This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
The Polish pharmaceutical giant is pushing deeper into Europe. Within the space of a few months, it has bought a factory in Spain and acquired a company that will help accelerate its expansion in a key market. Revenue from abroad already exceeds PLN 1bn, and there is more to come. Growth is also being supported by major investments at home.
For decades, Poles grew accustomed to seeing domestic companies acquired by Western firms. Poland remains one of Europe’s most popular and highly rated markets for foreign investment.
In recent years, however, Polish companies have increasingly made high-profile acquisitions of their own in Western Europe. After Germany, some have turned their attention to Italy. In September, Grupa Kęty announced plans for a historic acquisition of the Metra group for up to EUR 645m, or about PLN 2.8bn.
Adamed Pharma is also betting on Italy. One of Poland’s largest drugmakers, it has paid nearly PLN 100m to acquire an additional 60% stake in pharmaceutical company Ecupharma, seven years after making a minority investment and entering into a strategic partnership. That earlier deal marked the start of Adamed’s expansion in the country.
“We expect revenue from the Italian market to reach about EUR 87m this year, compared with around EUR 40m in 2022. More than doubling revenue in four years translates into average annual growth of over 21%. Within the next few years, we plan to exceed EUR 140m in sales from a portfolio of several dozen molecules, most of them under the Adamed brand,” says Paweł Roszczyk, management board member and managing director of Adamed Pharma.
Paweł Roszczyk, managing director of Adamed Pharma, says the group’s overseas acquisitions are not limiting its investment in Poland. Between 2020 and 2030, total capital expenditure, primarily in Pabianice, will reach about PLN 1.5bn. Photo: press materials/Adamed Pharma
Acquisition seven years after the initial investment
In 2019, Adamed paid EUR 2.5m for a 25% stake in Ecupharma. This year’s purchase of a further 60% cost exactly EUR 22m, bringing the total to about PLN 107m at the current exchange rate. That implies an almost fourfold increase in the company’s value over seven years, from about EUR 10m to roughly EUR 37m.
At the time of the original transaction, Ecupharma had revenue of about EUR 13m and a small sales force focused on selected regions of Italy. It specialized in urology and neuropsychiatry. This year, it entered a third therapeutic area, diabetology, and expects revenue of about EUR 33m, more than 2.5 times as much. It now has a nationwide sales network of around 100 people, including more than 70 medical representatives.
“We view the investment very positively, and not only in financial terms. Over seven years of cooperation, we got to know the team, built mutual trust and developed an understanding of the local regulatory environment. We build our international presence with a long-term perspective. First comes a partnership that provides knowledge and experience, and only then a deliberate investment with lower risk,” says Paweł Roszczyk.
Good to know
Recent Spanish acquisition off to a good start
The Ecupharma acquisition is Adamed’s second overseas takeover in quick succession. In July, it completed the acquisition of a factory in Spain, where it has operated since 2009. It bought the plant in Riells i Viabrea, Catalonia, from pharmaceutical giant Sanofi. The facility employs more than 200 people and produces about 75m packs of medicines a year.
“The first conclusion is that we have acquired a well-run and well-organized plant, with an experienced team, stable production and an established customer base. Our due-diligence assumptions have been confirmed. We can therefore carry out the integration in an orderly way, without unnecessary haste or risk to continuity of supply,” says Paweł Roszczyk, managing director of Adamed Pharma.
Several aspects have even proved better than expected. For example, the plant has more spare production capacity than anticipated, creating room to register it as a second manufacturing site for Adamed’s biggest products.
“We are in the first 100 days following the closing of the transaction. We are focusing on continuity of production, quality and a safe, phased integration with the group’s systems. We will present our development plan for the Spanish plant on October 8,” says Paweł Roszczyk.
Italy: the EU’s third-largest pharmaceutical market
Three factors drove the decision to increase Adamed’s stake in Ecupharma. The most important was the company’s growth during the investment period and confirmation of its expertise in areas important to Adamed: neuropsychiatry and urology. The second factor was a deeper understanding of the local market.
“Italy is the third-largest pharmaceutical market in the European Union, after Germany and France. It is almost three times the size of Poland’s, with spending on medicines reaching about PLN 160bn in 2024. The median age is 48, several years higher than in Poland, and the population is aging faster. That means a growing number of patients with chronic diseases and, in turn, rising demand for value-added generic medicines,” says Paweł Roszczyk.
These are existing therapies improved through more convenient dosage forms, more patient-friendly dosing or new combinations of active substances. This is a key area for Adamed.
The third factor behind the investment was the maturing portfolio of the Polish group. Within five years, it will be ready to commercialize more than 20 molecules in cardiology, pulmonology and neuropsychiatry.
“Building an effective sales channel and relationships in Italy from scratch would take many years and involve substantial risk. Ecupharma gives us that immediately. Selling the 25% stake we had previously acquired would mean giving up the value we created together. Increasing our commitment allows us to tap that potential faster and on a larger scale,” explains Paweł Roszczyk.
Expert's perspective
Polish companies are drawn to Italy by scale, not growth
TrustMate, one of the key companies in our portfolio, initially planned to enter Italy by acquiring a local competitor. The deal did not go ahead, however, because the sellers’ price expectations were too high. Our analysis showed that an organic entry – building a team from scratch – would be more cost-effective.
An acquisition can offer a relatively quick route to achieving business objectives, with a ready-made team, established processes and market recognition. But it also often entails significant integration costs, the need to align internal processes across a broader international group and, in some cases, even changes in market positioning. TrustMate’s strong performance in Italy shows that the success of international expansion depends not on whether an acquisition target is available, but on the strength of the product.
Ecupharma: a family business with more than 30 years of history
Adamed will acquire the remaining 15% stake in the family-owned company in 2031. This structure is intended to make it easier to integrate the two businesses under a single brand and ensure succession within the management team.
“It was similar with Davipharm in Vietnam. In 2017, we acquired a majority stake, and six years later we became the sole owner [Adamed is the largest Polish investor in Vietnam and has already invested more than USD 60m there – ed.]. This allowed us to get to know the market well, while the change in ownership did not disrupt the company’s operations,” says Paweł Roszczyk.
Ecupharma was founded in 1993 by Luciano Grottola. He will remain managing director, responsible for local operations and relationships. Adamed will take charge of the portfolio of existing and new medicines as well as the international strategy.
“Over more than 30 years, we have built an experienced team, our own sales network and strong relationships with Italy’s medical community. Adamed is a strong international brand with its own scientific and manufacturing capabilities. This opens up new opportunities for us,” says Luciano Grottola, founder and managing director of Ecupharma.
The Italian company does not manufacture medicines; Adamed will provide the relevant expertise and infrastructure. Ecupharma sells around 100 registered products of its own and from partner companies, including medicines, dietary supplements and medical devices. The Polish group does not plan to build a factory in Italy. Instead, it intends to expand the local sales team from around 70 people to roughly 100 by 2028.
PLN 1.3bn in overseas revenue – and more to come
Adamed operates in Italy through three complementary models. It began by licensing its products, particularly in cardiology. In 2019, it not only invested in Ecupharma but also opened a small local representative office. Through that office, working with two local distributors, it commercializes 13 molecules under its own brand in cardiology and smoking cessation.
Within five years, the combined offering in Italy is expected to exceed 220 SKUs, or unique stock-keeping units, most of them under Adamed brands. This delivers higher margins than selling licensed medicines or granting licenses. It is the optimal model for a group investing about EUR 70m a year in development.
“It is also a matter of strategy. A brand is an asset built over years, but it can strengthen a company’s position for decades. Licensing products generates sales, but it does not build a lasting market position. If we want to operate in Italy for decades rather than years, we need a direct presence and relationships,” explains Paweł Roszczyk.
He emphasizes that Adamed is already a European company, with Polish roots and 100% Polish capital. It is owned by the Adamkiewicz family. The group has factories in three countries, more than 250 patents and a broad innovation portfolio. Its international operations are expected to generate almost PLN 1.3bn in revenue in 2026. Within a few years, their share of total revenue could rise from 45% to 50%.
“We are not entering Italy as a Polish company trying to break into the West. We are an international company that wants to be recognized under its own brand in every country where it operates,” says Adamed Pharma’s managing director.
Expert's perspective
Polish pharma has international potential and ambition
The first is their clear business success, built over many years not only in the domestic market. According to the latest PEX data, covering January-August 2026, five Polish companies rank among the country’s 20 largest by the value of pharmacy sales: Polpharma (No. 1), Adamed (4), USP Zdrowie (6), Aflofarm (7) and Hasco-Lek (18). In volume terms, two more Polish companies make the list: Synoptis and Biofarm.
Polish companies also tend to outperform the broader market in growth terms. That market has slowed in recent months. In the first eight months of the year, the value of Poland’s pharmacy market increased by 5.1% year on year, compared with 10% a year earlier. The number of packs sold fell by 1.9%, after rising by 1.3% a year earlier, according to our data.
The second reason is that Poland’s pharmaceutical industry is well positioned for further growth, while the domestic market is naturally limited as a field for expansion. This reflects both the size of the population and demographic trends. These work in two directions. On the one hand, they constrain sales volumes because Poland’s population is shrinking as generations are not fully replacing one another. On the other, the population is aging rapidly, increasing demand for medicines. Older people are the group that uses them most frequently.
The third reason for the international expansion of Polish pharmaceutical companies stems from the nature of pharmaceutical products themselves. Economies of scale are among the most important prerequisites for building adequate profitability. This is one of the factors behind the success of Asian manufacturers, on which the world has become dependent. China and India have enormous domestic markets, while higher production volumes reduce unit costs. Expanding the manufacturing base with new factories strengthens these scale effects.
The fourth, and also very important, reason for expansion is the specific nature of local markets. Particularly for prescription medicines, each country has different regulations, reimbursement systems and preferences for domestic manufacturers. In many cases, simply investing in the industry in a particular country is crucial to succeeding there. At the same time, a production base in one country can be used to build a position on a global scale.
Polish companies have been investing abroad for years. Further ventures of this kind clearly point to the steadily growing role and strength of Poland’s pharmaceutical industry.
Challenges: integration, regulation and competition
Adamed sees smooth integration with Ecupharma as the biggest challenge of its expansion in Italy. The priority is to preserve the expertise, relationships and experience that underpin the company’s strength.
“In transactions of this kind, the first 12-18 months after closing are particularly important. The departure of just a few key people can quickly erode value that took years to build. We are well aware of that,” says Paweł Roszczyk.
Regulatory issues are also significant. In pharmaceuticals, every new product must go through registration, reimbursement and market-access processes. Portfolio expansion therefore does not happen overnight. The offering must be tailored to the needs of Italian doctors and patients.
“Competition is intense, but we do not see it as the biggest unknown. We are entering the next stage of development with a team that knows the local market, its participants and its rules very well,” says Paweł Roszczyk.
France and the UK next in line
Adamed says Ecupharma is a profitable, mature company. It nevertheless sees room to improve margins by increasing the share of its own brands and integrating functions including administration, procurement and IT.
The Polish group has been steadily increasing sales while maintaining operating margins in the low-to-mid teens. Between 2022 and 2025, revenue rose by almost half to PLN 2.3bn. Operating profit and net profit nearly doubled, to PLN 428.6m and PLN 362.5m respectively. This gives the company scope for further expansion. For the next several months, however, the priority will remain integrating the assets acquired in Italy and Spain.
“Our financial position remains stable. Historically, we have financed acquisitions primarily from our own funds, although we do not rule out selectively supplementing this with debt. This allows us to retain capacity for further investments. We expect to continue expanding in major European markets, including France and the UK. We are already analyzing potential avenues for expansion,” says Paweł Roszczyk.
Acquisitions remain one of the tools for implementing this strategy. They must, however, fit with the group’s product portfolio and geographic direction of development, and they must also make financial sense.
“We do not pursue acquisitions simply to increase scale. We would rather wait for the right opportunity than enter into a transaction that does not meet our strategic and financial criteria,” the executive concludes.
Good to know
PLN 1.5bn of investment in Poland
Founded in 1986, Adamed has four factories, including two in Poland. Together, they produce 4.5bn tablets supplied to dozens of countries. The company employs nearly 3,300 people, several hundred of whom work on innovation. Since 2001, the Adamkiewicz family-owned business has invested PLN 2.6bn in research and development. Its portfolio comprises nearly 300 molecules across 19 therapeutic areas, protected by 277 patents.
Two major overseas investments in quick succession do not mean that Adamed is scaling back its activity in Poland. It is pursuing both directions in parallel because they complement rather than replace each other.
“In pharmaceuticals, scale is crucial. Developing and manufacturing medicines requires substantial investment, so we need to reach patients across many markets. Overseas acquisitions provide access to local teams, market relationships, sales channels and well-functioning regulatory infrastructure. This cannot be quickly replicated either by building another plant in Poland or by acquiring another Polish company,” explains Paweł Roszczyk, managing director of Adamed Pharma.
Since 2020, Adamed has invested PLN 760m in Poland. More than PLN 500m has gone into Pabianice, including the expansion of production, packaging, warehousing and laboratory facilities. For 2026-2030, it has planned around PLN 700m of investment, including a factory for inhaled medicines, also in Pabianice.
“We do not want to move operations out of Poland. We want to build a strong Polish company with international scale — one that is more resilient to crises, globally competitive and able to keep investing at home. Diversification allows us to reduce dependence on a single plant, or even a single region, while ensuring continuity of supply and reducing regulatory risk,” explains Paweł Roszczyk.
Key Takeaways
- Acquisition of a growing, proven business in Italy. Adamed Pharma has paid EUR 22m for a 60% stake in Italy’s Ecupharma, taking control of the company. In 2019, it acquired a 25% stake for EUR 2.5m, bringing its total investment to more than PLN 100m at the current exchange rate. Over seven years, Ecupharma has increased revenue from about EUR 13m to EUR 33m and built a nationwide sales network for medicines, dietary supplements and medical devices. Luciano Grottola, who founded the company in 1993, remains its managing director. Adamed is due to acquire the remaining 15% stake in 2031.
- Faster expansion in one of Europe’s key markets. Adamed expects revenue from Italy to reach about EUR 87m this year, up from around EUR 40m in 2022, and plans to exceed EUR 140m within a few years. Italy is the European Union’s third-largest pharmaceutical market after Germany and France. It is almost three times the size of Poland’s – spending on medicines reached about PLN 160bn in 2024 – while its median age is several years higher and its population is aging faster. Within five years, Adamed expects to be ready to commercialize more than 20 molecules in cardiology, pulmonology and neuropsychiatry. Together with Ecupharma, it plans to offer more than 220 SKUs in Italy over the same period, most of them under its own brands.
- International expansion alongside investment in Poland. For Adamed, this is its third overseas acquisition after Davipharm in Vietnam and this year’s purchase of a factory in Spain. International operations are expected to generate almost PLN 1.3bn in revenue in 2026, with their share of group revenue potentially rising from 45% to 50% within a few years. Thanks to its stable financial position, the Polish company is already considering further expansion, including in France and the UK, with additional acquisitions among the options. At the same time, Adamed is pursuing a major investment program in Poland. It has invested PLN 760m since 2020 and plans to spend around another PLN 700m in 2026-2030.