.0x | (3.2x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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