olivLaw · European equity research
LAVIPHARM Α.Ε. LAVI.AT
Greece · Athens Stock Exchange · ISIN GRS246003008 · Vertical: Listed companies from Greece
LAVIPHARM is a Greek pharmaceutical group with a history starting in 1911, active in research, production, import, marketing and distribution of medicines, cosmetics and health products. The group develops transdermal drug delivery systems in particular, a technology niche that could support its presence in international markets. Its 2025 annual report also emphasises reducing its carbon footprint and an energy consumption of 10.63 TJ.
At the close of 05 Nov 2026, LAVIPHARM Α.Ε. (LAVI.AT) stock was 1.50 EUR (−1.70% on the day), with beta 0.79, 52-week range 0.81–1.70 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.2
- neutral
- Bollinger (20, 2)
- 1.47 – 1.55
- in the lower half of the band · %B 0.41 · band width 5.4%
- SMA 50 / 200
- 1.56 / 1.46
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.8% | +0.4% | −4.2 pp | — |
| 3 months | −4.6% | −3.3% | −1.3 pp | — |
| 6 months | −10.7% | +4.0% | −14.7 pp | — |
| Year to date | +54.6% | +8.1% | +46.5 pp | — |
| 1 year | +87.5% | +10.7% | +76.8 pp | +0.9% |
| 3 years | +120.6% | +50.1% | +70.5 pp | +35.3% |
| 5 years | +49.3% | +43.6% | +5.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 47.8 m | 52.9 m | 62.6 m |
| Revenue YoY | unavailable | +10.7% | +18.2% |
| Net income | 1.9 m | 9.0 m | 6.0 m |
| Net income YoY | unavailable | +380.1% | −33.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 3.9% | 17.0% | 9.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable EUR
- Financial debt
- 10.2 m EUR
- Net debt
- unavailable EUR
- Equity
- 56.4 m EUR
- Total assets
- 130.2 m EUR
- Debt / equity
- 0.18x
- Current ratio
- 1.21x
- ROE
- 10.9%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 47.8 m | 52.9 m | 62.6 m | esef· 23 Oct 2026verified |
| Cost of revenue | 25.7 m | 27.9 m | 32.3 m | esef· 23 Oct 2026verified |
| Gross profit | 22.2 m | 25.1 m | 30.3 m | esef· 23 Oct 2026verified |
| Research & development | 430.0 k | 631.0 k | 344.0 k | esef· 23 Oct 2026verified |
| Operating income | 5.2 m | 5.5 m | 9.3 m | esef· 23 Oct 2026verified |
| Interest expense | 2.2 m | 2.1 m | 1.9 m | esef· 23 Oct 2026verified |
| Income tax | 1.2 m | -5.1 m | 2.5 m | esef· 23 Oct 2026verified |
| Net income | 1.9 m | 9.0 m | 6.0 m | esef· 23 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Receivables | 21.7 m | 18.3 m | 24.5 m | esef· 23 Oct 2026verified |
| Inventories | 14.8 m | 19.5 m | 22.6 m | esef· 23 Oct 2026verified |
| Current assets | 45.7 m | 45.0 m | 53.2 m | esef· 23 Oct 2026verified |
| Property, plant & equipment, net | 8.5 m | 10.8 m | 11.7 m | esef· 23 Oct 2026verified |
| Intangibles (excl. goodwill) | 44.5 m | 49.7 m | 48.9 m | esef· 23 Oct 2026verified |
| Total assets | 114.8 m | 125.5 m | 130.2 m | esef· 23 Oct 2026verified |
| Accounts payable | 26.9 m | 26.5 m | 31.6 m | esef· 23 Oct 2026verified |
| Long-term debt | 12.7 m | 12.2 m | 10.2 m | esef· 23 Oct 2026verified |
| Current liabilities | 35.8 m | 39.1 m | 44.0 m | esef· 23 Oct 2026verified |
| Total liabilities | 72.0 m | 72.5 m | 73.8 m | esef· 23 Oct 2026verified |
| Equity | 42.8 m | 53.0 m | 56.4 m | esef· 23 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 284.0 k | 4.6 m | 6.7 m | esef· 23 Oct 2026verified |
| Investing cash flow | -3.5 m | -9.5 m | -938.0 k | esef· 23 Oct 2026verified |
| Financing cash flow | -6.6 m | 2.2 m | -5.4 m | esef· 23 Oct 2026verified |
| Dividends paid | — | 0 | 3.4 m | esef· 23 Oct 2026verified |
| Share repurchases | — | 0 | 200.0 k | esef· 23 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.6% | 56 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.9x | 53 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ΑΝΩΝΥΜΗ ΕΜΠΟΡΙΚΗ ΚΑΙ ΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΕΙΑ ΦΑΡΜΑΚΕΥΤΙΚΩΝ, ΧΗΜΙΚΩΝ ΚΑΙ ΚΑΛΛΥΝΤΙΚΩΝ ΠΡΟΪΟΝΤΩΝ LAVIPHARM Α.Ε. (LAVI.AT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 62.6 m EUR in 2025; YoY growth 18.2%; net margin 9.6%; ROE 10.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Greece · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EUROB.ATΤραπεζα Eurobank Ανωνυμη Eταιρεια | 17.3 bn | 12.7 | 14.0% | 39.7% | +2.7% | +38% / +178% |
| ETE.ATΕθνικη Τραπεζα Της Ελλαδος Α.ε. | 15.2 bn | 13.1 | 13.3% | 42.5% | −5.4% | +24% / +167% |
| ELPE.ATHelleniq Energy Ανωνυμη Εταιρεια Συμμετοχων | 4.9 bn | 28.5 | 6.4% | 1.5% | −9.0% | +97% / +114% |
| CENER.ATCenergy Holdings | 4.5 bn | 23.5 | 24.3% | 9.4% | +14.7% | +45% / +207% |
| BELA.ATJumbo Ανωνυμη Εμπορικη Εταιρεια | 3.7 bn | 11.6 | 21.5% | 26.0% | +7.2% | +1% / +15% |
| AKTR.ATΑκtor Ανώνυμη Εταιρεία Συμμετοχών, Τεχνικών Και Ενεργειακών Έργων | 2.0 bn | 110.5 | 6.7% | 1.3% | +11.2% | +7% / +186% |
| EYDAP.ATΕταιρια Υδρευσεως Και Αποχετευσεως Πρωτευουσης Ανωνυμη Εταιρια | 1.5 bn | — | -2.6% | -5.9% | −2.4% | +86% / +136% |
| ELHA.ATEλβαλχαλκορ Ελληνικη Βιομηχανια Χαλκου Και Αλουμινιου Ανωνυμος Εταιρεια | 1.3 bn | 12.4 | 9.8% | 2.9% | +5.1% | +6% / +83% |
| AEGN.ATΑεροπορια Αιγαιου Ανωνυμη Αεροπορικη Εταιρεια | 1.0 bn | 6.9 | 27.7% | 7.9% | +4.6% | −21% / −1% |
| AVAX.ATΑβαξ Ανωνυμη Εταιρεια Εργοληπτικη-Τουριστικη-Εμπορικη-Βιομηχανικη-Οικοδομικων Υλικων & Μηχανηματων | 505.7 m | 10.7 | 25.9% | 5.0% | +47.1% | +40% / +123% |
| BYLOT.ATBally's Intralot Α.ε. | 464.8 m | 15.3 | -9.3% | -12.6% | +34.8% | +12% / +18% |
| ELLAKTOR.ATΕλλακτωρ Ανωνυμη Εταιρεια | 421.5 m | 2.7 | 26.1% | 175.2% | −74.8% | −32% / −44% |
| AEM.ATAlter Ego Media Α.ε. | 356.1 m | 18.1 | 18.3% | 14.0% | +12.6% | −2% / unavailable |
| ALMY.ATΑλουμυλ Βιομηχανια Αλουμινιου Αε | 324.0 m | 10.5 | 23.5% | 6.0% | +11.7% | +16% / +121% |
| DIMAND.ATDimand Ανωνυμη Εταιρεια Αξιοποιησης Και Εκμεταλλευσης Ακινητων Και Κατασκευων Υπηρεσιων Και Συμμετοχων | 266.7 m | 7.6 | 18.5% | 58.5% | +110.6% | +42% / +28% |
| EYAPS.ATΕταιρεια Υδρευσης & Αποχετευσης Θεσσαλονικης Α.ε. | 169.9 m | 22.0 | 4.1% | 8.8% | +2.4% | +24% / +42% |
| EVR.ATΕυρώπη Holdings Α.ε. | 168.6 m | 37.2 | 2.9% | 30.7% | +435.3% | −32% / +33% |
| BRIQ.ATBriq Properties Ανωνυμη Εταιρεια Επενδυσεων Σε Ακινητη Περιουσια | 150.0 m | 5.9 | 15.5% | 116.9% | +37.8% | +13% / +70% |
| FAIS.ATΦαις Συμμετοχων Ανωνυμη Εταιρεια | 117.2 m | 8.7 | 22.1% | 6.3% | +12.9% | −6% / unavailable |
| DAIOS.ATΔαϊος Πλαστικα Ανωνυμη Βιομηχανικη Εμπορικη Εταιρεια Α.ε. | 107.2 m | 10.9 | 14.0% | 15.6% | +9.1% | 0% / +123% |
| ASTAK.ATAlpha Real Estate Services Ae | 93.3 m | 12.4 | 10.4% | 30.3% | +22.4% | −8% / −8% |
| ASCO.ATA.s. Εμπορικη-Βιομηχανικη Εταιρια Η/υ & Παιχνιδιων Α.ε. | 59.8 m | 10.5 | 14.1% | 15.8% | +16.4% | +11% / +106% |
| AVE.ATAve Α.ε. | 50.9 m | — | -25.2% | -7.4% | +8.2% | −7% / −12% |
| ELTON.ATΕλτον Διεθνους Εμποριου Ανωνυμη Εμπορικη Βιομηχανικη Εταιρεια | 47.3 m | 13.9 | 4.9% | 1.9% | +8.6% | −11% / −18% |
| ELSTR.ATΕλαστρον Α.ε.β.ε. Χαλυβουργικα Προϊοντα | 46.3 m | 8.3 | 6.6% | 3.3% | −5.2% | +5% / −13% |
1- and 3-year price returns: for LAVI.AT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
LAVIPHARM is a Greek pharmaceutical group with a history starting in 1911, active in research, production, import, marketing and distribution of medicines, cosmetics and health products. The group develops transdermal drug delivery systems in particular, a technology niche that could support its presence in international markets. Its 2025 annual report also emphasises reducing its carbon footprint and an energy consumption of 10.63 TJ.
SWOT
Strengths
- A long history for the group, dating from 1911, and recognition locally and internationally 1.
- Specialised expertise in transdermal systems and local-action technologies, with a comprehensive research portfolio 1.
- Quality and packaging certifications, including ISO 13485, GMP, GLP and FDA certification for secondary packaging 1.
Weaknesses
Opportunities
- Rising interest in transdermal administration, a route the company considers among the most popular 1.
- Expanding strategic partnerships with international pharmaceutical companies and organisations through the existing network 1.
- Using liquid patch technology and other local-action systems for pharmaceutical products and medical devices 1.
Threats
- Medicine price reductions or changes to the positive list, which could reduce local market sales 1.
- Extraordinary taxes or contributions imposed on the pharmaceutical industry, with a negative impact on results 1.
- Climate risks and disruption of supply chains for raw materials and energy, noted in the report 1.
Risks
- State health policyhigh
Changes in prices, rebates, clawbacks or the positive list could directly affect the group's sales on the domestic market 1.
- Cost of debtmedium
Financing through bank credit and the absence of interest rate hedging instruments expose results to rising interest rates 1.
- Payment delays in the reimbursement systemmedium
Pharmacies waiting for overdue amounts from EOPYY could delay the group's collections, increasing credit risk 1.
- Climate and supply chainmedium
Extreme weather, energy outages and raw material price swings could disrupt operations 1.
- Geopolitical tensionslow
The group states it has no trade with Ukraine or Iran and that cost impacts have so far been negligible, but the context may evolve 1.
Investment thesis
What would need to be true (bull case)
- If transdermal and local-action technologies prove commercially successful, the group could capture a niche with technological lead and recognised certifications 1.
- The network of international partnerships and a history of over a century may support expansion into foreign markets 1.
- If price pressure in Greece stabilises, margins could recover, especially for products with higher technological value 1.
What would break the thesis
- Dependence on the Greek market and on state decisions could limit growth and compress margins 1.
- Bank financing of working capital could become costlier if interest rates rise, with no hedging instruments in place 1.
- Payment delays in the reimbursement system could lengthen the collection cycle and weigh on liquidity 1.
What to watch
- Evolution of prices and of the reimbursed positive list of medicines in Greece2027
- Pace of collections from pharmacies and from EOPYYQ1 2027
- Progress of transdermal projects and international partnerships2027
- Interest expense and debt evolution versus OPTIMA and Eurobanknext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The LAVIPHARM group presents itself as one of the most recognised pharmaceutical groups in Greece, with a presence both locally and internationally and a network of strategic partnerships with leading pharmaceutical companies and organisations 1. Its business model covers the whole industry chain, from research and development of advanced therapies to production, import, marketing and distribution of medicines, cosmetics and health products 1. The company describes its sustainability strategy as built on three pillars, environment, society and governance, backed by certifications such as ISO 13485, ISO 9001, GMP, GLP and an FDA certification for the secondary packaging of a transdermal product 1.
Segments
Research and development of delivery systems
Research focuses on new drug delivery technologies, especially transdermal systems, that is patches applied to the skin letting the active substance pass into the blood, and local-action systems such as the liquid patch technology that forms a film on the skin 1. Systems targeting more than 70 molecules are in various development phases, and the research team manages the whole chain, from laboratory formulas and pilot production to validation of analytical methods and work with clinical research organisations 1.
Production, import, marketing and distribution
Besides its own development, the group produces, imports, markets and distributes medicines, cosmetics and health products, with activity concentrated in Greece and selected foreign markets 1. The report states that most domestic sales go to large pharmacy wholesalers, while exposure to late payments comes mainly from pharmacists waiting for amounts owed by EOPYY 1.
Market context
LAVIPHARM operates in the pharmaceutical industry in Greece and in other countries where the group has distribution, under a tightly regulated framework in which pricing policies, the reimbursed positive list and rebates or clawbacks imposed by the state directly affect sales 1. The company notes that changes in health spending policy can lead to price reductions, changes to the positive list of reimbursed medicines or extraordinary taxes on pharmaceutical firms, with negative effect on domestic sales 1. In international markets, transdermal systems and FDA-certified packaging are differentiating elements, and expansion there depends on partnerships with large pharmaceutical companies 1.
Competitive position
The supplied source does not explicitly name LAVIPHARM's competitors, so the list below reflects only what can be inferred from the business description, without attributing market shares. The company differentiates itself through transdermal systems and local-action technologies, as well as through quality and packaging certifications 1. Direct competition comes from large pharmaceutical groups and from firms specialised in transdermal administration, while LAVIPHARM's advantages lie in its long history and international partnerships 1.
- Other pharmaceutical groups selling comparable products in the Greek market
Competition on prices and on access to the reimbursed medicines list, not named individually in the source.
- Firms specialised in transdermal systems and advanced delivery
Competition through technology and contracts with large pharmaceutical partners, described generically in the report.
- Clinical research organisations (CROs) and formula developers
Not direct competitors, but they can influence the pace and cost of product development.
- Large pharmacy wholesalers and distributors
Players with bargaining power over prices and payment terms, cited as the group's main customers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202523 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LAVIPHARM Α.Ε. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.