Nine Licensed ProductsNarrow moat
Synektik (SNT) — moat facet
Synektik's newer tracers grew 88% in the latest quarter and now carry the segment's growth.
The part of the radiopharmaceutical business competitors cannot easily copy is its product list. Synektik owns or holds production rights to nine radiopharmaceuticals, from its own glucose tracer Glunektik to fluorocholine, sodium fluoride, IASOdopa, IASOglio, Radelumin, Pylclari and FLT1. Each is a registered medicine; a rival cyclotron cannot sell one without the licence.
The newer products are growing fastest. Sales of special radiopharmaceuticals rose 23% to a record of nearly 10,0 million złoty in the year to September 20252, and by 88% to a record 4,1 million złoty in the April-June 2026 quarter3. Basic radiopharmaceuticals grew 10% to a record 25,8 million złoty in the year4.
Special tracers are used for specific cancers and brain conditions and need specialist centres. Their growth depends on doctors ordering the scans and the NFZ paying for them.
The first half of the current fiscal year confirmed the trend: special radiopharmaceuticals rose 32% to a record 6,3 million złoty in the six months to March 2026, while basic ones rose 15% to a record 14,5 million złoty5.
Special product sales are the measure. They are the part of the segment where Synektik has pricing power, and their share of sales is rising.
Special radiopharmaceuticals at a record in the latest quarter.
The licensed products where Synektik has pricing power.
Source: Synektik interim report, nine months to June 2026 ↗- ReportedSynektik owns or holds production rights to nine radiopharmaceuticals, from its own glucose tracer Glunektik to fluorocholine, sodium fluoride, IASOdopa, IASOglio, Radelumin, Pylclari and FLT.Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedSales of special radiopharmaceuticals rose 23% to a record of nearly 10,0 million złoty in the year to September 2025, and by 88% to a record 4,1 million złoty in the April-June 2026 quarter.Synektik annual management board report for the fiscal year to 30 September 2025 - operating review: da Vinci systems and procedures, orders, recurring revenue, radiopharmaceutical products and the Baltic expansion. — October 2024 - September 2025 · publ. December 2025 · source ↗
- ReportedSales of special radiopharmaceuticals rose 23% to a record of nearly 10,0 million złoty in the year to September 2025, and by 88% to a record 4,1 million złoty in the April-June 2026 quarter.Synektik S.A. and Synektik Group interim condensed financial statements for 1 October 2025 - 30 June 2026 (third quarter of the fiscal year) - radiopharmaceutical segment: plants, products, sales by type and quarterly results. — October 2025 - June 2026 · publ. 5 August 2026 · source ↗
- ReportedBasic radiopharmaceuticals grew 10% to a record 25,8 million złoty in the year.Synektik annual management board report for the fiscal year to 30 September 2025 - financial review: margins, net debt, return on equity, working capital and deferred income. — October 2024 - September 2025 · publ. December 2025 · source ↗
- ReportedThe first half of the current fiscal year confirmed the trend: special radiopharmaceuticals rose 32% to a record 6,3 million złoty in the six months to March 2026, while basic ones rose 15% to a record 14,5 million złoty.Synektik management board report for the half-year 1 October 2025 - 31 March 2026 - including the HistoSonics Edison exclusive distribution agreement and the installed base at March 2026. — October 2025 - March 2026 · publ. June 2026 · source ↗