Vistin Pharma

What Vistin Pharma does

Vistin Pharma ASA is a publicly listed Norwegian pharmaceutical manufacturer founded in 2015 and headquartered in Oslo, with its sole dedicated production facility at Fikkjebakke in Kragerø, Norway. The company produces Metformin Hydrochloride in two forms: the active pharmaceutical ingredient (API) and a Direct Compressible (DC) grade (92.6% standard, 95% on request) used by downstream tablet manufacturers. A third product line offers a Premix formulation combining Metformin with magnesium stearate lubricant. Manufacturing runs on dedicated production lines under cGMP, has been inspected by the US FDA and the Norwegian Medicines Agency, and benefits from a Letter of Authorization to the US Drug Master File. The company has invested €14M (€10M second line + €4M facility upgrades) to double capacity to over 7,000 MT/year, supplying an estimated 10% of global Metformin demand.

The company's technical differentiation centers on documented quality: across more than 600 analyzed batches, Vistin's Metformin HCl shows no detectable nitrosamine contamination and very low residual DMA (Impurity F) levels, both of which became critical purchasing criteria following regulatory scrutiny of generic Metformin in 2019-2020. Vistin operates as a B2B supplier with a direct sales motion to leading European and international pharmaceutical manufacturers, distributing products in 25 kg drums or 400/800 kg Big Bags with 800 kg batch sizes and a two-year shelf life.

Revenue is generated through volume-based one-time sales contracts with pharmaceutical manufacturers, with FY2025 revenue of MNOK 452 (up from MNOK 430 in 2024) and EBITDA of MNOK 115 (up 10%). The company holds an 80-81% equity ratio, a MNOK 16 net cash position, and is profitable with EPS of NOK 1.69. In March 2024 Vistin acquired a 15% minority stake in CF Pharma Kft (Hungary) as a stated first step toward becoming a multi-product European API CDMO, and in 2024-2025 obtained ISO 14001 certification while securing a long-term renewable energy supply with Statkraft through 2032.

Name

Vistin Pharma

Legal name

Vistin Pharma ASA

Website

https://vistin.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Vistin Pharma ASA is a Norwegian pharmaceutical manufacturer producing Metformin Hydrochloride API and Direct Compressible grades for European and international pharmaceutical companies, supplying roughly 10% of global demand from its FDA-inspected, cGMP-compliant plant in Kragerø, Norway.

Ownership category

akta.pro rank

Product category

Active Pharmaceutical Ingredients

NAICS

Pharmaceutical and Medicine Manufacturing (32541)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Small-Molecule API Commercial Manufacturing (HLAGAHAB)

akta.pro secondary industries

Generic APIs & Intermediates (Active Ingredients) (HLAIABAG), Oral Solid Dose (OSD) Generics (HLAIABAD)

Keywords

• Active pharmaceutical ingredients
• Metformin manufacturing
• Direct compressible grade
• Generic diabetes medication
• Pharmaceutical contract manufacturing

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Metformin API Sales: Vistin Pharma generates revenue through the sale of Metformin Hydrochloride Active Pharmaceutical Ingredient (API) and Direct Compressible (DC) products to pharmaceutical companies. Revenue is derived from volume-based sales to European pharmaceutical manufacturers. The company achieved record annual revenue of MNOK 452 in 2025 (up from MNOK 430 in 2024), demonstrating consistent growth.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Vistin Pharma manufactures and sells Metformin Hydrochloride (API) and Direct Compressible (DC) products to European and international pharmaceutical manufacturers. The company operates a dedicated cGMP-compliant manufacturing facility in Kragerø, Norway, producing approximately 10% of global Metformin HCl demand. Its portfolio includes the core API, a direct compressible grade for immediate release tablets, and an on-request Metformin + MgSt Premix.

Product overview

Vistin Pharma is a Norwegian pharmaceutical company specializing in the production of Metformin Hydrochloride, serving as both Active Pharmaceutical Ingredient (API) manufacturer and Direct Compressible (DC) supplier. The company's product portfolio consists of three integrated offerings: Metformin HCl (core API product), Metformin DC (direct compressible grade for immediate release tablets), and Premix (Metformin + MgSt formulation). The company produces approximately 10% of the world's Metformin demand and operates capacity expansion projects to double manufacturing capacity to over 7,000 MT/year.

Differentiator

Problem solved

Functional benefit

Products and services

• Metformin HCl

Quantifiable outcome

• Production capacity expansion to >7000 MT/year
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• CF Pharma (Hungary)coreStrategic or Co-development Partner · 4 March 2024Vistin Pharma acquired a 15% minority stake in CF Pharma Kft, an API CDMO located in Budapest, Hungary. CF Pharma has a broad customer base of recognized international pharmaceutical companies with five commercial APIs on the market and another eight under development. The transaction price consists of a base price and earn-out element with an agreed cap of MEUR 1.6. This represents a first step in a potential closer partnership to broaden product portfolio and form the basis for future growth as a multi-product European API CDMO.
• StatkraftcoreOthers · 9 December 2022Vistin Pharma entered into a long-term industrial energy agreement with Statkraft, Norway's leading energy supplier. The agreement secures a significant part of Vistin's electricity demand on competitive terms until 2032, starting January 1, 2023. The agreement includes Guarantees of Origin as certification of renewable energy supply, providing stable electricity at predictable and competitive prices to support competitiveness in the global Metformin market.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Hovione: Portuguese CDMO specializing in API development and manufacturing for small molecules. Comparable European-based API manufacturer serving international pharmaceutical customers with FDA-inspected facilities.
• Cambrex (now Symeres): European-based API manufacturer and CDMO (formerly Cambrex, acquired by Permira and rebranded as Symeres). Similar small-molecule API manufacturing business with FDA-inspected facilities serving global pharma.
• Aurobindo Pharma: Major Indian generic pharmaceutical manufacturer with a substantial API business including Metformin. Competes directly in the global Metformin API market and offers broader formulation capabilities downstream.
• Olon: Italian-based global API manufacturer and CDMO with a broad small-molecule portfolio. European peer with overlapping customer base among pharmaceutical manufacturers and comparable regulatory/cGMP positioning.
• Divis Laboratories: Indian API manufacturer with a significant small-molecule API business including generic APIs. Comparable global API manufacturing footprint and customer base in international pharmaceutical companies.
• Wanbury: Indian pharmaceutical company with significant Metformin API manufacturing operations. Direct competitor in the global Metformin HCl API market, particularly in volume-driven segments.
• Ipca Laboratories: One of the world's largest Metformin HCl API manufacturers, headquartered in India. Direct competitor in global generic Metformin API supply, with overlapping customer base of pharmaceutical manufacturers across Europe, the US, and emerging markets.
• Laurus Labs: Indian API and formulation manufacturer with a strong small-molecule API portfolio. Comparable CDMO and API manufacturing model serving global pharmaceutical customers.

Broad incumbents

• Recipharm: European CDMO with broad capabilities across formulations and APIs. Larger, more diversified player operating across multiple geographies and dosage forms, providing context on European CDMO scale and competitive dynamics.
• Johnson Matthey (Pharma Services): UK-based specialty chemicals and API manufacturer offering pharmaceutical services including controlled substances and small-molecule API development. Larger, more diversified specialty chemicals player with overlapping API manufacturing capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vistin-pharma-as

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vistin Pharma