Shares of Siegfried, a Swiss drug manufacturer, fell 8.1% to 973.00 Swiss francs in European morning trade on Tuesday.

The company said that it generated 1.29 billion Swiss francs ($1.43 billion) in full-year sales, a slight increase from 1.27 billion francs the previous year.

However, these figures fell short of analysts’ expectations, who had predicted full-year sales to reach 1.30 billion francs, based on a consensus poll conducted by Vara.

Siegfried’s core earnings before interest, taxes, depreciation, and amortization (EBITDA), a significant measure of the company’s profitability, grew by 4.5% to 285.6 million francs. This result was also slightly below the consensus expectations of 286 million francs.

Looking ahead to 2025, Siegfried anticipates its sales to grow in the mid-single-digit percentage range in local currencies, with a core EBITDA margin above 22%. This outlook is more cautious than what analysts had initially forecasted.

Despite the lower-than-expected results, the company confirmed its midterm outlook.