STADA 
INTERIM REPORT 
ON THE FIRST HALF
OF 2023

Dear Partners,
I am pleased to be able to report that STADA in the first half of 2023 
remained on its growth journey in every respect. On the one hand, we 
are making a significant contribution to supplying patients with proven 
medicines as a trusted partner and, on the other hand, we have intro-
duced many new products. The underlying conditions for our business 
are challenging. But despite ongoing geopolitical and macro­economic 
turbulence, STADA was able to grow continuously in all three product 
segments and in all important regions in the first six months of 2023. 
Over the past five years, we have transformed STADA from a generics 
manufacturer to also offer consumer healthcare products  
and specialty pharmaceuticals. And this path is paying off: both in  
the generics arena and in consumer healthcare, we continue to be 
number 4 in Europe. In our important market of Germany, we even 
succeeded in overtaking Bayer Consumer with our two companies 
STADA and ALIUD to become number 1. 
 
There are a variety of activities behind this pleasing development. Our 
recipe for success is to focus continuously on Consumer Healthcare, 
Generics and Specialty, and to realize synergies. However, our impres-
sive growth course is primarily driven by our unique corporate culture, 
in which around 14,000 employees worldwide work together as  
One STADA to achieve a single overriding goal: “Caring for People’s 
Health as a Trusted Partner”. Especially in challenging times, it is par-
ticularly important to have this clarity about our purpose and values. 
That is why I am very pleased with the results of our latest global 
employee survey, conducted in May this year.
Outstandingly, 88% of our colleagues took the time to participate in 
the survey, which shows how engaged employees are across all func-
tions and regions within the company. It is clear from the survey how 
important it is to us at STADA to always act with integrity. We always 
want to provide the best service, whether working with patients,  
doctors, nurses, pharmacists, PTAs, wholesalers or suppliers. Our  
STADA – 
Caring for 
People’s 
Health
Peter Goldschmidt
CEO

employees take an above-average degree of pride in working for STADA, and our workforce demon-
strates a deep conviction that we will achieve our business goals.
 
Our employees’ pride and confidence are based on our ability to deliver the right product to the right 
place at the right time, on a consistent basis. Here, I would particularly like to highlight the perfor-
mance of our approximately 7,000 colleagues who work in Technical Operations around the world. 
As a One STADA Team, we ensure that we maintain drug safety in the best possible way. For example, 
in the first half of 2023, we increased our internal production by around 15% to ensure that we have 
sufficient stocks. At the same time, we continued to work with thousands of trusted external partners 
to improve security of supply and address medicines shortages.
In the first six months of the current financial year, STADA achieved important milestones in 
­supporting patients’ access to the medicines they need. The US Food and Drug Administration (FDA) 
approved the delivery of the biological drug epoetin from a facility in Uetersen, Germany, to the USA, 
thus opening up an additional opportunity to expand our growth. Almost simultaneously, the author-
ities in the EU confirmed that our plant in Tuy Hòa, Vietnam, meets European GMP (Good Manufac-
turing Practice) standards. This means that in the future we will also be able to produce in Vietnam 
for Europe. Construction work on our supply chain hub in Turda, Romania, is progressing according 
to plan. This investment of more than € 50 million will add significant capacity to our supply network 
in Europe.
With initiatives such as photovoltaic cells in Vietnam and industry-leading design concepts in Turda, 
STADA continues to advance its contribution to sustainable pharmaceutical supply. Within the Group, 
we are pursuing a global sustainability policy. To this end, we are currently preparing the publication 
of our second STADA Global Sustainability Report in the third ­quarter of this year, which will provide 
insight into our numerous environmental, social and governance initiatives around the world. We are 
also among the leading pharmaceutical companies in the world in terms of ESG.
All these factors contributed to STADA’s continuation of its growth journey in the first half of 2023. 
At Group level, adjusted sales increased by 16% to € 2.06 billion, while adjusted earnings before 
interest, taxes, depreciation and amortization (EBITDA) improved by 30% to € 509 million. For the 
first time in the company’s history, we expect to take our EBITDA to more than one billion euros in 
2023. STADA is thus also in an excellent position compared to its ­competitors and is growing signifi-
cantly stronger in terms of sales and profits.
 
The largest contribution to the Group’s above-market performance was made by the very strong 
organic growth in our Consumer Healthcare segment. Several new product launches and ­product 
line extensions, as well as further optimized marketing of the product portfolio that we have success-
fully integrated in recent years, led to an adjusted sales increase of 19% to € 871 million. The 
­Consumer Healthcare segment, which developed better than the market in several product catego-
ries, was the largest of STADA’s three strategic product segments with a share of 42% of Group sales 
in the first six months of 2023.
In numerous markets, STADA offered partners, patients and consumers attractive new products under 
proven local brands. To name just a few examples: Sales of dermatological products were boosted by 
the launch of Nizoral Daily/Anti-Itch Shampoo in several European countries as well as the launch 
of the Cetraben Pro Hydrate Five range in the United Kingdom. Our sleeping and calming portfolio 
was strengthened by the melatonin-based additions Hoggar Melatonin Duo in Germany and Sedatol 
Gold in Italy. And we capitalized on the popularity of our rehydration product Elotrans in Germany 
and Austria to offer active people the dietary supplement Elotrans Reload.

Growth in Consumer Healthcare was also supported in the first half of the year by a further ­marketing 
and distribution agreement with Sanofi in Eurasia with brands such as Buscopan, Enterogermina, 
Finalgon and Maalox, after STADA had already concluded a similar agreement with Sanofi in ­Northern 
Europe in 2022. As part of the successful partnership with Sanofi, we also announced in mid-July of 
this year that we expect to launch a further portfolio of attractive brands acquired from Sanofi in the 
fourth quarter, including Antistax for pain and fatigue in the legs, the allergy eye drops Lomudal, 
Omnivit Vitamins and Opticrom Allergy Eye Drops.
STADA is increasingly seen as a preferred partner not only in self-medication, but also in our ­Generics 
and Specialty segments. New launches such as the anticoagulant apixaban in countries such as the 
United Kingdom, the diabetes drug sitagliptin in several European markets, the antiparasitic perme-
thrin and the analgesic tapentadol contributed to STADA’s adjusted Generics sales increasing by 8% 
to € 756 million in the first half of 2023. Our Generics contributed 37% to Group sales and thus 
remain a fundamental pillar of our business.
Adjusted sales by the Specialty Pharmaceuticals segment increased by 24% to € 432 million in the 
first six months of the current financial year and accounted for 21% of Group sales. In doing so, this 
STADA segment reached another milestone with its entry into the European ophthalmology market 
through the launch of Ximluci, a biosimilar alternative to the reference brand Lucentis, in several 
countries, such as Germany and the United Kingdom. Ximluci is STADA’s sixth marketed biosimilar, 
with previous launches such as Hukyndra (adalimumab) continuing to gain traction and providing 
patients in additional countries with access to this important medicine. The biosimilar Movymia 
(teriparatide) for the treatment of osteoporosis became the market leader in Germany, and we are 
working hard to bring the next biosimilar in our pipeline, ustekinumab, to market. In addition, the 
strong sales growth of Silapo (epoetin), resulting in particular from higher royalty income from the 
United States and deliveries of bulk drug, had a positive impact on the segment’s performance.
A further milestone is more than 1,000 patients being treated with STADA’s Lecigon pump, a com-
bination of three proven active ingredients for the treatment of late-stage Parkinson’s disease, which 
was recently launched in additional countries including Bulgaria, Ireland, Spain and Switzerland. In 
nephrology, Kinpeygo, the first treatment approved in the EU for the rare, chronic and debilitating 
kidney disease IgA nephropathy, is reaching an increasing number of patients. We also aim to offer 
this therapeutic option in additional countries.
Our proven three-pillar strategy as well as the breadth of our portfolio in Consumer Healthcare, 
Generics and Specialty make me very confident that STADA is well equipped to remain on the road 
to success despite difficult operating conditions. In addition, our strongly filled pipeline is the best 
prerequisite for STADA to continue to be one of the fastest growing suppliers in the coming years. 
The great commitment, dedication and trust of our employees will ensure that we successfully con-
tinue on our growth journey and live our corporate purpose every day: “Caring for People’s Health 
as a Trusted Partner”.

05
STADA Key Figures
1) Effects that influence the presentation of the results of operations and the resulting key 
figures in terms of their comparability.
2) Adjusted for distorting effects from the use of differing exchange rates in the comparative 
period and realized and unrealized exchange rate gains and losses.
3) Source: Sustainalytics. Copyright ©2023 Sustainalytics. All rights reserved. See also imprint.
Additional information on STADA’s sustainability activities can be found in the Sustainability 
Report at https://www.stada.com/about-stada/sustainability.
STADA KEY FIGURES
Key figures for the Group, adjusted in € million
H1/2023
H1/2022
±
Group sales
2,058.9
1,779.3
+16%
Consumer Healthcare
870.6
731.0
+19%
Generics
756.2
700.0
+8%
Specialty
432.1
348.2
+24%
EBITDA
508.7
389.9
+30%
EBITDA margin
24.7%
21.9%
+2.8pp
Gross profit from sales
1,084.2
911.7
+19%
Gross margin
52.7%
51.2%
+1.4pp
Adjusted for special items1) and currency effects2)
Reported key figures for the Group in € million
H1/2023
H1/2022
±
Group sales
2,058.9
1,768.1
+16%
Consumer Healthcare
870.6
729.2
+19%
Generics
756.2
697.1
+8%
Specialty
432.1
341.8
+26%
EBITDA
487.1
450.2
+8%
EBITDA margin
23.7%
25.5%
-1.8pp
Gross profit from sales
1,025.9
851.9
+20%
Gross margin
49.8%
48.2%
+1.6pp
Cash flow from operating activities
326.7
333.2
-2%
Investments
120.3
94.5
+27%
thereof organic
112.3
88.5
+27%
thereof acquisitions
8.0
6.0
+33%
Employees (average number – based on full-time employees)
13,625
12,853
+6%
Non-financial key figures for the Group
H1/2023
H1/2022
Sustainalytics ESG Risk Rating Score3)                          
21.6 Medium Risk
26.7 Medium Risk
Women in management positions
54%
53%

06
STADA Interim Report on the First Half of 2023   |   Table of Contents
INTERIM GROUP MANAGEMENT REPORT  
OF THE EXECUTIVE BOARD	
07
STADA INTERIM  
CONSOLIDATED FINANCIAL STATEMENTS  
ON THE FIRST HALF OF 2023 (ABRIDGED) 	
19
Consolidated Income Statement 	
20
Consolidated Statement of Comprehensive Income 	
21
Consolidated Balance Sheet	
22
Consolidated Cash Flow Statement	
23
Consolidated Statement of Changes in Equity	
24
Notes	
26
FURTHER INFORMATION	
38
Responsibility Statement 	
39
Publishing Information	
40
STADA
Interim Report on the 
First Half of 2023

07
Interim Group Management Report of the Executive Board
INTERIM  
GROUP MANAGEMENT REPORT  
OF THE EXECUTIVE BOARD
Earnings development of the Group
Significant increase in reported and adjusted Group sales
Reported Group sales increased by 16% to € 2,058.9 million in the first half of 2023 (1-6/2022: € 1,768.1 million). Group 
sales adjusted for special items and currency effects increased by 16% to € 2,058.9 million (1-6/2022: € 1,779.3 million).
This pleasing development impacted all three segments and most European countries including Germany, France, the United 
Kingdom, Italy, Ireland, the Netherlands, Switzerland, Serbia and Spain.
Pleasing development of earnings figures with significant increase in EBITDA
Reported EBITDA increased by 8% to € 487.1 million in the first half of 2023 (1-6/2022: € 450.2 million). EBITDA adjusted 
for special items and currency effects increased by 30% to € 508.7 million (1-6/2022: € 389.9 million). The respective 
developments were mainly attributable to sales increases in nearly all major markets and all segments. The increase in reported 
EBITDA and EBITDA adjusted for special items and currency effects was based in particular on an improvement in the gross 
margin resulting from price adjustments, a favorable product mix and strict management of operating costs. Further, the 
development of reported EBITDA resulted in particular from increased exchange rate losses in connection with the measure-
ment of a foreign currency loan.
Earnings impacted by special items and currency effects
Applying the exchange rates of the first half of 2023 compared with those of the first half of 2022 for the translation of local 
sales contributions into the Group currency euro, STADA recorded a positive currency effect on Group sales in the amount 
of € 11.2 million or 0.7 percentage points. Currency developments thus had only a marginal impact on the operating business.
Development of national currencies of greatest relevance to STADA, the British pound, the Russian ruble and the Serbian dinar 
in relation to the Group currency euro, was as follows in the reporting period compared to the corresponding period of the 
previous year: 
Closing rate June 30 
in local currency
Average rate 
for the reporting period
Significant currency relations  
in the national currency to 1 euro
H1/2023
H1/2022
±%
H1/2023
H1/2022
±%
Pound sterling
0.8583
0.8582
-0%
0.8766
0.8422
-4%
Russian ruble
97.4174
56.8643
-71%
83.4168
85.0365
+2%
Serbian dinar
117.2301
117.4055
0%
117.3072
117.5948
0%

08
Interim Group Management Report of the Executive Board
1) As a result of the presentation in € million, deviations due to rounding may occur in the 
tables.
2) Relates to additional depreciation and other measurement effects due to purchase price 
allocations as well as significant product acquisitions.
3) Exchange rate effects in connection with a loan for the acquisition of the Takeda  
product portfolio.
In terms of percentage changes compared with the corresponding prior-year period, a depreciation of the respective national 
currency is shown in the table with a minus sign, while an appreciation is shown with a plus sign.
The Russian ruble depreciated significantly in the course of the first half of 2023, reaching a new low for the year as of the 
balance sheet date June 30, 2023. The average exchange rate relevant for the Group in the reporting period was 83.4168, and 
thus slightly above the level of the corresponding period in the previous year.
Since the currency relations in other countries of primary importance to STADA had only a limited impact on the translation 
of sales and earnings from the local currencies into the Group currency euro, they are not presented in this report.
In the first half of 2023, the Group recorded a burden on earnings of € 93.4 million before taxes due to special items and 
­currency effects. This was mainly as a result of effects from purchase price allocations and product acquisitions (€ 60.8 mil-
lion) as well as exchange rate effects from the Takeda financing (€ 19.6 million). The overview below shows the reconciliation 
of the reported financial performance indicators and other significant earnings figures of the STADA Group to those adjusted 
for special items as well as currency effects:  
in € million1)
H1/2023  
reported
Impair-
ments/
write-ups 
on 
non-current 
assets
Effects from 
purchase 
price 
allocations 
and product 
acquisi-
tions2)
Exchange 
rate effects 
from Takeda 
financing3)
Other
H1/2023 
adjusted 
for special 
items
Currency 
effects
H1/2023 
adjusted 
for special 
items and 
currency 
effects
Operating profit
350.1
14.6
53.2
19.6
1.4
438.9
5.8
444.6
Result from investments  
measured at equity
0.0
—
—
—
—
0.0
—
0.0
Investment income
0.0
—
—
—
—
0.0
—
0.0
Earnings before interest and 
taxes (EBIT)
350.1
14.6
53.2
19.6
1.4
438.9
5.8
444.7
Financial income and expenses
-112.2
—
7.6
—
—
-104.6
—
-104.6
Earnings before taxes (EBT)
237.9
14.6
60.8
19.6
1.4
334.3
5.8
340.1
Earnings before interest and 
taxes (EBIT)
350.1
14.6
53.2
19.6
1.4
438.9
5.8
444.7
Balance from depreciation/
amortization and impairments/
write-ups on intangible assets 
(including goodwill), property, 
plant and equipment and financial 
assets
137.0
-14.6
-58.3
—
—
64.1
—
64.1
Earnings before interest, taxes, 
depreciation and amortization 
(EBITDA)
487.1
0.0
-5.1
19.6
1.4
502.9
5.8
508.7

09
Interim Group Management Report of the Executive Board
In the first half of 2022, special items and currency effects added up to a burden on earnings of € 66.8 million before taxes. 
This resulted primarily from impairments/write-ups within fixed assets (€ 66.3 million), effects from purchase price allocations 
and product acquisitions (€ 62.6 million) as well as offsetting exchange rate effects from the Takeda financing (€ -61.2 million). 
The overview below shows the reconciliation of the reported financial performance indicators and other significant earnings 
figures of the STADA Group to those adjusted for special items and currency effects:   
in € million1)
H1/2022  
reported
Impair-
ments/
write-ups 
on 
non-current 
assets
Effects from 
purchase 
price 
allocations 
and product 
acquisi-
tions2)
Exchange 
rate effects 
from Takeda 
financing3)
Provisions 
for damages
H1/2022 
adjusted 
for special 
items
Currency 
effects
H1/2022 
adjusted 
for special 
items and 
currency 
effects
Operating profit
266.5
66.3
63.0
-61.2
-0.0
334.6
-2.6
331.9
Result from investments  
measured at equity
-0.0
—
—
—
—
-0.0
—
-0.0
Investment income
0.0
—
—
—
—
0.0
—
0.0
Earnings before interest and 
taxes (EBIT)
266.5
66.3
63.0
-61.2
-0.0
334.5
-2.6
331.9
Financial income and expenses
-64.0
—
-0.3
—
—
-64.3
1.7
-62.7
Earnings before taxes (EBT)
202.5
66.3
62.6
-61.2
-0.0
270.2
-0.9
269.3
Earnings before interest and 
taxes (EBIT)
266.5
66.3
63.0
-61.2
-0.0
334.5
-2.6
331.9
Balance from depreciation/
amortization and impairments/
write-ups on intangible assets 
(including goodwill), property, 
plant and equipment and financial 
assets
183.6
-66.3
-58.8
—
—
58.5
-0.5
58.0
Earnings before interest, taxes, 
depreciation and amortization 
(EBITDA)
450.2
0.0
4.2
-61.2
-0.0
393.1
-3.1
389.9
Cost/expense development of the STADA Group
Cost of sales increased by 13% to € 1,033.1 million in the reporting period (1-6/2022: € 916.2 million). Gross profit was up 
20% to € 1,025.9 million (1-6/2022: € 851.9 million). The gross margin improved to 49.8% (1-6/2022: 48.2%). Gross margin 
adjusted for special items and currency effects increased to 52.7% (1-6/2022: 51.2%). The increase was based, among other 
things, on cost optimization and efficiency improvements throughout the entire value chain as well as on a changed country 
and product mix. In addition, price adjustments helped to ensure that inflationary effects on international procurement mar-
kets did not have a significant negative impact on gross margin in the first six months of 2023. 
Selling expenses recorded an increase to € 443.3 million in the first half of 2023 (1-6/2022: € 404.1 million). The slightly lower 
increase compared to sales growth resulted in particular from targeted investments to expand the product portfolio of all 
segments and gain market share for the existing portfolio. 
General and administrative expenses increased by 16% to € 139.4 million in the first six months of the current financial year 
(1-6/2022: € 119.7 million) and were thus in line with sales growth. The increase was due, among other things, to higher rental, 
travel and insurance costs. The administrative expense ratio thus remained unchanged at 6.8%. 
1) As a result of the presentation in € million, deviations due to rounding may occur in the 
tables.
2) Relates to additional depreciation and other measurement effects due to purchase price 
allocations as well as significant product acquisitions.
3) Exchange rate effects in connection with a loan for the acquisition of the Takeda product 
portfolio.

10
Interim Group Management Report of the Executive Board
1) Based on relevant reported Group sales.
Other income decreased in the reporting period by 77% to € 18.6 million (1-6/2022: € 82.3 million). This development was 
mainly attributable to exchange rate effects. While exchange rate income in the amount of € 67.2 million was included in other 
income in the corresponding prior-year period, there was a net exchange rate expense in the reporting period, which is 
­recognized under other expenses. Other income in the prior-year period also included write-ups on intangible assets amount-
ing to € 7.5 million. The write-ups on positive future prospects in Russia for the respective products related to five approvals 
in the Specialty segment (€ 6.8 million) and one approval in Consumer Healthcare (€ 0.7 million).
Other expenses decreased in the first half of 2023 by 38% to € 60.0 million (1-6/2022: € 97.0 million). The decrease resulted 
mainly from reduced impairment losses of € 14.6 million (1-6/2022: € 73.8 million). In the first half of 2023, the impairment 
losses of € 8.8 million mainly resulted from the repositioning of the sales activities of a development project in the Specialty 
area, which led to it being fully impaired. Impairment losses in the first six months of 2022 related to various pharmaceutical 
approvals and property rights as well as to property, plant and equipment. These related in particular to five approvals in the 
Specialty segment (€ 22.7 million), seven approvals in the Consumer Healthcare segment (€ 13.6 million) and one approval 
in the Generics segment (€ 6.1 million). This was due to a mix of increased interest rates and a more uncertain future outlook 
for these products in the Russian market, which were detailed as part of the scenario analyses. In addition, there were impair-
ment losses on ­intangible assets and property, plant and equipment in Ukraine due to the increased country risk premium, 
which resulted in a significant increase in the weighted average cost of capital (WACC) determined for the country. As a result, 
an impairment loss was recognized for three approvals in Consumer Healthcare (€ 5.9 million) and for all property, plant and 
equipment such as machinery and equipment (€ 17.3 million). In addition, other expenses included exchange rate expenses 
of € 25.4 million, while exchange rate income was reported under other income in the corresponding prior-year period.
Financial income fell in the reporting period to € 2.4 million (1-6/2022: € 2.6 million).  
Financial expenses increased to € 114.6 million in the first six months of the current financial year (1-6/2022: € 66.6 million). 
Income tax expenses recorded an increase to € 55.9 million in the reporting period (1-6/2022: € 33.3 million). The reported 
tax rate was 23.5% (1-6/2022: 16.4%).  
The following tables show further key earnings figures for the Group and the resulting margins on both a reported and an 
adjusted basis for the first half of 2023 and the corresponding prior-year period:
Development of the STADA Group’s earnings figures (reported)
in € million
H1/2023
H1/2022
±
EBITDA
487.1
450.2
+8%
Consumer Healthcare
254.7
189.9
+34%
Generics
191.6
171.1
+12%
Specialty
138.9
87.5
+59%
EBITDA margin1)
23.7%
25.5%
Consumer Healthcare
29.3%
26.0%
Generics
25.3%
24.5%
Specialty
32.1%
25.6%

11
Interim Group Management Report of the Executive Board
Development of the STADA Group’s key earnings figures (adjusted for special items1) and currency effects2))
in € million
H1/2023
H1/2022
±
EBITDA
508.7
389.9
+30%
Consumer Healthcare
251.2
190.3
+32%
Generics
191.6
171.7
+12%
Specialty
140.3
89.8
+56%
EBITDA margin3)
24.7%
21.9%
Consumer Healthcare
28.9%
26.0%
Generics
25.3%
24.5%
Specialty
32.5%
25.8%
Sales and Earnings Development of the Segments
Segments Consumer Healthcare, Generics and Specialty 
Share of sales in the first six months (reported) in %
42%
Consumer 
Healthcare
21%
Specialty
37%
Generics 
H1/2023
Sales total:
2,058.9 
€ million
41%
Consumer 
Healthcare
20%
Specialty
39%
Generics
H1/2022
Sales total:
1,768.1 
€ million
Segments Consumer Healthcare, Generics and Specialty 
Share of EBITDA (reported)4) in the first six months in %
42%
Consumer 
Healthcare
20%
Specialty
38%
Generics
H1/2022
43%
Consumer 
Healthcare
24%
Specialty
33%
Generics 
H1/2023
1) The elimination of effects which have an impact on the presentation of STADA’s results of 
operations and the derived key figures improves the comparability of key figures from previous 
years. To achieve this, STADA uses adjusted key figures which, as so-called pro-forma figures, 
are not governed by the accounting requirements in accordance with IFRS. Since other 
companies may not calculate the pro-forma figures presented by STADA in the same way, 
STADA’s pro-forma figures are comparable only to a limited extent with similarly designated 
disclosures by other companies.
2) Adjustments for currency effects are shown exclusively as an adjustment of the correspond- 
ing prior-year period. The currency adjustment for the first six months of 2022 was carried out 
using the exchange rates for the reporting period. In addition, the earnings figures are adjusted 
for realized and unrealized exchange rate effects in both the reporting period and the corre- 
sponding prior-year period. 
3) Based on relevant Group sales adjusted for special items and currency effects.
4) Not including reconciliation holding.

12
Interim Group Management Report of the Executive Board
1) STADA defines the regions as follows: Germany, the United Kingdom, Europe, Eurasia and 
Rest of World (including Emerging Markets and USA). 
Europe includes all Continental European countries except Germany, the United Kingdom, 
Kazakhstan, Moldova, Russia and Belarus. 
Eurasia includes Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, 
Russia, Tajikistan, Turkmenistan, Uzbekistan and Belarus.
Significant growth in the Consumer Healthcare Segment
Reported sales of the Consumer Healthcare segment recorded an increase of 19% to € 870.6 million in the first six months 
of 2023 (1-6/2022: € 729.2 million). Sales of the Consumer Healthcare segment adjusted for special items and currency 
effects increased by 19% to € 870.6 million (1-6/2022: € 731.0 million). In addition to increased demand for cough and cold 
products, an increase in market share, price adjustments and positive effects from distribution collaborations, sales growth 
was driven by new product launches such as Elotrans Reload, Nizoral daily/anti-itch shampoo, Cetraben Pro Hydrate Five range, 
Hoggar Melatonin Duo and Sedatol Gold. In this context, all of the top 10 countries in the Consumer Healthcare segment 
contributed to the increase with growth rates in the mid single-digit to high double-digit percentage range. Consumer Health-
care accounted for 42% of Group sales (1-6/2022: 41%).  
Reported EBITDA for Consumer Healthcare increased by 34% to € 254.7 million (1-6/2022: € 189.9 million). The reported 
EBITDA margin for Consumer Healthcare was 29.3% (1-6/2022: 26.0%). EBITDA adjusted for special items and currency 
effects for Consumer Healthcare recorded growth of 32% to € 251.2 million (1-6/2022: € 190.3 million). The EBITDA ­margin 
adjusted for special items and currency effects for Consumer Healthcare was 28.9% (1-6/2022: 26.0%). The respective 
developments were mainly the result of strong sales growth in combination with a prudent increase in distribution costs. 
Within the Consumer Healthcare segment, especially the regions1) Europe, the United Kingdom, Germany and Eurasia had the 
greatest sales significance in the first half of the current financial year.
Pleasing Development in  the Generics Segment
Reported sales with the Generics segment increased by 8% to € 756.2 million in the reporting period (1-6/2022: € 697.1 mil-
lion). Sales of the Generics segment adjusted for special items and currency effects increased by 8% to € 756.2 million 
(1-6/2022: € 700.0 million). The increase occurred in a number of countries and was mainly based on market share gains as 
well as new product launches including apixaban, sitagliptin, permethrin as well as tapentadol, together with a high level of 
supply security. Generics contributed 37% to Group sales (1-6/2022: 39%).
Reported EBITDA for Generics increased by 12% to € 191.6 million (1-6/2022: € 171.1 million). The reported EBITDA margin 
for Generics was 25.3% (1-6/2022: 24.5%).  EBITDA adjusted for special items and currency effects of the Generics segment 
recorded growth of 12% to € 191.6 million (1-6/2022: € 171.7 million). The EBITDA margin adjusted for special items and 
currency effects for Generics was 25.3% (1-6/2022: 24.5%). These developments were based in particular on sales growth 
combined with an improvement of the gross margin along with value-generating investments in marketing and sales. 
Within the Generics segment, it was mainly the regions1) Europe and Germany that had the greatest significance in terms of 
sales in the reporting year.

13
Interim Group Management Report of the Executive Board
Strong growth in the Specialty Segment
Reported sales of the Specialty segment increased by 26% to € 432.1 million in the first six months of 2023 (1-6/2022: 
€ 341.8 million). Sales of the Specialty segment adjusted for special items and currency effects increased by 24% to 
€ 432.1 million (1-6/2022: € 348.2 million). The respective growth was mainly attributable to increases in the biosimilars area. 
The successful launch of Hukyndra (adalimumab biosimilar) made a particularly strong contribution here. In addition, Kinpeygo 
(the first drug approved in the EU for the treatment of a rare kidney disease) performed very well. Sales growth was also driven 
by the positive development of Lecigon (an ­innovative gel formulation containing a fixed combination of levodopa, carbidopa 
and ­entacapone for continuous intestinal  administration in advanced Parkinson’s disease). In addition, the strong sales growth 
of Silapo (epoetin biosimilar), resulting in particular from higher royalty income in the USA and the supply of a drug, had a 
­positive impact on the development of the segment, based on the approval of the US Food and Drug Administration (FDA) for 
­Norbitec’s biologics facility in Uetersen. Specialty Pharmaceuticals accounted for 21% of Group sales (1-6/2022: 20%). 
Reported EBITDA for Specialty was up 59% to € 138.9 million (1-6/2022: € 87.5 million). The reported EBITDA margin for 
Specialty was 32.1% (1-6/2022: 25.6%). EBITDA adjusted for special items and currency effects for Specialty increased 
by 56% to € 140.3 million (1-6/2022: € 89.8 million). The EBITDA ­margin adjusted for special items and currency effects 
for Specialty was 32.5% (1-6/2022: 25.8%). The respective developments resulted primarily from the sales increases with 
high-margin products as well as an optimization of the operational function costs.
Within the Specialty segment, it was mainly the regions1) Europe, Eurasia, Rest of World (particularly USA) and Germany that 
had the greatest sales significance in the reporting period.
Net assets, financial position and cash flow
As of June 30, 2023, the equity ratio was 24.9% (December 31, 2022: 25.5%). Net debt amounted to € 2,349.3 million as of 
the balance sheet date (December 31, 2022: € 2,374.7 million). 
Financing in the nominal amount of € 2,595.8 million was composed as follows as of June 30, 2023:
Financial instruments following exercising of put-rights and additional repayment  
in € million
Nominal value
Maturity
Bank loans
281.7
rolling
Loan from Nidda Healthcare Holding GmbH
2,314.1
Total financing
2,595.8
In April 2023, the remaining promissory note loans in the amount of € 7.0 million were repaid. For its refinancing, the Group 
had bank loans in the nominal amount of € 281.7 million as of the balance sheet date (December 31, 2022: € 317.6 million).
1) STADA defines the regions as follows: Germany, the United Kingdom, Europe, Eurasia and 
Rest of World (including Emerging Markets and USA). 
Europe includes all Continental European countries except Germany, the United Kingdom, 
Kazakhstan, Moldova, Russia and Belarus. 
Eurasia includes Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, 
Russia, Tajikistan, Turkmenistan, Uzbekistan and Belarus.

14
Interim Group Management Report of the Executive Board
Intangible assets were € 2,688.8 million as of June 30, 2023 (December 31, 2022: € 2,851.6 million). On this date, intangible 
assets included € 435.8 million of goodwill (December 31, 2022: € 440.5 million). The decrease was based in particular on 
currency effects as well as scheduled amortization. Impairment losses in the amount of € 14.3 million were also recognized. 
In the first half of 2023, the impairment losses of € 8.8 million mainly resulted from the repositioning of the sales activities 
of a development project in the Specialty area, which led to it being fully impaired.
Property, plant and equipment increased as of the balance sheet date to € 563.8 million (December 31, 2022: € 550.3 mil-
lion). The increase resulted primarily from investments in Romania and Serbia. 
Financial assets as of June 30, 2023 were € 11.8 million (December 31, 2022: € 13.2 million). 
Investments measured at equity amounted to € 2.6 million as of the balance sheet date (December 31, 2022: € 2.6 million). 
Inventories showed an increase to € 1,128.9 million as of June 30, 2023 (December 31, 2022: € 965.4 million). This increase 
was due in particular to the strong growth in sales and to the increase in contingency stock, especially of active ingredients 
and raw materials as well as packaging materials, in order to be able to guarantee supply capability also in the future.
Trade receivables decreased to € 860.4 million as of the balance sheet date (December 31, 2022: € 878.8 million), despite 
the significant increase in business volume. This development resulted mainly from a changed country mix as well as the 
depreciation of the Russian ruble.
Income tax receivables increased to € 37.3 million as of June 30, 2023 (December 31, 2022: € 21.4 million). 
Other financial assets decreased to a total of € 20.7 million as of the balance sheet date (December 31, 2022: € 70.1 million). 
This decrease resulted mainly from lower receivables from settlements with the Nidda companies.
Retained earnings including net income comprise net income for the first half of 2023 as well as the earnings achieved in 
previous periods, provided these these were not distributed, including the amounts transferred to retained earnings. In addi-
tion, revaluations of net debt from defined benefit plans that were recognized through other comprehensive income are 
reported under this item, taking deferred taxes into account.
Other reserves include results recognized directly in equity. This relates, among other things, to foreign exchange gains and 
losses resulting from the currency translation with no effect on the income of financial statements from companies included 
in the Group, which are reported in the statement of changes in equity under the currency translation reserve. The reported 
decrease in other reserves as of June 30, 2023 resulted in particular from the depreciation of the Russian ruble since Decem-
ber 31, 2022 and to the resulting expense from currency translation for companies that report in this currency.
As of the balance sheet date, the Group’s current and non-current financial liabilities in the amount of € 89.1 million and 
€ 2,528.4 million (December 31, 2022: € 60.5 million and € 2,572.8 million) included a shareholder loan in the amount of 
€ 2,313.8 million (December 31, 2022: € 2,301.8 million).
Trade accounts payable increased to € 729.7 million as of June 30, 2023 (December 31, 2022: € 689.3 million). The increase 
was mainly due to reporting date effects and the build-up of inventories.
Deferred tax liabilities increased to € 186.1 million as of the balance sheet date (December 31, 2022: € 175.9 million).

15
Interim Group Management Report of the Executive Board
Other financial liabilities rose to € 487.9 million as of June 30, 2023 (December 31, 2022: € 480.6 million).  
Other liabilities recorded a decrease to € 163.0 million as of the balance sheet date (December 31, 2022: € 197.5 million). 
Cash flow from operating activities, which comprises positions not covered by investments, financing, currency differences 
from the translation of foreign transactions and transactions in foreign currencies or by changes in the scope of consolidation 
and evaluation, amounted to € 326.7 million in the first half of 2023 (1-6/2022: € 333.2 million). The increase was mainly 
attributable to a significantly higher cash-effective increase in working capital, especially inventories. There were also higher 
payments for health insurance rebates in Germany. The significant increase in EBITDA adjusted for major non-cash effects, 
and thus in gross cash flow, largely offset these effects, however. 
Cash flow from investing activities, which reflects the cash outflows for investments reduced by the inflows from disposals, 
amounted to € -93.1 million in the period under review (1-6/2022: € -96.5 million). Cash flow from investing activities was 
mainly influenced by investments in intangible assets and property, plant and equipment. A total of € 30.1 million was spent 
on acquisitions, including business combinations in accordance with IFRS 3 (including VAT) from previous years, and significant 
investments in intangible assets for the expansion of the product portfolio (1-6/2022: € 51.1 million). The investments in 
property, plant and equipment related, among other things, to the supply chain and packaging location in Romania.
Free cash flow, i.e. operating cash flow plus cash flow from investing activities, amounted to € 233.6 million in the first half 
of 2023 (1-6/2022: € 236.7 million). Free cash flow adjusted for payments for significant investments or acquisitions and 
proceeds from significant disposals was € 261.4 million (1-6/2022: € 287.8 million).
Cash flow from financing activities was € -207.3 million (1-6/2022: € -453.3 million) and was primarily characterized by the 
payment of liabilities existing for financial year 2022 from the domination and profit and loss transfer agreement with Nidda 
Healthcare GmbH as well as interest payments. Compared to the corresponding period of the previous year, lower payments 
from the repayment of financial liabilities were recorded, which included the scheduled repayment of promissory note loans 
of STADA Arzneimittel AG in the amount of € 7.0 million in the first half of 2023. 
Cash flow for the current financial year net of all inflows and outflows from cash flow from operating activities, cash flows 
from investing and financing activities as well as changes in cash and cash equivalents due to exchange rates and/or the scope 
of consolidation amounted to € 9.6 million in the first six months of 2023 (1-6/2022: € -189.1 million).

16
Interim Group Management Report of the Executive Board
1) See press release of April 3, 2023.
2) See press release of July 12, 2023.
Acquisitions, cooperations and licensings 
STADA generally pursues an active acquisition policy to accelerate organic growth through external growth impulses. Despite 
the fact that the Group did not make any acquisitions in the first half of 2023, it strengthened its position as a go-to partner 
through a distribution agreement signed with Sanofi in the second quarter of 2023 relating to brands in Eurasia such as Bus-
copan, Enterogermina, Finalgon and Maalox. This comes after STADA had already concluded a similar agreement with Sanofi 
in Northern Europe in 2022.
For the expansion of the existing product portfolio, STADA relies on targeted cooperations and in-licensings in addition to 
acquisitions. In the reporting period, 38 in-licensing agreements were concluded for future product launches.
In the second quarter of 2023, STADA announced that, with the launch of Ximluci (ranibizumab biosimilar) in several European 
countries, the company and its cooperation partner Xbrane will offer patients a cost-effective option for the treatment of 
visual impairment in adults in all indications of the reference biologic.1) Ximluci (ranibizumab biosimilar) is the sixth biosimilar 
in STADA’s specialty portfolio – following Silapo (epoetin biosimilar), Cegfila (pegfilgrastim biosimilar), Movymia (teriparatid 
biosimilar), Oyavas (bevacizumab biosimilar) and Hukyndra (adalimumab biosimilar). It is also the first product to be developed 
as part of a strategic collaboration between STADA and Xbrane.
Also in the second quarter of 2023, Xbrane announced that the U.S. Food and Drug Administration (FDA) had accepted the 
supplemental Biologics License Application (sBLA) for its ranibizumab biosimilar candidate.
STADA achieved an important milestone in its Specialty and TechOps strategy with the FDA approval of Norbitec’s biologics 
facility in Uetersen, which will enable the company to launch an epoetin biosimilar for a partner in the USA.
In the current third quarter of 2023, STADA announced that it will further expand its European Consumer Healthcare port­folio 
by acquiring another range of well-established and leading local consumer healthcare brands from Sanofi in European countries 
including Belgium, Germany, Hungary, Spain, the United Kingdom and Nordic countries.2) The acquisition strengthens the 
position of the Group as a top-four player in Europe’s consumer healthcare market and supports its growth acceleration in 
line with its purpose of “Caring for People’s Health as a Trusted Partner”.

17
Interim Group Management Report of the Executive Board
Sustainability at STADA
The topic of sustainability plays an important role in the STADA Group. Sustainable and responsible corporate governance is 
demonstrated, among other things, by the fact that STADA is a member of the UN Global Compact and has a Sustainability 
Policy. In addition, the Group was able to improve its Sustainalytics rating in the “Medium Risk” category from 26.7 in the first 
half of 2022 to 21.6 in the first six months of 2023. This progress is a strong basis for the Group-wide Sustainability Report, 
which STADA will publish in the current third quarter of 2023.
The Group consistently aligns its activities with the four corporate values Agility, Entrepreneurship, Integrity and One STADA, 
thus allowing it to live up to its mission “Caring for People’s Health as a Trusted Partner”. STADA’s stated purpose to its cus-
tomers, partners and employees, however, is more extensive and also includes society as well as the environment. Because 
sustainable conduct as one of the most important requirements for all Group activities is firmly established, there are clearly 
defined goals and established processes in the Group that ensure, among other things, compliance with legal regulations. 
The Group has been making a significant contribution to society for more than 125 years by providing access to affordable 
medical care with its generics and specialty pharmaceuticals portfolio and thereby reducing the cost pressure that burdens 
health care systems. In addition, with its consumer healthcare portfolio, STADA contributes both to health care in general as 
well as to preventive health care.
The topic of diversity in every respect also plays an important role in the Group, because each employee contributes to STADA’s 
success story with his or her individual experience, personality, personal and professional background as well as with their 
skills.
Further information on the topic of sustainability can be found at www.stada.com/about-stada/sustainability.
In terms of equal opportunities for women and men, STADA believes that a balanced representation of both genders when 
filling positions is extremely important. The Executive Board considers, for example, the appropriate promotion of women in 
the context of succession planning for executives. Generally when it comes to filling management positions, however, profes-
sional and personal qualifications, and not gender, are at the forefront. As a result of the high number of qualified female 
employees, the share of women employed in the Group in management positions was around 54% in the first half of 2023. 
Women in management positions  
Share of women in the first six months of 2023 in percent (first six months of 2022) 
Upper management level
32% (31%)
Middle management level
53% (52%)
Lower management level
56% (56%)
Management levels, total
54% (53%)

18
Interim Group Management Report of the Executive Board
1) IQVIA World Pharmaceutical Market Forecast May 2022.
Report on expected development and associated material opportunities and risks
Based on a continuation of the growth strategy that has been successfully implemented in recent years, an expected positive 
development of the sales market for consumer healthcare, generics and special pharmaceuticals relevant for STADA and 
taking into account the premises outlined in the Annual Report 2022, the Executive Board expects the Group to achieve sales 
growth in the high single-digit to double-digit percentage range in financial year 2023, adjusted for special items and currency 
effects. This figure is above the relevant market growth rate1) after adjustment. For EBITDA, adjusted for special items and 
currency effects, the Executive Board also anticipates an increase in the high single-digit to double-digit percentage range, 
meaning that adjusted sales and adjusted EBITDA in the 2023 financial year have been updated compared with the outlook 
presented in the Annual Report 2022. 
	 Peter Goldschmidt	
Boris Döbler	
Miguel Pagan Fernandez	
Simone Berger

19
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Table of Contents 
Consolidated Income Statement 	
20
Consolidated Statement of Comprehensive Income 	
21
Consolidated Balance Sheet	
22
Consolidated Cash Flow Statement	
23
Consolidated Statement of Changes in Equity	
24
Notes	
26
STADA 
Interim Consolidated 
Financial Statements 
on the First Half of 2023 
(abridged)

20
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Consolidated Income Statement 
CONSOLIDATED INCOME STATEMENT 
Consolidated Income Statement  
in k €
H1/2023
H1/2022
Sales
 2,058,905 
 1,768,130 
Cost of sales
 1,033,054 
 916,195 
Gross profit from sales
 1,025,851 
 851,934 
Selling expenses
 443,322 
 404,051 
General and administrative expenses
 139,381 
 119,721 
Research and development expenses
 51,731 
 46,925 
Other income
 18,606 
 82,325 
Other expenses
 59,960 
 97,034 
Operating profit
 350,063 
 266,527 
Results from investments measured at equity
 34 
 -9
Investment income
—
—
Financial income
 2,395 
 2,572 
Financial expenses
 114,602 
 66,582 
Financial result
 -112,174
 -64,019
Earnings before taxes
 237,889 
 202,508 
Income taxes
 55,937 
 33,276 
Earnings after taxes
 181,952 
 169,233 
thereof
 distributable to shareholder of STADA Arzneimittel AG (net income)
 166,093 
 158,008 
 distributable to non-controlling interest
 15,859 
 11,225 
Transfer of profits to Nidda Healthcare GmbH
 87,109 
 107,534

21
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Consolidated Statement of Comprehensive Income 
CONSOLIDATED STATEMENT  
OF COMPREHENSIVE INCOME 
Consolidated Statement of Comprehensive Income  
in k €
H1/2023
H1/2022
Earnings after taxes
 181,952 
 169,233 
Items to be recycled in the income statement in future:
Currency translation gains and losses
 -102,254
 204,866 
   thereof
income taxes
 2,102 
 -895
Gains and losses on financial assets (FVOCI)
 -2
 -306
   thereof
income taxes
 -2
 -4
Items not to be recycled in the income statement in future:
Gains and losses on financial assets (FVOCI)
 -724
 -6,461
Revaluation of net debt from defined benefit plans
 158 
 3,766 
   thereof
income taxes
 -105
 -393
Other comprehensive income
 -102,822
 201,865 
Consolidated comprehensive income
 79,130 
 371,098 
thereof
distributable to shareholder of STADA Arzneimittel AG (net income)
 63,411 
 359,795 
distributable to non-controlling interest
 15,719 
 11,303

22
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET
Consolidated Balance Sheet in k €
June 30, 2023
Dec. 31, 2022
ASSETS
Non-current assets
 3,326,401 
 3,478,238 
Intangible assets
 2,688,767 
 2,851,567 
Property, plant and equipment
 563,844 
 550,264 
Financial assets
 11,839 
 13,240 
Investments measured at equity
 2,593 
 2,573 
Other financial assets
 423 
 429 
Other assets
 8,404 
 6,948 
Deferred tax assets
 50,532 
 53,218 
Current assets
 2,410,366 
 2,277,086 
Inventories
 1,128,886 
 965,361 
Trade accounts receivable 
 860,360 
 878,810 
Return assets
 1,404 
 978 
Income tax receivables
 37,267 
 21,359 
Other financial assets
 20,258 
 69,687 
Other assets
 86,278 
 82,258 
Cash and cash equivalents 
 268,191 
 258,633 
Non-current assets and disposal groups held for sale
 7,722 
—
Total assets
 5,736,766 
 5,755,324 
EQUITY AND LIABILITIES
Equity
 1,430,671 
 1,465,239 
Share capital
 162,090 
 162,090 
Capital reserve
 514,206 
 514,206 
Retained earnings including net income
 1,214,584 
 1,135,831 
Other reserves
 -520,817
 -418,366
Treasury shares
 -1,403
 -1,403
Equity attributable to shareholder of the parent company
 1,368,660 
 1,392,358 
Shares relating to non-controlling interest
 62,011 
 72,881 
Non-current borrowings
 2,876,958 
 2,911,305 
Other non-current provisions
 28,363 
 33,349 
Financial liabilities
 2,528,386 
 2,572,779 
Other financial liabilities 
 130,697 
 125,626 
Other liabilities 
 3,387 
 3,670 
Deferred tax liabilities
 186,124 
 175,881 
Current borrowings
 1,429,137 
 1,378,780 
Other provisions
 29,876 
 23,605 
Financial liabilities
 89,074 
 60,546 
Trade accounts payable
 729,709 
 689,348 
Contract liabilities
 1,454 
 4,534 
Income tax liabilities
 57,241 
 51,938 
Other financial liabilities
 357,163 
 354,962 
Other liabilities
 159,618 
 193,847 
Non-current liabilities and associated liabilities of disposal groups held for sale and disposal groups
 5,002 
—
Total equity and liabilities
 5,736,766 
 5,755,324

23
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT
Consolidated Cash Flow Statement in k €
H1/2023
H1/2022
Earnings after taxes
 181,952 
 169,233 
Depreciation and amortization net of write-ups of non-current assets
 136,975 
 183,646 
Income taxes
 55,937 
 33,276 
Income tax paid (netted)
-40,639 
-28,954 
Interest income and expenses
 112,207 
 64,010 
Interest and dividends received
 1,447 
 2,350 
Result from investments measured at equity
-34 
 9 
Result from the disposal of non-current assets
-696 
 9 
Additions to/reversals of other non-current provisions
 397 
-634 
Currency translation income and expenses
 25,409 
-67,187 
Other non-cash expenses and gains2)
 210,546 
 196,341 
Gross cash flow
 683,501 
 552,098 
Changes in inventories
-230,544 
-93,798 
Changes in trade accounts receivable
-13,153 
-22,269 
Changes in trade accounts payable
 15,112 
 38,280 
Changes in other net assets, unless attributable to investing or financing activities
-128,250 
-141,147 
Operating cash flow
 326,666 
 333,164 
Payments for investments in
intangible assets
-48,746 
-70,077 
property, plant and equipment
-45,698 
-27,474 
financial assets
—
-15 
business combinations in accordance with IFRS 3
-1,600 
-856 
business combinations in accordance with IFRS 3 (VAT)
 32 
 1,215 
Proceeds from the disposal of
intangible assets
 2,547 
 32 
property, plant and equipment
 380 
 723 
financial assets
—
—
shares in consolidated companies
—
—
non-current assets held for sale (IFRS 5)
—
—
Investing cash flow
-93,085 
-96,452 
Borrowing of funds
 72,040 
 90,398 
Settlement of financial liabilities
-58,209 
-304,705 
Settlement of finance lease liabilities
-15,334 
-13,488 
Interest paid
-95,027 
-67,885 
Dividend distribution and profit transfer
-110,772 
-142,960 
Changes in non-controlling interests
—
-14,690 
Financing cash flow
-207,303 
-453,329 
Changes in cash and cash equivalents
 26,278 
-216,618 
Changes in cash and cash equivalents due to the scope of consolidation
 -3,278
—
Changes in cash and cash equivalents due to exchange rates
-13,443 
 27,494 
Net change in cash and cash equivalents
 9,558 
-189,124 
Balance at beginning of the period
 258,633 
 526,482 
Balance at end of the period
 268,191 
 337,358

24
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Consolidated Statement of Changes in Equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Consolidated Statement of Changes in Equity 
in k €
2023
Number 
of shares
Share  
capital
Capital  
reserve
Retained  
earnings  
including 
net income 
Balance as of June 30, 2023
 62,342,440 
 162,090 
 514,206 
 1,214,584 
Profit transfer to Nidda Healthcare GmbH
—
—
—
 -87,109
Dividend distribution
—
—
—
—
Change in treasury shares
—
—
—
—
Changes in retained earnings
—
—
—
—
Changes in non-controlling interests
—
—
—
—
Changes in the scope of consolidation
—
—
—
—
Other comprehensive income
—
—
—
 -230
Net income
—
—
—
 166,093 
Balance as of Jan. 1, 2023
 62,342,440 
 162,090 
 514,206 
 1,135,831 
Previous year
Balance as of June 30, 2022
 62,342,440 
 162,090 
 514,206 
 960,573 
Profit transfer to Nidda Healthcare GmbH
—
—
—
 -107,534
Dividend distribution
—
—
—
—
Change in treasury shares
—
—
—
—
Changes in retained earnings
—
—
—
—
Changes in non-controlling interests
—
—
—
—
Changes in the scope of consolidation
—
—
—
—
Other comprehensive income
—
—
—
 4,062 
Net income
—
—
—
 158,008 
Balance as of Jan. 1, 2022
 62,342,440 
 162,090 
 514,206 
 906,037

25
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Consolidated Statement of Changes in Equity
Currency  
translation  
reserve
FVOCI 
reserve
Treasury  
shares
Equity  
attributable to 
shareholder of  
the parent
Shares  
held by  
non-controlling 
interest
Group  
equity
 -527,112
 6,295 
 -1,403
 1,368,660 
 62,011 
 1,430,671 
—
—
—
 -87,109
—
 -87,109
—
—
—
—
 -26,588
 -26,588
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
 -101,726
 -726
—
 -102,682
 -140
 -102,822
—
—
—
 166,093 
 15,859 
 181,952 
 -425,387
 7,021 
 -1,403
 1,392,358 
 72,881 
 1,465,239 
 -250,520
 3,576 
 -1,403
 1,388,522 
 66,447 
 1,454,969 
—
—
—
 -107,534
—
 -107,534
—
—
—
—
 -24,139
 -24,139
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
 204,492 
 -6,767
—
 201,787 
 78 
 201,865 
—
—
—
 158,008 
 11,225 
 169,233 
 -455,012
 10,343 
 -1,403
 1,136,261 
 79,283 
 1,215,544

26
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
NOTES
1. General
1.1. Basis for presentation
The Consolidated Interim Management Report has been prepared in accordance with the applicable WpHG regulations. The 
interim consolidated financial statements and accompanying condensed notes, as of June 30, 2023, are prepared in accordance 
with the International Accounting Standard (IAS) 34. These have not been reviewed by an auditor nor have they been audited 
in accordance with Section 317 HGB. The primary financial statements are presented in the format consistent with the con-
solidated financial statements as of December 31, 2022. In accordance with the provisions of IAS 34, a condensed reporting 
scope has been selected as compared with the Consolidated Financial Statements as of December 31, 2022.
The interim consolidated financial statements have been prepared in accordance with the Standards and interpretations in 
effect on the reporting date, and endorsed in the EU, as issued by the International Accounting Standards Board (IASB) and 
the IFRS Interpretations Committee (IFRS IC), for financial periods starting as of January 1, 2023. 
The accounting policies used to prepare the interim consolidated financial statements are consistent with those of the previ-
ous financial year and corresponding interim reporting period, except for the change described in Note 1.3. and the adoption 
of new and amended standards as set out in Note 1.2.
1.2. New and amended standards adopted by STADA
For the first half of 2023, there were no recently implemented accounting pronouncements that had a material effect on 
STADA’s consolidated financial statements.
Impact of standards issued but not yet applied by STADA
There are no other IFRS standards or interpretations not yet effective that would be expected to have a material impact on 
the consolidated financial statements.
1.3. Scope of consolidation
The Consolidated Interim Financial Statements have been prepared for STADA Arzneimittel AG as parent company. 
In the first six months of 2023, the following changes in STADA’s scope of consolidation occurred:
There was a merger of the five Czech subsidiaries Proenzi s.r.o., DH-norm s.r.o., Idelyn s.r.o., VALOSUN a.s. as well as Wavita 
EU s.r.o. into Walmark a.s. effective January 1, 2023.
First-time consolidation of the subsidiary STADA Kyrgyzstan LLC as of March 31, 2023. The new founding of this company 
occurred already in December 2022.
In addition, the first-time consolidations of the Azerbaijani subsidiary STADA Azerbaijan LLC as of May 31, 2023 and the 
Georgian subsidiary STADA Georgia LLC as of June 30, 2023 took place. The founding of these entities under commercial law 
occurred already in January 2023.
As of the balance sheet date June 30, 2023, a total of 88 companies were included in STADA’s Consolidated Interim Financial 
Statements as subsidiaries (December 31, 2022: 90 companies) and four companies were included as associates (December 
31, 2022: four companies).

27
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
1.4. Business combinations
In the first half of 2023, there were no material business combinations in accordance with IFRS 3.
2. Notes to the Consolidated Income Statement
2.1. Sales
Reported Group sales increased by 16% to € 2,058.9 million in the first half of 2023 (1-6/2022: € 1,768.1 million). Group 
sales adjusted for special items and currency effects increased by 16% to € 2,058.9 million (1-6/2022: € 1,779.3 million). The 
positive development covered all three segments and a large number of countries including Germany, France, the United 
Kingdom, Italy, Ireland, the Netherlands, Switzerland, Serbia and Spain.
2.2. Cost of sales and gross profit
Cost of sales increased to € 1,033.1 million in the reporting period (1-6/2022: € 916.2 million). Gross profit increased by 20% 
to € 1,025.9 million (1-6/2022: € 851.9 million). The gross margin increased to 49.8% (1-6/2022: 48.2%). This increase was 
due, among other things, to cost optimization measures and efficiency improvements throughout the entire value chain, as 
well as on a change in the country and product mix. In addition, price adjustments helped to ensure that inflationary impacts 
on the international procurement markets did not have a significant negative impact on gross margin in the first six months 
of 2023. 
2.3. Selling expenses
Selling expenses increased to € 443.3 million in the first half of 2023 (1-6/2022: € 404.1 million). The disproportionately low 
increase compared to sales growth resulted in particular from targeted investments to expand the product portfolio in all 
segments and to increase market share in the existing portfolio.
2.4. Administration costs
General and administrative expenses increased by 16% to € 139.4 million in the first six months of the current financial year 
(1-6/2022: € 119.7 million) and in line with the rate of increase in sales. The increase was due, among other things, to higher 
rental, travel and insurance costs. The administrative expense ratio thus remained unchanged at 6.8%.
2.5. Research and development expenses
Research and development costs increased in the first six months of the current financial year to € 51.7 million (1-6/2022: 
€ 46.9 million).
2.6. Other income
Other income fell by 77% to € 18.6 million in the reporting period (1-6/2022: € 82.3 million). This development was mainly 
due to exchange rate effects. Whereas exchange rate gains of € 67.2 million were included in other income in the correspond-
ing prior-year period, there was a net exchange rate expense in the reporting period, which is included in other expenses. 
Furthermore, other income in the corresponding prior-year period included write-ups of intangible assets amounting to 
€ 7.5 million. The write-ups on positive future prospects in Russia for the respective products related to five approvals in the 
Specialty segment (€ 6.8 million) and one approval in Consumer Healthcare (€ 0.7 million).

28
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
2.7. Other expenses
Other expenses fell by 38% to € 60.0 million in the first half of 2023 (1-6/2022: € 97.0 million). The decrease was mainly due 
to lower impairment losses of € 14.6 million (1-6/2022: € 73.8 million). In the first half of 2023, impairment losses of € 8.8 mil-
lion mainly resulted from the repositioning of the sales activities of a development project in the Specialty area, which led to 
it being fully impaired. Impairment losses in the first six months of 2022 related to various pharmaceutical approvals and 
property rights as well as to property, plant and equipment. These were primarily attributable to five approvals for Specialty 
products (€ 22.7 million), seven approvals in Consumer Healthcare (€ 13.6 million) and one approval in Generics (€ 6.1 million). 
This was due to a mix of increased interest rates and a more uncertain future outlook for these products in the Russian market, 
which were detailed as part of the scenario analyses. Additionally, there were impairment losses for intangible assets and 
tangible assets in Ukraine due to the increase of country market risk premium which led to a significant increase in the weighted 
average cost of capital (WACC) determined for the country. As a consequence, an impairment for three approvals for ­Consumer 
Healthcare products (€ 5.9 million) and for all tangible assets such as machines and equipment (€ 17.3 million) was recognized. 
Other expenses also included exchange rate expenses of € 25.4 million, whereas exchange rate income was reported under 
other income in the corresponding prior-year period.
2.8. Financial income
Financial income decreased slightly to € 2.4 million in the first half of 2023 (1-6/2022: € 2.6 million). 
2.9. Financial expenses
Financial expenses increased to € 114.6 million in the first six months of the current financial year (1-6/2022: € 66.6 million).
2.10. Income tax expenses
Income tax expenses recorded an increase to € 55.9 million in the reporting period (1-6/2022: € 33.3 million). The reported 
tax rate was 23.5% (1-6/2022: 16.4%).  
3. Notes to the Consolidated Balance Sheet
3.1. Intangible assets
Intangible assets amounted to € 2,688.8 million as of June 30, 2023 (December 31, 2022: € 2,851.6 million). As of this report-
ing date, intangible assets included € 435.8 million in goodwill (December 31, 2022: € 440.5 million). The decrease was based 
in particular on currency effects as well as scheduled amortization. Impairment losses in the amount of € 14.3 million were 
also recognized. In the first half of 2023, the impairment losses of € 8.8 million mainly resulted from the repositioning of the 
sales activities of a development project in the Specialty area, which led to it being fully impaired. 
STADA also capitalized development expenses for new products in the amount € 16.9 million (1-6/2022: € 15.2 million). 
3.2. Property, plant and equipment
Property, plant and equipment increased to € 563.8 million as of the balance sheet date (December 31, 2022: € 550.3 million). 
The increase resulted mainly from investments in Romania and Serbia.

29
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
STADA continuously invests in the Group’s own production facilities and test laboratories. In the first half of 2023, investments 
in the amount of € 39.1 million were made for the expansion and modernization of production sites, manufacturing facilities 
as well as test laboratories (maintenance capex) (1-6/2022: € 15.5 million). This includes € 16.4 million for a new supply chain 
and packaging site in Turda, Romania. Since the start of the project, STADA has invested approximately € 31 million in the 
expansion of this new Romanian site.
3.3. Financial assets
Financial assets were at € 11.8 million as of June 30, 2023 (December 31, 2022: € 13.2 million). 
3.4. Investments measured at equity
Investments measured at equity amounted to € 2.6 million as of the balance sheet date (December 31, 2022: € 2.6 million). 
3.5. Inventories
Inventories showed an increase to € 1,128.9 million as of June 30, 2023 (December 31, 2022: € 965.4 million). This increase 
was due in particular to the strong growth in sales and to the rise in contingency stock especially active ingredients and raw 
materials such as packaging materials in order to be able to guarantee supply capability also in the future.
3.6. Trade accounts receivable
Trade accounts receivable decreased to € 860.4 million as of the balance sheet date (December 31, 2022: € 878.8 million), 
despite the significant increase in business volume. This development resulted from a change in the country mix and the 
depreciation of the Russian ruble.
3.7. Income tax receivables
Income tax receivables increased to € 37.3 million as of June 30, 2023 (December 31, 2022: € 21.4 million). 
3.8. Other financial assets
Other financial assets decreased to a total of € 20.7 million as of the balance sheet date (December 31, 2022: € 70.1 million). 
This decrease was mainly due to lower receivables from settlements with Nidda companies.
3.9. Non-current assets and disposal groups held for sale
The non-current assets held for sale amounting to € 7.7 million and associated liabilities in the amount of € 5.0 million related 
to the consolidated UK subsidiary Nextgen360 Ltd. as of the balance sheet date, for which a sale is intended in the third ­quarter 
of the current financial year.

30
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
The non-current assets and disposal groups held for sale and the associated liabilities comprise the following balance sheet 
items as of June 30, 2023:
in k €
June 30, 2023
Dec. 31, 2022
Intangible assets
 206 
—
Tangible assets
 930 
—
Inventories
 1,594 
—
Trade receivables
 1,044 
—
Other assets
 670 
—
Cash and cash equivalents
 3,278 
—
Total assets held for sale
 7,722 
—
Trade payables
 650 
—
Income tax liabilities
 1,722 
—
Other current liabilities
 2,630 
—
Total liabilities associated with assets held for sale
 5,002 
—
3.10. Retained earnings and other reserves
Retained earnings including net income comprise net income for the first half of 2023 as well as the earnings achieved  
in previous periods, provided these were not distributed, including the amounts transferred to retained earnings. In addition, 
revaluations of net debt from defined benefit plans that were recognized through other comprehensive income are reported 
under this item, taking deferred taxes into account.
Other reserves include results recognized directly in equity. This relates, among other things, to foreign exchange gains and 
losses resulting from currency translation with no effect on income of financial statements of companies included in the Group, 
which are reported in the statement of changes in equity under the currency translation reserve. The decrease in other reserves 
reported as of June 30, 2023 was mainly due to the depreciation of the Russian ruble since December 31, 2022 and the result-
ing expenses not recognized in profit or loss from the currency translation of the companies reporting in this currency.
3.11. Financial liabilities
As of the balance sheet date, the Group’s current and non-current financial liabilities of € 89.1 million and € 2,528.4 million 
respectively (December 31, 2022: € 60.5 million and € 2,572.8 million respectively) included in particular shareholder loans 
of € 2,313.8 million (December 31, 2022: € 2,301.8 million) as well as promissory note loans with a nominal value of € 0.0 mil-
lion (December 31, 2022: € 7.0 million). 
3.12. Trade accounts payable
Trade accounts payable rose to € 729.7 million as of June 30, 2023 (December 31, 2022: € 689.3 million). The increase was 
mainly due to reporting date effects and the build-up of inventories.
3.13. Deferred tax liabilities
Deferred tax liabilities increased to € 186.1 million as of the balance sheet date (December 31, 2022: € 175.9 million).

31
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
3.14. Other financial liabilities
Other financial liabilities rose to a total of € 487.9 million as of June 30, 2023 (December 31, 2021: € 480.6 million). 
3.15. Other liabilities
Other liabilities fell to € 163.0 million as of the balance sheet date (December 31, 2022: € 197.5 million). 
4. Notes to the Consolidated Cash Flow Statement
4.1. Operating cash flow
Operating cash flow, which consists of changes in items not covered by capital expenditure, financing, changes in exchange 
rates from the conversion of foreign financial statements or transactions in foreign currencies or through changes in the scope 
of consolidation and measurement, amounted to € 326.7 million in the reporting period (1-6/2022: € 333.2 million). This 
development was mainly due to a significantly higher cash-effective increase in working capital, especially inventories. There 
were also higher payments for health insurance rebates in Germany. The significant increase in EBITDA adjusted for major 
non-cash effects, and thus in gross cash flow, largely offset these effects, however.
4.2. Investing cash flow
Investing cash flow, which comprises cash outflows for investments less cash inflows from disposals, amounted to € -93.1 mil-
lion in the first six months of the current financial year (1-6/2022: € -96.5 million). Investing cash flow was mainly influenced 
by investments in intangible assets as well as property, plant and equipment. For acquisitions, including business combinations 
in accordance with IFRS 3 (including sales tax) in previous years and significant investments in ­intangible assets for the 
­expansion of the product portfolio, a total of € 30.1 million was spent in the reporting period (1-6/2022: € 51.1 million). The 
investments in property, plant and equipment related, among other things, to the supply chain and packaging location in 
Romania.
4.3. Financing cash flow
Financing cash flow amounted to € -207.3 million in the reporting period (1-6/2022: € -453.3 million) and was characterized 
in particular by the scheduled repayment of the bond as well as the payment of the liabilities existing for financial year 2022 
under the domination and profit and loss transfer agreement with Nidda Healthcare GmbH as well as by interest payments. 
Compared to the corresponding period of the previous year, lower payments from the repayment of financial liabilities were 
recorded, which included the scheduled repayment of promissory note loans of STADA Arzneimittel AG in the amount of 
€ 7.0 million in the first half of 2023. 
4.4. Net cash flow of the current period
Cash flow for the current period net of all inflows and outflows from operating cash flow, investing cash flow and financing 
cash flow as well as changes in cash and cash equivalents due to exchange rates and/or the scope of consolidation amounted 
to € 9.6 million in the first six months of 2023 (1-6/2022: € -189.1 million).

32
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
5. Segment reporting
5.1. General information 
The measurement approaches for segment reporting are in accordance with the financial reporting methods used in the  
IFRS Consolidated Financial Statements. Services between the segments are charged based on market prices. 
The reported segment result corresponds to the operating profit of the STADA Group’s income statement in accordance with 
IFRS. Reporting on the respective non-current assets per segment and the segment liabilities is waived, as this information is 
not used for the management of the Group.
 
5.2. Information by operating segment
in k €
H1/2023
H1/2022
Consumer Healthcare
External sales
 870,597 
 729,168 
FX adjustment1)
—
 1,874 
Sales adjusted for special items and currency effects
 870,597 
 731,042 
Operating profit
 196,568 
 96,104 
Depreciation/amortization
 57,690 
 58,170 
Impairment losses
 466 
 36,337 
Reversals
—
 684 
EBITDA
 254,740 
 189,925 
Special items within EBITDA
 -3,566
 -18
thereof:
effects from purchase price allocation including product acquisitions2)
 -3,566
—
effects from deconsolidations
—
—
exchange rate expenses
—
—
expenses for damages
—
 -18
other
—
—
FX adjustment3)
—
 334 
EBITDA adjusted for special items and currency effects
 251,174 
 190,241 
Other significant non-cash expenses (+)/income (-) within the operating result
 14,746 
 18,114 
1) Adjustments for currency effects are shown exclusively as an adjustment of the prior-year 
period. The currency adjustment for the first half of 2022 was made using the exchange rates 
of the reporting period.
2) Relates to additional depreciation, amortization and other measurement effects due to 
purchase price allocations and significant product acquisitions.
3) The currency adjustments for the first half of 2022 were carried out using the exchange 
rates of the reporting period. In addition, the realized and unrealized exchange rate effects 
were included in operating profit in both the reporting period and the corresponding prior-year 
period.

33
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
1) Adjustments for currency effects are shown exclusively as an adjustment of the prior-year 
period. The currency adjustment for the first half of 2022 was made using the exchange rates 
of the reporting period.
2) Relates to additional depreciation, amortization and other measurement effects due to 
purchase price allocations and significant product acquisitions.
3) The currency adjustments for the first half of 2022 were carried out using the exchange 
rates of the reporting period. In addition, the realized and unrealized exchange rate effects 
were included in operating profit in both the reporting period and the corresponding prior-year 
period.
in k €
H1/2023
H1/2022
Generics
External sales
 756,188 
 697,113 
FX adjustment1)
—
 2,899 
Sales adjusted for special items and currency effects
 756,188 
 700,012 
Operating profit
 162,858 
 142,088 
Depreciation/amortization
 25,212 
 18,991 
Impairment losses
 3,492 
 10,045 
Reversals
—
 20 
EBITDA
 191,587 
 171,099 
Special items within EBITDA
—
—
thereof:
effects from purchase price allocation including product acquisitions2)
—
—
effects from deconsolidations
—
—
exchange rate expenses
—
—
expenses for damages
—
—
other
—
—
FX adjustment3)
—
 570 
EBITDA adjusted for special items and currency effects
 191,587 
 171,669 
Other significant non-cash expenses (+)/income (-) within the operating result
 155,919 
 138,910 
Specialty
External sales
 432,120 
 341,849 
FX adjustment1)
—
 6,384 
Sales adjusted for special items and currency effects
 432,120 
 348,233 
Operating profit
 98,377 
 38,387 
Depreciation/amortization
 29,935 
 28,030 
Impairment losses
 10,633 
 27,924 
Reversals
—
 6,814 
EBITDA
 138,939 
 87,525 
Special items within EBITDA
 1,375 
—
thereof:
effects from purchase price allocation including product acquisitions2)
—
—
effects from deconsolidations
—
—
exchange rate expenses
—
—
expenses for damages
—
—
other
 1,375 
—
FX adjustment3)
—
 2,241 
EBITDA adjusted for special items and currency effects
 140,314 
 89,766 
Other significant non-cash expenses (+)/income (-) within the operating result
 24,566 
 24,034

34
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
in k €
H1/2023
H1/2022
Reconciliation Group holdings/other and consolidation
External sales
—
—
FX adjustment1)
—
—
Sales adjusted for special items and currency effects
—
—
Operating profit
 -107,740
 -10,052
Depreciation/amortization
 9,546 
 12,135 
Impairment losses
 18 
 -469
Reversals
 17 
—
EBITDA
 -98,195
 1,615 
Special items within EBITDA
 18,006 
 -57,085
thereof:
effects from purchase price allocation including product acquisitions2)
 -1,626
 4,160 
effects from deconsolidations
—
—
exchange rate expenses
 19,632 
 -61,245
expenses for damages
—
—
other
—
—
FX adjustment3)
 5,777 
 -6,270
EBITDA adjusted for special items and currency effects
 -74,412
 -61,740
Other significant non-cash expenses (+)/income (-) within the operating result
 23,783 
 -63,628
Group
External sales
 2,058,905 
 1,768,130 
FX adjustment1)
—
 11,157 
Sales adjusted for special items and currency effects
 2,058,905 
 1,779,287 
Operating profit
 350,063 
 266,527 
Depreciation/amortization
 122,383 
 117,326 
Impairment losses
 14,609 
 73,837 
Reversals
 17 
 7,518 
EBITDA
 487,071 
 450,164 
Special items within EBITDA
 15,815 
 -57,103
thereof:
effects from purchase price allocation including product acquisitions2)
 -5,192
 4,160 
effects from deconsolidations
—
—
exchange rate expenses
 19,632 
 -61,245
expenses for damages
—
 -18
other
 1,375 
—
FX adjustment3)
 5,777 
 -3,125
EBITDA adjusted for special items and currency effects
 508,663 
 389,936 
Other significant non-cash expenses (+)/income (-) within the operating result
 219,014 
 117,430 
1) Adjustments for currency effects are shown exclusively as an adjustment of the prior-year 
period. The currency adjustment for the first half of 2022 was made using the exchange rates 
of the reporting period.
2) Relates to additional depreciation, amortization and other measurement effects due to 
purchase price allocations and significant product acquisitions.
3) The currency adjustments for the first half of 2022 were carried out using the exchange 
rates of the reporting period. In addition, the realized and unrealized exchange rate effects 
were included in operating profit in both the reporting period and the corresponding prior-year 
period.

35
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
1) Relates to additional depreciation and amortization and other valuation effects due to 
purchase price allocations and significant product acquisitions. 
5.3. Reconciliation of segment results to net profit
in k €
H1/2023
H1/2022
Adjusted EBITDA for product divisions1)
 583,075 
 448,531 
Special items within EBITDA1)
 -2,191
 -18
Reconciliation Group holdings/other and consolidation
 -98,195
 1,615 
Depreciation, amortization, impairment losses and reversals
 136,975 
 183,645 
Financial income
 2,395 
 2,572 
Financial expenses
 114,602 
 66,582 
Earnings before taxes, Group
 237,889 
 202,509 
6. Disclosures on fair value measurements and financial instruments
The chart below shows how the valuation rates of financial instruments measured at fair value were determined for the respec- 
tive valuation categories of financial instruments:
Fair values by levels of hierarchy 
on a recurring basis  
in k € 
Level 1
Level 2
Level 3
Listed prices in  
active markets
Valuation methods with  
input parameters 
observable in the market
Valuation methods with  
input parameters not  
observable in the market
June 30, 
2023
June 30, 
2022
June 30, 
2023
June 30, 
2022
June 30, 
2023
June 30, 
2022
Financial assets (FVOCI)
Financial assets
 10,273 
 8,946 
—
—
—
—
Factorable receivables
—
—
 27,691 
 48,043 
—
—
Financial assets (FVPL)
Currency forwards
—
—
—
—
—
—
Derivative financial assets  
with a hedging relationship
Fair value hedges
—
—
 147 
 458 
—
—
Financial liabilities (FVPL)
Currency forwards
—
—
—
 1 
—
—
Interest/currency swaps
—
—
—
—
—
—
Derivative financial liabilities  
with a hedging relationship
Fair value hedges
—
—
 1,206 
 1,244 
—
—
Financial assets recognized at fair value through other comprehensive income (FVOCI) include factorable receivables. These 
financial assets, which are included in trade accounts receivable, are recognized at fair value through other comprehensive 
income and are therefore included in the table above. Changes in the fair value of these receivables – which differs from the 
measurement at amortized cost to only a minor extent – are recognized through other comprehensive income in the FVOCI 
reserve. This category also includes the shares in the Swedish company Xbrane. Because the company’s shares are traded on 
the stock exchange, they have been classified in Stage 1.

36
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
In the context of the preparation of the financial statements, STADA reviews the allocation to the respective hierarchy levels 
on the basis of information available on the determination of the fair values. If a need for reclassification is determined, the 
reclassification is carried out as of the beginning of the reporting period. 
The fair values are analyzed in the context of the preparation of the financial statements. For this purpose, market comparisons 
and change analyses are carried out. 
Derivative financial assets (FVPL) and derivative financial liabilities (FVPL) include positive or negative market values of 
­derivative financial instruments (currency forwards and currency swaps) not part of a hedging relationship. The fair values of 
currency forwards are determined using financial mathematics based on current market data provided by a reputable infor-
mation service, such as spot exchange rates or swap rates, in one system according to standardized procedures. 
STADA designates forward exchange contracts as fair value hedges, which are concluded to hedge the currency risk of inter-
company loans. The changes in value of the underlying transaction which result from changes to the respective currency 
exchange rates are offset by the changes in value of the currency forwards. The objective of fair value hedges is to hedge 
against the currency risk of these intercompany loans. Credit risks are not part of this hedging. The effectiveness of the ­hedging 
relationship is reviewed both prospectively and retrospectively on each closing date. As of the closing date, all designated 
hedging relationships were sufficiently effective.
The following disclosures are made for financial assets and liabilities whose fair value differs from the carrying amount as of 
June 30, 2023: 
 
in k €
Carrying amount 
June 30, 2023
Fair value  
June 30, 2023
Carrying amount 
June 30, 2022
Fair value  
June 30, 2022
Liabilities to banks
281,454 
315,161 
 415,922 
 426,728 
Liabilities to shareholders
 2,313,774 
 2,384,886 
 2,523,660 
 2,539,176 
Promissory note loans
—
—
 6,997 
 7,062 
Bonds
—
—
—
—
Financial liabilities
2,595,228
2,700,047 
 2,946,579 
 2,972,966 
As in the previous year, the financial liabilities presented in the table are assigned to the measurement category “liabilities 
measured at amortized cost” (AC) in accordance with IFRS 9.
For all other financial assets and liabilities not presented in the table above, the carrying amounts – approximately or based 
on valuation methods taking the listed prices on active markets or observable input parameters in the market as a basis – 
correspond to the respective fair values of the individual assets and liabilities.
7. Contingent liabilities and other financial obligations
Contingent liabilities describe possible obligations to third parties arising from past events that may lead to outflows of 
resources in the future depending on specific events. As of the balance sheet date, these contingent liabilities were considered 
not probable and are therefore not accounted for. 
Compared with contingent liabilities of € 24.0 million at the end of 2022, significant potential obligations increased  
by € 66.3 million in the first six months of 2023 to € 90.3 million as of June 30, 2023. This development was mainly due to 
additional potential obligations from patent risks for active pharmaceutical ingredients and legal disputes.

37
STADA Interim Consolidated Financial Statements on the First Half of 2023   |   Notes 
In addition to the contingent liabilities, there are also other future financial obligations which are composed of the following:
in k €
June 30, 2023
Dec. 31, 2022
Obligations from leases
 31,883 
 44,265 
Other financial obligations
 110,046 
 120,143 
Total
 141,929 
 164,407 
The information on future obligations from leases includes obligations from short-term leases, leases of low-value assets and 
leases that do not meet the recognition criteria of an asset under IFRS 16.
Other financial obligations include long-term obligations for logistics and accounting services.
In addition, contingent liabilities and further guarantees assumed by the STADA Group are included in other financial 
­obligations.
8. Related party transactions
In the scope of the ordinary course of business STADA Arzneimittel AG and/or its consolidated companies have entered into 
related party transactions. In accordance with IAS 24, “Related Parties” refers to directly or indirectly controlled subsidiaries 
that are not consolidated due to lack of material significance, associates and joint ventures as well as persons in key positions 
and their close relatives. In principle, all trades were settled with related companies and natural persons at market-rate 
­conditions.
There were no significant changes in the first half of 2023 compared with the related party transactions made in the Annual 
Report 2022.
As in the previous year, as of June 30, 2023, there were no outstanding liabilities to members of the Executive Board and key 
management in office in financial year 2023 arising from severance payments. There were outstanding liabilities to these 
parties from bonuses amounting to € 1.7 million (December 31, 2022: € 2.6 million). As in the previous year, there were no 
outstanding liabilities to former Executive Board members for severance payments or bonuses.
9. Significant events after the closing date
In the current third quarter of 2023, STADA announced that it will further expand its European Consumer Healthcare port­folio 
by acquiring another range of well-established and leading local consumer healthcare brands from Sanofi in European countries, 
including Belgium, Germany, Hungary, Spain, the United Kingdom and Nordic countries.1) The acquisition strengthens the 
position of the Group as a top-four player in Europe’s consumer healthcare market and supports its growth acceleration in 
line with its purpose of “Caring for People’s Health as a Trusted Partner”.
1) See press release of July 12, 2023.

38
Further Information   |   Table of Contents 
Responsibility Statement 	
39
Publishing Information	
40
Further 
Information

39
Further Information   |   Responsibility Statement 
RESPONSIBILITY STATEMENT 
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the 
Interim Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position and profit or 
loss of the Group, and the interim management report of the Group includes a fair review of the development and performance 
of the business and the position of the Group, together with a description of the principal opportunities and risks associated 
with the expected development of the Group for the rest of the financial year.
Bad Vilbel, August 15, 2023
	 Peter Goldschmidt	
Boris Döbler	
Miguel Pagan Fernandez	
Simone Berger

40
Further Information   |   Publishing Information
1) Employee representative.
PUBLISHING INFORMATION
Publisher: STADA Arzneimittel AG, Stadastraße 2–18, 61118 Bad Vilbel, Germany, Phone: 06101/603-0, Fax: 06101/603-259, E-mail: info@stada.de 
Website: www.stada.com/de or www.stada.com
Executive Board: Peter Goldschmidt (Chairman), Boris Döbler, Miguel Pagan Fernandez, Simone Berger
Supervisory Board: Dr. Günter von Au (Chairman), Markus Damm1) (Deputy Chairman), Tim Philipp Baltin, Dr. Eric Cornut, Benjamin Kunstler,  
Dr. Klaus Scheja1), Bruno Schick, Dr. Michael Siefke, Jens Steegers1)
Forward-looking statements: This Interim Report of STADA Arzneimittel AG (hereinafter referred to as “STADA”) contains certain statements 
regarding future events that are based on current expectations, estimates and forecasts of STADA’s company management and on other information 
which is currently available. They imply various known and unknown risks and uncertainties, which may result in actual earnings, the net assets, 
financial position and results of operations, growth or performance being materially different from the estimates expressed or implied in the forward-­
looking statements. Statements with respect to the future are characterized by the use of words such as “expect”, “intend”, “plan”, “anticipate”, 
“believe”, “estimate” and similar terms. Where necessary, STADA will also make forward-looking statements in other reports, presentations, docu-
ments sent to shareholders, and press releases. Moreover, from time to time our representatives may make verbal forward-looking statements. 
STADA is of the opinion that the expectations reflected in forward-looking statements are appropriate; however, it cannot guarantee that these 
expectations will actually materialize. Risk factors include in particular: The influence of regulation of the pharmaceutical industry; the difficulty in 
making predictions concerning approvals by the regulatory authorities and other supervisory agencies; the regulatory environment and changes in 
the healthcare policy and in the healthcare systems of various countries; acceptance of and demand for new drugs and new therapies; the results 
of clinical studies; the influence of competitive products and prices; the availability and costs of the active ingredients used in the production of 
pharmaceutical products; uncertainty concerning market acceptance when innovative products are introduced, presently being sold or under 
development; the effect of changes in the customer structure; dependence on strategic alliances; exchange rate and interest rate fluctuations, 
operating results, as well as other factors detailed in the annual reports and in other Company statements. STADA does not assume any obligation 
to update these forward-looking statements.
Supplementary information on Sustainalytics ESG Risk Rating Score (key figures and information in this interim report): This disclosure 
contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its 
third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or 
project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to 
conditions available at https://www.sustainalytics.com/legal-disclaimers.
Rounding: The key performance indicators presented in this interim report are generally stated in euro millions, while in the interim financial 
statements presented at the end of this report the same figures are generally stated more precisely in euro thousands. Differences between ­individual 
values may result from rounding and are naturally not of a significant nature.
This Interim Report is published in German (original version) and English (non-binding translation) and is solely subject to German law. 
Contact: STADA Arzneimittel AG · Investor & Creditor Relations · Phone: 06101/603-4689 • Fax: 06101/603-3721 · E-mail: ir@stada.de
Design and realization: wagneralliance Kommunikation GmbH, Offenbach am Main, Germany, in connection with ns.publish
Photos: AdobeStock, Dublin, Ireland; STADA
STADA on the internet: www.stada.com/de (German) and www.stada.com (English)

www.stada.com/de 
www.stada.com