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Orifarm announced today the appointment of Mads Fink Eriksen as CEO with immediate effect. Mads, who has been serving as CFO and interim CEO, is poised to propel the company forward on its growth trajectory by expanding its commercial platform and delivering sustainable, profitable growth.   The appointment by the Board of Directors follows a comprehensive search process with support from international advisers and a detailed evaluation of internal and external candidates.   Hans Bøgh-Sørensen, Owner and Chairman of the Board, said: “The Board is delighted to appoint Mads Fink Eriksen as Orifarm’s new CEO. Having undertaken a thorough screening process involving high-caliber candidates, the Board unanimously agrees that Mads is the right leader for Orifarm. His strong leadership qualities, proven ability to execute and embodiment of Orifarm’s values make Mads the right match to steer Orifarm on the next phase of our growth journey. We look forward to working with Mads as we move towards an even stronger future.”  Mads brings many years of leadership in growing international companies, latterly from the family-owned company ECCO. His experience spans the entire value chain, with roles in production, sales, and corporate functions. Throughout his career, his strong business acumen and leadership skills have consistently driven solid financial results and strategic transformation. As CEO, Mads will focus on continuing Orifarm’s strong growth journey by expanding the company’s commercial platform and delivering sustainable growth. Mads Fink Eriksen expressed his commitment to the role: “I am honored to lead Orifarm – an ambitious company with great people. To realize our many opportunities ahead, our focus remains on strengthening our foundation for sustainable, profitable growth. As we continue expanding our portfolio and global footprint, my task is to improve profitability, build a more scalable organization and execute on our strategic priorities. Together with the executive management group and the Board, I look forward to building on Orifarm’s impressive legacy so we can provide access to high-quality, affordable medicine to even more customers in the future.” Mads joined Orifarm in October last year and has been interim CEO since the end of March. Orifarm will now start the search for a new CFO.   About Mads Fink Eriksen Before joining Orifarm, Mads Fink Eriksen spent 14 years with ECCO, starting in China, followed by several years in Singapore in ECCO’s Global Production Headquarter. He then spent three years at ECCO’s headquarters in Denmark as Head of Corporate Finance. In 2018, he moved to Australia, where he successfully restructured ECCO’s sales organization in Oceania. In 2020, he was appointed Chief Financial Officer for the ECCO Group. Mads holds an Executive MBA from the renowned INSEAD Business School. Mads, 42, is married with two children. 

Danish pharmaceutical company Orifarm delivered solid results in 2024, achieving 16% revenue growth and the highest turnover in the company’s history. Despite robust commercial performance, higher operational costs resulted in a decline in operating profit. To lead the business through the next phase of its growth journey, Orifarm has announced the search for a new CEO. Orifarm delivered solid results in 2024, generating robust commercial performance and improving cash flow. Revenue grew 16% reaching a record €1.816bn, fuelled primarily by 19% growth in the Pharma Trade segment and 9% growth in Specialty Rx. Additionally, free cash flow improved to €40.6m (2023: -€10.5m), driven by stronger working capital management. In 2024, Orifarm reinforced its financial position through a new financing partnership with Carlyle and the refinancing of senior facilities with Danske Bank, Nykredit, and Jyske Bank. However, higher operating costs resulted in an operating profit of €69.4m, a 9% decline from the previous year. To address this, Orifarm has taken steps to build a scalable organisation positioned for sustainable growth. These measures included workforce adjustments at the beginning of 2025 and plans to nearshore up to approximately 140 positions to Warsaw, Poland by the end of 2026. "Orifarm is pleased with our record revenue growth and cash flow improvements thanks to the continuous dedication from our employees. To fulfil our long-term growth ambitions, we also need to build a more scalable organisation and control costs. As we continue expanding our portfolio and global footprint, our focus in 2025 will be on improving profitability, so we can provide affordable high-quality medicine to even more consumers across Europe," says Mads Fink Eriksen, CFO at Orifarm. This year, the company anticipates 5% revenue growth and aims to increase operating profit by 5–10%. Orifarm’s strategic priorities for 2025 include plans to enter the Spanish market, launch speciality Rx in Germany and continue to pursue merger and acquisitions.   Orifarm to find new CEO To lead the company in the next phase of its growth journey, Orifarm’s Board of Directors has decided to find a new CEO. The Board would like to express its gratitude to Erik Sandberg, who steps down as CEO with immediate effect. Orifarm’s CFO Mads Fink Eriksen will act as interim CEO until a new CEO is appointed. Commenting on the decision, Hans Bøgh-Sørensen, Owner and Chairman of the Board, says: “Orifarm’s Board of Directors has decided to find a new CEO to guide the company through the next stage of its growth journey. We would like to thank Erik Sandberg for his substantial and loyal contribution to Orifarm over the past 13 years, in which he has significantly strengthened the company’s position by expanding the company’s portfolio and global footprint. The Board will now start the search for a new CEO and during this time Mads Fink Eriksen will act as interim CEO.” Erik Sandberg says: “It has been a privilege to lead Orifarm. I am proud to have led the company through a strategic transformation over the past 13 years and would like to thank Orifarm’s employees for their dedication and support. I respect the Board’s decision to find a new CEO for the next part of Orifarm’s journey and look forward to seeing the company continuing to grow in the future.” In addition to the CEO leadership changes announced today, the Board has appointed Thomas Brandhof, Chief Commercial Officer at Orifarm, to join Mads Fink Eriksen on the executive board. 2024 financial highlights  Revenue grew 16% reaching €1.816bn, the highest turnover in the company’s history.  Product portfolio delivered strong commercial performance fuelled by 19% growth in the Pharma Trade segment and 9% growth in Specialty Rx. Higher operating costs resulted in an operating profit of €69.4m, a 9% decline from the previous year. Cash flow improved to €40.6m (2023: -€10.5m), driven by stronger working capital management.

Orifarm Group A/S ("Orifarm"), is pleased to announce that the strategic investment with Carlyle Global Credit (NASDAQ: CG) has successfully closed following approval from relevant regulatory authorities. Orifarm is a dynamic, family-owned, international healthcare company, supplying high quality pharmaceuticals at affordable prices through a unique commercial platform covering three business areas: Pharma Trade, Specialty Rx and Consumer Healthcare. This strategic investment, as announced on 13 September 2024, will look to strengthen Orifarm’s ongoing expansion, both organic and inorganic, building on its strong pan-European presence, and expand its coverage of accessible, high-quality, and affordable medicines. "This capital infusion will significantly enhance our ability to capitalize on the attractive opportunities, both organic and inorganic, that we have positioned Orifarm for. We are delighted to have Carlyle as a strategic capital partner to support this next chapter of Orifarm’s growth,” said Erik Sandberg, CEO of Orifarm Group. Orifarm was founded in 1994 by Hans and Birgitte Bøgh-Sørensen and will remain privately owned by the family following this transaction. The terms of the transaction are confidential. Rothschild & Co acted as the sole financial advisor to Orifarm and owners, Habico, together with the owners’ dedicated family office, Habico Invest. Kromann Reumert was legal advisor to Orifarm and Habico.   Related news: 13 September 2024: Orifarm Group Announces Strategic Investment from Carlyle Global Credit   About Orifarm Group A/SOrifarm is a dynamic family-owned international healthcare company supplying high-quality pharmaceuticals at affordable prices through a unique commercial platform covering three business areas: Pharma Trade, Specialty Rx, and Consumer Healthcare. Headquartered in Odense, Denmark, Orifarm is Europe's largest parallel importer of pharmaceuticals and Denmark's largest supplier of pharmaceuticals, with 2,300 employees in 16 countries and an annual turnover of more than €1.5 billion (2023).   About Carlyle Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com.   For further information, please contact: Kristian Lysgaard, VP of Communications, Orifarm Group A/SEmail: krlys@orifarm.comPhone: +45 25 56 85 61

The official inauguration of the new office for Orifarm's Swedish subsidiary, located in the heart of Stockholm, was celebrated with a memorable event. The afternoon featured the presence of prominent visitors, which beyond the owners Birgitte and Hans Bøgh-Sørensen, CEO Erik Sandberg, CPO Andreas Friis, and CFO Mads Find Eriksen. The highlight of the event was the official ribbon-cutting ceremony, performed by Birgitte Bøgh-Sørensen, who played a significant role in the office's design. The celebration included toasts with sparkling beverages and a selection of macaroons and cupcakes in Orifarm's colors.General Manager of Orifarm Sweden Christian Vallentin and his team presented the latest success stories from Sweden, followed by a celebration of an all-time high in October sales, marking a significant achievement for the Swedish team. Perfect timing to celebrate at the inauguration!  CEO Erik Sandberg delivered an inspiring speech to the team, and Owner and Chairman Hans Bøgh-Sørensen provided a historical overview of the Swedish business from its inception to the present day. The speeches and presentations were well-received by all attendees. “It was really a joyful celebration and at the same time inspiring event with Hans and Birgitte, and several EMG members visiting us at the same time. We have really accomplished new huge milestones for Orifarm SE last years, with profitable growth in all business areas and a more mature local organization that is truly based on 3 business platforms. We are also indeed very excited and pleased to have move into our new Orifarm themed modern and more spacious office in really the center of Stockholm, where we look forward to host many more important events.” says Christian Vallentin.       The event marked a significant milestone for Orifarm in Sweden, setting the stage for continued success in the new office space. 

Consumers in Denmark have Europe’s most affordable supply of generic medicines in 2024, the Danish Pharmacy Association’s annual record show. Every year, the Danish Pharmacy Association (Danmarks Apotekerforening) announces statistic and analyses from the year just passed. Having published findings from 2024 conducted by the international market research institute Iqvia, figures show that Danish consumers have access to the most affordable generics medicines in all of Europe. “Generic medicines are alternatives to brand-name prescription drugs and play an important role when it comes to ensuring access to health in the general society, as they are available at far more affordable costs,” explains Karsten Haumann, responsible for sales in Denmark at Orifarm. In Denmark, generic medicines make up 75% of all medicines sold at pharmacies, according to the Danish Pharmacy Association. Generic medicines play an important role when it comes to ensuring access to health in the general society, as they are available at far more affordable costs, explains Karsten Haumann, responsible for sales in Denmark at Orifarm.   Danish framework conditions lay ground for affordable prices Danish consumers having access to affordable medicines can largely be attributed good framework conditions for the pharmaceutical industry. These conditions include the biweekly tariff system – referred to as “Taksten” in Danish. In the biweekly tariff, pharmaceutical companies bid on winning the supply of medicines for a two-week period. The winning supplier also commits to supplying the market for the full two weeks. The system thereby keeps security of supply high, while also creating competition between suppliers, ultimately benefiting the patients needing care. Also, by law, pharmacies must offer the cheapest alternative. As a patient you can always request a different brand, but the pharmacy must inform you of the cheaper alternative. “To maintain the low prices in Denmark, we must uphold these legislative requirements and tools. Framework conditions have direct impact on patients, and on our society that offers reimbursements of many medical expenses,” says Karsten Haumann. Adding to keeping prices at affordable level for patients is the pharmacies’ possibility for substitution. When prescribing medicine, doctors often automatically prescribe an original medication. With the possibility of substitution, pharmacists can offer a generic alternative to the prescription, meaning that they offer the patient a more affordable, yet identical, product. In 2023, pharmacies substituted prescribed medicines to cheaper alternatives more than 21 million times. Strictly regulated medicines Generic pharmaceuticals are subject to the same strict regulation and high-quality standards as the original products. The active ingredient in a generic product is identical to the active ingredient in the original product. You can dive into how we work to ensure high quality for these healthcare brands here.    Generic medicines are alternatives to brand-name prescription drugs and are offered when the originators' patent expires. What is Generic Medicine? Generic medicines, also known as Generics, are affordable and accessible alternatives to brand-name prescription drugs, offering patients the needed treatment at much lower cost without compromising on quality or safety. When a patent for an original prescription pharmaceutical expires, we have the opportunity of marketing generic variants of the original brand-name product that hold the same Active Pharmaceutical Ingredient. Generics have the same Active Ingredients as the original medicine, live up to the same standards for quality and safety, promote affordability and availability, and make interchangeability easier for the healthcare professionals prescribing medicines. All generic products undergo strict testing and adhere to the same quality and safety requirements set by the health authorities as the original manufacturer.

Orifarm Group A/S has announced that the Global Credit platform of the global investment firm Carlyle (NASDAQ:CG) has agreed to commit strategic capital to Orifarm to support its future growth. Subject to relevant regulatory approvals, the transaction is expected to close in Q4 2024. Orifarm is a dynamic, family-owned, international healthcare company, supplying high quality pharmaceuticals at affordable prices through a unique commercial platform covering three business areas: Pharma Trade, Specialty Rx and Consumer Healthcare. Orifarm was founded in 1994 by Hans and Birgitte Bøgh-Sørensen and will remain privately owned by the family following this transaction. This strategic investment will look to strengthen Orifarm’s ongoing expansion, both organic and inorganic, building on its strong pan-European presence, and expand its coverage of accessible, high-quality, and affordable medicines. Hans Bøgh-Sørensen, Chairman and founder of Orifarm, commented: “Since founding Orifarm over 30 years ago, the drive for continuous growth and development has been the cornerstone of our success. As a family and multi-generational owner, it is essential that Orifarm retains the financial flexibility to continue pursuing its growth ambitions while delivering on its purpose of supplying affordable medicines and remaining true to its heritage and the Orifarm way of doing business. We are delighted to partner with Carlyle’s credit business to support the next chapter of Orifarm’s growth.” Erik Sandberg, CEO of Orifarm Group, said: “This strategic investment will significantly enhance our ability to capitalise on the attractive opportunities, both organic and inorganic, that we positioned Orifarm for following the transformational asset deal with Takeda in 2020. We are confident that this marks the start of an exciting future for the business, our employees, and other stakeholders.” Nicola Falcinelli, Deputy Head of European Private Credit at Carlyle, said: “We are delighted to support Orifarm, a multi-generational founder-owned business with a dedicated focus on product quality, affordability and accessibility. This transaction underlines our ability to provide tailored capital solutions to established, family-owned businesses in order to accelerate their growth trajectory.” The terms of the transaction are confidential. Rothschild & Co acted as the sole financial advisor to Orifarm and owners, Habico, together with the owners’ dedicated family office, Habico Invest. Kromann Reumert was legal advisor to Orifarm and Habico.   About Orifarm Orifarm is a dynamic, family-owned, international healthcare company, supplying high quality pharmaceuticals at affordable prices through a unique commercial platform covering three business areas: Pharma Trade, Specialty Rx and Consumer Healthcare. Orifarm was founded in 1994 by Hans and Birgitte Bøgh-Sørensen. Orifarm Group, headquartered in Odense, Denmark, is Europe's largest parallel importer of pharmaceuticals and Denmark's largest supplier of pharmaceuticals. It is one of the largest Danish pharmaceutical companies with 2,300 employees in 16 countries and with an annual turnover of more than €1.5 billion.   About Carlyle Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Today, Orifarm Group announces that Mads Fink Eriksen will join the Group on 1 October 2024 as the Chief Financial Officer.   Mads comes from a similar position in Ecco and brings extensive experience within end-to-end processes from roles held in production and procurement as well as in sales. Mads has significant international experience from a career that spans leadership positions in China, India, Singapore and Australia. He holds a Bachelor in Business Administration from Aarhus University and an Executive MBA from INSEAD.    “I am looking forward to welcoming Mads to Orifarm. I am sure we will benefit of his experience and strong strategic mindset when growing Orifarm in the future,” says CEO Erik Sandberg.   “Orifarm has an ambitious and inspiring future strategy, which I look forward to helping to fulfill. I hope to bring some new perspectives to the daily work and, not least, to get to know all the talented employees at Orifarm,” says Mads Fink Eriksen.   Mads succeeds Jacob Berg Lucassen who will leave Orifarm after mutual agreement. Jacob has been with Orifarm for 17 years and has played an incremental role in building our Finance set-up to where it is today.    “I would like to express our gratitude for Jacob’s relentless efforts in improving our Financial set up, which has seen significant enhancement over the past years, and in general for his significant and very loyal contribution to Orifarm. We wish Jacob all the best in his future endeavors,” says CEO Erik Sandberg.  For further information please contact Orifarm’s Corporate Communications. 

At Orifarm, Student Assistant like Frederik Krabbe Jepsen receive more than just a paycheck - they also have a share of the company's profits on equal terms with all other employees. The bonus is part of Orifarm's inclusive culture, reflecting its commitment to valuing every employee.   For Frederik, a master’s student in Business, Language, and Culture (Negot) at the University of Southern Denmark (SDU), being included in the bonus scheme is part of a through-going view on Student Assistants as equals who are trusted with own responsibilities: “I enjoy that Student Assistants receive equal treatment to other employees. We’re actively included in decision-making processes related to our tasks and are entrusted with completing and delivering our own assignments. This approach contributes to our experience in learning the ways of functioning in a workplace. Being included in the bonus scheme is of course also a great recognition of our work, and something I highly appreciate,” says 26-year old Frederik Krabbe Jepsen. Frederik is completing his master’s degree while working in Orifarm’s Parallel Imports Procurement department. His responsibilities range from handling invoices and cross-referencing them with the correct prices to assisting the Hospital Sales department in bidding on tenders for hospitals. “For me, it is essential to learn how to ‘go to work’. My studies serve as a foundation, but at Orifarm I develop and strengthen the competencies necessary for my future career,” says Frederik Krabbe Jepsen.     Inclusivity and shared success Orifarm’s Chief People Officer, Andreas Friis, explains the company’s philosophy: "Our culture is about inclusivity and shared success. Student Assistants contribute to our results, so of course they are also rewarded in our common bonus scheme on equal terms as all other employees. At Orifarm, bonusses are based on our shared overall success, not on individual performance." Andreas Friis also highlights the mutual benefits of employing student workers. "They bring fresh knowledge and diverse perspectives from their studies, enriching our workforce. At the same time, they gain valuable practical experience, which makes them stronger candidates post-graduation. Many choose to stay with us after completing their studies." Orifarm’s inclusive bonus scheme and supportive work environment make it an attractive place for Student Assistants to develop their careers, benefiting both the company and its young talent.

"Responsibility and a learning-friendly environment," echoes Student Assistants Sarah Bedford and Frederik Krabbe Jepsen when asked what comes to mind when they think of Orifarm. Across our organization, Orifarm employs more than 60 Student Assistants, contributing with fresh perspectives and providing valuable support across our organization. Beyond assisting with tasks, students gain practical work experience, develop professional skills, and make connections. In return, they contribute with curiosity and open-mindedness. Frederik, who works in Procurement and studies Business, Language, and Culture, highlights the fact that students are treated like other employees: “I enjoy that Student Assistants receive the same treatment as other employees. For instance, we are part of Orifarm’s employee bonus scheme just like everyone else. We’re also actively included in decision-making processes, and our colleagues trust that we deliver on our own tasks. This approach helps us learn ‘how to go to work’,” he says. Sarah, who studies Biomedicine and works in Regulatory Affairs, appreciates that her job is flexible and aligns with her studies: “Regarding work schedules and remote work, we enjoy equal flexibility as other employees. This allows us to balance work and studies even on a tight schedule and fosters a sense of respect and trust,” says Sarah Bedford and continues: “Most of my tasks are related to my studies. Traditionally, Biomedicine students end up in research, but I can’t see myself as a researcher. Here at Orifarm, I get to use my knowledge in a different way, and that’s exciting,” says Sarah Bedford. It is safe to say that Student Assistants are great assets to Orifarm, and we are proud of all the young minds contributing to our mission of creating healthy days for all.