Fresenius targets expanding biosimilar portfolio to 66 molecules over the next decade
Key Facts
Fresenius said its exclusive agreement to develop biosimilars could expand its portfolio from 29 molecules currently marketed or in development to as many as 66 over the next decade. The portfolio targets originator drugs with sales, at list prices, exceeding 370 billion euros. The agreement gives the company exclusive access to development candidates, but does not mean it will select all of them or that the products will reach the market. Fresenius will decide whether to activate programs on a rolling basis, according to market appeal, development risks and expected returns. Chief Executive Michael Sen said the agreement strengthens the company’s commitment to biopharma in a market “where speed and scale are decisive.”
Under the arrangement, Fresenius receives exclusive worldwide marketing rights to the products it chooses to develop, including marketing authorizations, and retains the full economic return from each product it markets under the agreement. WuXi Biologics, meanwhile, receives service fees for each candidate Fresenius selects for development. Research and development investment increases as selected programs advance. Fresenius did not disclose the deal’s financial terms in the information reported by Reuters, while a Reuters report confirmed that the company would pay for development work and retain worldwide marketing rights to future products. The fee model ties spending to the number of programs that enter development and their progress, rather than treating all candidates as confirmed projects.
The company said its next-generation portfolio will cover 13 therapeutic areas, with initial development focused on two candidates. The first is polatuzumab vedotin, intended to treat diffuse large B-cell lymphoma. The second is teprotumumab, used to treat thyroid eye disease. These selections provide a practical starting point for expanding the portfolio, while other programs will remain subject to Fresenius’ decisions on market prospects, risks and expected returns. This means the portfolio’s potential size represents a target range for expansion, not a list of products guaranteed to be developed or marketed.
The agreement comes as Fresenius said the biosimilar market in oncology, ophthalmology and immunology reached about 25 billion euros in 2025. According to the company’s annual report, the market grew 21% from the previous year. The total biosimilar market, including areas the company does not target, was about 31 billion euros in the same year. Fresenius made progress in its existing business during 2025, including U.S. and European approvals and the launch of denosumab biosimilars under the names Conexxence and Bomyntra. It also launched Otulfi, while Tyenne continued to grow after its supply chain was fully integrated.
Fresenius said it has more than 15 years of experience in biosimilars and that its teams have secured nine FDA approvals for biologics licenses since 2022. The company also aims to shorten development timelines by about 40% through digitization and platform technologies. The MapSciences network, which has been wholly owned by Fresenius since October 2026, gives the company an option it can include in the long-term manufacturing strategy for each candidate. This option is part of manufacturing planning tied to the programs the company selects. Fresenius said it will fund the agreement from operating cash flow and does not need new financing.
The company expects research and development expenses to rise during the development phase, weighing on the biopharma unit’s profitability before products begin supporting revenue and earnings growth in the future. At the same time, Fresenius confirmed that its 2026 financial guidance remains unchanged. It also maintained the biopharma unit’s 2030 ambition: to nearly double revenue compared with 2025, with an operating margin of about 20%. That ambition relates to the marketed portfolio and programs in advanced development, while the WuXi agreement adds opportunities aimed at the period beyond 2030. Fresenius is scheduled to publish its third-quarter results on 4 November 2026, with its earnings call at 1:30 p.m. Central European Time.
In trading on 2 November 2026, Fresenius shares rose 1.8% to 48.675 euros, according to Investing.com, after the development agreement was announced. The move shows the stock’s reaction to the news that day, while the investment’s impact on results will depend on the progress of selected programs. The announcement confirmed that 2026 financial guidance remains unchanged despite the expected increase in research and development spending. The third-quarter results scheduled for 4 November will provide the company’s latest announced update on its financial performance. Fresenius sees the candidates’ impact on revenue and earnings emerging in the future, after development stages are completed.