Ferrer Reports €32 Million Loss Amidst €616 Million Revenue and New Syndicated Loan

✦ Meridian Analysis

Ferrer disclosed a net loss of €32 million for the year, while revenue fell 12 % to €616 million. The family‑owned group also signed a new syndicated loan facility of €218 million with a consortium of banks, extending the maturity to six years. The loan replaces part of the €280 million total bank debt recorded at year‑end, after the company prepaid outstanding balances in November. Ferrer is the sole borrower; the lenders provide senior financing to support the company’s ongoing strategic refocus on high‑value hospital products and the clinical development of its own pipeline. The transaction is a pure debt‑raising exercise rather than an equity purchase, and the mechanics centre on the syndication of the loan, the allocation of commitments among participating banks and the covenant package that will govern Ferrer’s leverage and cash‑flow metrics. The financing is notable for a European pharma that is in the midst of a portfolio reshuffle, having sold its over‑the‑counter brand Gelocatil and the food‑ingredients subsidiary Ferrer Alimentación, and having written down the U.S. Alexza Pharmaceuticals asset. Key items that remain undisclosed include the loan’s interest rate, any fee structure, the detailed covenant framework and the precise allocation of proceeds between refinancing existing obligations and financing the six ongoing Phase II/III trials. Information on the banks’ identities and any optionality for future drawdowns would also be of interest to deal professionals.

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