Creditors | Grünenthal

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color: #fff; } @media screen and (min-width: 800px) { label[for="textBoxSearch"] { margin: 2rem 0 3rem; } } </style>  </div> <div id="" class="component component-content small-spacer-xl">  <div class="richtext richtext--standard"> <h2 class="heading02 "> <br /> Strong financial performance </h2> <p class="lead"> Revenue growth across all product categories and regions enabled strategic investments into the future of our company during 2023. </p> <p>2023 was a strong year for Grünenthal The 2023 revenue of €1.8 billion marks an all-time high and an increase of 10 percent compared to 2022. The adjusted EBITDA reached €427 million, close to last year’s record level, despite continuous investments in growing our US business and advancing our pipeline. </p> <h3>Financial results enable investment </h3> </div>  </div> </div> <div class="small-12 medium-2 columns"> <div class="component gclinklist component-content"> <div class="navigation-sub__container"> <h3 class="navigation-sub__heading"> Explore more </h3> <nav class="navigation-link__list"> <ul> <li> <a href="/en/creditors-grunenthal/creditors-private" class="" >Creditors domain</a> </li> <li> <a href="https://www.grunenthal.com/en/press-room/press-releases" class="" target="_blank">Corporate news</a> </li> <li> <a href="mailto:creditor-relations@grunenthal.com" class="" >Contact</a> </li> </ul> </nav> </div> </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-xl"> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-7 columns"> <div id="" class="component gcquote component-content ">  <div class="quote"> <h2 class="quote__quote-text"> ”We execute a growth strategy by concluding profit-accretive deals that strengthen our financial performance and enable continuous investments in research and development.” </h2> <p class="quote__author">Fabian Raschke</p> <p class="quote__author-title">Chief Financial Officer, Grünenthal Group</p> </div>  </div> </div> <div class="small-12 medium-5 columns"> <div id="" class="component gcimage component-content "> <a><picture class="image-default"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/ceb/fabian-raschke_380x380.jpg?sc=0.5&rev=5d0be226cee643bf9545f439e0136fe9&hash=A533F4E224FCE136F3204CE70F39EC05"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/ceb/fabian-raschke_380x380.jpg?rev=5d0be226cee643bf9545f439e0136fe9&hash=43DA81BFBB3363FB6AD6C951AF39062B"><img alt="Fabian Raschke, Chief Financial Officer" src="/-/media/projects/corporatewebsite/_shared/image/ceb/fabian-raschke_380x380.jpg?rev=5d0be226cee643bf9545f439e0136fe9&hash=43DA81BFBB3363FB6AD6C951AF39062B"></picture></a> </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-l"> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-2 columns"> </div> <div class="small-12 medium-8 columns"> <div id="" class="component component-content ">  <div class="richtext richtext--standard"> <strong>Profit and loss statement*</strong> <style> table , table td , tbble th { border:none; } </style> <table style="width: 1200px; height: 414px;"> <tbody> <tr> <td> <h5><span id="docs-internal-guid-f5129291-f0d0-d480-8d0e-4a7775b07403" style="text-decoration: none; background-color: transparent; color: #333333;">in € million</span><strong><span id="docs-internal-guid-f5129291-f0d0-d480-8d0e-4a7775b07403" style="text-decoration: none; background-color: transparent; color: #333333;"> </span></strong></h5> </td> <td>              </td> <td>              </td> <td>               </td> <td> <h5 style="text-align: right;"><strong><span id="docs-internal-guid-f5129291-f0d0-fed7-0f35-be3fc752a1d0" style="text-decoration: none; background-color: transparent; color: #333333;">Actual 2022</span></strong></h5> </td> <td> <h5 style="text-align: right;"><strong><span id="docs-internal-guid-f5129291-f0d0-fed7-0f35-be3fc752a1d0" style="text-decoration: none; background-color: transparent; color: #333333;">Actual 2023</span></strong></h5> </td> </tr> <tr> <td style="text-align: left;"><strong><span id="docs-internal-guid-f5129291-f0d0-d480-8d0e-4a7775b07403" style="text-decoration: none; background-color: transparent; color: #333333;">Revenue**</span></strong></td> <td>                  </td> <td>            </td> <td>                     </td> <td style="text-align: right;"><strong><span id="docs-internal-guid-f5129291-f0d0-fed7-0f35-be3fc752a1d0" style="text-decoration: none; background-color: transparent; color: #333333;">1,654</span></strong></td> <td style="text-align: right;"><strong>1,819</strong></td> </tr> <tr> <td style="text-align: left;">Cost of sales***</td> <td>               </td> <td>             </td> <td>                 </td> <td style="text-align: right;"><span id="docs-internal-guid-f5129291-f0d0-fed7-0f35-be3fc752a1d0" style="text-decoration: none; background-color: transparent; color: #333333;">-519</span></td> <td style="text-align: right;">-625</td> </tr> <tr> <td style="text-align: left;"><strong>Gross profit<sup>#</sup></strong></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right;"><strong>1,134</strong></td> <td style="text-align: right;"><strong>1,194</strong></td> </tr> <tr> <td style="text-align: left;">Marketing, Sales & Medical costs<sup>##</sup></td> <td>            </td> <td>              </td> <td>            </td> <td style="text-align: right;">-479<span id="docs-internal-guid-f5129291-f0d0-fed7-0f35-be3fc752a1d0" style="text-decoration: none; background-color: transparent; color: #333333;"></span></td> <td style="text-align: right;">-519</td> </tr> <tr> <td style="text-align: left;">Core Research & Development costs</td> <td>                   </td> <td>             </td> <td>              </td> <td style="text-align: right;">-164</td> <td style="text-align: right;">-162</td> </tr> <tr> <td>Other costs</td> <td>              </td> <td>            </td> <td>             </td> <td style="text-align: right;">-238</td> <td style="text-align: right;">-325</td> </tr> <tr> <td>Depreciation Fixed Assets<sup>###</sup></td> <td>               </td> <td>              </td> <td>           </td> <td style="text-align: right;">155</td> <td style="text-align: right;">202</td> </tr> <tr> <td><strong>EBITDA</strong></td> <td>            </td> <td>               </td> <td>                </td> <td style="text-align: right;"><strong>408</strong></td> <td style="text-align: right;"><strong>390</strong></td> </tr> <tr> <td><strong>Adjusted EBITDA<sup>+</sup></strong></td> <td>              </td> <td>             </td> <td>               </td> <td style="text-align: right;"><strong>438</strong></td> <td style="text-align: right;"><strong>427</strong></td> </tr> <tr> <td><strong>Earnings before taxes </strong></td> <td>                 </td> <td>                 </td> <td>              </td> <td style="text-align: right;"><strong>203</strong></td> <td style="text-align: right;"><strong>123</strong></td> </tr> </tbody> </table> <p> </p> <hr /> <p><small>* <strong>Management view</strong> Profit and loss statements (P&L) can be displayed in Accounting and Management view. Both P&Ls include the same information, but are designed to serve different needs. The Accounting P&L is used for reporting according to German Commercial Code (HGB) while the Management P&L is used for internal steering and tracking. Both views are similar for Revenue, Cost of sales and thus Gross profit. But they differ in terms of the recognition of depreciation on acquired product rights and medical affairs costs. Depreciation of acquired products rights are recognised in Management view as part of “other costs” whereas Accounting view shows it as part of “selling expenses”. Medical commercial R&D costs comprise post approval product costs, e.g. for the maintenance of registration, for clinical studies for Phase IIIb/IV and the support of investigator initiated studies as well as structural costs. These costs are part of “Marketing, Sales & Medical costs” in Management view whereas shown as “Research & Development costs” in Accounting view</small></p> <p><small>** <strong>Revenue</strong> primarily comprises sales of products and revenue from licensing, as well as milestone payments. It also includes service income from our contract manufacturing business, such as customer refunds for the purchase of machines required to produce a certain product or for customisation of product formulations</small></p> <p><small>*** <strong>Cost of sales</strong> are any costs that can be directly associated with products sales</small></p> <p><small><sup>#</sup> <strong>Gross profit</strong> reveals how much money a company earns taking into consideration the costs that it incurs for producing its products and/or services</small></p> <p><small><sup>##</sup> <strong>Marketing, Sales & Medical costs</strong> consists of all costs to promote, sell and distribute our products to the customer. This excludes depreciation on acquired products which is part of “other costs”</small></p> <p><small><sup>###</sup> <strong>Depreciation</strong> of machines, IT equipment and several other items is an incremental part of CoGs, Marketing, Sales and Medical costs, R&D costs. In order to derive the Earnings before interest, taxes, depreciation and amortisation (EBITDA), it needs to be added back</small></p> <p><sup>+</sup> <small><strong>Adjusted EBITDA,</strong> short for adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation, is a key performance indicator for the Grünenthal Group. It is calculated by adjusting the operating result for amortisation, depreciation and impairment and special effects, in particular from restructuring and acquisition-related expenses</small></p> </div>  </div> </div> <div class="small-12 medium-2 columns"> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-l"> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-12 columns"> <div class="component gctout component-content">   <article id="" class=" tout__secondary tout__secondary--right "> <a href="https://www.grunenthal.com/en/press-room/stories/building-trust-with-investors" target="_blank" class="cell tout__secondary__image" data-responsive-background-image> <picture class="tout-secondary__picture"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/interview-investor-relations-team.jpg?sc=0.5&rev=af724a6937094f6ba294db548eea0a62&hash=8FB91558C15034AAFAC23D64F115F9E6"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/interview-investor-relations-team.jpg?rev=af724a6937094f6ba294db548eea0a62&hash=35F51EC03F160FF4F1160FACF4FBFBB1"><img alt="Anna Carduck and Andrew Duncan from our Investor Relations team at Grünenthal talking in a lounge area at the Grünenthal headquarters" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/interview-investor-relations-team.jpg?rev=af724a6937094f6ba294db548eea0a62&hash=35F51EC03F160FF4F1160FACF4FBFBB1"></picture> </a> <div class="cell tout__secondary__content"> <h2 class="heading03 tout__secondary__title"> <a href="https://www.grunenthal.com/en/press-room/stories/building-trust-with-investors" class="" target="_blank"> Get in touch </a> </h2> <div class="tout__secondary__excerpt richtext"> <p>E-Mail <a href="mailto:creditor-relations@grunenthal.com">creditor-relations@grunenthal.com</a></p> </div> <a href="https://www.grunenthal.com/en/press-room/stories/building-trust-with-investors" target="_blank" class="button button-p1 link-external " role="button" > <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Get to know our Investor Relations team </a> </div> </article>   </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=""> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-2 columns"> </div> <div class="small-12 medium-8 columns"> <div id="" class="component component-content small-spacer-xl">  <div class="richtext richtext--standard"> <h2 class="heading02 "> Corporate profile </h2> <p class="lead"> Grünenthal is a science-based, fully-integrated pharmaceutical company headquartered in Aachen, Germany. We have affiliates in 27 countries across Europe, Latin America, and the US. We employ around 4,400 people and our products are available in approx. 100 countries. Everything we do is focused on driving progress toward our vision of a World Free of Pain. <br /> </p> </div>  </div> </div> <div class="small-12 medium-2 columns"> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-l"> <div class="row"> <div class="component column-splitter " > <div class="small-12 columns"> <div class="component gctout component-content">   <article id="" class=" tout__secondary tout__secondary--left "> <a href="https://grunenthal-annualreport23.corporate-report.net/" target="_blank" class="cell tout__secondary__image" data-responsive-background-image> <picture class="tout-secondary__picture"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/touts/568-354/grunenthal-annual-report-2023-2024.jpg?sc=0.5&rev=5adc8aaeda00464494d299b794bc8639&hash=2BA315E2A842BB97B9A7724FA3E79AD5"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/touts/568-354/grunenthal-annual-report-2023-2024.jpg?rev=5adc8aaeda00464494d299b794bc8639&hash=A5885FCCFC6AEF2911E1EF407AF5D2CC"><img alt="Grünenthal Annual Report 2023/24 (Grünenthal Scientific Body & Grünenthal Report Cover Image)" role="image" src="/-/media/projects/corporatewebsite/_shared/image/touts/568-354/grunenthal-annual-report-2023-2024.jpg?rev=5adc8aaeda00464494d299b794bc8639&hash=A5885FCCFC6AEF2911E1EF407AF5D2CC"></picture> </a> <div class="cell tout__secondary__content"> <h2 class="heading03 tout__secondary__title"> <a href="https://grunenthal-annualreport23.corporate-report.net/" class="" target="_blank"> Annual Report 2023/24  </a> </h2> <div class="tout__secondary__excerpt richtext"> Grünenthal achieved record revenues in 2023 and continued to invest in innovative pain medicines with the power to drive future growth. In our latest report, we share the latest insights into our company’s strategy, highlight projects and financial performance. </div> <a href="https://grunenthal-annualreport23.corporate-report.net/" target="_blank" class="button button-p1 link-external " role="button" > <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Access the Grünenthal Report. </a> </div> </article>   </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-l"> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-2 columns"> </div> <div class="small-12 medium-8 columns"> <div class="component component-content">  <div class="stats-standard"> <div class="stats-standard__label">Our vision of a World Free of Pain</div> <div class="stats-standard__summary richtext"> <p>Pain represents a huge burden for people and society and the unmet medical need remains high. Addressing the unmet medical need in the treatment of all types of pain and finding and developing new treatment options to try to break the cycle is what drives our strategy. As a global leader with a unique position in pain research and management, we want to create a positive impact for society. It is due to this potential to improve the lives of patients in real need that we are committed to delivering on our vision of a World Free of Pain.</p> </div> </div>  </div><div class="component component-content">  <div class="stats-standard"> </div>  </div> </div> <div class="small-12 medium-2 columns"> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-xl"> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-5 columns"> <div id="" class="component gcimage component-content "> <a><picture class="image-default"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/ceb/baertschi-gabriel-380x380.jpg?sc=0.5&rev=2c24a7685fdc4c528fd14465b5d9d354&hash=0D6CBF9A9B8BA0FF50FD024644626F68"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/ceb/baertschi-gabriel-380x380.jpg?rev=2c24a7685fdc4c528fd14465b5d9d354&hash=958840B73B6AEF356BB5770F39F55B0F"><img alt="Gabriel Baertschi Chief Executive Officer (CEO) Grünenthal Group" src="/-/media/projects/corporatewebsite/_shared/image/ceb/baertschi-gabriel-380x380.jpg?rev=2c24a7685fdc4c528fd14465b5d9d354&hash=958840B73B6AEF356BB5770F39F55B0F"></picture></a> </div> </div> <div class="small-12 medium-7 columns"> <div id="" class="component gcquote component-content ">  <div class="quote"> <h2 class="quote__quote-text"> ”As one of the world’s leading specialists in the therapeutic area of pain, we aim to create sustainable value. Everything we do is focused on driving progress towards our vision of a World Free of Pain.” </h2> <p class="quote__author">Gabriel Baertschi</p> <p class="quote__author-title">Chief Executive Officer, Grünenthal Group</p> </div>  </div> </div> </div> <div class="component column-splitter " > <div class="small-12 medium-6 columns"> </div> <div class="small-12 medium-6 columns"> <div id="" class="component component-content ">  <div class="richtext richtext--standard"> <a href="https://www.grunenthal.com/en/company/leadership" target="_blank" class="button button-p1 " role="button" > <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Meet our leadership team </a> </div>  </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-m"> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-12 columns"> <div id="" class="component gcsectionheader component-content "> <div class="section-header"> <h2 class="heading02 section-header__title align-center ">Being a responsible business and leader in ESG in our industry</h2> <p>Conducting business responsibly is a central element of our strategy and culture. We aspire to create a positive impact for society – with and beyond our core business. At all times, everything we do is guided by integrity, transparency and the highest ethical standards. This is recognized by our external ESG rating where we are in the top two percent among our peers in the pharmaceuticals subindustry.</p> </div> </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-xl"> <div class="row"> <div class="component column-splitter flex-row" > <div class="small-12 medium-3 columns"> <div class="component gctout component-content">  <article id="" class=" tout tout-tertiary"> <a href="https://www.grunenthal.com/en/responsibility/corporate-responsibility-programme" title="Our Corporate Responsibility Programme" target="_blank" class="tout-tertiary__image-wrapper"> <picture class="tout-tertiary__image"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/corporate--responsibility-programme-568x354.jpg?sc=0.5&rev=47f8b1a836ec4277bd4bab15a506f207&hash=6C988639EE051EEA5ECFB8681CC18CBB"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/corporate--responsibility-programme-568x354.jpg?rev=47f8b1a836ec4277bd4bab15a506f207&hash=69A4371AD1DE5F80BB47B2464FB4F77C"><img alt="Grünenthal Headquarter Campus, Aachen Germany" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/corporate--responsibility-programme-568x354.jpg?rev=47f8b1a836ec4277bd4bab15a506f207&hash=69A4371AD1DE5F80BB47B2464FB4F77C"></picture> </a> <a href="https://www.grunenthal.com/en/responsibility/corporate-responsibility-programme" title="Our Corporate Responsibility Programme" target="_blank" class="tout-tertiary__title-wrapper"><h4 class="tout-tertiary__title">Our Corporate Responsibility Programme</h4></a> <div class="tout-tertiary__excerpt richtext"> A World Free of Pain. This is our shared vision. Our Corporate Responsibility Programme is designed around this vision and centers on the strong purpose of creating a positive impact for our patients, our employees the wider community, and the environment. </div> <a href="https://www.grunenthal.com/en/responsibility/corporate-responsibility-programme" target="_blank" class="button button-p1 link-external tout-tertiary__cta" role="button" title="Our Corporate Responsibility Programme"> <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Responsibility Programme </a> </article>  </div> </div> <div class="small-12 medium-3 columns"> <div class="component gctout component-content">  <article id="" class=" tout tout-tertiary"> <a href="https://www.grunenthal.com/en/responsibility/compliance-ethics-transparency" title="Compliance Ethics and Transparency" target="_blank" class="tout-tertiary__image-wrapper"> <picture class="tout-tertiary__image"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/compliance_shutterstock_553811536_568x354.jpg?sc=0.5&rev=3259017cd75141a58679fc934ea68ca7&hash=F75EFB09A0E6DDB1DE8A21573EA39C38"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/compliance_shutterstock_553811536_568x354.jpg?rev=3259017cd75141a58679fc934ea68ca7&hash=4A7A071C58C20F639A4F6895A7FC0738"><img alt="Writing on paper in office" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/compliance_shutterstock_553811536_568x354.jpg?rev=3259017cd75141a58679fc934ea68ca7&hash=4A7A071C58C20F639A4F6895A7FC0738"></picture> </a> <a href="https://www.grunenthal.com/en/responsibility/compliance-ethics-transparency" title="Compliance Ethics and Transparency" target="_blank" class="tout-tertiary__title-wrapper"><h4 class="tout-tertiary__title">Compliance and transparency</h4></a> <div class="tout-tertiary__excerpt richtext"> Integrity at the heart of everything we do. At Grünenthal, we treat everyone with respect, and we advocate and apply high ethical standards in all our actions and decisions. Building trust through the way we work gives confidence to all of our stakeholders, including patients, business partners, customers and the communities we serve. </div> <a href="https://www.grunenthal.com/en/responsibility/compliance-ethics-transparency" target="_blank" class="button button-p1 link-external tout-tertiary__cta" role="button" title="Compliance Ethics and Transparency"> <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Compliance and transparency </a> </article>  </div> </div> <div class="small-12 medium-3 columns"> <div class="component gctout component-content">  <article id="" class=" tout tout-tertiary"> <a href="https://www.grunenthal.com/en/press-room/stories/grunenthal-recieves-aa-rating-for-esg-from-msci" target="_blank" class="tout-tertiary__image-wrapper"> <picture class="tout-tertiary__image"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/msci-rating-badge-568x354px-2024.png?sc=0.5&rev=10720964eafe4c8ba8b5c06c7124adf7&hash=BFC36FB64CF1500F608CEC844EBECF0D"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/msci-rating-badge-568x354px-2024.png?rev=10720964eafe4c8ba8b5c06c7124adf7&hash=F9833278C252A4E7AC97B44CDBAC5B23"><img alt="MSCI recognises Grünenthal as an ESG industry leader" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/msci-rating-badge-568x354px-2024.png?rev=10720964eafe4c8ba8b5c06c7124adf7&hash=F9833278C252A4E7AC97B44CDBAC5B23"></picture> </a> <a href="https://www.grunenthal.com/en/press-room/stories/grunenthal-recieves-aa-rating-for-esg-from-msci" target="_blank" class="tout-tertiary__title-wrapper"><h4 class="tout-tertiary__title">Provisional AA rating for ESG</h4></a> <div class="tout-tertiary__excerpt richtext"> <a rel="noopener noreferrer" href="https://www.msci.com/sustainable-investing/esg-ratings" target="_blank">Morgan Stanley Capital International (MSCI)</a> recognised Grünenthal as an industry leader for managing the most significant ESG risks and opportunities by awarding a Provisional AA rating. Scores range from CCC (laggard) to AAA (leader), depending on exposure to industry-specific ESG risks and the ability to manage those risks relative to peers. </div> <a href="https://www.grunenthal.com/en/press-room/stories/grunenthal-recieves-aa-rating-for-esg-from-msci" target="_blank" class="button button-p1 link-external tout-tertiary__cta" role="button" > <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> MSCI rating </a> </article>  </div> </div> <div class="small-12 medium-3 columns"> <div class="component gctout component-content">  <article id="" class=" tout tout-tertiary"> <a href="https://www.grunenthal.com/en/press-room/stories/grunenthal-esg-risk-rating-2023" title="Read more" target="_blank" class="tout-tertiary__image-wrapper"> <picture class="tout-tertiary__image"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/esg-rating-568x354.png?sc=0.5&rev=8218e8d158b84741959fdb6358c71806&hash=91E2AA97D5F6FB50632750DCF7068B47"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/esg-rating-568x354.png?rev=8218e8d158b84741959fdb6358c71806&hash=E3A8593EB9F8992173A3900DE525A5F7"><img alt="Logo Sustainalytics a Morningstar company rated" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/esg-rating-568x354.png?rev=8218e8d158b84741959fdb6358c71806&hash=E3A8593EB9F8992173A3900DE525A5F7"></picture> </a> <a href="https://www.grunenthal.com/en/press-room/stories/grunenthal-esg-risk-rating-2023" title="Read more" target="_blank" class="tout-tertiary__title-wrapper"><h4 class="tout-tertiary__title">ESG risk rating</h4></a> <div class="tout-tertiary__excerpt richtext"> Our performance in environmental, social and governance (ESG) criteria is reflected in an external rating by Sustainalytics. In the 2023 rating, we were attributed a low ESG risk. This places Grünenthal in the top two percent of the global pharmaceuticals subindustry that inherently features higher ESG risk. </div> <a href="https://www.grunenthal.com/en/press-room/stories/grunenthal-esg-risk-rating-2023" target="_blank" class="button button-p1 link-external tout-tertiary__cta" role="button" title="Read more"> <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Sustainalytics rating </a> </article>  </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=""> <div class="row"> <div class="component column-splitter " > <div class="small-12 columns"> <div class="component gctout component-content">   <article id="" class="small-spacer-l tout__secondary tout__secondary--right "> <a href="https://grunenthal-responsibilityreport23.corporate-report.net/" target="_blank" class="cell tout__secondary__image" data-responsive-background-image> <picture class="tout-secondary__picture"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/touts/568-354/tout-responsiblity-report-dots-black.jpg?sc=0.5&rev=06a1074861a3435c9a3b56d32b20cea2&hash=760E6BF4ACF0B274E337FCFA708727E7"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/_shared/image/touts/568-354/tout-responsiblity-report-dots-black.jpg?rev=06a1074861a3435c9a3b56d32b20cea2&hash=11B4F3D94A8E27D2D489115B01E48F13"><img alt="Grünenthal Responsibility Report 2023" role="image" src="/-/media/projects/corporatewebsite/_shared/image/touts/568-354/tout-responsiblity-report-dots-black.jpg?rev=06a1074861a3435c9a3b56d32b20cea2&hash=11B4F3D94A8E27D2D489115B01E48F13"></picture> </a> <div class="cell tout__secondary__content"> <h2 class="heading03 tout__secondary__title"> <a href="https://grunenthal-responsibilityreport23.corporate-report.net/" class="" target="_blank"> Responsibility Report 2023 </a> </h2> <div class="tout__secondary__excerpt richtext"> Grünenthal’s business strategy is closely tied to its deep commitment to conducting business responsibly. Our company aims to have a net positive impact on patients, partners, employees, and wider society. We provide a transparent overview of our progress in line with the Global Reporting Initiative (GRI) standards each year. Our report is also subject to external auditing. </div> <a href="https://grunenthal-responsibilityreport23.corporate-report.net/" target="_blank" class="button button-p1 link-external " role="button" > <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Access our latest Responsibility Report </a> </div> </article>   </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-xl"> <div class="row"> <div class="component column-splitter " > <div class="small-12 medium-4 columns"> <div class="component gctout component-content">  <article id="" class=" tout tout-tertiary"> <a href="https://www.grunenthal.com/en/company/products/opioid-products-for-the-treatment-of-pain" target="_blank" class="tout-tertiary__image-wrapper"> <picture class="tout-tertiary__image"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-rd-patents-568x354.jpg?sc=0.5&rev=1cd4b4d3049843269f5a2fe9059d87cf&hash=B8B500C5F8D7E4DBC3DE4049A8DBCD22"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-rd-patents-568x354.jpg?rev=1cd4b4d3049843269f5a2fe9059d87cf&hash=C92B35D1A03094D3FEE11F5C27A71299"><img alt="Lower Body Pain x-Ray Composing" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-rd-patents-568x354.jpg?rev=1cd4b4d3049843269f5a2fe9059d87cf&hash=C92B35D1A03094D3FEE11F5C27A71299"></picture> </a> <a href="https://www.grunenthal.com/en/company/products/opioid-products-for-the-treatment-of-pain" target="_blank" class="tout-tertiary__title-wrapper"><h4 class="tout-tertiary__title">Opioids</h4></a> <div class="tout-tertiary__excerpt richtext"> We have a continuing commitment to explore and endorse measures that minimize the risk of inappropriate and illegitimate use of prescription opioids – while striving to ensure that individual patients with a clear need for opioid-based pain relief are not denied access. </div> <a href="https://www.grunenthal.com/en/company/products/opioid-products-for-the-treatment-of-pain" target="_blank" class="button button-p1 link-external tout-tertiary__cta" role="button" > <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Opioid statement and charter </a> </article>  </div> </div> <div class="small-12 medium-4 columns"> <div class="component gctout component-content">  <article id="" class=" tout tout-tertiary"> <a class="tout-tertiary__image-wrapper"> <picture class="tout-tertiary__image"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-clinical-studies-568x354.jpg?sc=0.5&rev=72404236350342ee89dfcaf2e95fb796&hash=27163CC81E7EA0769955D11073AA6AFA"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-clinical-studies-568x354.jpg?rev=72404236350342ee89dfcaf2e95fb796&hash=D3C75A36106BC19DF212BF5A82D30123"><img alt="Pain in the spine X-Ray Composing" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-clinical-studies-568x354.jpg?rev=72404236350342ee89dfcaf2e95fb796&hash=D3C75A36106BC19DF212BF5A82D30123"></picture> </a> <a class="tout-tertiary__title-wrapper"><h4 class="tout-tertiary__title">Patents</h4></a> <div class="tout-tertiary__excerpt richtext"> We rely on patents, trademarks, and other intellectual property protections to discover, develop, manufacture, and sell our products. We have around 1,900 granted patents, more than 200 pending patent applications, and over 100 licenses to our patents granted. </div> </article>  </div> </div> <div class="small-12 medium-4 columns"> <div class="component gctout component-content">  <article id="" class=" tout tout-tertiary"> <a href="https://www.grunenthal.com/en/science/pipeline" target="_blank" class="tout-tertiary__image-wrapper"> <picture class="tout-tertiary__image"><source media="(max-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-rd-pipeline-568x354.jpg?sc=0.5&rev=dd59dd6aeb2d4c08aa253a524af40952&hash=82FAEC8747470902858142DE9DCC3834"><source media="(min-width: 640px)" srcset="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-rd-pipeline-568x354.jpg?rev=dd59dd6aeb2d4c08aa253a524af40952&hash=0C38E2824DFD42BE5EF743D669621C9A"><img alt="Grünenthal x-Ray composing Head" role="image" src="/-/media/projects/corporatewebsite/com/image/touts/568-354/science-rd/ir-rd-pipeline-568x354.jpg?rev=dd59dd6aeb2d4c08aa253a524af40952&hash=0C38E2824DFD42BE5EF743D669621C9A"></picture> </a> <a href="https://www.grunenthal.com/en/science/pipeline" target="_blank" class="tout-tertiary__title-wrapper"><h4 class="tout-tertiary__title">Our R&D pipeline</h4></a> <div class="tout-tertiary__excerpt richtext"> Our R&D activities focus on developing novel non-opioid therapy options for patients with high unmet medical needs. Our four key pain indications are peripheral neuropathic pain, chronic post-surgical pain, chronic low back pain and osteoarthritis. <p> </p> </div> <a href="https://www.grunenthal.com/en/science/pipeline" target="_blank" class="button button-p1 link-external tout-tertiary__cta" role="button" > <span aria-hidden="true" class="icon-right"></span> <span aria-hidden="true" class="button__elipsis">...</span> Pipeline </a> </article>  </div> </div> </div> </div> </div> </div> <div class="component row-splitter"> <div class=" small-spacer-xl"> <div class="row"> <div class="component gctout component-content">   <article id="" class=" tout__secondary tout__secondary--left "> <a href="https://www.grunenthal.com/en/company/products" title="Products" target="_blank" class="cell tout__secondary__image" data-responsive-background-image> <picture class="tout-secondary__picture"><source media="(max-width: 640px)" srcset="/-/media/projects/picture-library/568x354_tout/shutterstock_719980081_568x354.jpg?sc=0.5&rev=54dd13e456384bce9f97a340759bcaff&hash=0769CC1548F27798CEDD00D80F69B215"><source media="(min-width: 640px)" srcset="/-/media/projects/picture-library/568x354_tout/shutterstock_719980081_568x354.jpg?rev=54dd13e456384bce9f97a340759bcaff&hash=7B117B722DE19FE8B616BA816C1534D8"><img alt="Male doctor talking to patient" role="image" src="/-/media/projects/picture-library/568x354_tout/shutterstock_719980081_568x354.jpg?rev=54dd13e456384bce9f97a340759bcaff&hash=7B117B722DE19FE8B616BA816C1534D8"></picture> </a> <div class="cell tout__secondary__content"> <h2 class="heading03 tout__secondary__title"> <a href="https://www.grunenthal.com/en/company/products" title="Products" class="" target="_blank"> Our product range </a> </h2> <div class="tout__secondary__excerpt richtext"> We have been developing, making and commercialising innovative pain treatments for more than 50 years. 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