TABLE OF CONTENTS

Summary
Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 General Information
1.3 Pharmaceutical Distribution Network
1.4 Regulatory Framework of the Sector
1.5 Key Sector Institutions

2. Demand for Pharmaceuticals
2.1 Factors Affecting Demand for Pharmaceuticals
2.1.1 Household Budget Survey
2.2 Pharmaceutical and Healthcare Expenditure
2.3 Health Services in Greece
2.4 Producer Price Indices for Pharmaceutical Products
2.5 Inflation Developments
2.6 Disposable Income
2.7 Macroeconomic Environment
Appendix Chapter 2

3. Supply of the Sector
3.1 Structure and Organisation of the Sector
3.2 Distribution of Sector Companies
3.3 Presentation of Manufacturing Companies
3.4 Total Revenue of Manufacturing Companies
3.5 Ranking of Manufacturing Companies based on Average Annual Rate of Change of Sales
3.6 Presentation of Importing Companies
3.7 Total Revenue of Importing Companies
3.8 Ranking of Importing Companies based on Average Annual Rate of Change of Sales

4. Sector Risk Analysis
4.1 Creditworthiness Assessment
4.1.1 Creditworthiness Assessment of Companies Included in the Study
4.1.2 Change in the Evaluation of Companies Included in the Study
4.1.3 Creditworthiness Assessment of the Broader Sector
4.2 Development of Transaction Behaviour
4.2.1 Transaction Behaviour Assessment of Companies Included in the Study
4.2.2 Transaction Behaviour Assessment of the Broader Sector
Appendix Chapter 4

5. Financial Analysis
5.1 Financial Analysis of Manufacturing Companies based on Financial Ratios
• Profitability
• Performance
• Liquidity
• Financial Structure
• Activity
5.2 Consolidated Balance Sheet
5.3 Structure of Assets and Liabilities of the Consolidated Balance Sheet by Main Accounts
5.4 Shares (%) of the Leading Manufacturing Companies in Total EBITDA
5.5 Benchmarking of Companies’ Financial Ratios
5.6 Ranking of Companies based on Selected Accounts
5.7 Presentation of Manufacturing Companies based on Selected Financial Ratios
5.8 Financial Analysis of Importing Companies based on Financial Ratios
• Profitability
• Performance
• Liquidity
• Financial Structure
• Activity
5.9 Consolidated Balance Sheet
5.10 Structure of Assets and Liabilities of the Consolidated Balance Sheet by Main Accounts
5.11 Shares (%) of the Leading Importing Companies in Total EBITDA
5.12 Benchmarking of Companies’ Financial Ratios
5.13 Ranking of Companies based on Selected Accounts
5.14 Presentation of Importing Companies based on Selected Financial Ratios
Appendix Chapter 5

6. The Pharmaceutical Market
6.1 Domestic Pharmaceutical Production
6.2 Development of Imports and Exports of Pharmaceutical Products
6.2.1 Imports of Pharmaceutical Products
6.2.2 Exports of Pharmaceutical Products
6.2.3 Trade Balance – Competitiveness Index of Pharmaceutical Products
6.2.4 Parallel Exports of Pharmaceuticals
6.3 Domestic Pharmaceutical Market Size
6.3.1 Generic Pharmaceuticals
6.3.2 Outstanding Government Liabilities to Pharmaceutical Companies
6.4 Market Shares of Pharmaceutical Companies
Appendix Chapter 6

7. Environment, Society & Corporate Governance (ESG)
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. International Market Data
8.1 Global Pharmaceutical Market
8.2 European Market Data
Appendix Chapter 8

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
• Threat of New Entrants
• Threat of Substitute Products
• Bargaining Power of Suppliers
• Bargaining Power of Buyers
• Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Conclusions – Sector Prospects
9.4 Proposals to Strengthen the Competitiveness of Sector Companies

Appendix I: Economic Overview
Appendix II: Balance Sheets of Sector Companies
A. BALANCE SHEETS OF MANUFACTURING COMPANIES
B. BALANCE SHEETS OF IMPORTING COMPANIES
Appendix III: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

• Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES

Table 2.1 Estimated Domestic Population (2010-2025)
Table 2.2 Average Annual Expenditure by Age Group (2025)
Table 2.3 Average Annual Expenditure by Region of Residence (2025)
Table 2.4 Average Annual Expenditure by Professional Activity (2025)
Table 2.5 Expenditure on Pharmaceuticals and Health (2017-2025)
Table 2.6 Analysis of Total Pharmaceutical Expenditure (2017-2024*)
Table 2.7 Analysis of Private Pharmaceutical Expenditure (2019-2024)
Table 2.8 Trends in Producer Price Indices in Industry (2017-2026*)
Table 2.9 Trends in Consumer Price Indices (2017-2026*)
Table 2.10 Trends in Net National Disposable Income (2016-2025)

App. Table 2.1 Total Population Projections (2026-2100)
App. Table 2.2 Population Aged Over 65 Years Projections (2026-2100)
App. Table 2.3 Population Aged Over 75 Years Projections (2026-2100)
App. Table 2.4 Estimated Domestic Population by Gender and Age Group (2023-2025)
App. Table 2.5 Average Annual Expenditure by Age Group (2024)
App. Table 2.6 Average Annual Expenditure by Region of Residence (2024)
App. Table 2.7 Average Annual Expenditure by Professional Activity (2024)
App. Table 2.8 Total Financing of Health Expenditure (2020-2024)
App. Table 2.9 Financing of Healthcare Providers (2020-2024)
Table 3.1 Presentation of Manufacturing Companies of the Sector
Table 3.2 Turnover of Manufacturing Companies of the Sector (€ million, 2021-2025)
Table 3.3 Ranking of Manufacturing Companies Based on Average Annual Rate of Change of Sales (2021-2025)
Table 3.4 Presentation of Importing Companies of the Sector
Table 3.5 Sales of Importing Companies of the Sector (€ million, 2021-2025)
Table 3.6 Ranking of Importing Companies Based on Average Annual Rate of Change of Sales (2021-2025)
Table 4.1 Creditworthiness Assessment of Companies Included in the Study (2026/2025)
Table 4.2 Change in the Evaluation of Companies Included in the Study (2026*/2025)
Table 4.3 Creditworthiness Assessment of the Sector “Manufacture of Pharmaceuticals, Cosmetics and Detergents” (2026*)
Table 4.4 Creditworthiness Assessment of the Sector “Trade of Pharmaceuticals, Cosmetics and Detergents” (2026*)
Table 4.5 Transaction Behaviour of the Sector “Manufacture of Pharmaceuticals, Cosmetics and Detergents” (2026/2025)
Table 4.6 Transaction Behaviour of the Sector “Trade of Pharmaceuticals, Cosmetics and Detergents” (2026/2025)
App. Table 4.1 Creditworthiness Rating Scale – ICAP CRIF SCORE

Table 5.1 Profitability Ratios of Manufacturing Companies of the Sector (2021-2025)
Table 5.2 Performance Ratios of Manufacturing Companies of the Sector (2021-2025)
Table 5.3 Liquidity Ratios of Manufacturing Companies of the Sector (2021-2025)
Table 5.4 Financial Structure Ratios of Manufacturing Companies of the Sector (2021-2025)
Table 5.5 Activity Ratios of Manufacturing Companies of the Sector (2021-2025)
Table 5.6 Consolidated Balance Sheet of Manufacturing Companies of the Sector (€ million, 2021-2025)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet of Manufacturing Companies of the Sector (2021-2025)
Tables 5.8-5.15 Financial Ratios of Major Companies and Benchmarking Against the Sector (2023-2025)
Table 5.16 Ranking of Manufacturing Companies Based on Total Assets (€ million, 2024-2025)
Table 5.17 Ranking of Manufacturing Companies Based on Shareholders’ Equity (€ million, 2024-2025)
Table 5.18 Ranking of Manufacturing Companies Based on Gross Profit (€ million, 2024-2025)
Table 5.19 Ranking of Manufacturing Companies Based on Net Profit (€ million, 2024-2025)
Table 5.20 Ranking of Manufacturing Companies Based on EBITDA (€ million, 2024-2025)

Table 5.21 Profitability Ratios of Importing Companies of the Sector (2021-2025)
Table 5.22 Performance Ratios of Importing Companies of the Sector (2021-2025)
Table 5.23 Liquidity Ratios of Importing Companies of the Sector (2021-2025)
Table 5.24 Financial Structure Ratios of Importing Companies of the Sector (2021-2025)
Table 5.25 Activity Ratios of Importing Companies of the Sector (2021-2025)
Table 5.26 Consolidated Balance Sheet of Importing Companies of the Sector (€ million, 2021-2025)
Table 5.27 Percentage Changes in the Consolidated Balance Sheet of Importing Companies of the Sector (2021-2025)
Tables 5.28-5.41 Financial Ratios of Major Companies and Benchmarking Against the Sector (2023-2025)
Table 5.42 Ranking of Importing Companies Based on Total Assets (2024-2025)
Table 5.43 Ranking of Importing Companies Based on Shareholders’ Equity (2024-2025)
Table 5.44 Ranking of Importing Companies Based on Gross Profit (2024-2025)
Table 5.45 Ranking of Importing Companies Based on Net Profit (2024-2025)
Table 5.46 Ranking of Importing Companies Based on EBITDA (2024-2025)
App. Table 5.1 Financial Ratios Formulae
Table 6.1 Trends in the Value of Domestically Produced Pharmaceuticals (2002-2025*)
Table 6.2 Trends in the Balassa Index (2015-2025)
Table 6.3 Trends in the Trade Balance of Pharmaceutical Products (value, 2015-2025)
Table 6.4 Parallel Exports of Pharmaceuticals (2005-2023)
Table 6.5 Domestic Pharmaceutical Market (€ thousand, 2000-2026*)
Table 6.6 Trends in Clawback and Rebate (2020-2022, 2024*)
Table 6.7 Trends in the Number of Pharmaceutical Packs (2016-2025)
Table 6.8 Market Shares of Companies in Total Pharmaceutical Sales (2025)
Table 6.9 Concentration Ratio of the Sector (2025)
App. Table 6.1 Description of 8-Digit Combined Nomenclature Codes for Intrastat Foreign Trade
App. Table 6.2 Imports of Pharmaceutical Products by Product Group (2021-2025)
App. Table 6.3 Exports of Pharmaceutical Products by Product Group (2021-2025)
App. Table 6.4 Imports of Pharmaceutical Products by Country of Origin (2024-2025)
App. Table 6.5 Exports of Pharmaceutical Products by Destination Country (2024-2025)
Table 8.1 The Pharmaceutical Sector in Europe (2019-2025)
App. Table 8.1 Top-Selling Pharmaceuticals in the Global Market (2024-2025)
App. Table 8.2 Top-Selling Pharmaceutical Companies Worldwide (2024-2025)

Table 9.1 Forecast of the Domestic Pharmaceutical Market (value, 2026-2028)

GRAPHS

Graph 1.1 Pharmaceutical Supply Chain
Graph 2.1 Domestic Population Projections (2026-2100)
Graph 2.2 Share of Examined Expenditure in Total Purchases by Age Group (2025)
Graph 2.3 Structure of Public Pharmaceutical Expenditure (2024*)
Graph 2.4 Trends in Total Pharmaceutical Expenditure (2017-2024*)
Graph 2.5 Trends in the Contribution of Individual Categories to Total Pharmaceutical Expenditure (2017-2024*)
Graph 2.6 Participation of Institutions in Total Health Expenditure (2024)
Graph 2.7 Annual GDP Growth Rate (%) in Volume Terms in Greece (2011-2025)
Graph 2.8 Trends in Indicators for Greece and the EU-27 (2025-2027)

Graph 3.1 Distribution of Companies Included in the Study by Foundation Period

Graph 4.1 Ranking of Sector Companies by Creditworthiness (2026*)
Graph 4.2 Change in the Evaluation of Companies Included in the Study (2026*/2025)
Graph 4.3 Creditworthiness Assessment of the Sector “Manufacture of Pharmaceuticals, Cosmetics and Detergents” (2026*)
Graph 4.4 Creditworthiness Assessment of the Sector “Trade of Pharmaceuticals, Cosmetics and Detergents” (2026*)
Graph 5.1 Trends in Profitability Ratios of Manufacturing Companies of the Sector (2021-2025)
Graph 5.2 Trends in Performance Ratios of Manufacturing Companies of the Sector (2021-2025)
Graph 5.3 Asset and Liability Structure of 20 Manufacturing Companies of the Sector (2025)
Graph 5.4 Shares of 10 Companies in Total EBITDA (2025)
Graph 5.5 Number of Manufacturing Companies that Improved / Deteriorated in Selected Accounts (2025/2024)
Graph 5.6 Presentation of Manufacturing Companies Based on Net Profit Margin (2025)
Graph 5.7 Presentation of Manufacturing Companies Based on EBITDA Margin (2025)
Graph 5.8 Presentation of Manufacturing Companies Based on Current Ratio (2025)
Graph 5.9 Presentation of Manufacturing Companies Based on Return on Equity (2025)

Graph 5.10 Trends in Profitability Ratios of Importing Companies of the Sector (2021-2025)
Graph 5.11 Trends in Performance Ratios of Importing Companies of the Sector (2021-2025)
Graph 5.12 Asset and Liability Structure of 50 Importing Companies of the Sector (2025)
Graph 5.13 Shares of 10 Companies in Total EBITDA (2025)
Graph 5.14 Number of Importing Companies that Improved / Deteriorated in Selected Accounts (2025/2024)
Graph 5.15 Presentation of Importing Companies Based on Net Profit Margin (2025)
Graph 5.16 Presentation of Importing Companies Based on EBITDA Margin (2025)
Graph 5.17 Presentation of Importing Companies Based on Current Ratio (2025)
Graph 5.18 Presentation of Importing Companies Based on Return on Equity (2025)
Graph 6.1 Trends in Imports of Pharmaceutical Products (value, 2015-2025)
Graph 6.2 Trends in Exports of Pharmaceutical Products (value, 2015-2025)
Graph 6.3 Trends in the Trade Balance of Pharmaceutical Products (2021-2025)
Graph 6.4 Structure of Industry Participation (2024)
Graph 6.5 Trends in the Domestic Pharmaceutical Market (2017-2026*)
Graph 6.6 Outstanding Government Liabilities to Pharmaceutical Companies (2014-2024)
Graph 6.7 Structure of Outstanding Government Liabilities to Pharmaceutical Companies (2020-2024)
Graph 7.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 7.2 Comparative Results of ESG Adoption at Corporate and National Level (2026/2025)
Graph 7.3 Allocation (%) of Companies’ Total ESG Budget by Main Pillar (2025)
Graph 7.4 Which ESG Actions Do You Consider Most Important to Share with All Stakeholders?
Graph 7.5 Department Responsible for ESG Management
Graph 7.6 Means of ESG Disclosure
Graph 7.7 Usefulness of Benchmarking Your Company’s ESG Performance Against Other Sector Companies
Graph 7.8 Frequency of ESG Performance Evaluation / Monitoring
Graph 7.9 Use of Software for ESG Data Collection / Monitoring
Graph 7.10 Participation in National / International Sustainable Development and ESG Networks
Graph 7.11 Cost of ESG Actions (2025)
Graph 7.12 Change in ESG Expenditure (2025/2024)
Graph 7.13 Level of Familiarity with the Omnibus Directive
Graph 7.14 Degree of Impact of the Omnibus Directive
Graph 7.15 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 7.16 Impact of the Extension on Greek Businesses
Graph 7.17 Degree of Implementation of Environmental ESG Actions
Graph 7.18 Degree of Implementation of Social ESG Actions
Graph 7.19 Degree of Implementation of Corporate Governance ESG Actions
Graph 7.20 Benefits Derived from ESG Practices
Graph 7.21 Main Barriers to ESG Implementation
Graph 8.1 Trends in the Global Pharmaceutical Market (value, 2016-2025)
Graph 8.2 Distribution of Global Pharmaceutical Sales (2025)
Graph 8.3 Breakdown of the Retail Price of Pharmaceuticals in European Countries (2024)