bioMérieux – 2025 Financial Results

bioMérieux – 2025 Financial Results

• Solid 2025 performance: sales +6% organic growth, CEBIT¹ +16% organic increase
• Adjusted EPS¹ +9%, at €4.64
• 2026 outlook in line with GO•28 strategic plan ambitions
• Strengthened CSR targets

• Full year sales reaching €4,070 million, representing +6.2% organic sales growth, driven by a 9.4% organic increase across the four growth drivers of the GO•28 strategic plan:
  • BIOFIRE®² non-respiratory panels delivered 10% organic sales growth, reaching €598 million, supported by increased sales across all panels and a net expansion of the installed base by 1,800 units (versus +1,350 in 2024);
  • SPOTFIRE®³ generated €168 million in sales, representing an 84% increase in value and more than 100% in volumes. The installed base reached 6,400 instruments at year-end, a 110% increase versus 2024;
  • Microbiology delivered 4% organic growth, a performance negatively impacted by a double-digit decline in China; excluding this geography, Microbiology grew 6.3%;
  • Industrial Applications achieved robust growth with +9% organic sales increase, fueled notably by 14% organic sales growth in the Pharma Quality Control segment.
• BIOFIRE® respiratory panels sales rose by 1% organically, reflecting an epidemiology trend in 2025 broadly in line with the prior year.
• Q4 25 organic sales growth reached 3.5%, impacted by a mid-single digit organic decrease in China and a 10% organic decline in BIOFIRE® Respiratory Panels sales on a high comparison base. The four GO•28 growth drivers sales grew +10% organically during the quarter.
• In 2025, contributive operating income before non-recurring items (CEBIT) reached €728 million, up 16% at constant exchange rates and scope, and up 8% on a reported basis, reflecting the proper execution of GO•28 strategic plan on sales growth and efficiency improvements. The reported CEBIT margin rose to 17.9% of sales, an improvement of close to 160 basis points at constant exchange rates and scope versus 2024.
• Net income (group share) amounted to €398 million, down 8% compared to 2024, impacted by the partial impairment of the VITEK® REVEAL™ technology.
• Adjusted diluted earnings per share (Adjusted EPS) of €4.64, +9% versus the previous year.
• 2026 Guidance:
  • Sales are expected to grow between +5% and +7% at constant exchange rates and scope, in line with GO•28 growth ambitions;
  • Contributive operating income before non-recurring items is expected to grow by at least 10% at constant exchange rates and scope. A negative currency effect¹ estimated between €50 million to €60 million versus 2025 is expected in 2026.
  • Confirmation of the GO•28 strategic plan ambitions to grow sales by +7% CAGR at constant exchange rate and scope over the period 2024/2028, and to grow CEBIT by at least +10% year on year to 2028 at constant exchange rates and scope, leading to an improvement of around 500bps of the CEBIT margin at constant exchange rates and scope over the period, while acting responsibly, with renewed and more ambitious CSR targets.

In this press release BIOFIRE® refers to BIOFIRE® FILMARRAY® TORCH system and panels

In this press release SPOTFIRE® refers to BIOFIRE® SPOTFIRE® system and panels

Pierre Boulud, Chief Executive Officer, says: “After two years of implementation, we are exceeding the ambitions of the GO•28 strategic plan across all dimensions — profitable growth, Corporate Social Responsibility and employee engagement — thanks to the great dedication of our teams. At the same time, we have continued to invest in the future through promising acquisitions (SpinChip, Accellix, Day Zero Diagnostics) and a sustained focus on innovation, with multiple product launches in 2025.

Building on 2025 solid results exceeding the overall diagnostics market growth, we expect, for 2026, our sales to grow between +5% and +7% at constant exchange rate and scope and our CEBIT to increase by at least 10% at constant exchange rate and scope.”

Marcy-l’Etoile (France), February 27, 2026 – The Board of Directors of bioMérieux, a world leader in the field of in vitro diagnostics, met on February 26 under the chairmanship of Alexandre Mérieux and approved the audited consolidated financial statements for the year ending December 31, 2025.

Consolidated data

In € millions

SALES

NB: Unless otherwise stated, sales growth is expressed at constant exchange rates and scope of consolidation (like-for-like).

Consolidated sales amounted to €4,070 million in 2025, up 6.2% like-for-like from €3,980 million in the prior year period. Reported growth stood at +2.3% for the period. The appreciation of the Euro against most currencies in 2025, and notably the US dollar, the Argentine peso, the Turkish lira and the Indian rupee, had a -€151 million negative impact on 2025 annual sales.

Evolution of sales

In € millions

ANALYSIS OF SALES BY APPLICATION

Sales by Application

In € millions

(1) Including mainly BioFire Defense and R&D-related revenue arising on clinical applications

(2) Including R&D-related revenue arising on industrial applications.

Q4 25 vs Q4 24 like-for-like trends per application:

• Clinical applications sales (84% of total annual sales), rose by 3% in the fourth quarter:
  • In molecular biology:
    • BIOFIRE® non-respiratory panels sales grew by 11%, driven by growth across all panels, the expansion of the installed base and the successful execution of the cross-selling strategy;
    • BIOFIRE® respiratory panel sales decreased by 10%, impacted by lower epidemiology in Q4 2025 versus Q4 2024;
    • SPOTFIRE® sales reached €57m, with a +56% increase in reagents sales in the context of a weaker respiratory epidemiology compared to Q4 24. Around 900 units were installed in the quarter, bringing the total installed base to close to 6,400 units (+110% in 2025), with 3,400 new units installed over the full year.
  • In microbiology, sales grew by 8% in Q4 compared with the same period of 2024, driven by a double-digit growth in blood culture BACT/ALERT® reagents sales and a mid-teens sales growth in instruments.
  • In immunoassays, sales increased by +1% with a doubling in VIDAS® KUBE instrument sales and around 3% increase in VIDAS® routine and emergency reagents sales partly offset by the continuous decline in VIDAS® PCT sales.
• Industrial applications sales (16% of total annual sales) delivered a solid performance in the final quarter of 2025, rising by 7%. Strong momentum in cytometry and molecular solutions drove a double-digit sales increase in the Pharma Quality Control segment.

ANALYSIS OF SALES BY REGION

Sales by Region

In € millions

(1) Europe, the Middle East and Africa.

Q4 25 vs Q4 24 like-for-like trends per region:

• In North America (45% of the total annual sales), sales declined slightly by 1%. The solid performance of BIOFIRE® non-respiratory panels, SPOTFIRE® and Industrial Applications was offset by a double-digit decrease in BIOFIRE® respiratory panels sales, driven by a milder respiratory season compared with the same period in 2024.
• In Latin America (7% of the total annual sales), sales rose by nearly 20% in Q4 2025, driven by sustained growth across all clinical segments (including close to 30% expansion in microbiology), as well as in Industrial Applications.
• Sales in Europe – Middle East – Africa region (32% of the total annual sales) came to €357 million in the fourth quarter, up 6%. This performance was led by a double-digit increase in BIOFIRE® non respiratory panels and a high single digit rise in microbiology, partially offset by a high single digit decline in BIOFIRE® respiratory panels in the context of a moderate epidemiology.
• Sales in the Asia-Pacific region (16% of the total annual sales) reached €167 million in the last quarter of 2025, up 6% fueled by the continued strong uptake of SPOTFIRE® sales in Japan, the sustained expansion of BIOFIRE® non respiratory panels, microbiology solutions and industrial applications in the region, partly offset by the mid-single digit decline in China. Excluding China, sales grew double digit in the region.

CONSOLIDATED INCOME STATEMENT

Contributive operating income

In 2025, reported CEBIT rose by +16% at constant exchange rates and scope of consolidation reaching €728 million, representing 17.9% of total sales, an increase of +100 bps on a reported basis versus 2024. The margin increase of 160 bps (constant exchange rates and scope) was partly offset by -10 bps of negative currency effects (-€33 million) and -50 bps of scope impact (-20 m€) from recently acquired companies.

• Gross profit for the year reached €2,309 million, representing 56.7% of sales, up 90 bps on an organic basis versus 2024. This improvement was driven by a favorable product mix – notably a higher share of molecular products - and GO•28 performance initiatives (lower procurement and transport costs, as well as efficiency improvements), which were partly offset by higher tariffs and depreciation of placed instruments.
• Selling, general and administrative expenses amounted to €1,111 million, or 27.3% of sales, a like-for-like increase of 4.1% reflecting the continued investment in marketing and commercial capabilities and the cost of MyShare, the bioMérieux worldwide employees share ownership plan, partly offset by efficiency in sales, marketing and support functions.
• R&D expenses stood at -€507 million, or 12.5% of sales. This moderate like-for-like increase of 2.9% was enabled by the GO•28 Innovation Powerhouse initiatives, while continuing to deliver innovation.
• Other operating income amounted to around €38 million for the year, down from €47 million in 2024 mainly due to evolutions in the R&D tax credits in the US and in France.

Operating income

• The amortization and impairment of acquisition-related to intangible assets amounted to €167 million in 2025 compared with €58 million in 2024. Of this amount, €141 million are attributable to the partial impairment of the REVEAL™ technology (fast AST solution), reflecting a slower-than-expected development of the market and a more gradual commercial ramp-up of the product.
• As a result, the Group ended the year 2025 with an operating income of €521 million, down 4% at current exchange rate and scope of consolidation compared to €589 million in 2024.

Net income of consolidated companies

• Net financial result amounted to €4 million over the year, up from -€9 million in 2024 mainly driven by a positive currency effect on cash positions related to the appreciation of the euro versus the US dollar.
• The Group's effective tax rate stood at 24.5% on December 31, 2025, versus 26.6% in 2024 which was impacted by the impairment on Hybiome.
• Net income, Group share reached €398 million in 2025, down 8% in comparison to €432 million in 2024.
• Adjusted Net Income⁶, which excludes the amortization and impairment of acquired intangible assets, as well as the effects of significant non-recurring operations, including restructuring operations, and their related tax impacts, reached €552 million, up 17% organically versus 2024.

Adjusted diluted earnings per share for 2025 were 4.64 compared with €4.25 in 2024, a +9% reported increase, fully in line with the evolution of the CEBIT.

CASH MANAGEMENT AND FINANCE

Free cash flow⁶

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)⁶ came to €960 million, or 23.6% of sales, up 10% organically versus 2024, significantly exceeding the organic sales growth, reflecting the strengthened operating leverage.

Working capital requirement increased by €66 million in 2025:

• inventories rose by €10 million during the period, driven by the internalization of the VITEK® MS PRIME manufacturing, as well as raw materials for the BACT/ALERT® range;
• trade receivables grew by +4% (+€29 million) at constant exchange rates and scope, a slower pace than organic sales, thanks to a significant improvement in cash collection, notably in the US;
• trade payables were slightly up compared to 2024;
• other working capital requirement increased by €30 million, mainly due to the payment of some variable compensation debts related to the 2024 fiscal year.

Income tax paid represented €152 million, down from €206 million in 2024, reflecting the impact of the evolution of the US tax legislation that came into effect in July 2025.

Capital expenditure represented 8.2% of sales or €335 million in 2025, versus €346 million in 2024. Main investments were related to the expansion and automation of the manufacturing capacities in the US and in France together with the placement of instruments, mainly SPOTFIRE®.

As a result, free cash flow came in at €462 million in 2025, a remarkable improvement compared to €330 million in 2024.

Business development operations

In January 2025, bioMérieux acquired 100% of SpinChip Diagnostics ASA, a company based in Oslo, (Norway), that has developed a game-changing immunoassay Point-of-Care diagnostics platform. The cash outflow amounted to €112 million.

In January 2025, bioMérieux acquired 100% of Neoprospecta, a Brazil-based company dedicated to data and genomics solutions for microbial risk management in food and pharma industries. The cash outflow amounted to €8 million.

In June 2025, bioMérieux acquired the assets of Day Zero Diagnostics, a US-based infectious disease diagnostics company using genome sequencing and machine learning to combat the rise of antibiotic-resistant infections. The cash outflow amounted to €19 million.

Change in net debt⁷

Dividend of €106 million or €0.90 per share has been paid in 2025, +6% from the €0.85 dividend per share the year before.

As a result, net cash position came to €108 million as of December 31, 2025, versus a net debt position of €41 million as of December 31, 2024. This net cash position includes the discounted liability related to leases (IFRS16) amounting to €151 million.

CORPORATE SOCIAL RESPONSIBILITY

In 2025, bioMérieux continued to advance its CSR roadmap, notably accelerating the reduction of its absolute GHG emissions (Scope 1 & 2), which improved from -13% at the end of 2024 to -28% at the end of 2025 (versus 2019).

In parallel, bioMérieux defined a new cycle of CSR objectives, with ambitious targets and major milestones in 2028, reinforcing its focus on both planet and health impacts. Details of the actions plans, results and targets of bioMérieux's sustainability roadmap will be made available in the sustainability report published on March 16th, 2026.

bioMérieux was again included in the Dow Jones Sustainability Index (DJSI) and in the S&P’s Global Sustainability Yearbook for 2026. bioMérieux also achieved a Gold rating from EcoVadis with a score of 82/100.

DIVIDEND

The Board of Directors recommended that shareholders, at the Annual General Meeting on May 28, 2026, approve a dividend of €0.98 per share, representing a 9% increase versus last year and fully aligned with the reported growth in Adjusted Net Income.

2026 OBJECTIVES

• In 2026, sales are expected to grow between +5% and +7% on a like-for-like basis, driven by the four growth drivers of the GO•28 strategic plan:
  • Sales of BIOFIRE® non-respiratory panels are expected to grow around 10% organically leveraging the large installed base of BIOFIRE® instruments;
  • Sales of SPOTFIRE® should grow between +40% and +60% organically depending on the respiratory epidemiology across the year;
  • Microbiology sales are expected to grow between +3% and +5% organically driven by the increased need for efficient solutions to fight against antimicrobial resistance while still impacted by the soft Chinese market;
  • Industrial Applications sales should grow between +7% and +9% organically.

BIOFIRE® respiratory panels sales are foreseen to evolve between -3% and +3% organically depending on the respiratory epidemiology across the year. Immunoassays sales should decline between 0% to - 5% organically.

• Contributive operating income before non-recurring items is expected to grow by at least +10% in 2026 versus 2025 at constant exchange rates and scope (and assuming 15% US tariffs). Currency effect would have a negative impact in the range of €50 million to €60 million on the 2026 CEBIT.

SIGNIFICANT EVENTS OF FOURTH-QUARTER 2025

bioMérieux launches leading endocrinology testing offer dedicated to enhancing equine health

On December 4, 2025, bioMérieux announced the commercial launch of two immunoassay tests dedicated to equines: VIDAS® Equine INSULIN and VIDAS® Equine ACTH. Performed directly at the point of care, these rapid and reliable tests provide veterinarians with lab-comparable results in only 20 to 45 minutes, thereby enabling better detection and management of major chronic equine endocrine disorders. Around 18% to 27% of horses over 15 years old suffer from endocrine disorders, including Equine Metabolic Syndrome (EMS) and PPID (Pituitary Pars Intermedia Dysfunction or Cushing’s disease). These conditions increase the risk of complications and are responsible for nearly 90% of chronic laminitis cases, leading to pain and lameness in horses.

Oxford Nanopore and bioMérieux launch AmPORE-TB, a Research Use Only sequencing-based solution to rapidly characterize drug-resistant tuberculosis

With a launch announced on November 5, 2025, AmPORE-TB is a complete solution, which uses Oxford Nanopore’s benchtop dedicated GridION device to characterize 24 TB-resistant genes and provides comprehensive results within the same day. With its built-in software, the solution provides automated data analysis and reporting. The WHO recognition underscores the importance of the AmPORE-TB technology, which can provide rapid, high-resolution insights into the genetic makeup of drug-resistant tuberculosis.

SUBSEQUENT EVENTS

bioMérieux acquires Accellix

On January 22, 2026 bioMérieux acquired Accellix, a US company specializing in rapid, automated flow cytometry solutions for cell and gene therapy quality control. With this strategic transaction, bioMérieux strengthens its Pharmaceutical Quality Control activity and invests in innovative solutions that will support the growing advanced therapy market and improve patient outcomes worldwide.

INVESTOR PRESENTATION

bioMérieux will hold an investor presentation on Friday, February 27, 2026 at 2:30 PM Paris time (GMT+1). The presentation will be conducted in English and will be accessible via webcast.

Webcast link: : https://biomerieux.engagestream.companywebcast.com/2026-02-27-fy-2

For people unable to join the webcast URL, please register to the audio conference through the link below

Audio conference link: https://engagestream.companywebcast.com/biomerieux/2026-02-27-fy-2/dial-in

INVESTOR CALENDAR

First-quarter 2026 sales April 23, 2026
Annual General Meeting May 28, 2026
First-half 2026 results July 28, 2026

ABOUT BIOMÉRIEUX

Pioneering Diagnostics

A world leader in the field of in vitro diagnostics for 60 years, bioMérieux is present in 46 countries and serves more than 160 countries with the support of a large network of distributors. In 2025, revenues reached €4.1 billion, with over 94% of sales outside of France.

bioMérieux provides diagnostic solutions (systems, reagents, software and services) which determine the source of disease and contamination to improve patient health and ensure consumer safety. Its products are mainly used for diagnosing infectious diseases. They are also used for detecting microorganisms in agri-food, pharmaceutical and cosmetic products.

bioMérieux is listed on the Euronext Paris stock market.
Symbol: BIM – ISIN Code: FR0013280286
Reuters: BIOX.PA/Bloomberg: BIM.FP
Corporate website: www.biomerieux.com

CONTACTS

Investor Relations
bioMérieux
Aymeric Fichet
Tel.: +33 (0)4 78 87 20 00
investor.relations@biomerieux.com

Media Relations
bioMérieux France
Romain Duchez Isabelle de Segonzac (Image 7)
Tel.: +33 (0)4 78 87 21 99 Tel.: +33 (0)1 53 70 74 64
media@biomerieux.com isegonzac@image7.fr

APPENDIX 1: QUARTERLY SALES BY APPLICATION AND REGIONS

Sales by Application in € millions and % Change in Sales by Application

(1) Including mainly BioFire Defense and R&D-related revenue arising on clinical applications

(2) Including R&D-related revenue arising on industrial applications.

(3) At constant exchange rates and scope of consolidation.

Sales by Region in € millions and % Change in Sales by Region

(1) Including the Middle East and Africa.

(2) At constant exchange rates and scope of consolidation.

Sales of equipments, reagents & services in € millions

APPENDIX 2: BIOMÉRIEUX CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2025

CONSOLIDATED INCOME STATEMENT

In millions of euros

CONSOLIDATED BALANCE SHEET

ASSETS

LIABILITIES AND SHAREHOLDERS' EQUITY

CONSOLIDATED CASH FLOW STATEMENT

(a)Including allocations (reversals) of short term provisions.
(b)Including advances and prepayments to suppliers of fixed assets
(c) Free cash flow is defined as the sum of flows related to the activity and those related to investments excluding the net cash of the impact of changes in the scope of consolidation.

APPENDIX 3: GLOSSARY & DISCLAIMER

DEFINITIONS

Adjusted diluted Earnings Per Share (EPS): Adjusted net income divided by the number of shares used in the basic earnings calculation, increased by the weighted average number of potential shares to be issued that would have a dilutive effect on earnings. The number considered shares was 118,840,937 as of December 31, 2025, compared with 118,768,281 as of December 31, 2024.

Adjusted Net Income: Net income adjusted for the amortization and impairment of acquired intangible assets, as well as the effects of significant non-recurring operations, including restructuring operations, and their related tax impacts. The Company considers that this indicator provides the best possible representation of the financial performance of the Company. The reconciliation between the Net Income and the Adjusted Net Income is presented in note #33 of the December 31st 2025 financial report and in the appendix #4 of this document.

Changes in the scope of consolidation: The effects of changes in the scope of consolidation are determined:

• for acquisitions for the period, by deducting from sales and operating expenses for the period the amount of sales and operating expenses made during the period by the entities acquired from their entry into the scope of consolidation;
• for acquisitions of the previous period, by deducting from sales and operating expenses for the period the amount of sales and operating expenses made during the months in which the acquired entities were not consolidated during the previous period;
• for disposals for the period by adding to sales and operating expenses for the period the amount of sales and operating expenses made by the entities sold the previous period, during the months in which these entities are no longer consolidated over the current period;
• for disposals for the previous period, by adding to the sales and operating expenses of the period the sales and operating expenses made during the preceding period by the entities sold.

Currency effect: established by comparing the actual numbers converted at the average exchange rates of the current year to the actual numbers converted at the average exchange rates of the comparison period. In practice, those rates are either average rates communicated by the ECB, or hedged rates if hedging instruments have been set up.

Contributive operating income before non-recurring items (CEBIT): operating income before non-recurring items, excluding items relating to the amortization and impairment of intangible assets related to acquisitions and acquisition-related costs. The Company considers that this indicator provides the best possible representation of the operational performance of the Company. The reconciliation between the operating income before non-recurring items and the contributive operating income before non-recurring items is presented in note #33 of the December 31st 2025 financial report.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): sum of the contributive operating income before non-recurring items, depreciation and amortization. The reconciliation between the Contributive operating income and EBITDA is presented in note #16.1 of the December 31st 2025 financial report.

Free Cash Flow Generation: cash flow from operations plus cash flow from capital expenditure excluding net cash from acquisitions and disposal of subsidiaries. This indicator is presented in the consolidated cash flow statement in the December 31st 2025 financial report.

Net debt: sum of cash and cash equivalents less committed debt and bank overdrafts and other uncommitted borrowings. This indicator is presented in the note #16.3 of the December 31st 2025 financial report.

Operating income before non-recurring items: recurring income less recurring expenses and amortization and impairment of intangible assets related to acquisitions and acquisition-related costs. Non-recurring expenses and income are not included.

DISCLAIMER

The forward-looking statements contained in this document are based, entirely or partially, on assessments or judgments that may change or be modified, due to uncertainties and risks related to the Company’s economic, financial, regulatory and competitive environment, notably those described in the 2024 Registration Document. Accordingly, the Company cannot give any assurance nor make any representation as to whether the objectives will be met. The Company does not undertake to update or otherwise revise any forecasts or objectives presented herein, except in compliance with the disclosure obligations applicable to companies whose shares are listed on a stock exchange.

APPENDIX 4: RECONCILIATION BETWEEN NET INCOME & ADJUSTED NET INCOME

Notes

1. As defined in Appendix #3
2. In this press release BIOFIRE® refers to BIOFIRE® FILMARRAY® TORCH system and panels
3. In this press release SPOTFIRE® refers to BIOFIRE® SPOTFIRE® system and panels
4. As defined in Appendix #3
5. For those currencies meeting the criteria to be considered hyperinflationary under IAS 29, such as Argentina and Turkey, an IFRS technical adjustment for hyperinflation impact is reflected as FX and therefore excluded from the organic growth calculation. The effect of operational actions taken in these countries such as increased pricing to mitigate the inflationary impact is reflected as part of the organic growth
6. As defined in Appendix #3
7. As defined in Appendix #3