May 2026
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Largest BioTech Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Merck KGaA, Bayer, Fresenius, Sartorius and K+S.
 | 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. | $152 | +20% | $66B | $76B | 3.1x | 10.7x | ||
| 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. | $43 | +44% | $42B | $75B | 1.4x | 6.7x | ||
| Fresenius SE is a healthcare holding company based in Germany. The company owns a minority stake in dialysis service provider and equipment manufacturer Fresenius Medical Care. The Kabi segment manufactures intravenous drugs, nutrition products, infusion and transfusion therapies, and related pumps. The Helios segment operates private hospitals primarily in Germany and Spain. | $42 | -14% | $24B | $33B | 1.2x | 7.6x | ||
| Sartorius AG is a leading provider of bioprocessing solutions. Its bioprocess division sells equipment and consumables for upstream and downstream manufacturing of biologic drugs, and has a focus on single-use technology. Its laboratory products and services division offers a wide range of products for laboratory use, including scales, pipettes, and filtration equipment. As of 2024, the bioprocess and LPS divisions contributed 80% and 20% of revenue, respectively. Bioprocess is housed in its subsidiary Sartorius Stedim Biotech, of which Sartorius AG has a 72% ownership and 83% voting control. The business is geographically diverse, with revenue across Europe, Middle East, and Africa (41% of 2024 sales), the Americas (36%), and Asia-Pacific (23%). We estimate China revenue to be around 10%. | $256 | +13% | $18B | $22B | 5.3x | 17.7x | ||
| K+S AG produces two products: fertilizer and salt. The company engaged in business with potash and magnesium products from plants in Germany and Canadian sites in Bethune, as well as the European salt activities. It also includes the waste disposal and recycling business in Germany. extraction and processing of raw materials. | $17 | -4% | $3B | $3B | 0.7x | 3.6x | ||
| 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. | $57 | +43% | $3B | $4B | 2.8x | 10.2x | ||
| Draegerwerk AG & Co KGaA develops medical and safety equipment for clinical and industrial applications. The firm operates in two segments: medical and safety. The medical division contributes the majority of revenue, it develops and produces system solutions, equipment, and services for the acute point of care, it has five business units Therapy, Hospital Consumables & Accessories, Workplace Infrastructure, Monitoring, and Data Business. Its safety division develops and produces devices, system solutions, and services for personal protection, gas detection, and integrated hazard management. Its geographical segments are Europe; Germany; the Americas; Africa, Asia, and Australia. | $95 | +34% | $2B | $2B | 0.4x | 3.9x | ||
| Eckert & Ziegler SE is a provider of isotope technology for medical, scientific, and industrial use. The company is predominantly engaged in the business of cancer therapy, nuclear imaging, and industrial metrology. The company's segments are Medical, Isotope Products, and Other. The Isotope Products segment, which generates key revenue, manufactures and distributes standards and radiation sources for medical and industrial purposes. The Medical segment provides pharmaceutical-quality radioactive ingredients and markets products for the treatment and diagnosis of cancers. The Other segment comprises the items of the holding company. Geographically, the company generates a majority of its revenue from Europe and the rest from North America, Asia/Pacific, and other regions. | $19 | -- | $1B | $1B | 3.1x | 10.1x | ||
| Evotec is a drug discovery partnership firm providing solutions to pharmaceutical and biotechnology companies, academic institutions, foundations, and nonprofit organizations. The company offers services in a variety of therapeutic areas, including central nervous system disorders, diabetes, inflammation, oncology, infectious diseases, and women's health. The shared R&D segment, roughly 80% of sales, provides drug discovery and manufacturing services on a typical fee-for-service basis and integrated drug discovery collaborations based on its proprietary, internally developed assets. The Just-Evotec Biologics segment, about 20% of sales, offers CDMO services for biologics. As of 2023, the company has over 5,000 employees and 18 production sites mainly in Europe and the United States. | $6 | -26% | $1B | $1B | 1.1x | 20.9x | ||
| CureVac is a Tübingen, 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. | $26 | -19% | $465M | $396M | 7.6x | (383.0x) | ||
| Medios AG is engaged as a wholesaler for pharmaceutical medicinal products. The operating segments of the company includes: Patient-Specific Therapies: This area includes the compounding of medications on behalf of pharmacies in Germany. Pharmaceautical Supply: Medios is speciality pharma supplier company in germany, producing it own production facilities, hospitals, and Pharmacies. International Business: It includes all business and activities happening in international business. | $16 | +10% | $405M | $559M | 0.3x | 7.5x | ||
| Viromed Medical AG is a medical technology company. It focuses on using cold plasma technology to develop medical solutions that protect people from viruses, bacteria, and multi-resistant germs. Viromed's product offerings include ViroCAP, a medical device based on cold plasma technology for treating wounds; ViroCAP derma-podo, a medical device that uses cold atmospheric plasma therapy for skin and foot care; and a Raumluftentkeimer. The company covers the entire value chain from research and development to production, logistics, marketing, and sales of its products. | $7 | -- | $146M | $146M | - | (590.7x) | ||
| 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 | -42% | $146M | $135M | 16.9x | (3.0x) | ||
| 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 | +23% | $87M | $86M | 3.1x | (298.5x) | ||
| Darwin AG is a biotechnology company. It is engaged in the field of human genetics. The group also develops and sells personalized dietary supplements and cosmetics. Its brand includes Novodaily; Rootine and Genopedia. | $7 | -22% | $84M | $29M | 0.5x | 3.9x | ||
| BRAIN Biotech AG is an industrial biotechnology specialist focused on enzyme technology, microbial production strains, and bioprocess design to enable bio-based innovations. The Group conducts research, development, and production for client specifications and its own product portfolio, supporting customers in the food and beverage, chemical, and life sciences industries with solutions that enhance productivity, efficiency, and sustainability. Its operations are organized into two segments: BRAIN Biocatalysts, which develops, produces, and distributes specialty enzymes, microorganisms, and ingredients and generates the majority of revenue, and BRAIN BioIncubator, which focuses on development projects. The company operates in Germany and other countries. | $3 | +52% | $75M | $75M | 1.2x | (90.0x) | ||
| 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 | +19% | $71M | $66M | 604.8x | (3.6x) | ||
| 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 | ||
| 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 | -14% | $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 | +7% | $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 | +9% | $9M | $10M | - | (3.9x) | ||
| Planethic Group AG offers vegan food in the multi-category in the DACH region via five different brands. It picks up on world-wide food trends at an early stage and develop concepts and products for a sustainable food industry, which are placed and sold under brands Veganz, Happy Cheeze, Mililk, Peas on Earth and Orbifarm. The company's products are mainly produced in-house and only its confectionery range is contract manufactured with long-term partners. Its product range includes non-chilled and chilled products for the important meals of the day: for example, it offers breakfast ingredients - such as sweet spread and milk alternatives - as well as meat and cheese alternatives, protein products and snacks. | $3 | -- | $4M | $15M | 1.2x | (5.8x) | ||
| 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 | +89% | $1M | $1M | - | (5.2x) | ||
| 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 | -- | $253K | $321K | 78.9x | (0.3x) | ||
| Median | $7 | +10% | $275M | $271M | 1.3x | 1.4x |
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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