Industry Shifts Among Catalan Family Firms
After losing the momentum provided by prescription drugs a few years back, the Catalan pharmaceutical sector—dominated by multinationals with high innovation and regulatory costs—saw family-owned firms pursue two main paths. Some specialized, like Almirall, Ferrer, and Esteve, while others focused on over-the-counter products or personal care, as Uriach did. To pursue these routes, founding families generally stepped back from day-to-day management, and independent industry executives stepped in, though there is no single recipe for success.
Esteve, with roots extending seven generations, is in the spotlight again as reforms bear fruit. The company has positioned Esteve Healthcare with a stable partner by inviting a German private investment firm, Lubea, to hold a 26 percent stake and to hold a future option on the stock market, a move similar to what Almirall and Reig Jofre did in the past. The aim is to accelerate growth with a solid economic cushion to invest more in research and development and in producing its own drugs to compete in an industry where scale matters. The family owns Corporación Químico Farmacéutica Esteve in its entirety, which in turn holds half of Esteve Teijin Healthcare and half of İsdin, a stake shared with Puig, a large family perfumery and cosmetics group; they also hold 15 percent of Hangzhou Jiuyuan Gene Engineering.
The leadership structure places Esteve at the helm with Staffan Schüberg, a veteran from Lundbeck, serving as co-chairman after replacing a family member in 2018. No family member currently holds an executive role. A radical restructuring began in 2016 with four independent directors joining the board, followed by the arrival of a chief executive, and now the capital opening. The group recently announced the recruitment of Rodrigo Bonilla, who brings more than 26 years of industry experience, to manage its pharmaceutical unit focused on central nervous system disorders, cancer pain, and ophthalmology.
Buy Deals
During the presentation of the agreement with Lubea, accompanied by Finance Director José Luis Urbieta, the Swedish executive noted that the capital would be used to pursue deals, acquisitions, and mergers that would bring new drugs into the portfolio. The group, which oversees all corporate activities, reported 643 million euros in revenue for 2022 and a pre-tax profit of 99 million euros, triple the previous year.
Another enduring figure in the Catalan pharmaceutical scene, Uriach, is chaired by Lluís Cantarell from Nestlé, the first non-family owner to reach the fifth generation since 2021. The transition began in 2012 when Oriol Segarra, an executive from Dutch Synthon Holding, joined as CEO. The company shifted toward personal care and international expansion. In 2021, the pharmaceutical division and factories in Sant Fost de Campcentelles and Palau-solità i Plegamans were divested to the German firm Sidroga. The business targets turnover between 450 and 500 million euros in 2025 with an operating margin of 80 to 100 million euros through acquisitions and organic growth. The 2021 turnover stood at 235 million euros, up 42 percent, with the Sidroga acquisition cited as a main driver of growth.
Ferrer remains a distinctive player with a non-family director, Mario Rovirosa, and the founder’s heir, Sergio Ferrer Salat, alongside a major shareholder sister, Beatriz. The group concentrates on hospital neurological and chest diseases, emphasizing philanthropy and reinvesting earnings into social initiatives. The company reports more than 560 million euros in turnover and about 15 million euros in profit, with a strong focus on branded medicines, internal innovation, and therapeutic areas such as neurology and pneumology. Ferrer was established in 1953 by Carlos Ferrer-Salat and Honduran cousin Jorge Ferrer Batlle; leadership has passed through generations, with seasoned executives guiding strategy and operations. Current leadership includes Rafael Foguet, a longtime senior executive, followed by Jordi Ramentol and then the current CEO after the 2016 transition, who arrived after joining the firm in 2016 from another group. The company’s evolution reflects a path shaped by external acquisitions and internal succession that mirrors broader Catalan industry trends reported by market observers.
A Different Strategy
Almirall, listed since 2007, recently promoted Carlos Gallardo, son of a former president, to a top managerial role, signaling a shift from the recent pattern of frequent CEO changes. A subsequent appointment of a new chief executive followed another leadership change. This sequence marks a return of family leadership in a generation’s hands and signals a focus on expertise. The company is betting on Lebrikizumab as a European launch for dermatitis and highlights Ilumetri for psoriasis, which contributed around 15 percent of 2022 sales. This positions dermatology as a growth engine while keeping open the option to pursue acquisitions. Revenue rose about 4.4 percent to 870 million euros in 2022, though profits declined sharply, reflecting ongoing investments and strategic pivots. A landmark move in 1997, the acquisition of Prodesfarma, and the later sale of Aquilea to Uriach in 2005, remain notable milestones in Almirall’s history.
Other Catalan players, including Reig Jofre with leadership from Ignasi Biosca, and Grego (Leti), have chosen family-led governance to adapt to the new market landscape. Each enterprise has forged its own path to sharpen competitiveness, pursue growth, and maintain resilience in a crowded, fast-moving sector.