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EBITDA reached HUF 6.2 bln, corresponding to a margin of 27.1%, while after-tax profit came to HUF 3.98 bln, or 17.4% of revenue.
The annual meeting of the firm, based in Szeged (175 km southeast of Budapest by road), approved a HUF 1 bln dividend. The remaining profit will support investment, product development and international expansion. Founded in 1997, the company employs more than 300 people and is present in 12 countries.
The figures reflect a year in which ordinary business growth was accompanied by a substantial one-off transaction, making the composition of the result important when assessing the sustainability of future earnings.
A major contributor to the 2025 result was the sale of the distribution rights for the Fortacell product family in six Balkan countries to Germany-based Stada. Goodwill valued the transaction at HUF 4.18 bln and described it as the most important strategic deal the group has completed to date.
The company plans to use the proceeds to develop its Serbian subsidiary, including production and research capacity in Subotica, in the northern part of the country where there is a substantial ethnic-Hungarian minority. Manufacturing of medicines and food supplements is being expanded in parallel in Szeged and Subotica, with additional technology and higher-capacity machinery planned for both locations.
The transaction strengthens the company’s available funding, but it also means part of the 2025 profit came from the transfer of future distribution rights rather than recurring sales.
“The foundations laid over the past 28 years allowed us to open a new chapter last year: we not only achieved record revenue, but also significantly expanded our regional presence,” says Ferenc Jójárt, chairman and CEO of Goodwill Pharma.
“In the coming period, we intend to strengthen our position in the region further, relying on our own developments and strategic partnerships. Alongside these developments, our aim is to maintain the double-digit growth seen in recent years,” he adds.
Maintaining that growth rate will depend increasingly on recurring manufacturing, licensing and product revenue once the effect of the Fortacell transaction is no longer included in the annual comparison.
Goodwill has completed a HUF 5.9 bln investment program in Szeged under the Hungarian Multi Program of the previous Fidesz government. The project was financed with HUF 1.77 bln in state support, a HUF 2.75 bln credit facility and HUF 1.38 bln from the company’s own resources, partly raised through an equity transaction.
The investment included a pharmaceutical facility operating under EU Good Manufacturing Practice requirements, a new research and production laboratory, and an almost threefold expansion of logistics capacity.
The infrastructure is intended to support both Goodwill’s own portfolio and services provided to external partners. The company offers product development, regulatory support, manufacturing, packaging, quality release, logistics, pharmacovigilance, marketing and distribution services. This integrated structure is central to its plan to act as a European market-entry partner for manufacturers based outside the European Union.
Goodwill says it has received interest from companies in Türkiye, India and China. It has identified East Asian pharmaceutical producers as a particular target group, arguing that an EU-based partner combining regulatory, manufacturing and commercial functions can simplify entry into European markets.
Its most prominent disclosed Chinese relationship is with Techdow Pharmaceutical Co. Ltd., which selected Goodwill as exclusive distributor for a biological therapy. The company did not disclose the product’s expected sales, the duration of the agreement or its financial terms.
Goodwill is also developing what it calls a PharmaHub model aimed at biotechnology and research partners outside Europe. The business case will depend on whether the company can convert initial partnerships into repeat orders for manufacturing, regulatory and distribution services.
The group aims to introduce more than 30 internally developed or licensed products annually from this year across domestic and export markets. Pharmaceutical launches will remain dependent on regulatory approvals, manufacturing readiness, supply arrangements, reimbursement conditions and demand.
The company’s regional platform includes operations in Hungary, Serbia and Poland, as well as subsidiaries or commercial representation in other Central and Eastern European markets. Its strategy combines proprietary products, licensed brands, contract manufacturing and direct-to-consumer online sales.
Goodwill entered the Standard category of the Budapest Stock Exchange last year. The listing adds public-market reporting requirements to a business still controlled by its principal shareholders and pursuing a capital-intensive expansion strategy.
The dividend distributes roughly one-quarter of reported 2025 profit while retaining the majority for expansion. For shareholders and industry partners, the main question is how efficiently that retained capital can be converted into recurring revenue.
The record figures provide Goodwill with a stronger financial base, while the Szeged investment adds manufacturing and logistics capacity. The next phase will test whether the group can secure enough external partners, product approvals and export demand to use that capacity at scale.
Its ambition to become a bridge between Asian manufacturers and European markets is commercially plausible. Still, current disclosures do not show the size of the pipeline or the expected contribution of individual partnerships. Progress will therefore be measured less by the 2025 headline numbers than by the proportion of future growth generated from repeatable production, licensing and service income.
This article was first published in the Budapest Business Journal print issue of September 4, 2026.
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