Abiogen, a new CEO to boost growth

The Pisa-based pharmaceutical group Abiogen Pharma, specialising in the production of vitamin D, will be led for the first time by a managing director from outside the Di Martino family, which is a shareholder. The choice has fallen on Paolo Zambonardi, 65, from Piedmont, a graduate in Pharmacy who boasts 35 years of experience in Italian and multinational pharmaceutical companies, from Merz Italia to Ferring Italia to Italfarmaco.

Zambonardi will have the task of relaunching growth and strengthening Abiogen's governance at a time when three frontline managers have just retired and the pharmaceutical market is becoming increasingly competitive. "With Zambonardi, whom I have known for 25 years, we share values, tools and development objectives for the next five years," Massimo Di Martino, the group's chairman, told Il Sole 24 Ore. "Operations such as the integration between the two companies we have acquired in recent years in Germany and Switzerland, the evaluation of new assets or direct entry into new countries, must be approached with an extra gear, with greater strength, experience and operational capacity," adds Di Martino.

Abiogen's development plan envisages touching 200 million in turnover in the next three years, safeguarding and improving margins, which in 2024 were close to 30%, with revenues of 165 million. In 2025, the goal is to exceed 170 million, even though the market is not easy and the chairman points to 'an increase in complexities, including at the distribution level, which outline a year of transition'. In the last five years, after all, Abiogen has had to deal with falling drug prices and rising production costs, limitations on prescriptions made by doctors, restrictions on the reimbursability of vitamin D, and a change in the production mix. 'Now the goal is to start growing again, which is also why we want to strengthen the team,' the president emphasises.

Abiogen does not currently export to the US, and is therefore not affected by US tariffs, but among the development directions is still exports, which are currently worth around 15%. 'We are evaluating collaborations with partners, old and in the process of being selected, to export more of our products,' explains Di Martino, who does not rule out other acquisitions after those of the Swiss EffRx Pharmaceuticals (drugs for musculoskeletal and rare diseases) in 2023 and the German Altamedics at the end of 2022, although there are no dossiers on the table at the moment.

In the meantime, the increase in production capacity is approaching: in a few months, the construction of the second sterile department with its production line will be completed, which should be authorised for operation by the end of 2026. This is an investment of around EUR 50 million that will enable Abiogen to produce injectable drugs also for large customers (the subcontractor business is now worth around 10% of turnover).