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Sales

As the unaudited stand-alone Income Statement shows, sales in the January - December 2025 period reached MKD 13,837,976,447, which is an increase of 3% compared to the same period last year. The total consolidated sales reached MKD 20,899,116,085, which is an increase of 10% compared to the same period last year.

Sales by region and country

Consolidated sales on the domestic market increased by 20% compared to the same period last year. As a proven partner in public healthcare, the company actively participates in providing the latest rare and specialized treatments by representing renowned global pharmaceutical manufacturers, thereby significantly bolstering the national healthcare system. Despite the limited profitability of these programs, they have considerably increased the domestic market share in total consolidated sales. 35% of the total consolidated sales were realized on the domestic market, while foreign markets account for 65%. The breakdown by region shows that South-East Europe countries took 27% share of the sales, Eastern Europe (CIS, UA…) took a 19% share, 18% of the sales went to the countries of Western Europe (EU and EFTA), and 1% in other markets.

Sales in Sweden and Austria experienced the highest growth, increasing 4 times, followed by Netherlands where sales grew 3 times, as well as South Africa and Kazakhstan where sales were doubled. Following next is Finland with an increase of 53%, then Ireland 35%, Portugal 32%, Greece 23%, Armenia 22%, Poland 18%, Germany 14%, etc.

Sales by product group

Broken down by product group, the highest share of the total consolidated sales belongs to the Pharmaceuticals segment with 91%, more specifically, antibiotics account for 23%, OTC products 18%, neurological products 12%, cardiovascular products 11%, etc. The Chemistry, Cosmetics and Botanicals segment has a share of 9% of the total consolidated sales, or more precisely Chemistry 2%, Cosmetics 6% and Botanicals 1%. Total sales are up 11% in the Pharmaceuticals segment, while in the Chemistry, Cosmetics and Botanicals segment they are at the same level compared to the same period in 2024.

Capital expenditures

In accordance with its long-term development strategy, i.e. 20-year investment development plan, the company constructed a completely new manufacturing plant for semi-solid pharmaceutical forms, a new medicine packaging plant, a new warehouse for raw materials, and its most significant investment - a new solid forms’ manufacturing plant (pharmaceutical preparations) during the past several years. Furthermore, to adequately increase the capacities of Pharmaceuticals Quality Control, in 2025 a new Microbiological Quality Control Laboratory was commissioned at Alkaloid AD Skopje with the capacity to perform approximately 20,000 various microbiological analyses annually and employs a team of 21 highly qualified professionals.

In the January – December 2025 period a total of MKD 1,112,882 has been invested in fixed assets.

Operating results

Stand-alone earnings before interest, taxes, depreciation and amortization (EBITDA), which amount to MKD 3,393,013,158 marked an increase of roughly 18%, whereas net profits rose by 17% to MKD 1,984,231,174.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached MKD 3,594,356,875 - an increase of 20%, while net consolidated profit of MKD 1,795,766,435 grew by 7%.

Responsibility towards the local community

As part of its continuous contribution to the community, ALKALOID AD Skopje, together with its capital-related companies located in the country, generated significant economic impact in 2025 through the regular payment of taxes and other public duties to the state in the amount of MKD 1,965,720 thousand, investments in its employees amounting to MKD 2,119,678 thousand, dividend payments in the amount of MKD 784,441 thousand, and support to the healthcare system, sports and cultural activities, and the wider community through donations, sponsorships, and scholarships in the amount of MKD 226,953 thousand. In addition, the company cooperated with more than 1,950 domestic suppliers, generating a total turnover of MKD 3,231,879 thousand. These indicators confirm the company’s long-standing commitment to responsible operations, sustainable growth, and strong support for the domestic economy and the broader community.

Employees

In the January – December 2025 period, ALKALOID AD Skopje recruited 54 new employees in the R.N. Macedonia. In March 2025 the Management Board of ALKALOID AD Skopje decided to approve and pay holiday allowance to its employees in the amount of MKD 44,500 net. The ALKALOID Group has 3,018 employees, of which 2,234 in the country and 784 in its subsidiaries and representative offices abroad.

Shares 

The shares of ALKALOID AD Skopje have been listed on the Macedonian Stock Exchange since 2002 and stand as one of the most traded and most liquid shares. In the January–December 2025 period, the share price ranged from MKD 24,000.00 to MKD 31,099.00, with an average of MKD 27,468.23 representing a 22.76% increase compared to the same period in 2024. The share price movement followed the average annual growth trend, driven by the consistent and transparent reporting of the company’s positive performance, favorable public opinion, confidence in our products and management, and the general trend in global and regional stock exchanges. On 31.12.2025, 6,464 individuals and companies held ALKALOID AD Skopje shares, while its market capitalization was MKD 35.8 billion.

On April 1st, 2025, the Annual Shareholders’ Assembly approved the calculation and payment of gross dividend for 2024 in the amount of MKD 901,752 thousand. In accordance with the dividend calendar as of May 2025 the company started paying dividend in the amount of MKD 630 gross i.e. 567 net-dividend for one ordinary share. The dividend per share for 2024 is 16.67% higher than the dividend paid per share for 2023.

2026 Business Plan 

The 2026 Business Plan, adopted by the Management Board of ALKALOID AD Skopje at its December 29th, 2025 meeting, anticipates investment of around 8% of the consolidated revenue in tangible and intangible assets, growth in consolidated sales of 7% compared to the actual sales in 2025, and growth in consolidated profit of 7% in comparison to 2025. 

The 2026 Business Plan is based on the expectations, forecasts and opportunities on the existing and new markets and products available to the Company at the time of drafting the plan. Circumstances and events in 2026 may vary from those taken into account in the Business Plan and so may actual results.

Expectations for the upcoming period

The trend of operating within challenging economic conditions, which has prevailed in recent years, continued into 2025. Key challenges such as inflation and increasing interest rates are anticipated to maintain their current levels or even experience slight declines. Additionally, global security crises further complicate the economic landscape, introducing uncertainties that may impact energy prices, disrupt supply chains, and affect the availability of certain materials. The potential risk of a global trade war could trigger further increases in raw material prices and increased operating costs. We are closely monitoring these occurrences and are taking measures to mitigate potential effects.

We expect to sustain our growth trajectory in 2026. Building upon our ongoing investments in new manufacturing facilities, equipment, and research and development endeavors, we aim to fortify our competitive portfolio and capitalize on market expansion opportunities. In pursuit of these objectives, we will continue to recruit talent domestically and internationally, while steadfastly investing in enhancing the knowledge and skills of our workforce and in building talents.