Karo Pharma is a leading specialty pharmaceutical company in the Nordics. The company develops and markets products for pharmacies and directly to the healthcare sector. The product portfolio includes over-the-counter and prescription pharmaceuticals as well as medical devices.

Karo Pharma sells and markets a portfolio of everyday healthcare products that help prevent illnesses and treat health problems. The portfolio consists of original brands with strong market positions and comprises both prescription drugs (Rx) as well as consumer products (OTC) within six distinct categories - Pain, Cough & Cold, Dermatology, Intimate Care, Footcare, Speciality products, and Wellness. Karo Pharma's products have a strong position in the Nordic regions and the company has successfully expanded its direct distributions network to several other countries in Western Europe both through organic growth and acquisitions. Overall, Karo Pharma's products are sold to sixty different markets worldwide. Karo Pharma was founded in 1987 and is headquartered in Stockholm, Sweden. The company has been listed on Nasdaq Stockholm since 1998. 

To Karo Pharma

Market trends and drivers

The large specialty pharmaceutical market demonstrates stable growth over the cycles and high resilience during economic downturns. The market offers attractive growth opportunities, both organically driven by underlying patient-critical demand, and inorganically through a generally high M&A activity as a result of the continued consolidation in the pharmaceutical industry. 

Investment potential

Accelerate organic growth in existing portfolio through commerical and digital focus, primarily on larger "Hero" brands with international presence and potential. Continue consolidating the fragmented speciality pharma and consumer health market by acquiring pan-European brands in core categories with growth potential, targeting attractive organic growth outlook at exit. Increase share of OTC in the overall portfolio. Drive operational improvements including increasing gross margin through CMO and logistics consolidation, as well as driving operating leverage while strengthening Karo Pharma's organization and capabilities. 

Societal contribution

The icons illustrate the portfolio companies' positive societal contributions based on their solutions i.e. how their products and/or services solve key challenges expressed as the Sustainable Development Goals (SDGs)


Pat Smallcombe Chairperson
Erika Henriksson Board member
Flemming Ornskov Board member
Kristofer Tonström Board member
Uta Kemmerich-Keil Board member
Mark Keatley Board member


Christoffer Lorenzen CEO
Jon Johnsson CFO