How was 2024 for CordenPharma and the CDMO market more widely?

CordenPharma grew strongly in 2024, particularly in our peptide business. That platform, which is our largest and fastest growing, has seen increased demand thanks to GLP-1 projects coming to market across the industry. We have also seen high interest in injectable drug products, including vials and pre-filled syringes (PFS).

On the lipids and Lipid NanoParticle (LNP) side, we saw weaker demand. Compared to the positive market outlook promised from the Covid-19 vaccine development process, mRNA technology has not kept pace.

We saw lower demand from biotech companies in the US, as they work through some significant layoffs, program reductions and pipeline reprioritizations due to funding challenges. Overall, it was a mixed year for the industry, but generally a good one for CordenPharma. Where is CordenPharma focusing its expansion efforts in 2025?

We started operating at our expanded Frankfurt peptide manufacturing site in late 2024, having recently received GMP-certified regulatory approval from the German health authority. Through 2025, we are working on other CapEx expansion projects across our peptide facilities, including our site in Boulder, Colorado (US), and another greenfield site recently announced in Switzerland outside Basel.

On the injectables side, we are also planning major investments, including capacity boosts, installation of high-speed lines for pre-filled syringes and the additional installation of a clinical combo line (including lyophilization) at our facility in Caponago, Italy.

We remain committed to expanding our oligonucleotides platform but took the decision to delay due to our growing peptide manufacturing footprint. What does an integrated supply chain mean for CordenPharma’s customers?

In early 2025, we were awarded sizable contracts by our customers involving support for the APIs, excipients, solid dosage, and injectable parts of their projects. This demonstrates the added-value of integrated supply CordenPharma offers customers.

In terms of integrated supply, there are also strong synergies across high-potent APIs (HPAPIs) and Oral Solid Dosage (OSD) drug products, where we manufacture both the HPAPI drug substance and OSD tablets. Which industry trends would you highlight as particularly relevant to CordenPharma?

New technologies that are particularly relevant to us include LNPs and its development and manufacturing. We have seen these become more mainstream over the last five years, from virtually no medicines on the market, to full acceptance today.

Peptide manufacturing has also evolved – beyond conventional methods – to include fragment peptide manufacturing and greener methods that reduce or recycle solvents. As manufacturing volumes have increased, more emphasis has been placed there.

We have seen the emergence of targeted gene editing medicines. Here, CordenPharma provides the innovative lipids needed to formulate these drugs. Auto injectors are also cutting-edge technology at the moment. Cell and gene therapy is exciting, though its uptake in the industry has been slowing down.

Recent industry shifts show that Chinese raw material supply chains come with a cost and materials are often scarce in the US or Europe; meanwhile, manufacturing competition from China is fierce, and energy costs in Europe are high. How does innovation drive your business forward?

We have instituted a process whereby all employees at CordenPharma can submit innovation ideas, which are escalated until they land on my desk. We start with proof-of-concept studies, and scale where we see success. One example of this was our move into Flow Chemistry, for which we installed a manufacturing plant.

We allocate budget for these projects. That also covers employing postdocs to focus on them, running programs with our partners like Wacker, and financing student postdocs at universities. The German government has also provided funding for this. How does CordenPharma differentiate its offer from competitors?

Our differentiation comes from translating science into solutions for customers. We stay abreast of developments across the industry, but also at universities. Our Technology & Science Advisory Board (TSAB) tracks new technologies, which help bring innovators’ medicines to market faster and more cost-effectively.

CordenPharma is committed to sustainability: we aim to reduce our greenhouse gas emissions by 50% and submitted our ambitious targets to the Science-Based Target Initiative (SBTI). This is a big focus for us and our major shareholder, Astorg. We look to use the best technology, driving long-term impact for society.

Our agility and flexibility is key. With expertise ranging from early-stage, small-scale manufacturing through to commercial scale, our creative outsourcing solutions provide support at every step of that journey.