An ‘Asia-first’ strategy for cosmetics and pharma maker Pierre Fabre; seeks to double regional revenue

[SINGAPORE] Laboratoires Pierre Fabre, owner of popular dermo-cosmetics brands Eau Thermale Avene and Klorane, is betting on the Asia-Pacific as its next growth frontier, aiming to double revenue in the region by 2032.

Eric Ducournau, CEO of the privately owned pharmaceutical and cosmetics manufacturer, said that he sees the region taking on a larger role in its plans to surpass five billion euros (US$5.6 billion) in global revenue by 2032.

“Today, China and Apac are more important for us than the US,” he noted. “We’re Asia first.”

This distinguishes the company from most major pharmaceutical players in Europe, which typically focus much of their international efforts on the US market.

To achieve a revenue jump of almost 60 per cent over several years, Ducournau told The Business Times in an exclusive interview that the company is focusing on developing its R&D portfolio in its pharmaceutical segment, while expanding its international presence.

Pierre Fabre’s top line reached 3.2 billion euros in 2025, including 170 million euros from its operations in Apac (excluding China), while its dermo-cosmetics business in China recorded revenue of about 180 million euros.

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Ducournau said the company aims to grow the ex-China regional revenue to more than 300 million euros by 2032, while also roughly doubling its China revenue.

To this end, the company is looking to invest an amount equalling 20 per cent of revenue for these markets – at least 60 million euros annually in both markets.

He expects the group’s revenue to grow at around 8 per cent annually overall, while forecasting Asia’s growth at a double-digit pace.

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Pierre Fabre’s two main businesses are dermo-cosmetics – which combines clinical dermatology with traditional cosmetics – and pharmaceuticals.

Currently, about 55 per cent of total revenue comes from dermo-cosmetics, including brands such as Eau Thermale Avene, Ducray and A-Derma.

The remaining 45 per cent is generated through its pharmaceutical business. Its drug pipeline is primarily built through external partnerships and licensing, and working with biotechnology companies that discover drug candidates before seeking larger partners.

By 2032, the company aims to achieve a roughly equal revenue contribution from both business lines, and this is where Ducournau sees the Asia markets being key.

“Asia first”

Boosting its pharmaceutical business in Asia, he noted, will be a significant driver towards this goal. Currently, Pierre Fabre’s pharmaceuticals segment in Apac and China makes up about 35 per cent of net sales.

“The biggest opportunity is Asia, because of the size of the market,” Ducournau said. “We are still small compared to the size of the region.”

Pierre Fabre operates in eight markets in the region, namely mainland China, Japan, Vietnam, South Korea, Australia, Taiwan, Hong Kong and Singapore.

But expanding into the region does not simply mean transplanting its strategy from its European markets into Asia, due to the region’s large population and genetic diversity.

Developing R&D in the region is a key part of being “Asia first” as it means working with local patients and doctors in the various markets, he noted. “(We) have to do clinical trials in Asia too.”

As a mid-sized pharmaceutical company competing against much larger global players, Pierre Fabre has also chosen not to spread its research spending across too many disease areas.

He noted that the pharmaceuticals segment remains ripe with opportunity through R&D, with far more growth achievable through innovation compared to dermo-cosmetics.

It is prioritising narrower patient populations where drugs can be designed for greater effectiveness, focusing on the fields of dermatology, rare diseases and especially oncology – where its share of pharmaceutical revenue increased from 19 per cent in 2018 to 41 per cent in 2025.

“We really want to target very precise patient (groups),” he noted, citing diseases such as melanoma, colorectal cancer and lung cancer.

The company is also considering opportunities to expand its presence in Malaysia, Ducournau said. Along with Vietnam, he pointed to these two markets as considerably ripe for expansion given their rapid economic development.

By 2032, the company hopes to double its total sales revenue in the region. Accordingly, Pierre Fabre intends to invest about 60 million euros annually in the region, across staffing, marketing, clinical trials and R&D.

Greater sales targets will also mean locating more manufacturing capacity in the region for both its business segments. Disruptions during the Covid-19 pandemic also highlighted the need to bring production closer to where products are sold, Ducournau said.

Singapore, where Pierre Fabre has had its Apac headquarters since 2014, will remain an important base for that expansion; the Republic is often the first Asian market where new pharmaceutical and dermo-cosmetics products are launched, he said.

Currently, the city-state houses about 60 of the company’s 350-strong headcount in Apac, said Jairo Pardey, Pierre Fabre’s general manager for Singapore.

For Ducournau, becoming more international will require more than simply generating a greater share of revenue overseas.

Instead, he said the company will need to adapt to local market conditions in the region – serving local customers and patients, working with pharmacists and doctors, and collaborating with governments and regulators.

“We want to be Singaporean when we are in Singapore,” he said. “We want to be Chinese when we are in China.”