Stocks Market
Sothema Reports 15% Revenue Growth in 2025, Boosted by Soludia Integration
Sothema closed 2025 with a solid 15% increase in consolidated turnover, reaching 3.22 billion MAD. The growth was driven by organic expansion and the partial integration of dialysis‑leader Soludia at the end of the year. In Q4 2025, revenue jumped 18% year‑on‑year to 921 million MAD, with a 14% rise on a constant‑scope basis. The acquisition of Soludia, completed on 17 December 2025, contributed approximately 27 million MAD to the 2025 topline (equivalent to two weeks of activity). The group also secured a licensing deal with Eli Lilly for the CIALIS® brand in Morocco, while keeping investments, excluding Soludia, at 85 million MAD.
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Key Financial Highlights for 2025
Consolidated turnover: 3.22 billion MAD, +15 % YoY (13 % on a constant‑scope basis).
Q4 2025 performance: 921 million MAD, +18 % YoY, +14 % at constant scope.
Pro‑forma revenue (including full‑year Soludia): 3.50 billion MAD.
Acquisition of Soludia
The group completed the purchase of Soludia, Morocco’s leading dialysis‑solution provider, on 17 December 2025. The deal added roughly 27 million MAD to 2025 revenue, reflecting 14 days of Soludia’s activity.
Soludia was fully consolidated from 18 December 2025. At the same time, Leiden Pharma exited the consolidation perimeter with no material impact on the consolidated statements.
Strategic Partnerships
- Signed a licensing agreement with Eli Lilly to acquire the Moroccan rights for the CIALIS® brand and related products.
Investments & Debt
Investments (excluding the Soludia acquisition) amounted to 85 million MAD in 2025, down from 112 million MAD in 2024.
Net consolidated debt rose to 738 million MAD as of 31 December 2025, up 45 % from 507 million MAD a year earlier, primarily due to financing the Soludia purchase.
Outlook
With Soludia now part of the group and a new partnership with Eli Lilly, Sothema is positioned to expand its therapeutic portfolio and strengthen its presence in the Moroccan healthcare market.