Stada revives talk of an IPO – if conditions improve

German pharma company Stada has said it may make another attempt to seek a public listing in the autumn, after delaying its plans earlier this year.

Stada chief executive Peter Goldschmidt has said that the company will go for an initial public offering (IPO) in the coming months "provided the general conditions are right," according to Reuters, citing a dpa news wire report.

There has been speculation about the privately-held firm's future direction for some time, with suggestions a couple of years ago that it may be put up for sale. Talk of an IPO in April was shelved in the wake of volatility in the pharma market caused by the threat of tariffs by the Trump administration in the US, which seems to have receded – at least for now – thanks to a new trade agreement with the EU.

Stada is currently owned by investment groups Bain Capital and Cinven, which bought it in 2017 for around $6 billion, and specialises in generic, over-the-counter (OTC), and specialty medicines for rare and chronic diseases.

An IPO would give the private equity firms an exit and an opportunity to make a hefty return on their investment, given suggestions that the Bad Vilbel-headquartered company could raise around €1.5 billion ($1.75 billion) from an IPO that would give it a valuation of around €10 billion.

The report emerged as Stada reported a 6% rise in first-half revenues to €2.1 billion, while operating earnings grew 5% to €481 million, described by Goldschmidt as a "record level" for the company.

He said the growth was driven by "our diversified portfolio, strong launches, and very high employee engagement rates," and pointed in particular to the performance of the specialty medicines division, which grew 18% to €486 million in the half.

That growth was in turn driven by the launch last summer of Stada's Uzpruvo, the first biosimilar of Johnson & Johnson's blockbuster immunology drug Stelara (ustekinumab) to be approved by the European Commission. Uzpruvo, developed in partnership with Alvotech, was cleared for use in the treatment of plaque psoriasis, psoriatic arthritis, and Crohn's disease.

"With preparations underway to secure approval for, and launch, specialty biosimilars including aflibercept, denosumab, golimumab, and tocilizumab, plus 50 business-development and licensing deals signed during the first half, we have a robust pipeline to support future growth," said Goldschmidt.

He also said the company's pipeline is well stocked with other blockbuster drugs, including "several" GLP-1 agonists for diabetes and obesity.