Procaps (PROCF) 20-F 12 May 23 2022 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2022 shares
Document Information Line Items
Entity Registrant Name	Procaps Group, S.A.
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	112,824,183
Amendment Flag	false
Entity Central Index Key	0001863362
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38354
Entity Incorporation, State or Country Code	N4
Entity Address, Address Line One	9 rue de Bitbourg
Entity Address, Postal Zip Code	L-1273
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
Entity Interactive Data Current	Yes
Document Accounting Standard	International Financial Reporting Standards
Auditor Location	Bogotá, Colombia
Auditor Name	Deloitte & Touche S.A.S
Auditor Firm ID	1183
Ordinary Shares, U.S.$0.01 nominal value per share
Document Information Line Items
Trading Symbol	PROC
Title of 12(b) Security	Ordinary Shares, U.S.$0.01 nominal value per share
Security Exchange Name	NASDAQ
Warrants
Document Information Line Items
Trading Symbol	PROCW
Title of 12(b) Security	Warrants
Security Exchange Name	NASDAQ
Business Contact
Document Information Line Items
Contact Personnel Name	Ruben Minski
Entity Address, Address Line One	9 rue de Bitbourg
Entity Address, Postal Zip Code	L-1273
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
City Area Code	356
Local Phone Number	7995-6138
Contact Personnel Email Address	ir@procapsgroup.com

Consolidated Statement of Profi

Consolidated Statement of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement of Profit or Loss and Other Comprehensive Income [Abstract]
Revenue	$ 409,920	$ 409,742	$ 331,467
Cost of sales	(170,351)	(174,029)	(140,153)
Gross profit	239,569	235,713	191,314
Sales and marketing expenses	(93,566)	(83,057)	(69,629)
Administrative expenses	(105,911)	(82,187)	(58,631)
Finance income (expenses), net	37,917	(78,636)	(54,489)
Other expenses, net	(25,299)	(78,991)	(7,716)
Income/(loss) before tax	52,710	(87,158)	849
Income tax expense	(10,170)	(13,705)	(11,296)
Income/(loss) for the year	42,540	(100,863)	(10,447)
Income/(loss) for the year attributable to:
Owners of the Company	42,540	(100,863)	(10,447)
Non-controlling interests
Earnings per share:
Basic, income/(loss) for the year attributable to ordinary equity holders (in Dollars per share)	$ 0.42	$ (1.03)	$ (0.11)
Other comprehensive income/(loss)
Remeasurement of net defined benefit liability	$ (222)	$ 195	$ (47)
Income tax relating to items that will not be reclassified subsequently to profit or loss	107	(58)	16
Net of Tax	(115)	137	(31)
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	(5,966)	(2,743)	(637)
Exchange difference from liquidated foreign transactions reclassified to profit or loss		(751)
Other comprehensive income/(loss) for the year, net of tax	(6,081)	(3,357)	(668)
Total comprehensive income/(loss) for the year	36,459	(104,220)	(11,115)
Total comprehensive income/(loss) for the year attributable to:
Owners of the Company	36,456	(102,503)	(11,546)
Non-controlling interests	$ 3	$ (1,717)	$ 431

Consolidated Statement of Pro_2

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement of Profit or Loss and Other Comprehensive Income [Abstract]
Diluted, income/(loss) for the year attributable to ordinary equity holders	$ 0.50	$ (1.03)	$ (0.11)

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment, net	$ 73,965	$ 72,638
Right-of-use assets, net	39,013	40,167
Goodwill	5,791	6,803
Intangible assets, net	32,208	30,171
Investments in joint ventures	1,505	2,443
Other financial assets	210	256
Deferred tax assets, net	6,974	7,067
Other assets	3,078	4,531
Total non-current assets	162,744	164,076
Current assets
Cash	43,003	72,112
Trade and other receivables, net	129,602	117,449
Inventories, net	96,833	79,430
Amounts owed by related parties, net	2,474	1,147
Current tax assets, net	21,187	22,082
Other current assets, net	4,344	5,839
Total current assets	297,443	298,059
Total assets	460,187	462,135
Liabilities and Shareholders’ Equity (Deficit)
Share capital	1,011	1,011
Share premium	377,677	377,677
Reserves	45,743	42,749
Accumulated deficit	(391,513)	(431,059)
Accumulated other comprehensive loss	(33,859)	(27,778)
Equity (deficit) attributable to owners of the Company	(941)	(37,400)
Non-controlling interest	(937)	(940)
Total equity (deficit)	(1,878)	(38,340)
Non-Current liabilities
Borrowings	28,410	178,720
Warrant liabilities	10,916	23,112
Shares held in escrow	40,064	101,859
Deferred tax liabilities, net	7,821	6,070
Other liabilities	6,480	2,750
Total non-current liabilities	93,691	312,511
Current liabilities
Borrowings	257,525	74,646
Trade and other payables	90,187	85,381
Amounts owed to related parties	2,914	8,450
Current tax liabilities, net	6,133	11,756
Provisions	138	501
Other liabilities	11,477	7,230
Total current liabilities	368,374	187,964
Total liabilities and shareholders’ equity (deficit)	$ 460,187	$ 462,135

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands		Share Capital	Share premium	Reserves	[1]	Accumulated deficit	Other Comprehensive Income	Total	Non-controlling interest	Total
Balance at Dec. 31, 2019		$ 2,001	$ 54,412	$ 28,681		$ (305,634)	$ (23,753)	$ (244,293)	$ 346	$ (243,947)
Income (Loss) for the year						(10,447)		(10,447)		(10,447)
Transfer to reserves				11,216		(11,216)
Other comprehensive (loss)/income for the year							(1,099)	(1,099)	431	(668)
Non-controlling interest							431	431		431
Other						(47)		(47)		(47)
Balance at Dec. 31, 2020		2,001	54,412	39,897		(327,344)	(24,421)	(255,455)	777	(254,678)
Income (Loss) for the year	[2]					(100,863)	(751)	(101,614)		(101,614)
Termination of put option agreements		903	297,796					298,699		298,699
Subtotal		2,904	352,208	42,749		(431,059)	(27,778)	(60,976)	(940)	(61,916)
Capital restructuring of Crynssen Pharma Group Limited (at exchange ratio of 1:33.4448)		(1,933)	1,933
Subtotal - restructured		971	354,141	42,749		(431,059)	(27,778)	(60,976)	(940)	(61,916)
Acquisition of Union Acquisition Corp. II		202	174,738					174,940		174,940
Shares held in escrow		(117)	(106,247)					(106,364)		(106,364)
Redemption of redeemable shares		(45)	(44,955)					(45,000)		(45,000)
Transfer to reserves				2,852		(2,852)
Other comprehensive (loss)/income for the year							(889)	(889)	(1,717)	(2,606)
Non-controlling interest							(1,717)	(1,717)		(1,717)
Balance at Dec. 31, 2021		1,011	377,677	42,749		(431,059)	(27,778)	(37,400)	(940)	(38,340)
Income (Loss) for the year						42,540		42,540		42,540
Transfer to reserves				2,994		(2,994)
Other comprehensive (loss)/income for the year							(6,084)	(6,084)	3	(6,081)
Non-controlling interest							3	3		3
Balance at Dec. 31, 2022		$ 1,011	$ 377,677	$ 45,743		$ (391,513)	$ (33,859)	$ (941)	$ (937)	$ (1,878)
[1]Includes the appropriate values from net income to comply with legal provisions related to asset protection according to applicable jurisdictions with cumulative earnings.[2]Includes the OCI related to exchange difference from liquidated foreign transactions reclassified to Other Expenses, net for the year ended December 31, 2021.

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of cash flows [abstract]
Income/(loss) for the year		$ 42,540	$ (100,863)	$ (10,447)
Adjustments to reconcile net income/(loss) with cash flow from operating activities before changes in working capital:
Depreciation of property, plant and equipment		5,656	6,072	5,900
Depreciation of right-of-use assets		6,255	4,223	4,598
Amortization of intangibles		4,933	4,816	5,979
Income tax expense		10,170	13,705	11,296
Finance (income)/expenses		(37,917)	78,636	54,489
IFRS 2 Share-based payment expense (listing expense)			73,917
Unrealized currency exchange rate differences		1,652
Share of result of joint ventures		919	305	(806)
Net (gain)/loss on sale of property, plant and equipment		(555)	(317)	134
Net loss on sale or disposal of intangibles		203		161
Impairment loss on property, plant and equipment		4,689
Impairment loss on right-of-use assets		356
Impairment loss on intangible assets		135
Impairment loss on goodwill		838
Inventory provision		5,717	5,391	1,616
Provision/(reversed provision) for bad debt		2,673	(818)	(1,915)
Provisions		43		761
Cash flow from operating activities before changes in working capital		48,307	85,067	71,766
Changes in working capital:
Trade and other receivables, net		(16,582)	(21,257)	1,889
Amounts owed by related parties		474	1,387	(613)
Inventories, net		(32,690)	(20,536)	(898)
Current tax assets, net		895	(5,308)	(10,077)
Other current assets, net		1,500	(5,441)	(9,635)
Trade and other payables		14,210	32,825	11,795
Amounts owed to related parties		1,998	(3,448)	1,354
Current tax liabilities, net		(6,643)	2,103	7,499
Other liabilities		10,865	(12,936)	12,014
Provisions		(415)		(821)
Other financial assets		46	505	370
Other assets		710	(2,699)	1,256
Cash generated from operations		22,675	50,262	85,899
Interest paid		(1,261)	(1,697)	(1,839)
Dividends received			300
Income tax paid		(7,308)	(11,562)	(13,140)
Cash flow provided by operating activities		14,106	37,303	70,920
Investing activities
Acquisition of property, plant and equipment		(20,612)	(14,122)	(7,699)
Proceeds from sale of property, plant and equipment		2,686	794	632
Acquisition and development of intangibles		(10,963)	(10,403)	(10,219)
Proceeds from related parties		61	28	195
Cash flow used in investing activities		(28,828)	(23,703)	(17,091)
Financing activities
Proceeds from borrowings		134,412	280,795	106,736
Payments on borrowings		(124,202)	(272,301)	(120,586)
Advances from related parties		61		32
Payments to related parties		(7,191)	(9,154)	(5,856)
Interest paid on borrowings		(10,028)	(17,428)	(15,102)
Payment of lease liabilities		(6,679)	(8,854)	(5,733)
Redeemed shares			(45,000)
Cash obtained in acquisition			129,986
Cash flow (used in) generated from financing activities		(13,627)	58,044	(40,509)
Net (decrease) increase in cash		(28,349)	71,644	13,320
Cash at beginning of the year		72,112	4,229	2,042
Effect of exchange rate fluctuations		(760)	(3,761)	(11,133)
Cash at end of the year		43,003	72,112	4,229
Non-cash financing and investing activities	[1]	$ 50,897	$ (145,286)	$ 40,759
[1]For the year ended December 31, 2022, non-cash investing and financing activities include new lease liabilities $12,647 (2021: $7,283, 2020: 11,022), interest capitalization on property, plant and equipment under IAS 23 $196 (2021: 571), invoices from suppliers financed via reverse factoring classified as Trade and other payables $5,696 (2021: $8,288, 2020: 7,311), and invoices from suppliers financed via reverse factoring classified as Borrowings $32,358 (2021: $48,138 2020: 22,426). For the year ended December 31, 2021, it also included 50% purchase price of acquisition of Pharmaceutical Production Facility $744, termination of the put option agreements in exchange for new equity instruments in Procaps Group, S.A. $(239,273) (Refer to Note 23), and conversion of SPAC Warrants to Warrants in Procaps Group, S.A. $28,963.

General Company Information

General Company Information	12 Months Ended
	Dec. 31, 2022
General Company Information [Abstract]
General Company Information	Note 1. General Company Information Procaps Group, S.A, (the “Company”), a public limited liability company (société anonyme) governed by the laws of the Grand Duchy of Luxembourg and its subsidiaries (collectively, the “Group”) primarily engages in developing, producing and marketing pharmaceutical solutions. Further information about the Group’s business activities, reportable segments and related party relationships of the Group is included in Note 7. Revenue, Note 8. Segment reporting and Note 29. Related party transactions, respectively. The Group’s principal subsidiaries as of December 31, 2022, 2021 and 2020 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Place of Ownership interests held by: business/country The Group Non-controlling interests Principal Name of entity of incorporation 2022 2021 2020 2022 2021 2020 activities Procaps S.A. Colombia 100 % 100 % 100 % — % — % — % Manufacturing and distribution of prescription and over-the-counter pharmaceutical products. C.I. Procaps S.A. Colombia 100 % 100 % 100 % — % — % — % Procaps S.A. de C.V El Salvador 100 % 100 % 100 % — % — % — % Softcaps - Colbras Brazil 100 % 100 % 100 % — % — % — % Diabetrics Healthcare S.A.S. Colombia 100 % 100 % 100 % — % — % — % Diabetes solutions and chronic disease management tool. There are no significant restrictions on the ability of the Group to access or use assets and settle liabilities. The Consolidated Financial Statements of the Group for the years ended December 31, 2022, 2021 and 2020 comprise the Group and its interest in joint ventures, investments and operations. The Group prepares and publishes its Consolidated Financial Statements in United States Dollars (“USD”), and the numbers are rounded to the thousands of USD unless otherwise stated. Foreign operations are included in accordance with the policies set out in Note 2.2. Functional and reporting currency. The Consolidated Financial Statements were authorized for issue by the Group’s Audit Committee on May 10, 2023. Reverse reorganization On March 31, 2021, Union Acquisition Corp. II, a publicly-traded special purpose acquisition company previously listed on the NASDAQ under “LATNU” domiciled in the Cayman Islands (“SPAC”), Crynssen Pharma Group Limited, a private limited liability company registered under the laws of Malta (“OpCo”), Procaps Group, S.A. (“Holdco”) and OZLEM Limited, an exempted company incorporated under the laws of the Cayman Islands (“Merger Sub”), entered into a Business Combination Agreement (the “Business Combination Agreement” or “BCA” or the “Transaction”). The Transaction was approved at an Extraordinary General Meeting of LATNU’s shareholders on September 22, 2021 and subsequently consummated on September 29, 2021. As a result of the consummation of the Transaction, OpCo and SPAC had become direct wholly-owned subsidiaries of Holdco and the OpCo shareholders and SPAC shareholders became holders of issued and outstanding Holdco Ordinary Shares: Procaps Group, S.A. Emerging Growth Company Status Procaps Group, S.A. is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Group will remain an emerging growth company until the earliest of: ● The last day of the first fiscal year (a) following the fifth anniversary of a public equity offering, (b) in which its annual gross revenue totals at least $1.235 billion or (c) when the Group is deemed to be a large accelerated filer, which means the market value of the Group’s ordinary shares held by non-affiliates exceeds $700.0 million as of the prior June 30th; and ● The date on which the Group has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. Grupo Somar and Pearl Mexico Acquisition On May 16, 2022, Procaps Group, S.A. entered into a Stock Purchase Agreement (the “SPA”) with AI Global Investments PCC Limited (Netherlands), a protected cell company limited by shares organized under the laws of the Island of Guernsey (“PCC”), acting for and on behalf of the Soar Cell, Triana Capital S.A. de C.V., a corporation organized under the laws of Mexico (“Triana”), AI Pearl (Netherlands) B.V., a private limited company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (“Pearl Holding Seller”), Perrigo Ireland 7 DAC, a company duly organized and validly existing under the laws of the Republic of Ireland (“Pearl Ireland”, and together with PCC, Triana and Pearl Holding Seller, each a “Seller” and collectively, the “Sellers”), AI Soar (Netherlands) BV, a (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (“Somar Holding Company”), Química y Farmacia S.A. de C.V., a Sociedad Anónima de Capital Variable duly organized and validly existing under the laws of Mexico (“Quifa”), PDM Acondifarma S.A. de C.V., a Sociedad Anónima de Capital Variable duly organized and validly existing under the laws of Mexico (“PDM”), Gelcaps Exportadora de México S.A. de C.V., a Sociedad Anónima de Capital Variable duly organized and validly existing under the laws of Mexico (“Gelcaps”, and together with Quifa and PDM, “Pearl Mexico”) and Grupo Farmacéutico Somar S.A.P.I. de C.V., a Sociedad Anónima Promotora de Inversión de Capital Variable organized under the laws of Mexico (“Somar” and together with Somar Holding Company, “Grupo Somar”, and together with Pearl Mexico, the “Targets”) (the “Acquisition”). The Acquisition, which was expected to close in the fourth quarter of 2022, was delayed indefinitely and subsequently terminated on January 1, 2023 (refer to Note 28. Events after the reporting period) after the Group was informed by the Sellers that a court in Mexico City issued a precautionary lien affecting a portion of capital stock of Grupo Somar in connection with a pending dispute that involves an investment by a fund managed by Advent International but that is otherwise unrelated to the Sellers, Grupo Somar, the Group, or the Acquisition. Debt Commitment Letter and Bridge Loan Credit Agreement Concurrently with the execution of the SPA, the Group, as borrower, entered into a Commitment Letter with Bank of America, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc. (“Commitment Letter”) for a bridge loan of up to $485 million (the “Bridge Loan”), which would have been guaranteed by each existing and future direct and indirect material subsidiary of the Group, and the Targets and each of their subsidiaries upon the Closing. The Bridge Loan would have also been secured by a pledge from the Group of its shares in the Targets. The proceeds of the Bridge Loan would have been used, together with the Group’s cash on hand, to finance the cash portion of the purchase price of the Acquisition (including related fees and expenses) and, in the event necessary, to prepay certain of the Group’s existing debt. On October 11, 2022, Procaps Group, S.A. entered into a Credit Agreement with Bank of America, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc. who are the book runners and joint arrangers (the “Bridge Credit Agreement”) for the Bridge Loan. The Bridge Credit Agreement terms are consistent with the terms of the Commitment Letter. The Bridge Credit Agreement effectively replaced the Commitment Letter upon its execution. Refer to Note 28. Events after the reporting period for further details regarding the Group’s termination of the SPA, leading to the termination of commitments under the Bridge Credit Agreement and the Commitment Letter. For information regarding the financial impact of the Bridge Credit Agreement on the Group’s results, refer to Note 9. Finance income (expenses), net. Senior Notes Amendment The Group intended to prepay in full the aggregate principal amount of the 4.75% guaranteed senior notes due November 12, 2031 (the “Senior Notes”) issued by Procaps, S.A., the Group’s subsidiary, pursuant to a note purchase agreement (the “NPA”) entered into on November 5, 2021, with the noteholders thereunder (collectively, the “Noteholders”), together with interest accrued thereon to the date of such prepayment and the make-whole amount determined for the date of such prepayment pursuant to the NPA (the “Notes Payoff”). The Group previously expected that the closing of the Grupo Somar and Pearl Mexico Acquisition would occur on October 14, 2022, and accordingly, pursuant to the requirements of the NPA, delivered advance notice to the Noteholders of the Notes Payoff to occur on such date. As a result of a delay and subsequent termination in the closing of the Grupo Somar and Pearl Mexico Acquisition, the expected borrowing under the Credit Agreement did not occur, and the Group was unable to complete the Notes Payoff on the date scheduled, which technically constituted an event of default under the NPA. The Noteholders informed the Group that they would not exercise any rights or remedies under the NPA due to such technical default pending entry into an amendment to the NPA formally waiving such default, and the Group and the Noteholders executed temporary waivers in connection therewith. On November 1, 2022, the Group and the Noteholders entered into an amendment to the NPA (the “NPA Amendment”), formally waiving the technical default and which also (i) provided the Group the ability, until November 30, 2022, to prepay the Senior Notes with two business days’ notice, (ii) provided that the make-whole amount under the NPA shall in no case be less than USD 1,488,204.60, and (iii) provided that, if the Notes Payoff did not occur on or prior to November 30, 2022, a waiver fee of 3.75% per annum on the outstanding principal amount of Senior Notes outstanding shall (a) accrue from (and including) October 14, 2022 and (b) be payable to the Noteholders on the 12th day of February, May, August and November in each year (commencing on February 12, 2023), on the maturity date of such Senior Note and on each other date on which interest on such Senior Note is due and payable in accordance with the terms of the NPA and such Senior Note. The Notes Payoff did not occur on or prior to November 30, 2022, therefore triggering the 3.75% per annum waiver fee on the outstanding principal amount of Senior Notes with the terms mentioned above. Refer to Note 19. Borrowings for further detail on impact of the NPA Amendment. Ongoing Military Operation in Ukraine and Related Sanctions The ongoing military operation in Ukraine and the related sanctions targeted against the Russian Federation have disrupted international commerce and the global economy. The Group does not have any direct exposure to Ukraine, Russia or Belarus considering there are not any existing operations or sales in those locations. Although the Group does not currently operate in Ukraine or Russia, the duration and severity of the effects on its business and the global economy are inherently unpredictable. Management will continue to monitor the effects of the war in Ukraine and its potential further impacts, including global supply chain disruptions, inflation, and rising interest rates, when making certain estimates and judgments relating to the preparation of the Consolidated Financial Statements of the Group.

Basis of Preparation and Accoun

Basis of Preparation and Accounting	12 Months Ended
	Dec. 31, 2022
Basis of preparation and accounting [Abstract]
Basis of preparation and accounting	Note 2. Basis of preparation and accounting The Consolidated Financial Statements of the Group as of December 31, 2022, 2021 and 2020 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”). The Consolidated Financial Statements consist of the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows and have been prepared under a historical cost basis, except for certain financial instruments that have been measured at fair value. The Group opted to present a single Consolidated Statement of Profit or Loss and Other Comprehensive Income, combining the presentation of profit or loss and comprehensive income in the same statement. Due to the activities of the Group, costs and expenses presented in the Consolidated Statement of Profit or Loss and Other Comprehensive Income were classified according to their function. The Consolidated Statement of Financial Position has been prepared based on the nature of the Group’s operations, distinguishing: (a) current assets from non-current assets, where current assets are intended as the assets that should be realized, sold or used during the normal operating cycle, or the assets owned with the aim of being sold in the short term (within 12 months); (b) current liabilities from non-current liabilities, where current liabilities are intended as the liabilities that should be paid during the normal operating cycle, or over the 12-month period subsequent to the reporting date. The Consolidated Statement of Cash Flows has been prepared using the indirect method. The Consolidated Financial Statements present comparative information in respect of the previous periods, 2021 and 2020 for Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows and related notes. Foreign operations are included in accordance with the policies set out in Note 2.2. Functional and reporting currency. The accounting policies set out in Note 3. Summary of significant accounting policies have been applied in preparing the Consolidated Financial Statements for the year ended December 31, 2022, and the comparative information presented for the years ended December 31, 2021 and 2020. The Group has applied accounting judgments, estimates and significant accounting assumptions described in Note 4. Critical accounting judgements and key sources of estimation uncertainty in preparing the Consolidated Financial Statements. Note 2.1. Going concern Management identified the following events and conditions which cast significant doubt on the Group’s ability to continue as a going concern: As of December 31, 2022, the Group was in breach of certain of the covenants included under the NPA, the Syndicated Loan Agreement and the BTG Credit Agreement. Refer to Note 19. Borrowings for further details regarding the breach of each covenant. Although none of the lenders declared an event of default under the applicable agreements, these breaches resulted in the lenders having the right to require immediate repayment of the applicable indebtedness and as a result, the Group has classified the respective indebtedness, amounting to $139,155 in the aggregate, to current liabilities. On March 28, March 31 and May 2, 2023 the Group obtained Waiver Agreements (“Waivers” or “Waiver”) from each lender under the NPA, the Syndicated Loan Agreement and the BTG Credit Agreement for the applicable covenant breaches. Under the terms of the Waivers, the lenders permanently waived their rights to accelerate the repayment of the loans related to the events of default as of December 31, 2022. In addition, the Group executed Waivers with the lenders to adjust the applicable covenant ratios for the periods ending March 31, June 30, and September 30, 2023, if applicable, as noted further within Note 28. Events after the reporting period. For the period ending December 31, 2023, the applicable covenant ratios in the original borrowing arrangements are unmodified. Working capital As of December 31, 2022, the Group had a net working capital deficit of $70,931 (2021: working capital surplus of $110,095, 2020: working capital deficit of $54,926), which consists of $257,525 of current borrowings ($139,155 of current borrowings relates to the breach in loan covenants), $90,187 of trade and other payables, $2,914 of amounts owed to related parties, $6,133 of current tax liabilities, net, $138 of provisions, $11,477 of other liabilities, and $297,443 of current assets. Management’s assessment Management assessed the Group’s cash flow projections, ability to meet future covenants and other measures of liquidity for the next twelve months from the balance sheet date. Based on the Group’s cash flow projections and adjusted financial covenant ratios as a result of the Waivers, Management believes they will have sufficient funds to repay their obligations as they fall due and to meet its financial covenants in 2023. However, due to the uncertainty caused by current economic conditions, including rapid growth in inflation, increasing interest rates, global disruption to the supply chain, volatility in foreign exchange rates and industry price regulations, there is material uncertainty regarding the Group’s ability to meet its financial covenants. The Group’s failure to comply with such financial covenants would result in an event of default, which if that were to occur would materially and adversely affect the Group’s business, financial condition, liquidity and results of operations. In that event, the Group would seek additional waivers or alternative financing arrangements. As a result of these material uncertainties, Management concluded the above conditions and events raise significant doubt about the Group’s ability to continue as a going concern. Management has implemented or is in the process of implementing the following plans to mitigate the effect of these events and conditions: Cost saving and revenue growth The Group has implemented certain measures with an aim to reduce its operating costs and generate additional revenue in 2023 including: 1) strict controlling and reducing business marketing and advertising expenses; 2) reducing headcount across multiple business units; and 3) focus on increasing sales volumes for core products and sell trademarks and sanitary records to generate additional revenue. Renegotiation of existing loans The Group is in the process of renegotiating the terms of the Syndicated Loan balance with Bancolombia and Davivienda, with the expectation of extending payment terms. In addition, the Group is in negotiations with BTG to restructure their short-term loan and negotiating their short-term revolving credit facilities. Refer to Note 27. Financial instruments for details regarding the carrying balance of loans that will be renegotiated as mentioned above. The Group has historically been successful in their negotiations with lenders to maintain and meet its liquidity needs and requirements. However, the Group’s ability to renegotiate with its lenders is not within the Group’s control. As of the date of these financial statements, the Group cannot assure that it will be able to reach an agreement with its lenders, or to waive any potential non-compliance. Additional measures If the above actions do not generate sufficient liquidity for the Group to meet its contractual obligations, Management has identified additional measures which could be implemented to further reduce costs and increase total revenues in order to provide sufficient cash flow to meet obligations as they fall due including: 1) reduce discretionary spending on research and development, marketing and capital expenditures; 2) sell additional trademarks and sanitary records; and 3) further reduce headcount. Summary Management has evaluated the Group’s capital position, its ability to continue in the normal course of business for the foreseeable future and ability to meet its financial obligations for the next twelve months from the balance sheet date. While Management believes that their cost savings, revenue growth and loan renegotiation will allow the group to be able to meet its financial obligations and finance its growth, there is no assurance that these plans can be successfully implemented to generate the liquidity required to meet the Group’s need. Failure to successfully implement these plans may have a material adverse effect on the Group’s business, results of operations and financial position, and may materially adversely affect its ability to continue as a going concern. As a result, Management concluded there is material uncertainty related to the events and conditions noted above that cast significant doubt on the entity’s ability to continue as a going concern. However, Management believes that the Group will be successful in implementing the above plan and, accordingly, have prepared the financial statements on a going concern basis. As a result, Note 2.2. Functional and reporting currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in US Dollars (USD), which is Procaps Group, S.A. functional and presentation currency. Note 2.3. Basis of consolidation The Group’s subsidiaries are fully consolidated from the date on which control is transferred to the Group. Consolidation ceases from the date on which control ends. All financial results are consolidated with similar items on a line-by-line basis. If necessary, adjustments are made to the financial statements of the consolidated companies in order to adapt their accounting policies to those used by the Group. All transactions, balances, revenues and related expenses between the consolidated companies are eliminated. 2.3.1. Reverse reorganization The SPAC did not meet the definition of a business because it lacked substantive processes as defined by IFRS 3. Thus, the Transaction was accounted for as an asset acquisition in exchange for a share based payment within the scope of IFRS 2. The Transaction was treated as a common control transaction due to the fact both OpCo and Holdco are ultimately controlled by the same party or parties, that are all controlled by the Minski family, both before and after the Transaction, and that control is not transitory. Management concluded that it would be appropriate to account for it as a restructuring using book value accounting in Holdco’s Consolidated Financial Statements, on the basis that there has been no business combination between Opco and Holdco. For purposes of calculating earnings per share, shareholders’ equity of the Group prior to the Transaction was retrospectively adjusted as a capital restructuring for the equivalent number of shares received and on a pro rata basis for prior reporting periods. Retained earnings and relevant reserves of the Group were carried forward after the Transaction. Any difference to shareholders’ equity of Group arising from the restructuring of share capital and equity instruments issued was recorded in equity under share premium. Refer to Note 26.1. Reverse reorganization for further information related to the accounting and presentation of the Transaction. For purposes of calculating basic earnings per share, the ordinary shares associated with Put Option Agreements previous to the transaction were included. Note 24. Earnings Per Share.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of significant accounting policies	Note 3. Summary of significant accounting policies Note 3.1. Goodwill Goodwill arising from the acquisition of a business is recorded at cost at the acquisition date, less accumulated impairment losses, if any. Goodwill is stated at cost and not amortized but is tested for impairment on an annual basis and whenever there is an indicator that the cash-generating unit to which goodwill has been allocated may be impaired. 3.1.1 Goodwill impairment Goodwill is tested for impairment annually at the cash-generating unit level, which is the level at which the assets generate largely independent cash inflows and are monitored for internal management purposes. An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. Impairment losses recognized for cash-generating units first reduce allocated goodwill and then the carrying amounts of the other non-financial assets in the unit on a pro rata basis. Refer to Note 12. Goodwill and Note 4. Critical accounting judgements and key sources of estimation uncertainty or further information on the goodwill exposure and estimates applied, respectively. Note 3.2. Transactions in foreign currency When preparing the financial statements of the individual underlying entities of the Group, transactions in a currency other than the functional currency of the entity (“foreign currency”) are recorded using the exchange rates in effect on the transaction date. At the end of each reporting period, monetary items denominated in a foreign currency are reconverted at the exchange rates prevailing at that date. Non-monetary items calculated in terms of historical cost, in foreign currency, have not been reconverted. For purposes of presenting the Consolidated Financial Statements, the assets and liabilities of the Group’s foreign currency transactions are expressed in USD, using the exchange rates prevailing at the end of the respective reporting period. Revenues and expenses are translated at the average exchange rates for the respective period. The exchange differences that arise, if applicable, are recognized through other comprehensive income and are accumulated in equity (attributed to the non-controlling interests when appropriate). Note 3.3. Leases - Right-of-use assets & lease liabilities The Group assesses whether a contract is or contains a lease at inception of a contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with a value less than $5,000). For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in the combined statements of cash flows from operating activities. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, any initial direct costs and less any lease incentives received. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date and over the shorter period of useful life of the underlying asset (in the case the lease transfers ownership of the underlying asset to the Group by the end of the lease term or cost of the right-of-use assert reflects that the Group will exercise a purchase option) and lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the Group considers its recent indebtedness as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives receivable, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the Group is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the Consolidated Statement of Profit or Loss and Other Comprehensive Income in the year/period in which the event or condition that triggers those payments occurs. A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a purchase option. The corresponding adjustment is made to the related right-of-use asset. The lease liability is presented in the ‘Borrowings’ line and the right-of-use assets are presented in a single line in the Consolidated Statement of Financial Position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is presented within operating activities in the Consolidated Statement of Cash Flows. Note 3.4. Financial Instruments Financial assets and liabilities are recognized when an entity of the Group becomes party to the contractual provisions of an instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than those designated at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities, when appropriate, at initial recognition. Transaction costs directly attributable to the acquisition of financial assets or liabilities designated at fair value through profit or loss are recognized immediately through profit or loss. 3.4.1 Classification of financial assets If and when applicable the Group follows the framework and requirements outlined in IFRS 9 to classify financial assets based on whether: ● The financial asset is held within a business model whose objective is to collect contractual cash flows or whose objective is achieved through the collection of contractual cash flows and the sale of financial assets; and ● The contractual terms give rise to cash flows that are only payments of principal and interest. By default, all other financial assets are subsequently measured at fair value through profit or loss. Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they are recognized at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. 3.4.2 Gains and losses in foreign currency Trade receivables denominated in a currency other than the subsidiaries’ functional currency are determined in that foreign currency and converted to the subsidiaries’ functional currency at the end of each reporting period using the then prevailing spot rate. Exchange differences are recognized through profit or loss and are classified within other expenses. 3.4.3 Impairment of financial assets The Group recognizes an impairment for expected credit losses on trade and other receivables. The Group applies the ‘simplified’ approach as required by IFRS 9 since generally the Group’s trade receivables do not include a significant financing component. The Group therefore recognizes the lifetime expected credit losses over the life of the trade receivables. Other receivables are generally assessed individually and a lifetime expected credit loss is estimated based on the receivable and debtor specific facts and circumstances. 3.4.4 Definition of default The Group considers that an event of default has occurred when more than 50% of the customers trade receivable balance is more than 90 days overdue, unless there is reasonable and supportable information to demonstrate that such default is not in existence. 3.4.5 Impaired trade receivables A financial asset has been impaired when one or more events have occurred that have a negative impact on the estimated future cash flows of the trade receivable. The evidence of credit impairment includes observable data on the following events: ● significant financial difficulty of the customer; ● customer enters into or is likely to enter into bankruptcy; ● a breach of contract, such as an expired event; and ● for economic or contractual reasons one or more concessions have been granted. 3.4.6 Measurement of impairment The expected credit losses on trade receivables are estimated using a methodology where a probability of default is estimated based on historical information, adjusted for current and forecasted economic conditions, if applicable. If applicable and significant, the Group may adjust the provision based on a probability weighing of various scenarios and factors in the time value of money: ● Probability of default (‘PD’): The PD is derived by analyzing a rolling dataset of twenty-four months in which trade receivables are tracked and analyzed as they move through the aging buckets. ● Loss given default: The Group typically defines the loss given default to be one hundred percent. ● Exposure at default: The trade receivable balance as of the reporting date, net of advances and credit notes. As of the reporting dates presented, the Group has not deemed these to be significant. The Group estimates the probability of default at the pool level and then applies such pool level PD to the trade receivables within that pool. The Group generally defines each pool within its main subsidiaries as: ● Domestic ● Export ● Government ● Related parties The Group recognizes an impairment loss or gain in the aggregate for all trade receivables as a provision with corresponding amount recognized in Sales and marketing expenses The Group writes-off individual trade receivables when uncollected when they become 365 days past due. 3.4.7 Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the asset’s cash flows expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group does not transfer or substantially retains all risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its interest retained in the asset and an associated liability for the amounts to be paid. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a loan secured by the revenue received. Upon derecognition of a financial asset measured at amortized cost, the difference between the carrying amount of the asset and the sum of the consideration received and receivable is recognized through profit or loss. The Group also derecognizes a financial asset when there is information which indicates that the counterparty is in serious financial difficulty and there is no realistic prospect of recovery. The derecognized financial assets may still be subject to compliance activities in accordance with the Group’s recovery procedures, taking into account legal advice when appropriate. Any recovery is recognized through profit or loss. Accounts receivable factoring As part of the regular business and in case of immediate cash needs, the Group could sell its accounts receivable (i.e., invoices) to a third party (factor) at a discount. The Group analyzes whether these transactions are with recourse without recourse with recourse, with recourse Note 3.5. Inventories, net Inventories are presented at the lower of acquisition cost or net realizable value. Cost is determined by the weighted average method. The net realizable value represents the estimated sale price less all the estimated termination and selling costs. The cost of finished products and products in progress includes the costs of raw materials, direct labor, other direct costs and the respective direct production expenses (based on normal operating capacity), excluding borrowing costs. Inventories are presented net of the allowances for obsolescence and, in consolidation, net of eliminations of unrealized profit on inventories. Note 3.6. Property, plant and equipment, net Property, plant and equipment assets are measured at historical cost less accumulated depreciation and any impairment loss, except for those acquired in a business combination, which are then recorded at fair value; assets under construction and land are not depreciated. The cost of the property, plant and equipment is the fair value of the consideration initially provided to acquire or construct the item and prepare it for use. Subsequent costs incurred for repair and maintenance, are expensed in the Consolidated Statement of Profit or Loss and Other Comprehensive Income unless these costs meet the criteria for capitalization (i.e., extension of the useful life). Depreciation commences when the assets are ready for use. Property, plant and equipment is depreciated based on the straight-line method over estimated useful lives. An item of property, plant and equipment will be derecognized upon disposal or when future economic benefits from the continued use of the asset are no longer expected. The gain or loss arising from the derecognition is measured as the difference between the net disposal proceeds and the carrying amount of the asset and is recognized through profit or loss. The useful lives of property, plant and equipment are: Buildings 20 - 40 years Machinery and equipment 10 - 20 years Furniture and fixtures 2 - 10 years Other equipment 2 - 5 years Note 3.7. Intangible assets 3.7.1 Intangible assets generated internally Disbursements originated by research activities are recognized as an expense in the period in which they are incurred. An intangible asset generated internally as a result of development activities (or the development phase of an internal project) is recognized if, and only if, the following conditions are met: ● It is commercially and technically feasible to complete the production of the intangible asset so that it can be available for use or sale; ● Management intends to complete the intangible asset in question in order to use or sell it or can demonstrate the way in which the intangible asset will likely generate future economic benefits; ● Adequate technical, financial or other resources are available to complete the development and to use or sell the intangible asset; and ● The Group is able to reliably measure the disbursement attributable to the intangible asset during its development. The expenses incurred in developing new pharmaceutical technologies, combination of active ingredients and formulation improvements meet the conditions of the previous paragraph, usually from the beginning of pilot batches (completion of the experimental batch stage), at which point Management considers that achieving regulatory approval (sanitary records) is a legal formality. The amount initially recognized for an internally generated intangible asset will be the sum of the disbursements incurred once the element meets the recognition conditions. When an internally generated intangible asset cannot be recognized, development disbursements are charged through profit or loss in the period in which they are incurred. Subsequent to initial recognition, an internally generated intangible asset will be accounted for at cost less accumulated amortization and the accumulated amount of impairment losses, on the same basis as intangible assets that are acquired separately. 3.7.2 Disposal of intangible assets An intangible asset is written off at the time of its disposal, or when future economic benefits of its use or disposal are not expected. Gains or losses arising from the write-off of an intangible asset, measured as the difference between the net proceeds from the sale and the carrying amount of the asset, are recognized through profit or loss when the asset is written off. 3.7.3 Impairment of definite-lived tangible and intangible assets and intangibles not yet available for use, and other assets At the end of each reporting period, the Group evaluates the carrying amounts of its definite-lived tangible and intangible assets in order to identify any indication that these assets have been impaired. In such a case, the recoverable amount of the asset is calculated in order to determine the extent of the impairment loss (if any). Intangible assets not yet available for use are tested for impairment annually to determine if an impairment loss should be recognized. When it is not possible to estimate the recoverable amount of an individual asset, the Group calculates the recoverable amount of the cash generating unit to which the asset belongs. When a reasonable and consistent basis of distribution is identified, the common assets are also allocated to the individual cash generating units or distributed to the smallest group of cash generating units for which a reasonable and consistent distribution base can be identified. The recoverable amount is the higher of the fair value less disposal costs and the value in use. When estimating the value in use, the estimated future cash flows are discounted to the present value, using a pre-tax discount rate that reflects the current market valuations with respect to the time value of money and the specific risks for the asset for which the future cash flow estimates have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) calculated is less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognized immediately through profit or loss. If an impairment loss is subsequently reversed, the carrying amount of the asset (or cash-generating unit) increases to the revised estimated value of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been calculated if the impairment loss had not been recognized for said asset (or cash-generating unit) in previous years. The reversal of an impairment loss is automatically recognized through profit or loss. 3.7.4 Amortization of internally generated intangibles Internally-generated intangible assets such as licenses, bioequivalence studies, new platforms, tablet improvements, combinations and concentrations, and soft gel capsule improvements, among others, are of finite useful lives and their amortization period will begin only when the following two milestones are met: ● The pre-industrial batch is completed with satisfactory results. ● The regulatory body approves the corresponding sanitary records. When these milestones are met, the capitalized developments will have met the necessary conditions to generate economic benefits in accordance with management’s expectations, so the amortization of the assets begins using the straight-line method through profit or loss during the minimum projected time of generated economic benefits. The amortization will also cease at the earliest of either the date when the asset is classified as held for sale or the date when the asset is derecognized. 3.7.5 Useful lives of intangibles The following useful lives are used to calculate amortization: Trademarks and sanitary records 3 – 20 years Licenses, customers and agreements 3 – 10 years Product development 3 years Note 3.8. Financial liabilities and equity instruments 3.8.1 Classification as debt or equity Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual agreement and definitions of financial liability and equity instrument. 3.8.2 Equity instruments An equity instrument consists of any contract that evidences a residual interest in the assets of an entity, after deducting all of its liabilities. Equity instruments issued by a Group entity are recognized for income received, net of direct issue costs. The repurchase of equity instruments of the Group is recognized and deducted directly in equity. No gain or loss is recognized through profit or loss, arising from the purchase, sale, issue or cancellation of the equity instruments of the Group. 3.8.3 Financial liabilities Financial liabilities are classified at their inception at fair value minus transaction costs directly attributable to the transaction through profit or loss and subsequently measured at amortized cost, using the effective interest amortization method. 3.8.4 Warrant liabilities The Group has warrants that are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Gains and losses will be recorded in profit or loss. 3.8.5 Shares held in escrow The shares to be delivered, in an escrow, are initially recognized at fair value of the equity instruments granted for services received in an equity-settled share-based payment determined at grant date, and they are subsequently remeasured to their fair value at the end of each reporting period until they are released from escrow or are forfeited. Note 3.9. Trade and other payables Trade and other payables are recognized when the Group has a legal or a constructive obligation, as a result of a past event, and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation and the obligation can be measured reliably. These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The average credit period for purchases is between 90 and 180 days, including cases in which the invoices have been assigned by the supplier to third parties. Other payables correspond mainly to employment obligations and provisions. Reverse factoring Suppliers of the Group initiate and enter into reverse factoring arrangements in which the Group participates. Under such arrangements suppliers sell or assign their receivables from the Group to third parties (i.e., ‘the factor’), after which the Group pays and settles the underlying invoices directly with the factors. Provided that certain conditions are met, the invoices sold or assigned to factors remain classified within trade and other payables. The criteria are that: 1) the assignment is contractually initiated and decided by the supplier, 2) it does not extend the period in which the Group regularly pays the supplier, 3) the amount of the invoices is not modified, and there are no charges in this regard by third parties. Otherwise, the Group reclassifies those balances as a financial liability, other term loans with a corresponding reclassification from operating cash flows to financing cash flows, for the amount paid to factors. Note 3.10. Taxes Income tax expense represents the sum of current income tax payable and deferred tax. 3.10.1 Current tax Current tax is based on the taxable income registered during the year. The taxable income differs from the income reported in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, due to the items of income or expenses that are taxable or deductible in other years and items that are never taxable or deductible. The liabilities of the Group for current tax purposes are calculated using the tax rates enacted or substantially approved at the end of the respective reporting period. 3.10.2 Deferred tax Deferred tax is recognized on temporary differences between the carrying amount of the assets and liabilities included in the Consolidated Financial Statements and the corresponding tax basis used to determine the taxable income. The deferred tax liability is generally recognized for all temporary tax differences. A deferred tax asset will be recognized, as a result of all deductible temporary differences, to the extent that it is likely that each entity will have future taxable income against which to charge those deductible temporary differences. These assets and liabilities are not recognized if the temporary differences arise from the initial recognition (rather than through a business combination) of other assets and liabilities in an operation that does not affect the taxable income or the accounting income. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. A deferred liability should be recognized for taxable temporary differences associated with investments in subsidiaries and joint ventures, and interests in joint ventures, except for those in which the Group is able to control the reversal of the temporary difference and when there is a possibility that it cannot be reversed in the near future. Deferred tax assets arising from the deductible temporary differences associated with such investments and participation are only recognized to the extent that it is likely that each entity will have future taxable profits against which to charge those temporary differences and when there is the possibility that these can be reversed in the near future. The carrying amount of a deferred tax asset must be reviewed at the end of each reporting period and reduced, to the extent that it is likely that it will not have sufficient taxable income in the future to allow all or part of the asset to be recovered. Deferred tax assets and liabilities should be measured using the tax rates expected to be applied in the period in which the asset is realized or the liability is settled, based on the rates (and tax laws) enacted or substantively enacted at the end of the respective reporting period. The measurement of deferred tax liabilities and deferred tax assets will reflect the tax consequences that would arise based on each Group company’s expectations, at the end of the reporting period, to recover or settle the carrying amount of their assets and liabilities. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different taxable entities. 3.10.3 Current and deferred taxes Current and deferred taxes should be recognized through profit or loss, except when they relate to items listed in other comprehensive income or directly in equity, in which case the current or deferred tax is also recognized though other comprehensive income or directly in the equity, respectively. In cases of business combinations, when the current tax or deferred tax arises from the initial accounting of the business combination, the tax effect is considered within the accounting of the business combination. Note 3.11. Provisions Provisions are recognized when (i) the Group has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. 3.11.1 Disputes and litigation A provision for disputes and litigation is recognized when it is more likely than not that the Group will be required to make future payments as a result of past events, such items may include but are not limited to claims, lawsuits and actions relating to employment related disputes and claims from tax authorities. Note 3.12. Employee benefits Note 3.12.1. Retirement and termination benefit costs Payments to defined contribution retirement benefit plans are recognized as an expense when employees has rendered service entitling them to the contributions. Payments made to state-managed retirement benefit plans are accounted for as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurements for actuarial gains and losses are recognized immediately in the Consolidated Statement of Financial Position with a charge or credit to other comprehensive income in the period in which they occur. Remeasurements recognized in other comprehensive income are not reclassified. Past service cost is recognized in profit or loss when the plan amendment or curtailment occurs or when the Group recognizes related restructuring costs or termination benefits, if earlier. Gains or losses on settlement of a defined benefit plan are recognized when the settlement occurs. Net interest is calculated by applying a discount rate to the net defined benefit liability. Defined benefit costs are split into three categories: ● service cost, which includes current service cost, past service cost and gains and losses on curtailments and settlements; ● net interest expense; and ● remeasurements. The retirement benefit obligation recognized in the Consolidated Statement of Financial Position represents the deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognized at the earlier of when the Group can no longer withdraw the offer of the termination benefit and when the Group recognizes any related restructuring costs. Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan. The Group recognized a net interest expense within finance costs for the year ended December 31, 2022 of $268 (2021: $67, 2020: $60) while remeasurements of the calculations are reflected in the Statement of Other Comprehensive Income. Remeasurements of the calculations represented a decrease of $222 (decrease 2021: $195 and increase 2020: $47). During the preparation of the Consolidated Financial Statements for the year ended December 31, 2022, the Group identified an understatement in Other Liabilities in prior periods for unrecorded long-term employee benefits corresponding to seniority premiums and retirement bonuses. Management assessed the materiality of the error on all the prior periods presented and determined that the error was not material to any of the periods and that a restatement of previously issued financial statements was not required. Under SEC Staff Accounting Bulletin (SAB) No. 108, prior periods misstatements may be corrected in the current year provided that such correction does not result in a material misstatement to the current year financial statements. As such, the Group corrected the misstatement in the Consolidated Financial Statements for the year ended December 31, 2022 as an out-of-period adjustment, increasing non-current other liabilities by $2,329 and current other liabilities by $185 and increasing cost of sales by $1,639, sales and marketing expense by $232, and administrative expense by $643. Note 3.12.2. Short-term and other long-term employee benefits A liability is recognized for benefits accruing to employees in the form of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognized in respect of short-ter

Critical Accounting Judgements

Critical Accounting Judgements and Key Sources of Estimation Uncertainty	12 Months Ended
	Dec. 31, 2022
Disclosure of Critical Accounting Judgements and Key Sources of Estimation Uncertainty [Abstract]
Critical accounting judgements and key sources of estimation uncertainty	Note 4. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, which are described in Note 3. Summary of significant accounting policies, management must make judgments, estimates and assumptions about the carrying amounts of the assets and liabilities that are not readily observable in other sources. The estimates and underlying assumptions are based on historical experience and other relevant factors. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed regularly. Changes to accounting estimates are recognized in the period of the review, if the change only affects that period, or in future periods if the change affects both the current and subsequent periods. Note 4.1. Critical accounting judgements 4.1.1 Reverse factoring Significant judgement is involved to evaluate whether a liability under a reverse factoring arrangement is in essence a continuation of an operating liability or a derecognition of the operating liability and recognition of a financing liability. The Group evaluates the requirements under IFRS 9 and applies judgment to the facts and circumstances as a whole. Specifically, whether interest charged from the suppliers to the Group creates a substantial change in the amount payable, i.e., financing. 4.1.2 Factoring The Group enters into factoring arrangements where it sells or assigns certain trade receivables to third parties under both recourse and non-recourse programs. Similar, to reverse factoring, significant judgment is required under IFRS 9 to assess whether the Group has substantially transferred all risk and rewards incidental to the trade receivables to the factor. Specifically, whether or not the factor has the right to collect the unpaid invoice amount from the transferor (seller). 4.1.3 Going Concern Refer Note 2.1. Going concern for judgements related to going concern. Note 4.2. Key sources of estimation uncertainty 4.2.1 Goodwill impairment Determining whether goodwill has been impaired involves calculating the value in use of the cash generating units to which the goodwill has been assigned. The calculation of value in use requires the entity to determine the future cash flows that should arise from the cash-generating units and an appropriate discount rate to calculate the present value. When actual future cash flows are less than expected, an impairment loss may arise. Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. Goodwill is tested for impairment at the cash generating unit level. The Group tests at least annually whether goodwill have suffered any impairment by calculating the recoverable amount of the cash generating unit and comparing this to its carrying value. The Group’s impairment testing methodology is in accordance with IAS 36, where the value in use approach is taken into consideration. The value in use calculations primarily use cash flow projections. There are a number of assumptions and estimates involved for the preparation of cash flow projections. Key assumptions include the growth rate, expected market share, expected gross margin and selection of discount rates, to reflect the risks involved. Management prepared the financial projections reflecting actual and prior year/period performance and market development expectations. Judgement is required to determine key assumptions adopted in the cash flow projections and changes to key assumptions can significantly affect these cash flow projections and therefore the results of the impairment reviews. Refer Note 12. Goodwill for further information on the goodwill exposure and estimates applied. 4.2.2 Useful life of property, plant and equipment and amortization of intangibles with finite useful lives The Group reviews the estimated useful lives of property, plant and equipment and intangibles with finite useful lives at the end of each annual period. 4.2.3 Provisions for contingencies, litigation and lawsuits The litigation and lawsuits to which the Group is exposed are managed by appropriate legal personnel and are primarily related to labor, civil and administrative disputes. The Group considers that a past event has given rise to a present obligation if there is no realistic alternative to settling the present obligation, independent of future events, considering all the evidence available at the reporting date. It is understood that the probability of an event is more likely than not when the probability of occurrence is greater than 50%, in which case the provision is recorded. The possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one to more uncertain future events that are not entirely under the control of the Group are not recognized in the Consolidated Statement of Financial Position, but are disclosed as contingent liabilities. The occurrence or non-occurrence of events that are deemed remote are not recorded or disclosed. The Group utilizes the professional judgment of internal and external specialists to determine the possibility of the occurrence of a present obligation. In the estimation of the provision for litigation and lawsuits, Management considers assumptions such as appraisal of the attorneys, estimated duration of the litigation or lawsuit and statistical information of litigation or lawsuits with similar characteristics, among others. 4.2.4 Impairment of accounts receivable The Group evaluates the impairment of its accounts receivable by the expected credit loss model where it determines its value based on the probability of default, the loss due to default (i.e., the extent of the loss in case of default) and the exposure in the default. The assessment of the probability of default and the loss due to default is based on historical data adjusted by prospective information. Further details of other judgments are in Note 3. Summary of significant accounting policies. 4.2.5 Useful lives of right-of-use assets Right-of-use assets depreciate during the shorter of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the asset related to the right of use depreciates during the useful life of the underlying asset. Depreciation begins at the commencement of the lease. 4.2.6 Recognition of deferred tax assets Deferred tax assets are recognized for all deductible temporary differences only to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. In determining whether it is probable that taxable profit will be available to realize the Group’s deferred tax assets, the management considered the following sources of taxable income: ● Reversal of taxable temporary differences ● Future taxable profit excluding reversal of temporary differences ● Tax planning opportunities 4.2.7 Reverse reorganization The excess between the fair value of the shares and equity instruments issued and the net assets acquired is treated as an expense under IFRS 2 (the ‘listing expense’) and it includes certain elements of judgement and estimation. This centers around the estimation of the fair value of OpCo prior to the Transaction and the fair value of the private warrants. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction. The fair value of OpCo was estimated using a combination of a market and income approach under IFRS 13 where the Group forecasted an annual adjusted EBITDA. A market based multiple, as negotiated amongst the independent parties to the Transaction, was then applied to the adjusted EBITDA to arrive at the enterprise value which was then adjusted for OpCo’s net debt. 4.2.8 Private warrants The private warrants are recorded as financial liabilities on the Consolidated Statement of Financial Position and are remeasured on each reporting date. In assessing the fair value of the private warrants, a Black-Scholes option pricing formula for European calls was used since the warrants are not publicly traded. The model requires the input of subjective assumptions, including the volatility of its own ordinary shares, the expected life, and strike price of the warrants. Any changes in these assumptions can significantly affect the estimate of the fair value of the warrants. 4.2.9 Shares held in escrow Significant judgement is involved to evaluate whether a contract that may be settled in the issuer’s own equity instruments meets the equity or liability classification. The shares to be delivered in an escrow are recorded as financial liabilities on the Consolidated Statement of Financial Position and are remeasured on each reporting date. In assessing the fair value of the shares, Monte Carlo simulation was applied in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price. This model is consistent with the Black-Scholes option pricing framework, and was used to account for the path-dependent + 20 out of 30 day features.

New and Amended IFRS Standards

New and Amended IFRS Standards That Are Effective For the Current Year	12 Months Ended
	Dec. 31, 2022
New and amended IFRS Standards that are effective for the current year [Abstract]
New and amended IFRS Standards that are effective for the current year	Note 5. New and amended IFRS Standards that are effective for the current year The Group adopted the following accounting standard amendments from January 1, 2022. The evaluation performed by management determined that these amendments did not result in a significant impact in relation to the Group as of December 31, 2022. Reference to the Conceptual Framework – Amendments to IFRS 3 - Effective January 1, 2022 Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. No business combinations were consummated for the year ended December 31, 2022 and therefore, this amendment has not impacted the Group. Onerous Contracts – Cost of Fulfilling a Contract - Amendments to IAS 37 - Effective January 1, 2022 The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract. Due to the nature of contractual arrangements with customers, this amendment has not impacted the Group. Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) - Effective January 1, 2022 The amendment to IAS 16 Property, Plant and Equipment (“PP&E”) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Entities must disclose separately the amounts of proceeds and costs relating to items produced that are not an output of the entity’s ordinary activities. The Group did not sell any items produced by PP&E while the entity was preparing such asset for its intended use and therefore, this amendment has not impacted the Group. Annual Improvements to IFRS Standards 2018-2020 - Effective January 1, 2022 The following improvements were finalized in May 2020: IFRS 9 Financial Instruments IFRS 16 Leases The evaluation performed by Management determined that there was not significant impact in relation to the Group as of December 31, 2022.

Recent accounting pronouncement

Recent accounting pronouncements not yet adopted	12 Months Ended
	Dec. 31, 2022
Recent Accounting Pronouncements Not Yet Adopted [Abstract]
Recent accounting pronouncements not yet adopted	Note 6. Recent accounting pronouncements not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the year ended December 31, 2022 and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. As of the issue date of these Consolidated Financial Statements, the following new and revised IFRS standards have been issued, but are not yet effective: IFRS 17 Insurance Contracts - Effective January 1, 2023 IFRS 17 provides the first comprehensive guidance on accounting for insurance contracts under IFRS accounting standards. Its objective is to increase transparency and reduce diversity in the accounting for insurance contracts. The Group does not have insurance contracts, as such, this new standard is not applicable to the Group. Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) - Effective January 1, 2023 The IASB has issued amendments to IAS 1 Presentation of Financial Statements Making Materiality Judgements The key amendments to IAS 1 include: ● requiring companies to disclose their material accounting policies rather than their significant accounting policies; ● clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and ● clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company’s financial statements. The IASB also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to accounting policy disclosures. The Group is in the process of performing its assessment of the impacts of the new amendment and anticipate a change in the disclosure of accounting policies upon adoption. However, early adoption was not elected. Definition of Accounting Estimate (Amendments to IAS 8) - Effective January 1, 2023 The amendments introduce a new definition for accounting estimates, clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The distinction between the two is important because changes in accounting policies are applied retrospectively, whereas changes in accounting estimates are applied prospectively. The Group is in the process of performing its assessment of the impacts of the amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction – Amendments to IAS 12 Income Taxes - Effective January 1, 2023 Targeted amendments to IAS 12 Income Taxes The amendments narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. For leases and decommissioning liabilities, the associated deferred tax asset and liabilities will need to be recognized from the beginning of the earliest comparative period presented, with any cumulative effect recognized as an adjustment to retained earnings or other components of equity at that date. The Group is in the process of performing its assessment of the impacts of the new standard and anticipate a change in the recognition of deferred assets and liabilities upon adoption. However, early adoption was not elected. Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) - Effective January 1, 2024 The narrow-scope amendments to IAS 1 Presentation of Financial Statements The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. In addition, the amendments also indicate that a company should classify a liability as non-current if it has a right to defer settlement for at least 12 months after the reporting date. This right may be subject to a company complying with conditions (covenants) specified in a loan arrangement. Covenants with which the company must comply after the reporting date (i.e., future covenants) do not affect a liability’s classification at the reporting date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities could become repayable within 12 months after the reporting date. The amendments must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Group is in the process of performing its assessment of the impacts of the new standard and anticipate a change in the classification of warrants and shares held in escrow upon adoption from non-current to current liabilities. However, early adoption was not elected. Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) - Effective January 1, 2024 The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. The Group is in the process of performing its assessment of the impacts of the new standard. However, early adoption was not elected. IFRS 10 and IAS 28 - Amendments - Sales or contributions of assets between an investor and its associate or joint venture. The IASB has made limited scope amendments to IFRS 10 Consolidated financial statements Investments in associates and joint ventures The amendments clarify the accounting treatment for sales or contributions of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in IFRS 3 Business Combinations). Where the non-monetary assets constitute a business, the investor will recognize the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognized by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively. The effective date of the amendments has been deferred indefinitely by the IASB; however, early application of the amendments is permitted.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Disclosure Of Revenue [Abstract]
Revenue	Note 7. Revenue The Group recognizes its revenues from the transfer of goods and services to the fulfillment of its performance obligations. The Group’s annual revenue includes $7,098 (2021: $3,637, 2020: $2,213) recognized from intellectual property licensing and dossier generation. Products The Group primarily engages in developing, producing and marketing pharmaceutical solutions. It is considered an integrated international healthcare and pharmaceutical company across the three core therapeutical areas: hospitals/clinics, pharmacies (prescription) and over-the-counter (non-prescription). The Group’s main products for the years ended December 31, 2022, 2021 and 2020 are: a. Business to Business Nextgel i. Softgel: Integrated CMDO, soft gelatin capsules, softgels, gummy-gels and GTabs. b. Business to Consumer Procaps Colombia, CAN and CASAND a. VitalCare: Branded drugs, consumer over-the-counter and generics. i. Clinical Specialties: High-complexity drugs and medical devices. ii. Farma: Branded prescription drugs. Diabetrics i. Diabetrics: Diabetes solutions and chronic disease management tool. Disaggregation of revenue from contracts with customers Revenue from contracts with customers is disaggregated by primary geographical market and major products (refer to Note 8. Segment reporting) and by timing of revenue recognition in the table below. Reportable segments For the year ended December 31 2022 NextGel Procaps CAN CASAND Diabetrics Corporate Total Segment revenue 256,112 145,330 77,928 83,392 34,459 — 597,221 Inter-segment revenue (131,047 ) (2,985 ) (22,461 ) (17,062 ) (13,746 ) — (187,301 ) Revenue from contracts with customers 125,065 142,345 55,467 66,330 20,713 — 409,920 Timing of revenue recognition Goods transferred at a point in time 118,394 142,345 55,467 65,903 20,713 — 402,822 Services transferred over time 6,671 — — 427 — — 7,098 Total revenue from contracts with customers 125,065 142,345 55,467 66,330 20,713 — 409,920 Reportable segments For the year ended December 31 2021 NextGel Procaps Colombia CAN CASAND Diabetrics Corporate Total Segment revenue 244,791 156,820 67,842 68,242 47,835 — 585,530 Inter-segment revenue (123,964 ) (1,493 ) (16,905 ) (14,286 ) (19,140 ) — (175,788 ) Revenue from contracts with customers 120,827 155,327 50,937 53,956 28,695 — 409,742 Timing of revenue recognition Goods transferred at a point in time 117,190 155,327 50,937 53,956 28,695 — 406,105 Services transferred over time 3,637 — — — — — 3,637 Total revenue from contracts with customers 120,827 155,327 50,937 53,956 28,695 — 409,742 Reportable segments For the year ended December 31 2020 NextGel Procaps CAN CASAND Diabetrics Corporate Total Segment revenue 201,294 121,532 44,808 40,094 39,221 2,431 449,380 Inter-segment revenue (95,315 ) (6,637 ) 805 (1,538 ) (16,432 ) 1,204 (117,913 ) Revenue from contracts with customers 105,979 114,895 45,613 38,556 22,789 3,635 331,467 Timing of revenue recognition Goods transferred at a point in time 103,766 114,895 45,613 38,556 22,789 3,635 329,254 Services transferred over time 2,213 — — — — — 2,213 Total revenue from contracts with customers 105,979 114,895 45,613 38,556 22,789 3,635 331,467 Revenue recognized from goods transferred at a point in time include revenues related to “sales of goods” and “sales of trademarks and sanitary records”. Revenue recognized from services transferred over time include revenues related to “intellectual property licensing” and “dossier generation”. Revenues, other than sales of goods, are not material to the Group.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Disclosure Of Entitys Operating Segments Text Block Abstract
Segment reporting	Note 8. Segment reporting Segment information is presented at a combination of geographical segments and business units, consistent with the information that is available and evaluated regularly by the chief operating decision maker. The Group operates its business through five segments which are its reportable segments for financial reporting purposes: Procaps Colombia, Central America North (“CAN”), Central America South and North Andes (“CASAND”), NextGel and Diabetrics. Segment management, the respective Vice Presidents, are responsible for managing performance, underlying risks and operations. Management uses a broad set of performance indicators, to measure segment performance and to make decisions around resource allocation. The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated. NextGel Procaps Colombia CAN CASAND Year 2022 Total Inter- External Total Inter- External Total Inter- External Total Inter- External Revenue 256,112 (131,047 ) 125,065 145,330 (2,985 ) 142,345 77,928 (22,461 ) 55,467 83,392 (17,062 ) 66,330 Contribution margin 1 66,752 (14,307 ) 52,445 44,594 156 44,750 18,681 (1,861 ) 16,820 14,602 14,869 29,471 Diabetrics Corporate Total Year 2022 Total Inter- External Total Inter- External Total Inter- External Revenue 34,459 (13,746 ) 20,713 — — — 597,221 (187,301 ) 409,920 Contribution margin 1 2,965 116 3,081 3,920 (4,484 ) (564 ) 151,514 (5,511 ) 146,003 Administrative expenses — — — 105,911 — 105,911 105,911 — 105,911 Finance expenses — — — (37,917 ) — (37,917 ) (37,917 ) — (37,917 ) Other expenses — — — 25,299 — 25,299 25,299 — 25,299 Income (loss) before tax 58,221 (5,511 ) 52,710 NextGel Procaps Colombia CAN CASAND Year 2021 Total Inter- External Total Inter- External Total Inter- External Total Inter- External Revenue 244,791 (123,964 ) 120,827 156,820 (1,493 ) 155,327 67,842 (16,905 ) 50,937 68,242 (14,286 ) 53,956 Contribution margin 1 66,679 (12,573 ) 54,106 51,431 490 51,921 18,767 (231 ) 18,536 9,949 11,754 21,703 Diabetrics Corporate Total Year 2021 Total Inter- External Total Inter- External Total Inter- External Revenue 47,835 (19,140 ) 28,695 — — — 585,530 (175,788 ) 409,742 Contribution margin 1 6,981 (133 ) 6,848 89 (547 ) (458 ) 153,896 (1,240 ) 152,656 Administrative expenses — — — 82,187 — 82,187 82,187 — 82,187 Finance expenses — — — 78,636 — 78,636 78,636 — 78,636 Other expenses — — — 78,991 — 78,991 78,991 — 78,991 Income (loss) before tax (85,918 ) (1,240 ) (87,158 ) NextGel Procaps Colombia CAN CASAND Year 2020 Total Inter- External Total Inter- External Total Inter- External Total Inter- External Revenue 201,294 (95,315 ) 105,979 121,532 (6,637 ) 114,895 44,808 805 45,613 40,094 (1,538 ) 38,556 Contribution margin 1 52,679 (5,790 ) 46,889 43,926 (1,695 ) 42,231 9,197 6,324 15,521 9,001 813 9,814 Diabetrics Corporate Total Year 2020 Total Inter- segment eliminations External Total Inter- segment eliminations External Total Inter- segment eliminations External Revenue 39,221 (16,432 ) 22,789 2,431 1,204 3,635 449,380 (117,913 ) 331,467 Contribution margin 1 6,294 (807 ) 5,487 (10,157 ) 11,901 1,744 110,940 10,745 121,685 Administrative expenses — — — 58,631 — 58,631 58,631 — 58,631 Finance expenses — — — 54,489 — 54,489 54,489 — 54,489 Other expenses — — — 7,716 — 7,716 7,716 — 7,716 Income (loss) before tax (9,896 ) 10,745 849 1 Contribution Margin is determined by subtracting sales and marketing expenses from gross profit. The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated. Major customer The Group does not have revenue from a single customer comprising more than ten percent of its consolidated revenue. Geographical information In presenting information based on geographical segments, segment revenue is based on the geographical location of the customers. For the year ended December 31 2022 2021 2020 South America 275,933 284,068 249,983 Central America 86,679 72,188 58,082 North America 37,115 44,857 12,576 Europe 10,193 8,629 10,826 Total 409,920 409,742 331,467

Finance Income (Expenses), Net

Finance Income (Expenses), Net	12 Months Ended
	Dec. 31, 2022
Finance Income (Expenses), Net [Abstract]
Finance income (expenses), net	Note 9. Finance income (expenses), net For the year ended December 31 2022 2021 2020 Banking expenses $ (781 ) $ (1,056 ) $ (590 ) Bank fees (8,498 ) (2,263 ) (986 ) Other financial expenses (1,033 ) (354 ) (281 ) Net fair value gain of warrant liabilities 12,196 5,851 — Net fair value gain of shares held in escrow 61,795 4,506 — Interest expense (25,762 ) (85,320 ) (52,632 ) Total income (expense) $ 37,917 $ (78,636 ) $ (54,489 ) In 2022, $6,076 of the bank fees relate to the amortization of upfront and commitment fees incurred under the Bridge Credit Agreement which was subsequently terminated, as mentioned in Note 1. General Company Information and Note 28. Events after the reporting period. The upfront and commitment fees are amortized using the straight-line method over the commitment period. Refer to Note 25. Warrant Liabilities, Note 26.1. Reverse reorganization and Note 27. Financial instruments for further information related to net fair value gains for the years ended December 31, 2022 and 2021. For the years ended December 31, 2021 and 2020, interest expense includes the finance expense related to the obligation to repurchase the Group’s ordinary shares from IFC and Hoche under the Put Option Agreements and is measured using the effective interest rate method, inclusive of eligible transaction costs. The amount of interest expense, related to the put options recognized in 2021 and 2020, amounts to $23,506 and $27,344, respectively. Additionally, an extinguishment loss of $35,920 was recognized in 2021, reflecting the re-negotiated commencement date for the annual return of the obligation under the Put Option Agreement with Hoche. On the effectiveness of the Transaction, September 29, 2021, both Put Option Agreements were terminated in exchange for ordinary shares issued by Holdco. The termination of the put option resulted in the associated liabilities to be reclassified into Company’s equity. In 2022, interest on lease liabilities amounted to $1,033 (2021: $720, 2020: $601). Refer to Note 3.3. Leases - Right-of-use assets & lease liabilities for method of recognition of interest expense applied by the Group. In 2022, interest expense includes an extinguishment loss of $1,601, as a result of the substantially modified terms of the Senior Notes. Refer to Note 19. Borrowings for further information related to the debt extinguishment. Net fair value gains recognized in Finance income (expenses), net during 2022 and 2021 are unrealized. The Group did not realize any significant finance income during 2020.

Other Expenses, Net

Other Expenses, Net	12 Months Ended
	Dec. 31, 2022
Other expenses, net [Abstract]
Other expenses, net	Note 10. Other expenses, net For the year ended December 31 2022 2021 2020 Currency exchange rate differences $ 15,984 $ 4,026 $ 3,905 Economic emergency contribution expenses 1,301 1,385 811 Fines, surcharges, penalties and taxes assumed 1,119 775 1,440 Donations 814 720 716 Listing expense 1 — 73,917 — Impairment loss 2 6,018 — — Other 63 (1,832 ) 844 Total $ 25,299 $ 78,991 $ 7,716 1 Corresponds to the difference between the fair value of the net assets received through SPAC and the value of the equity interest issued, adjusted by dilutive effect of shares held in escrow at a weighted average fair value per share. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction. 2 Refer to Note 12. Goodwill for further details regarding the impairment loss and to Note 14. Property, plant and equipment, net, Note 13. Intangible assets and Note 15. Leases for the impairment recognized within each asset group.

Income Tax

Income Tax	12 Months Ended
	Dec. 31, 2022
Income tax [Abstract]
Income tax	Note 11. Income tax Income tax recognized through profit or loss For the year ended December 31 2022 2021 2020 Current year 8,407 12,250 7,491 Current tax expense 8,407 12,250 7,491 Origination and reversal of temporary differences 1,763 1,455 3,805 Deferred tax (income) expense 1,763 1,455 3,805 Total tax expense 10,170 13,705 11,296 Reconciliation of effective tax rate For the year ended December 31 2022 2021 2020 Profit/ (loss) before tax 52,710 (87,158) 849 Income tax (benefit)/expense 8,961 (14,817 ) 297 Tax effect of expenses that are not deductible in determining taxable profit 27,187 49,442 13,525 Tax effect of income not taxable in determining taxable profit (30,292 ) (8,822 ) (7,754 ) Effect of different tax rates of subsidiaries operating in other jurisdictions (1,249 ) (9,423 ) 1,960 Others - Includes exchange effects for reversal rates of long-term temporary differences, income taxed at differential rates, effect of change in deferred tax rate and tax discounts 5,563 (2,675 ) 3,200 Tax effect of utilization of tax losses not previously recognized — — 68 Tax expense for the year 10,170 13,705 11,296 The tax rate used for 2022 represents the corporate tax rate of 17% (2021: 17%, 2020: 35%) from Luxembourg on the taxable income payable by the Group, in accordance with the tax laws of said jurisdiction. Income tax for other jurisdictions is calculated based on the substantially enacted nominal tax rates prevailing in the respective jurisdictions. After effectiveness of the Transaction on September 29, 2021, the Group’s corporate tax jurisdiction changed from Malta to Luxembourg where the corporate tax rate is 17%. On September 14, 2021, Colombia’s President approved the Social Investment Law (Ley de Inversión Social, or the “2021 Colombian Tax Reform”), which includes certain tax measures intended to generate additional tax revenues to fund social programs for purposes of mitigating the impact of the COVID-19 pandemic. The 2021 Colombian Tax Reform took effect beginning in 2022 and, among other things, includes a corporate tax rate increase from 30% to 35% for both domestic and foreign entities, permanent establishments and branches. On December 13, 2022, the Colombian President enacted Law 2277 of 2022, which contains the tax reform proposals previously approved by congress. The purpose of the amendments is to promote equality and social justice, as well as to consolidate adjustments to the tax system. These tax measures include, among other things, c orporate tax rate to remain unchanged at 35%. However, a new net tax rate will be introduced, under which Colombian companies, including free trade zone users, will be Current tax assets and current tax liabilities: As of December 31 Current tax assets 2022 2021 Income Tax Advance 9,227 6,081 Surplus in Private Liquidation 9,563 15,732 Other Tax Assets 2,397 269 Total 21,187 22,082 Current tax liabilities Withholding Income Tax (2,274 ) (8,982 ) Income Tax Payable (2,797 ) (2,652 ) Other Tax Liabilities (1,062 ) (122 ) Total (6,133 ) (11,756 ) As of December 31, 2022 and 2021, the following is the detail of the tax losses of the Group that have not been used and on which no active deferred tax has been recognized: As of December 31 2022 2021 Tax Losses not utilized 4,752 3,242 Total 4,752 3,242

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2022
Disclosure of Goodwill Text Block [Abstract]
Goodwill	Note 12. Goodwill 2022 2021 Balance as of January 1 $ 6,803 $ 6,863 Effect of movements in foreign exchange (174 ) (60 ) Impairment losses $ (838 ) $ — Balance as of December 31 $ 5,791 $ 6,803 The Group completed its annual impairment test for goodwill for the years ended December 31, 2022 and 2021 and concluded that no impairment charge was warranted for Procaps S.A. de C.V. and Biokemical S.A. de C.V. cash generating units. However, as of December 31, 2022 an impairment loss was recognized for the Rymco cash generating unit (in regards to prior periods, goodwill impairment losses hadn’t previously been recognized). The Group cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. The Group believes that all of its estimates are reasonable and are consistent with the Group’s internal reporting and reflect management’s best estimates. Allocation of goodwill to cash generating units For the purpose of impairment testing, goodwill has been allocated to the following cash-generating units, which belong to different reportable segments: The Group has three cash generating units - Procaps, S.A, de C.V., Biokemical S.A. de C.V. Rymco, To determine the recoverable amount for each of these cash generating units, a value-in-use calculation was conducted using cash flow projections from approved financial budgets over a specific period, along with an annual discount rate. For cash flows beyond the number of years used in projection, a fixed annual growth rate was used to extrapolate the projections. The chosen period for the cash flow projection represents the stable long-term position, and hence, the cash flows were extrapolated using a steady growth rate in the second stage. The sales growth rate and fixed gross margins were used as inputs for the cash flow projections during the budgeted period, and the directors estimated the growth rate based on past performance and their expectations of market development. The following key assumptions and inputs were considered in the calculation of projected the cash flows of the cash generating units: Procaps S.A. de C.V. Biokemical S.A. de C.V. Rymco 2022 2021 2022 2021 2022 2021 Post-Tax Discount Rate 16.5 % 12.2 % 16.5 % 13.3 % 17.5 % 11.5 % No. of years used In projection (In Years) 6 6 6 6 5 5 Fixed annual growth rate 1 3 % 1 % 3 % 1 % 3.0 % 3.1 % Average sales growth rate 15.0 % 6.2 % 12.6 % 3.8 % (3.5 )% 11.6 % Average gross margin 2 52.6 % 49 % 41.2 % 41.4 % 27.9 % 18 % Expected market share 3 6.5 % 6.2 % 7.5 % 3.8 % 18.1 % 19.9 % 1 This rate is consistent with the growth of the pharmaceutical and medical supplies markets in the current and potential operating areas of the cash-generating units. 2 Fixed gross margins were used in the cash flow projections for Procaps S.A. de C.V. 3 Management considers that the planned growth of market share for the next five to eight years is reasonably achievable. The table below indicates the amount by which estimated recoverable amount of the cash generated units exceeded its carrying amount: The impairment in Rymco is due to the decrease in sales and declining market conditions. During 2021, the production capacity of Rymco’s manufacturing facilities was expanded to meet the increased demand for its products that helped reduce the spread of the COVID-19 virus. However, during 2022, due to the end of the COVID-19 epidemic, the demand for those products significantly declined and, as a result, so did the selling prices due to oversupply in the marketplace. As a result of the impairment identified as of December 31, 2022, the Group assessed the assets within Rymco subject to IAS 36 and recognized an impairment loss up to the greater of the recoverable amount of the individual assets or zero. The recoverable amount of the assets is its individual Level 2 fair value less costs of disposal, which is calculated based on observable market prices for similar assets. Therefore, a total impairment loss expense of $6,018, which was allocated to the non-financial assets of Rymco as follows: – Impairment of Goodwill of $838, with $0 remaining carrying amount; – Impairment of Property Plan and Equipment of $4,689, with a remaining carrying amount of $1,596; – Impairment of Right-of-use assets of $356, with a remaining carrying amount of $2,744; and – Impairment of Intangible assets of $135, with $0 remaining carrying amount. After impairing assets within the scope of IAS 36 by $6,018, an unallocated impairment of $5,723 remained unrecognized by the Group. The impairment losses are recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income as Other expenses, net.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2022
Disclosure Of Intangible Assets Text Block Abstract
Intangible assets	Note 13. Intangible assets Cost Trademarks and Licenses, Product Total Balance as of January 1, 2021 13,176 17,174 18,272 48,622 Additions 1,672 755 — 2,427 Additions from internal developments — — 7,976 7,976 Derecognition of assets — (7 ) — (7 ) Foreign currency exchange (631 ) (1,475 ) (2,986 ) (5,092 ) Transfers 489 (512 ) 23 — Balance as of December 31, 2021 14,706 15,935 23,285 53,926 Additions 1,684 566 — 2,250 Additions from internal developments — — 8,713 8,713 Derecognition of assets — (49 ) (154 ) (203 ) Foreign currency exchange (1,180 ) (1,574 ) (4,697 ) (7,451 ) Transfers 233 363 — 596 Balance as of December 31, 2022 15,443 15,241 27,147 57,831 Accumulated amortization and impairment losses Trademarks and Licenses, Product Total Balance as of January 1, 2021 3,481 12,768 4,790 21,039 Amortization expense 787 965 3,064 4,816 Derecognition of assets — (7 ) — (7 ) Foreign currency exchange (277 ) (976 ) (840 ) (2,093 ) Transfers 241 (237 ) (4 ) — Balance as of December 31, 2021 4,232 12,513 7,010 23,755 Amortization expense 1,205 995 2,733 4,933 Impairment loss 114 21 — 135 Foreign currency exchange (495 ) (1,201 ) (1,504 ) (3,200 ) Balance as of December 31, 2022 5,056 12,328 8,239 25,623 As of December 31, 2021 Net book value 10,474 3,422 16,275 30,171 As of December 31, 2022 Net book value 10,387 2,913 18,908 32,208 For the years ended December 31, 2022, 2021 and 2020 amortization expenses are recognized within the Consolidated Statement of Profit or Loss and Other Comprehensive Income as administrative expenses. Impairment loss recognized in Other expenses, net relates to the Rymco cash-generating unit. Refer to Note 12. Goodwill for further information. Foreign currency exchange corresponds to the effect of translating the intangible asset amounts attributable to the subsidiaries of the Group whose functional currencies are different from that of the Group.

Property, plant and equipment,

Property, plant and equipment, net	12 Months Ended
	Dec. 31, 2022
Disclosure of Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, net	Note 14. Property, plant and equipment, net Cost Land and Machinery and Projects in Other 1 Total Balance as of January 1, 2021 26,819 69,664 9,330 9,478 115,291 Additions 487 4,764 10,019 167 15,437 Disposals (289 ) (350 ) — (15 ) (654 ) Effect of exchange differences in foreign currency (1,180 ) (8,930 ) (1,130 ) (515 ) (11,755 ) Transfers 4,482 6,518 (7,578 ) (5,087 ) (1,665 ) Balance as of December 31, 2021 30,319 71,666 10,641 4,028 116,654 Additions 4,425 2,556 16,055 121 23,157 Disposals (2,072 ) (2,071 ) — (2 ) (4,145 ) Effect of exchange differences in foreign currency (1,283 ) (9,698 ) (2,008 ) (512 ) (13,501 ) Transfers 759 1,667 (2,872 ) 179 (267 ) Balance as of December 31, 2022 32,148 64,120 21,816 3,814 121,898 Accumulated depreciation and impairment losses Land and Machinery and Projects in Other 1 Total Balance as of January 1, 2021 8,071 32,624 — 4,261 44,956 Disposals (70 ) (91 ) — (16 ) (177 ) Depreciation expense 871 4,653 — 548 6,072 Effect of exchange differences in foreign currency (328 ) (3,743 ) — (472 ) (4,543 ) Transfers (907 ) (587 ) — (798 ) (2,292 ) Balance as of December 31, 2021 7,637 32,856 — 3,523 44,016 Disposals — (2,013 ) — (1 ) (2,014 ) Depreciation expense 775 4,662 — 219 5,656 Impairment loss — 4,247 403 39 4,689 Effect of exchange differences in foreign currency 508 (4,648 ) — (315 ) (4,455 ) Transfers — 39 — 2 41 Balance as of December 31, 2022 8,920 35,143 403 3,467 47,933 As of December 31, 2021 Net book value 22,682 38,810 10,641 505 72,638 As of December 31, 2022 Net book value 23,228 28,977 21,413 347 73,965 1 ‘Other’ includes computer equipment and other office furniture and equipment. As of December 31, 2022, depreciation expense was recognized as follows: $4,504 was recognized as Cost of sales (2021: $4,382), for manufacturing costs, and $1,152 (2021: $1,690) within Administrative expenses. Impairment loss recognized in Other expenses, net relates to the Rymco cash-generating unit. Refer to Note 12. Goodwill for further information. Financial Commitments As of year-end 2022, the Group has commitments to acquire capital expenditures fo r $2,304 Asset Acquisition of a Pharmaceutical Production Facility As of December 31, 2021 the Group acquired an 86,000 sq. ft. pharmaceutical production facility. The purchase price allocated to property, plant and equipment based on the estimated fair value of the assets acquired at the date of the asset acquisition was $1,487. Please refer to Note 26.2. Asset acquisition - Pharmaceutical production facility.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Note 15. Leases The Group has leases of office and warehouse buildings, land, vehicles, machinery and computer hardware. Rental contracts are for fixed terms varying between one and seven years. Information about leases for which the Group is a lessee is presented below. Right-of-use assets Reconciliation of asset balances: Land and 1 Equipment Vehicles Computers Total Balance as of January 1, 2021 34,886 6,975 32 1,302 43,195 Addition to right-of-use asset 6,573 709 — — 7,282 Depreciation (3,311 ) (463 ) — (449 ) (4,223 ) Derecognition of contracts (126 ) (58 ) — (86 ) (270 ) Transfers 559 (1,155 ) (32 ) — (628 ) Effect of changes in foreign exchange rates (4,188 ) (932 ) — (69 ) (5,189 ) Balance as of December 31, 2021 34,393 5,076 — 698 40,167 Addition to right-of-use asset 6,749 2,293 — 1,219 10,261 Depreciation (4,323 ) (1,343 ) (7 ) (582 ) (6,255 ) Derecognition of contracts (437 ) (33 ) — — (470 ) Impairment loss — (356 ) — — (356 ) Transfers 201 47 61 — 309 Effect of changes in foreign exchange rates (3,887 ) (685 ) 1 (72 ) (4,643 ) Balance as of December 31, 2022 32,696 4,999 55 1,263 39,013 1 Includes net right-of-use assets of $1,373 (2021: $1,537) with related party WM Partners, LP. As of December 31, 2022 depreciation expense was recognized as follows: $4,469 was recognized within administrative costs (2021: $3,633) and $1,786 Impairment loss recognized in Other expenses, net relates to the Rymco cash-generating unit. Refer to Note 12. Goodwill for further information. As of December 31, 2021 the Group assumed rights of use for an amount of $4,533 that were part of the asset acquisition transaction of a pharmaceutical production facility that was purchased from Strides Pharma, Inc. Refer to Note 26.2. Asset acquisition - Pharmaceutical production facility. Lease Liabilities The Group’s lease liabilities are guaranteed by the lessor’s title to the leased assets. As of December 31, 2022 and 2021, the Group maintains the following opened balances: 2022 2021 Non-current $ 25,139 $ 21,894 Current 9,053 9,853 Total $ 34,192 $ 31,747 The remaining contractual maturity and repayment periods of the Group’s leases liabilities are exhibited in Note 27. Financial instruments. Carrying amounts of lease liabilities are included in Borrowings’ balance, refer to Note 19. Borrowings. As of December 31, 2021 the Group assumed all obligations and liabilities undertaken as sublessee under the Sublease Agreement with a pending balance of $4,533 that were part of the asset acquisition transaction of a pharmaceutical production facility that was purchased from Strides Pharma, Inc. Refer to Note 26.2. Asset acquisition - Pharmaceutical production facility. Amounts recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 2022 2021 Interest on lease liabilities $ 1,033 $ 720 Expense relating to leases of low-value assets 115 123 Expense relating to short-term leases 862 1,217 Amounts recognized in Consolidated Statements of Cash Flows The total cash outflow for leases amounts to $6,679 (2021: $8,854). The principal amount of the lease liabilities and estimated interest payments contractual maturity and repayment periods are included in Note 27. Financial instruments.

Investment in joint ventures

Investment in joint ventures	12 Months Ended
	Dec. 31, 2022
Disclosure of Joint Ventures [Abstract]
Investment in joint ventures	Note 16. Investment in joint ventures Name of joint venture Principal activity Place of incorporation and principal place of business Proportion of ownership interest and voting rights held by the Company As of As of Promedical S.A. Marketing and pharmaceuticals Santa Cruz de la Sierra, Bolivia 50 % 50 % Promedical S.A. is accounted for using the equity method in these Consolidated Financial Statements. Pursuant to a shareholder agreement, the Group has the right to cast 50% of the votes at shareholder meetings of Promedical S.A. The financial year end dates of Promedical S.A. are December 31, 2022 and 2021. For the purposes of applying the equity method of accounting, the financial statements of Promedical S.A. for the years ended December 31, 2022, 2021 and 2020 have been used. The other summary information that precedes the reconciliation to the Group’s carrying amount represents amounts included in the IFRS financial statements of the joint venture, not the entity’s share of these amounts, although they are adjusted to reflect fair value adjustments upon acquisition or accounting policy alignments. Summarized financial information of Promedical S.A is set out below. The summarized financial information below represents amounts in the Promedical S.A.’s financial statements prepared in accordance with IFRS Standards, adjusted by the Group for equity accounting purposes. As of December 31 2022 2021 Current assets $ 10,107 $ 10,324 Non-current assets 2,970 3,136 Current liabilities 8,422 6,231 Non-current liabilities 866 795 Equity 3,789 6,434 Revenue 19,844 23,704 (Loss)/income for the year (2,040 ) 1,423 Total comprehensive (loss)/income (2,040 ) 1,423 As of December 31 2022 2021 Net assets of Promedical S.A. $ 3,789 $ 6,434 Proportion of the Group’s ownership interest in Promedical S.A. 1,895 3,217 Other adjustments (390 ) (774 ) Carrying amount of the Group’s interest in Promedical S.A. $ 1,505 $ 2,443

Inventories, net

Inventories, net	12 Months Ended
	Dec. 31, 2022
Inventories, net [Abstract]
Inventories, net	Note 17. Inventories, net 2022 2021 Raw materials and supplies $ 42,701 $ 38,024 Products in process 7,412 6,240 Finished products and merchandise 41,492 31,791 Inventory in transit 11,531 9,645 Subtotal 103,136 85,700 Less: Provision (6,303 ) (6,270 ) Total $ 96,833 $ 79,430 Inventories recognized as cost of goods sold during the year ended December 31, 2022 amounted to $170,351 (2021: $174,029). Inventories used as samples for the year ended December 31, 2022 amounted to $6,659 (2021: $3,867) were recognized as marketing expenses. Write-downs of inventories to net realizable value and obsolescence adjustments amounted to $5,717 (2021: $5,391), were recognized within sales expenses during the year ended December 31, 2022.

Trade and Other Receivables, Ne

Trade and Other Receivables, Net	12 Months Ended
	Dec. 31, 2022
Trade and Other Receivables, Net [Abstract]
Trade and other receivables, net	Note 18. Trade and other receivables, net As of December 31 2022 2021 Trade receivables, net of discounts 1 $ 126,456 $ 111,071 Other receivables 15,211 16,408 Impairment of trade and other receivables 2 (12,065 ) (10,030 ) Trade receivables, net of discounts and impairment $ 129,602 $ 117,449 1 Discount and return provision amounts to $13,443 (2021: $7,345). 2 Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables. Refer to Note 27. Financial instruments for the Group’s disclosures on credit risk management and expected credit losses. The Group has entered into factoring arrangements to sell certain trade receivables to third parties under recourse programs, retaining all risk and rewards incidental to the trade receivables, so no derecognition of the financial assets has been performed. Trade receivables which collateralize factoring obligations as of December 31, 2022 amount to $2,547 (2021: $11,973).

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2022
Disclosure of Borrowings [Abstract]
Borrowings	Note 19. Borrowings 2022 2021 Borrowings at amortized cost 1 Syndicated term loan (1) $ 38,626 $ 46,505 Other term loan (2) 95,720 51,593 Lease liabilities (3) 34,192 31,747 Factoring obligations (4) 2,317 10,609 Bank overdrafts (5) 80 55 Notes (6) 115,000 112,857 Total Interest bearing liabilities $ 285,935 $ 253,366 Current $ 257,525 $ 74,646 Non- Current $ 28,410 $ 178,720 1 Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net. Information about the Group’s exposure to interest rate, foreign currency and liquidity risk is included in Note 27. Financial instruments. 1. Syndicated term loan Currency Range of Interest Maturity Year 2022 2021 Syndicated term loan COP IBR+ 5.3% (Variable) 2023-2025 $ 39,156 $ 39,521 Syndicated term loan USD Libor+ 4.8% (Variable) 2022 — 7,850 Amortized cost COP N/A 2023 (530 ) (866 ) Total Syndicated term loan $ 38,626 $ 46,505 On November 20, 2018, Procaps S.A. entered into a syndicated term loan agreement the “Syndicated Loan Agreement”) with the following banks: Portion in Colombian pesos (COP) - Davivienda and Bancolombia; US dollar portion (USD) - Banco de Credito del Peru, Bancolombia Panama and Banco Sabadell. The total value of the syndicated loan amounts to $200,434 million COP (portion in COP) and $35 million USD (portion in USD), Fiduciaria Bancolombia acts as the agent of the loan. C.I. Procaps S.A., Procaps S.A. de C.V, Biokemical S.A., Pharmarketing S.A. (Panama), Pharmarketing Salvador S.A. de C.V., Pharmarketing S.A. (Guatemala S.A.), C.D.I. Salvador S.A. de C.V., C.D.I. Nicaragua S.A., C.D.I. Guatemala S.A., Pharmarketing Dominicana SRL, and Pharmarketing Costa Rica S.A., act as co-debtors, while Pharmayect S.A., Inversiones Crynssen S.A.S., Inversiones Ganeden S.A.S., Inversiones Henia S.A.S., Inversiones Jades S.A.S., and Industrias Kadima S.A.S., act as guarantors. The resources obtained were used for advance payment and/or novation of some obligations to be refinanced. The conditions of the loan had a term of 5 years for installment payments and the interest rates agreed are as follows: IBR + 5.30% for the portion in COP and Libor + 4.80% for the USD portion. The loans received by Banco de Crédito del Peru and Banco Sabadell were precanceled during the month of November 2021, due to the improvement in terms and conditions under the NPA. The significant covenants required by the Syndicated Loan Agreement are as follows: Financial covenants ● Indebtedness Indicator (Indebtedness/EBITDA) as of June 30 and December 30 of each year, during the loan term, must be less than or equal to 3.5 times. If the indicator is greater than 3.0 and less than 3.5, it proceeds to the extent that this value is originated by causes other than additional debt and the justification of the increase must be presented to the agent. ● Short-term leverage ratio must be less than 1.0 on the last day of each semester. ● EBITDA ratio / financial expenses ratio must be greater than or equal to 3.0 on the last day of each semester. Other covenants ● The Syndicated Loan Agreement establishes that each of the jointly obligated parties, unless they have the express, prior and written authorization of the agent, will refrain from incurring any type of financial debt when the proforma indebtedness indicator, once acquired the additional financial debt, is greater than 3.0 times and maintaining any type of financial debt when the pro forma indebtedness indicator, once the national debt is acquired, is greater than 3.5 times. ● Each of the joint obligated parties, except with express, prior and written authorization of the agent to do otherwise, will refrain from contracting finance and/or operating lease obligations with purchase option with a joint balance payable greater than $85,000,000 (Eighty-Five Billion Pesos, local currency) or its equivalent in another currency. For purposes of clarity, the reclassification of obligations as financial lease obligations by application of the accounting standards will not consume the balance set forth herein and may not be renewed. ● The payment of dividends is restricted to anyone other than the jointly obligated parties. The Syndicated Loan Agreement establishes that, in the event of breach of covenants by the debtor, the lenders shall be entitled to declare early maturity of the indebtedness thereunder. As mentioned in Note 2.1. Going concern, as of December 31, 2022, the Group was not in compliance with certain of the loan covenants under the Syndicated Loan Agreement. As a result, the $19,665 unpaid principal balance previously classified as a noncurrent borrowings, has been to current borrowings within the Group’s Consolidated Statement of Financial Position. On May 2, 2023 the Group obtained a waiver for the loan covenant breaches described above. Under the terms of the waiver, the lenders agreed to waive the event of default as of December 31, 2022. In addition, the Group negotiated an additional waiver to adjust the covenant ratios as noted within Note 28. Events after the reporting period. 2. Other term loan Currency Range of Interest Maturity Year 2022 2021 Other term loan COP IBR+ 5.0%, DTF+ 3%, 13.99%- 2022-2025 $ 9,549 $ 9,442 COP IBR+2.25%-10.2% 2022-2025 21,267 17,552 Soles 8.0% - 12.79% (Fixed) 2022-2024 6,837 5,953 Reales 9.84% - 18% N.A. 2023-2024 2,176 1,762 USD SOFR+ (4.80%-5.80%) 2023 23,454 739 USD 6.36%-16.8% 2022-2025 32,437 16,145 Total Other term loans $ 95,720 $ 51,593 On June 28, 2022, Procaps, S.A. entered into a credit agreement with BTG Pactual (the “BTG Credit Agreement”) to borrow $8,672. The financial covenants required by the BTG Credit Agreement are as follow: ● Consolidated Indebtedness Indicator (Indebtedness / EBITDA) must not be greater than 3.5 times. ● Consolidated EBITDA/Finance expense must not be less than 3 times. As mentioned in Note 2.1. Going concern, as of December 31, 2022, the Group was not in compliance with the loan covenants related to the BTG Credit Agreement. As a result, the $4,490 unpaid balance previously classified as a non-current borrowings, has been reclassified to current borrowings within the Group’s Consolidated Statement of Financial Position. On March 28, 2023 the Group obtained a waiver for the loan covenant breach. Under the terms of the waiver, BTG Pactual agreed to waive the event of default as of December 31, 2022. In addition, the Group negotiated an additional waiver to adjust the covenant ratios as noted within Note 28. Events after the reporting period. Along with the BTG Credit Agreement Additionally, the Group entered multiple USD based term loans with a variety of banks which amount to $13,566, with a maturity date ranging from one to three years. 3. Lease liabilities Currency Range of Interest Maturity Year 2022 2021 Lease liabilities COP DTF + (5,18% - 10,11%) T.A., IBR+7.5% 2022-2030 $ 10,475 $ 10,334 COP DTF+ 4.54%-10.42 T.A. 2022-2025 3,653 6,662 USD 1 0.75%-21.48% 2022-2032 14,787 9,374 COP 1.91%-12.23%, IBR+4.68% 2022-2027 4,703 5,315 Reales 0.70% - 8.72% (Fixed) 2023-2024 574 62 Total Lease liabilities $ 34,192 $ 31,747 1 Includes lease liabilities of $1,501 (2021: $1,632) with related party WM Partners, LP. 4. Factoring obligations Currency Range of Interest Maturity Year 2022 2021 Portfolio factoring COP DTF+8% 2023 $ 1,508 $ 1,383 COP 15.0% - 27% N.A. 2023 809 9,226 Total Factoring obligations $ 2,317 $ 10,609 5. Bank overdraft Currency Range of Interest Maturity Year 2022 2021 Overdrafts and credit cards COP 19.68% - 32% E.A. (Fixed) 2023 $ 80 $ 55 6. Notes Currency Range of Interest Maturity Year 2022 2021 The Prudential Insurance Company Of America USD 8.50% (Fixed) 2031 $ 60,020 $ 58,906 Prudential Annuities Life Assurance Corporation USD 8.50% (Fixed) 2031 29,980 29,423 Healthspring Life & Health Insurance Company, Inc USD 8.50% (Fixed) 2031 18,350 18,007 CIGNA Health and Life Insurance Company USD 8.50% (Fixed) 2031 6,650 6,521 Total Notes $ 115,000 $ 112,857 On November 12, 2021, the Group closed the private placement offering of $115 million aggregate principal amount of 4.75% guaranteed senior notes (the “Senior Notes”) issued by Procaps, S.A., a subsidiary of the Group, due November 12, 2031, pursuant to the NPA entered into on November 5, 2021 with The Prudential Insurance Company of America, Prudential Annuities Life Assurance Corporation, Healthspring Life & Health Insurance Company, Inc. and Cigna Health and Life Insurance Company Inc. The Senior Notes are a senior unsecured obligations of Procaps, S.A. and unconditionally guaranteed by Procaps Group, S.A. and the following subsidiaries of the Group: C.I. Procaps, S.A., Diabetrics Healthcare S.A.S., Pharmayect S.A., Procaps, S.A. de C.V., Biokemical, S.A. de C.V., Colbras Indústria e Comércio Ltda., and Sofgen Pharmaceuticals LLC. Debt issuance costs related to the Senior Notes of $2,142, comprised of commissions payable to the initial purchasers of $1,390 and attorneys’ costs of $752, were allocated to the liability of the Notes based on their relative values. Issuance incremental costs are part of the effective rate and amortized to interest expense using the effective interest method over the contractual term. As mentioned in Note 1. General Company Information, the Notes Payoff did not occur on or prior to November 30, 2022, therefore triggering the 3.75% per annum waiver fee on the outstanding principal amount of Senior Notes, raising the interest rate from 4.75% to 8.50%. As a result, the Group has treated the rate increase as a debt extinguishment, derecognised a liability in the amount of $113,400, expensed $1,600 in unamortized transaction costs, and recognized a new liability in the amount of $115,000. The Senior Notes require Procaps, S.A., the Group and the following subsidiaries of the Group: C.I. Procaps, S.A., Diabetrics Healthcare S.A.S., Pharmayect S.A., Procaps, S.A. de C.V., Biokemical, S.A. de C.V., Colbras Indústria e Comércio Ltda., and Sofgen Pharmaceuticals LLC. to comply with the following financial ratios: ● The consolidated total debt of Procaps, S.A., the Group and the other obligors thereunder to consolidated EBITDA for the last twelve months of 3.50:1.00 or less (Indebtedness Indicator), measured at certain dates of determination and; ● An EBITDA interest coverage ratio (calculated as the consolidated EBITDA for the last twelve months of Procaps, S.A., the Group and the other obligors thereunder divided by the consolidated interest expenses of Procaps, S.A., the Group and the other obligors thereunder) in excess of, or equal to, 3.00:1.00, calculated at certain dates of determination. ● Short-term leverage ratio equal to or less than 1.00 Complying with the NPA protocols and as a result of the more favorable provisions of the Syndicated Loan Agreement, the Group gave notice on April 7, 2022 that specific provisions related to reporting covenants, affirmative covenants, negative covenants, events of default, and mandatory prepayment events, as set forth in the Syndicated Loan Agreement, shall apply to the Senior Notes. As mentioned in Note 2.1. Going concern, as of December 31, 2022, the Group was not in compliance with the financial covenants related to the Senior Notes. As a result, the $115,000 unpaid principal balance previously classified as a non-current borrowings, has been reclassified to current borrowings within the Group’s Consolidated Statement of Financial Position. On March 31, 2023 the Group obtained a waiver for the NPA covenant breaches described above. Under the terms of the waiver, the noteholders agreed to waive the event of default as of December 31, 2022. In addition, the Group negotiated an additional waiver to adjust the covenant ratios as noted within Note 28. Events after the reporting period. 7. Bridge Loan As of December 31, 2022, the Group did not draw down funds from the Bridge Loan. Refer to Note 1. General Company Information and Note 28. Events after the reporting period for more information on the Bridge Loan. Reconciliation of liabilities arising from financing activities January 1, Payment cash flows New 1 Other 2 December 31, Syndicated term loan $ 46,505 (7,850 ) 7,923 (7,952 ) $ 38,626 Other term loan $ 51,593 (93,592 ) 143,786 (6,067 ) $ 95,720 Lease liabilities $ 31,747 (6,679 ) 12,647 (3,523 ) $ 34,192 Factoring obligations $ 10,609 (21,943 ) 14,042 (391 ) $ 2,317 Bank overdrafts $ 55 (817 ) 1,019 (177 ) $ 80 Notes $ 112,857 — — 2,143 $ 115,000 Total liabilities from financing activities $ 253,366 $ (130,881 ) $ 179,417 $ (15,967 ) $ 285,935 1 New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $32,358 and new lease liabilities for $12,647. 2 Other changes include exchange differences, the write-off of the Notes unamortized transaction costs of $1,600 due to the debt extinguishment, and cost amortization of $360. January 1, Payment cash flows New 1 Other 2 December 31, Syndicated term loan $ 81,906 (28,239 ) — (7,162 ) $ 46,505 Other term loan $ 85,645 (224,380 ) 193,120 (2,792 ) $ 51,593 Lease liabilities $ 36,799 (8,854 ) 7,283 (3,481 ) $ 31,747 Factoring obligations $ 9,993 (18,779 ) 22,956 (3,561 ) $ 10,609 Put option agreement $ 239,273 — — (239,273 ) $ — Bank overdrafts $ 902 (903 ) — 56 $ 55 Notes $ — — 112,857 — $ 112,857 Total liabilities from financing activities $ 454,518 $ (281,155 ) $ 336,216 $ (256,213 ) $ 253,366 1 New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $48,138 and acquisition of right-of-use assets $7,283. 2 Other changes include exchange differences and the termination of the put option agreements in exchange for new equity instruments in Procaps Group, S.A.

Deferred tax

Deferred tax	12 Months Ended
	Dec. 31, 2022
Disclosure of Deferred [Abstract]
Deferred tax	Note 20. Deferred tax The deferred tax assets and liabilities by type of temporary difference are as follows: As of December 31 2022 2021 Net deferred tax asset (liability) Trade and other receivables $ 449 $ (1,357 ) Inventories 3,930 3,142 Property, plant and equipment (4,019 ) (3,486 ) Intangibles (5,112 ) (875 ) Borrowings and Trade and other payables 2,648 3,639 Provisions and Other liabilities 1,780 1,005 Others 1 (523 ) (1,071 ) Total net deferred tax asset (liability) $ (847 ) $ 997 1 As of December 31, 2022, includes a deferred tax asset of $381 related to Procaps S.A. tax losses of $1,088 generated during the year. As of December 31, 2021, the deferred tax asset balance does not comprise unused tax losses. As of December 31 2022 2021 Deferred Tax Asset $ 6,974 $ 7,067 Deferred Tax Liability (7,821 ) (6,070 ) Net Deferred Tax Asset (Liability) $ (847 ) $ 997 2022 2021 2020 Balance as of January 1 $ 997 $ 2,879 $ 8,556 Recognized in Profit or Loss (1,763 ) (1,455 ) (3,805 ) Recognized in Other Comprehensive Income 1 107 (58 ) 16 Others 2 (188 ) (369 ) (1,888 ) Balance as of December 31 $ (847 ) $ 997 $ 2,879 1 Deferred tax related to employee defined benefit plans. 2 Deferred tax related to the purchase price acquisition of intangible assets in Procaps S.A. de C.V. The deferred tax assets are ordinary in character and comprised of temporary differences primarily related to the impairment of trade receivable for financial reporting purposes, differences in the financial statement carrying amount and tax basis of inventories, property, plant and equipment, intangibles, borrowings, provisions, and others. Given the expected near-term reversal of the deductible temporary differences giving rise to deferred tax assets, it is probable that future taxable profit will be available as a result of reversing taxable temporary differences to realize the tax benefit of the deferred tax assets either in the year of reversal or within the twelve-year carryforward period permitted by Colombian income tax law. There was a deferred tax asset that would have been recognized for $1,663 as of December 31, 2022 (2021: $1,135) for temporary differences of $4,752 (2021: $3,242) related to subsidiary Rymco Medical’s fiscal losses. However, this asset was not recognized because the Group’s management considers that there is no certainty of future taxable income available for compensation. Likewise, no deferred tax liabilities have been recognized from those entities in which the Group has control and in the foreseeable future it is not expected that the same will be carried out.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2022
Trade and Other Payables, Net [Abstract]
Trade and other payables	Note 21. Trade and other payables As of December 31 2022 2021 Trade payables $ 81,477 $ 70,167 Other payables Trade current accounts 808 3,259 Interest payable 3,307 1,870 Withholdings and payroll contributions 2,512 6,619 Others 2,082 3,466 Total other payables 8,709 15,214 Total accounts payable $ 90,187 $ 85,381

Provisions and contingencies

Provisions and contingencies	12 Months Ended
	Dec. 31, 2022
Disclosure of Other Provisions Contingent Liabilities And Contingent Assets [Abstract]
Provisions and contingencies	Note 22. Provisions and contingencies 2022 2021 Provisions and contingencies Balance as of January 1 $ 501 $ 1,829 Effect of changes in foreign exchange rates 9 (209 ) Provisions made 43 — Provisions used (415 ) (1,119 ) Balance as of December 31 $ 138 $ 501 Provisions The Group recognizes provisions for contingencies that are probable of requiring an outflow of resources due to adverse effects. The Group recognized the estimated probable losses against the company for labor, administrative and ligation, which are calculated based on the best estimate of the disbursement required to cancel the obligation at the date of preparation of the Consolidated Financial Statements. Such contingencies are disclosed with possible adverse effects for the entity, as follows: Legal provisions Softcaps legal proceedings $76 (2021: $459) is comprised of labor, administrative, and civil litigation. As of December 31, 2021, the balance also included The remaining balance of $62 (2021: $42) is for labor litigation in the following entities: Procaps, S.A., Unimed del Perú, and Rymco Medical. Tax provisions Transfer pricing Procaps, S.A. Contingencies Procaps SA de CV legal proceedings - The General Tax Directorate of El Salvador (DGII), determined that the company failed to declare taxable and presumed income from revenue obtained and loans made to non-domiciled companies in 2018, the proposed tax charge and sanction amounts to $1,087. Also, the DGII determined that the company incurred in the infraction of non-intentional evasion due to the incorrect filing of the “VAT” declarations for 2019. The proposed tax charge and penalty amounts to $348. However, the Group’s external advisor indicates that it is not probable for this claim to proceed, therefore, there is no provision for the effect of this contingency.

Shareholder_s Equity

Shareholder’s Equity	12 Months Ended
	Dec. 31, 2022
Shareholder’s equity [Abstract]
Shareholder’s equity	Note 23. Shareholder’s equity Note 23.1. Authorized and issued shares The authorized shareholder’s equity is represented by 800,000,000 (2021: 800,000,000, 2020: 2,001,071 ) ordinary shares with a par value of one cent each, of which 112,824,184 (2021: 112,824,184, 2020: 2,001,071) are issued and outstanding as of December 31, 2022. Ordinary shares grant one vote per share and one right to dividends. Also, 4,000,000 Redeemable A Shares are issued and held in treasury by the Group and 4,500,000 Redeemable B Shares are issued and held in treasury by the Group. Reconciliation of share capital and share premium related to the reverse reorganization: Ordinary authorized and issued shares Number of Share capital Share As of January 1, 2021 pre-restructuring 2,001,071 2,001 54,412 Termination of put option agreements (a) 903,075 903 297,796 Subtotal 2,904,146 2,904 352,208 Capital restructuring of Crynssen (1:33.4448 exchange ratio) (b) 94,224,544 (1,933 ) 1,933 Subtotal - restructured 97,128,690 971 354,141 Acquisition of Union Acquisition Corp. II (c) 20,195,494 202 174,738 Escrowed shares (d) (11,714,612 ) (117 ) (106,247 ) Redemption of redeemable shares (e) (4,500,000 ) (45 ) (44,955 ) As of December 31, 2021 101,109,572 1,011 377,677 a. On the effectiveness of the Transaction, September 29, 2021, the put option agreements were terminated in exchange for new equity instruments in Procaps Group SA. b. On completion of the Transaction, each of the OpCo Shareholders, contributed its respective OpCo Ordinary Shares to Holdco in exchange for Holdco Ordinary Shares, and, in the case of IFC for Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares, subscribed for by each OpCo Shareholder. The OpCo Shareholders were issued 97,128,690 new shares in the Group (92,628,689 Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares) in exchange of the 2,904,146 outstanding OpCO ordinary Shares. The resultant share exchange ratio being 33.4448. c. SPAC Ordinary Shares outstanding (including those held by the PIPE Investors and Union Group International Holdings Limited and Union Acquisition Associates II, LLC (the “SPAC Sponsors”) were exchanged with Holdco for Holdco Ordinary Shares pursuant to a share capital increase of HoldCo. New Shares were issued for an aggregate subscription price of $201,955, corresponding to a total aggregate amount of $202 to be allocated to the share capital of the Group. Aggregate subscription price is as follows: Number of Aggregate Public shares 5,895,494 58,955 Founder shares 4,300,000 43,000 PIPE Shares 10,000,000 100,000 20,195,494 201,955 Cost-basis of the exchange reflects: Share SPAC net assets 131,086 Transactions costs (30,063 ) IFRS 2 Share-based payment expense 73,917 Share Capital issued (202 ) 174,738 d. 1,250,000 Holdco Ordinary Shares issued to the SPAC Sponsors and 10,464,612 Holdco Ordinary Shares issued to certain Opco Shareholders in connection with the Transaction are subject to an escrow arrangement that is applicable to both SPAC Sponsors and to such OpCo Shareholders. On September 29, 2021, considering that the condition to deliver a fixed number of shares for a consideration that is settled in One’s own equity instruments is not met for the 11,714,612 Holdco Ordinary Shares issued to the SPAC Sponsors and certain Opco Shareholders, the escrow shares were classified as a financial liability with changes in fair value through profit or loss for the amount of $106,364. e. Immediately following the Exchange, the Group redeemed 4,500,000 Holdco Redeemable B from IFC for a total purchase price of $45,000 in accordance with that certain share redemption agreement entered into by and between the Group and IFC on March 31, 2021, and subsequently amended on September 29, 2021. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction. Note 23.2. Reserves As of December 31 2022 2021 Legal 1 $ 4,892 $ 4,892 Working Capital 2 40,851 37,857 $ 45,743 $ 42,749 2022 2021 Balance as of January 1 $ 42,749 $ 39,897 Increase in working capital reserves 2,994 2,852 Balance as of December 31 $ 45,743 $ 42,749 1 Legal Reserve - 2 Reserves for working capital –

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Disclosure of Earnings Per Share Text Block [Abstract]
Earnings Per Share	Note 24. Earnings Per Share The Group reports net earnings per share in accordance with IAS 33 - Earnings Per Share The income/(loss) per fully diluted share shall be calculated based on the income/(loss) for the year divided by the weighted average number of fully diluted shares. No dilutive effect has been identified for the years ended December 31, 2022, 2021 and 2020. 2022 2021 2020 Net income/(loss) of the year 42,540 (100,863 ) (10,447 ) Number of ordinary shares issued at December 31* 101,110 101,110 97,129 Weighted average basic number of ordinary shares 101,110 98,143 97,129 Assumed exercise of share equivalents — — — Weighted average diluted number of shares 101,110 98,143 97,129 Basic and diluted income/(loss) per share in the year 0.42 (1.03 ) (0.11 ) * Includes 903,075 shares held under put option before the transaction as such ordinary shareholders were entitled to receive dividends.

Warrant Liabilities

Warrant Liabilities	12 Months Ended
	Dec. 31, 2022
Warrant Liabilities [Abstract]
Warrant Liabilities	Note 25. Warrant Liabilities As of December 31 2022 2021 Public warrants $ 9,200 $ 16,000 Private warrants 1 1,716 7,112 $ 10,916 $ 23,112 1 Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account. Note 25.1. Public warrants 2022 2021 As of January 1 $ 16,000 $ — Acquired public warrants — 21,600 Fair value remeasurement (6,800 ) (5,600 ) As of December 31 $ 9,200 $ 16,000 Public warrants were issued by the SPAC to certain shareholders whereas prior to the Transaction such public warrants (together with the private warrants issued to the SPAC sponsors) were exchanged, on a one per one basis, for warrants in the Group’s ordinary shares. The public warrants have the following terms: ● Each whole warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 ● The warrant is exercisable post Transaction and expires on the earlier of: – 5 years after the completion of the Transaction, i.e., September 29, 2026 – the Redemption Date, or – the liquidation of the Group. ● The Group may redeem the outstanding warrants, in whole and not in part, at a price of $0.01 per warrant at any time while the warrants are exercisable upon a minimum of 30 days prior written notice of redemption: – if, and only if, the last sales price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) on each of twenty (20) trading days within any thirty (30) trading day period ending on the third trading day prior to the date on which notice of redemption is given. – however, that if and when the Public Warrants become redeemable by the Group, the Group may not exercise such redemption right if the issuance of Ordinary Shares upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Group is unable to effect such registration or qualification. ● The Public Warrants may be exercised, for cash (or on a “cashless basis”) at any time after notice of redemption shall have been given by the Group and prior to the Redemption Date. The Public Warrants are redeemable on the occurrence of change in control (merger, re-organization, tender offer, exchange), and the Group does not have an unconditional right to avoid delivering cash, the Public Warrants meet the criteria for classification as a financial liability. In addition, Warrants may be settled in a variable number of shares in case of cashless basis of exercise. Therefore, the Public Warrants meet the criteria for classification as financial liability. Additionally, Public Warrants also meet the definition of a derivative, which may be settled other than by the exchange of a fixed amount of cash for a fixed number of the entity’s shares. Therefore, Public Warrants are derivatives that are classified as financial liability. The public warrants were traded on Nasdaq and the closing trade price on 29 September, 2021 was used to measure their initial fair value. On September 30, 2021, the warrants had a fair value of $21,600 (20,000,000 warrants valued at $1.08 each). Note 25.2. Private warrants 2022 2021 As of January 1 $ 7,112 $ — Acquired private warrants — 7,363 Fair value remeasurement (5,396 ) (251 ) As of December 31 $ 1,716 $ 7,112 Simultaneously with the closing of the initial public offering of the SPAC, the SPAC consummated the sale of 6,250,000 warrants (the “SPAC Private Placement Warrants”) at a price of $1.00 per warrant in a private placement to the SPAC Sponsors, generating gross proceeds of $6,250. Pursuant to the Business Combination Agreement, the Group entered into an Assignment, Assumption and Amendment Agreement with SPAC and the Warrant agent to amend and assume SPAC’s obligations under the existing Warrant Agreement and to give effect to the conversion of SPAC public warrants and SPAC Private Placement Warrants to Holdco public warrants and Holdco private warrants (the “Private Warrants”), respectively. Additionally, immediately prior to the consummation of the Transaction, the SPAC Sponsors forfeited 2,875,000 SPAC Private Placement Warrants and, in connection with consummation of the Transaction, placed 2,875,000 Private Warrants in escrow. The Private Warrants have the following terms: ● Each warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share. Only whole warrants are exercisable. ● Exercisable post Transaction and expires on the earlier of: – 5 years after the completion of the Transaction, – the Redemption Date, or – the liquidation of the Group. ● Redemption for cash shall not apply. The Private Warrants are redeemable on the occurrence of change in control (merger, re-organization, tender offer, exchange), and the Group does not have an unconditional right to avoid delivering cash, the Private Warrants meet the criteria for classification as a financial liability. In addition, Warrants may be settled in a variable number of shares in case of cashless basis of exercise. Therefore, the Private Warrants meet the criteria for classification as a financial liability. Additionally, Private Warrants are classified as derivatives and financial liabilities, these shall be initially measured at fair value, with subsequent changes in fair value recognized in profit or loss. Refer to Note 9. Finance income (expenses), net. Warrants in escrow On March 31, 2021, concurrently with the execution of the Business Combination Agreement, the SPAC, Holdco, OpCo, certain OpCo Shareholders and certain shareholders of the SPAC prior to the consummation of the Transaction (including the SPAC Sponsors), entered into the Transaction Support Agreement, pursuant to which the SPAC Sponsors agreed to forfeit 2,875,000 of their Private Placement Warrants immediately prior to the Merger and to subject certain of their Holdco Ordinary Shares and Private Warrants to certain restrictions by depositing such securities in an escrow account. Warrants in Escrow shall be treated as follows: ● First Level Release Target: The escrow agent shall hold 1,437,500 SPAC Sponsor Private Warrants (the “First Level Sponsor Escrow Warrants”) in escrow until the earlier to occur of (a) the date on which the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-day trading period, or (b) the date that is the fifth (5th) anniversary of the closing of the Transaction (the “Five Year Expiration Date”). ● Second Level Release Target: The escrow agent shall hold 1,437,500 SPAC Sponsor Private Warrants (the “Second Level Sponsor Escrow Warrants”) in escrow until the earlier to occur of (a) the date on which the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-day trading period, or (b) the Five-Year Expiration Date. ● Automatic Release: if Group shall consummate a liquidation, merger, stock exchange or other similar transaction which results in all of the holders having the right to exchange their Holdco Ordinary Shares for cash, securities or other property, then the escrow agent shall (subject to customary escrow notification provisions) promptly release all the First Level Sponsor Escrow Warrants and Second Level Sponsor Escrow Warrants to the SPAC Sponsors. ● Cancellation: On the Five Private Warrants issued by the Holdco which are deposited in escrow and are subject to cancellation if certain conditions are not met are recorded as contingent consideration and therefore initially measured at fair value. Further, since they are liability classified instruments, subsequent changes in fair value are recognized in profit or loss as a Finance Income/Expense. Refer to Note 9. Finance income (expenses), net.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Disclosure of Acquisition [Abstract]
Acquisitions	Note 26. Acquisitions Note 26.1. Reverse reorganization As further outlined in Note 2.3, the Group underwent a reverse reorganization as a result of the Transaction consummated on September 29, 2021. The amount of the net identifiable assets of $131,086 acquired on the date of Transaction, were as follows: (Amount in thousands) 2021 Cash held in trust $ 138,046 Cash and cash equivalents 100,000 Redemption liability (77,997 ) Warrants liability (28,963 ) Total SPAC identifiable net assets at fair value $ 131,086 Procaps Group, S.A. was considered to be the accounting acquirer and the merger between Procaps Group, S.A. and SPAC was accounted for as an asset acquisition under IFRS, considering SPAC was not considered a business. Therefore, IFRS 2 was applied to recognize the value of equity interests issued in excess of the assets received. After Step 1 - Deemed cost of shares issued Fair value of OpCo $ 926,287 Equity interest in Holdco issued to SPAC shareholders & PIPE investors 19 % Equity interest in Holdco of Selling shareholders 81 % Deemed costs of shares issued* $ 213,584 SPAC identifiable net assets at fair value $ 131,086 Deemed cost of shares issued $ 82,498 Step 2 - Dilutive impact of shares held in escrow Dilutive effect of 945,036 shares held in escrow at a weighted average fair value per share of $9.08 $ 8,581 Step 3 - IFRS 2 ‘listing expense’ $ 73,917 * The deem cost of the shares was estimated based on the fair value of the OpCo issued shares (legacy Crynssen Pharma Group Limited) prior to the merger with SPAC and Holdco. The IFRS 2 ‘listing expense’ per above, has been recognized in profit or loss within O ther expenses, net As a result of the transaction, prepaid expenses of $4,602 have been recognized in Other current assets as of December 31, 2021. Shares in an escrow Holdco Ordinary Shares in an escrow are subject to an arrangement that is applicable to 1,250,000 Holdco Ordinary Shares issued to the SPAC Sponsors and 10,464,612 Holdco Ordinary Shares issued to certain Opco Shareholders. Certain market conditions will be required to be met after the Transaction for these securities in escrow to be released to the eligible securities owners. If the market conditions wouldn’t be met within a defined time period (five years for warrants in escrow and ten years for Holdco Ordinary Shares in escrow), such securities in escrow would be forfeited. a) Sponsors’ Holdco Ordinary Shares in escrow b) Eligible Procaps Shareholders Holdco Ordinary Shares in escrow If the market conditions wouldn’t be met within a defined time period (ten years for ordinary shares in escrow), such securities in escrow would be forfeited. All dividends payable, whether in cash, stock or other non-cash property with respect to the Sponsor Escrowed Securities and the ECS Escrowed Securities while such securities are held in escrow will be delivered to the escrow agent to hold and distribute in the same manner as the Sponsor Escrowed Securities and the ECS Escrowed Securities held in escrow. If Holdco consummates a liquidation, merger, stock exchange or other similar transaction which results in all of its shareholders having the right to exchange their Holdco Ordinary Shares for cash, securities or other property, then all Sponsor Escrowed Securities and the ECS Escrowed Securities will be released to the SPAC Sponsors and those certain OpCo Shareholders. Any Sponsor Escrowed Securities and the ECS Escrowed Securities not released from escrow within ten years from the date of the closing of the Transaction will be released by the escrow agent to Holdco for cancellation. Shares held in escrow subject to cancellation if certain conditions are not met, are recorded as contingent consideration and therefore, initially measured at fair value. Because the shares held in escrow will be settled in a variable number of the Group’s own equity instruments, they are classified as a liability. As a result, subsequent changes in fair value are recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income as Finance income (expenses), net 2022 2021 As of January 1 $ 101,859 $ — Escrowed shares — 106,364 Fair value remeasurement (61,795 ) (4,505 ) As of December 31 $ 40,064 $ 101,859 As of December 31, 2022, shares held in escrow measured at fair value include $35,789 and $2,138 (2021: $90,990 and $5,434) owned by the Minski Family and Union Acquisition Associates II, LLC, respectively, which are related parties. Note 26.2. Asset acquisition - Pharmaceutical production facility On November 5, 2021, Procaps Group entered into an asset purchase agreement to acquire an 86,000 sq. ft. pharmaceutical production facility located in West Palm Beach, Florida with production capacity of approximately 1.8 billion capsules per year for its CDMO (integrated Contract and Manufacturing Organization) business unit. The pharmaceutical production facility was purchased from Strides Pharma, Inc., a U.S. subsidiary of the Indian-based pharmaceutical corporation, the Strides Group. The core assets of this asset acquisition includes several soft gelatin capsule (“Softgel”) encapsulation lines, new critical support systems, automated packaging line capabilities, as well as development facilities including pilot and scale up capabilities. Softgels are designed to deliver high precision dosage by achieving homogeneity of ingredients. The Softgel capsules are well recognized in the supplement, OTC, and the prescription market for improving patient adherence to the drug and therapy by facilitating swallowing due to the texture of its shell. The purchase price for the purchased assets is $1.6 million, and transaction costs of $213.6. On the Closing Date, December 31, 2021, the Group paid the amount corresponding to the 50% of the Purchase Price and the remaining 50% will be paid on December 31, 2023. The fair value of the identifiable assets acquired on December 31, 2021, the date of the Transaction, were of $1,813. The following table summarizes the final allocation of the purchase price based on the estimated fair values of the assets acquired and liabilities assumed at the date of asset acquisition. (Amount in thousands) 2021 Property, Plant and Equipment $ 1,487 Inventories 133 Other receivables 193 Right of Use Assets 4,533 Lease Liabilities (4,533 ) Total $ 1,813

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Financial instruments	Note 27. Financial instruments 27.1 Accounting classification and fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, the Group uses observable market data whenever possible. Fair values are categorized into different levels in a hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2: inputs are observable either directly (e.g. as prices) or indirectly (e.g. derived from prices). ● Level 3: fair value measurements incorporate significant inputs that are based on unobservable market data. The following table shows the carrying amounts of financial assets and financial lia bilities. The amortized cost basis of the financial assets and liabilities not measured at fair value approximates their fair value. As of December 31, 2022 As of December 31, 2021 FVTPL 1 Amortized 2 FVTPL 1 Amortized 2 Financial assets not measured at fair value Trade and other receivables, net $ — $ 129,602 $ — $ 117,449 Amounts owed by related parties — 2,474 — 1,147 Cash — 43,003 — 72,112 Other financial assets — 210 — 256 Total financial assets not measured at fair value $ — $ 175,289 $ — $ 190,964 Financial liabilities measured at fair value Warrant liabilities $ 10,916 $ — $ 23,112 $ — Shares held in escrow 40,064 — 101,859 — Total financial liabilities measured at fair value $ 50,980 $ — $ 124,971 $ — Financial liabilities not measured at fair value Borrowings $ — $ 285,934 $ — $ 253,365 Trade and other payables — 90,187 — 85,381 Amounts owed to related parties — 2,914 — 8,450 Total financial liabilities not measured at fair value $ — $ 379,035 $ — $ 347,196 1 The fair value is comprised of $9,200 level 1 and $41,780 level 3 as of December 31, 2022 (2021: $16,000 and $108,971, respectively). 2 The amortized cost approximates fair value as of December 31, 2022 and 2021, respectively. 27.2 Measurement of fair values The following table shows the valuation techniques used in measuring Level 3 fair values for financial instruments in the Consolidated Statement of Financial Position, as well as the significant unobservable inputs used. Type Fair value Valuation Technique Significant Relationship between significant unobservable input to fair value Sensitivity of significant unobservable input to fair value +5% -5% Private warrants $ 1,466 The fair value of the Private Warrants is estimated using the Black-Scholes option pricing formula for European calls, since the underlying stock is not expected to pay dividends over the term of the Warrants. Volatility of 36.6% (2021: 30.0%) The higher (lower) the volatility, the higher (lower) the fair value. $ 1,883 $ 934 Private warrants in escrow 250 The fair value of the Private Warrants is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price. Volatility of 37.5% (2021: 30.0%) The higher (lower) the volatility, the higher (lower) the fair value. 340 165 Shares held in escrow 40,064 The fair value of the shares to be delivered is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price. Volatility The higher (lower) the volatility, the higher (lower) the fair value. 43,696 35,905 27.3 Financial risk management The Group has exposure to the following risks arising from financial instruments: ● Credit risk ● Liquidity risk ● Market risk, including: currency and interest rate risk 27.3.1. Risk management framework The Group analyzes each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the Group’s performance in line with its financial risk management policy. The Group does not subscribe or negotiate hedging instruments. The Group’s Financial Administrative Unit (“UAC”) supports, monitors and manages financial risks through internal reports, which are analyzed individually in each country depending on the degree and magnitude of the risks thereof. The financial UAC periodically reports to the shareholders the conclusions of such risk monitoring and proposes the plans and policies necessary to mitigate exposures. 27.3.2. Credit risk Credit risk refers to the risk that one of the parties fails to comply with its contractual obligations, resulting in a financial loss for the Group. As a corporate policy, the Group conducts business only with strong financial institutions and credit institutions with renowned national and international prestige. For banks, only independently rated parties with a minimum rating of ‘A’ are accepted. The Group only makes transactions with financial entities that have risk certifications and/or that are monitored by the relevant authorities in each country. The information provided by rating agencies is consistently monitored and, if not available, the Group uses other available financial information and its own business records to qualify its main customers and finance providers. Before accepting any new customer, the Group uses a rating system to assess the credit quality of the potential customer and defines the credit limits for each customer. Limits and ratings attributed to customers are reviewed twice a year. Trade accounts receivable that are not past due or impaired have the best credit rating according to the credit rating system used by the Group. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure of the Group. The carrying amount is presented net of impairment losses. None of the receivable balances as of December 31, 2022 or 2021 constitutes a significant concentration of credit risk. There are no other single customers representing more than 10% of total gross trade receivables for the years ended December 31, 2022 and 2021. Expected credit losses The average credit period on the sale of medicines is 60 to 120 days. In some cases, depending on market conditions and strategy, longer payment periods are granted. No interest surcharge is made on commercial accounts receivable. Refer to Note 3.4. Financial Instruments for further information on financial instruments significant accounting policies. The Group has recognized a provision for doubtful accounts. The Group evaluates the impairment of its accounts receivable for the expected credit loss model, where it determines its value based on the probability of default, the loss due to default (i.e., the extent of the loss in case of default) and the exposure, by the application of the ‘simplified method’ for trade receivables without a significant financing component. The assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates to reflect information about current conditions and reasonable and supportable forecasts of future economic conditions. The following table provides information about the exposure to credit risk and expected credit losses for Trade and other receivables and Amounts owed by related parties as of December 31, 2022 and 2021: December 31, 2022 Current 1-30 days 31-60 days 61-90 days 91-120 days More than Total Weighted-average loss rate 0.39 % 3.42 % 4.50 % 14.25 % 19.89 % 83.88 % 14.07 % Gross carrying amount 124,219 11,816 3,864 1,958 890 26,605 169,352 Impairment loss allowance (483 ) (404 ) (174 ) (279 ) (177 ) (22,317 ) (23,834 ) 123,736 11,412 3,690 1,679 713 4,288 145,518 December 31, 2021 Current 1-30 days 31-60 days 61-90 days 91-120 More than Total Weighted-average loss rate 0.60 % 2.11 % 2.35 % 3.38 % 3.26 % 67.43 % 14.67 % Gross carrying amount 98,776 11,265 3,147 1,981 1,843 30,578 147,590 Impairment loss allowance (591 ) (238 ) (74 ) (67 ) (60 ) (20,620 ) (21,650 ) 98,185 11,027 3,073 1,914 1,783 9,958 125,940 As of December 31, 2022, additions of $2,673 (2021: reversal of $818, 2020: reversal of $1,915) to the impairment loss allowance were recognized within Sales and marketing expenses. As of December 31, 2022, this amount includes $195 of impairment losses recognized for balances in connection with related parties. In addition, an allowance exists from prior periods for open balances related to goods sold to Industrias Intercaps de Venezuela C.A Laboratorios Vivax Pharmaceuticals C.A. 27.3.3. Market risk Foreign currency risk The Group carries out transactions denominated in foreign currency, mainly imports, exports and indebtedness; thereby generating exposures to exchange rate fluctuations. The Group does not usually cover exposures to the exchange rate, but rather monitors frequently the foreign exchange market as a strategy to prevent significant loss in the short- and medium-term. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Assets Liabilities 2022 2021 2022 2021 COP 105,048 124,545 (79,476 ) (99,371 ) Reales 25,479 7,002 (9,962 ) (9,125 ) Quetzales — 1,946 — (4,115 ) Soles 14,667 7,024 (8,905 ) — Dominican Peso 1,064 809 (3,563 ) (2,869 ) Colones 1,346 1,270 (2,814 ) (2,371 ) The following table details sensitivity per company to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies. The sensitivity analysis includes only the outstanding monetary items denominated in foreign currency and adjusts its conversion at the end of the period for a 10% change in exchange rates. +10% Impact to profit or loss before tax -10% Impact to profit or loss before tax 2022 2021 2020 2022 2021 2020 COP (2,325 ) (2,289 ) 2,262 2,841 2,797 (2,764 ) Reales (1,411 ) 193 52 1,724 (236 ) (64 ) Quetzales — 197 (8 ) — (241 ) 10 Soles (524 ) (639 ) 301 640 781 (368 ) Dominican Peso 227 187 207 (278 ) (229 ) (253 ) Colones 133 100 107 (163 ) (122 ) (131 ) Interest rate risk The Group is exposed to interest rate risks because it borrows money at both fixed and variable interest rates connected with Secured Overnight Financing Rate (“SOFR”) and IBR/DTF (according to its Spanish acronym of “ Indicador bancario de referencia A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates. In 2022, the Group undertook amendments to its financial obligations with contractual terms indexed to IBORs such that they incorporate new benchmark rates. As of December 31, 2022, the Group modified all of its variable rate liabilities indexed to LIBOR to reference SOFR. The following sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates: 2022 2021 Carrying +1% -1% Carrying +1% -1% DTF/IBR 79,345 80,138 78,551 67,970 68,650 67,290 SOFR 23,454 23,688 23,219 19,451 19,646 19,256 Total 102,799 103,827 101,771 87,421 88,296 86,546 $102,799 or 35.95% as of December 31, 2022 and 87,421 or 34.50% as of December 31, 2021, of the Group’s interest-bearing financial liabilities bears interest at a variable rate. An increase of 1% in interest rates for the year ended December 31, 2022 would have decreased profit before tax by $1,028 in 2022 and decreased profit before tax by $875 in 2021. A decrease of 1% will have an equal and opposite effect on profit before tax. This sensitivity does not include the balances of financial obligations with a fixed rate. 27.3.4. Liquidity risk The Group’s Financial UAC has ultimate responsibility for the liquidity management of each of the companies and has established an appropriate framework so that Management can make decisions on short-, medium- and long-term financing, as well as liquidity management. The Group manages liquidity risk by maintaining reserves, adequate financial and loan facilities, continuously monitoring projected and actual cash flows, and reconciling the maturity profiles of financial assets and liabilities. In the same sense, financial assets to afford obligations represent cash and trade receivables intended to be collected in short term, net of the expectations of recoverability. As part of other liabilities within borrowings, the Group includes obligations to factors associated with factoring and reverse factoring arrangements. Ordinary payment terms with suppliers range between 60 and 90 days but may be extended through reverse factoring arrangements up to 180 days in aggregate. The Group’s obligations to individual factors typically is less than 5% of the Group’s total indebtedness. The majority of the Group’s factoring and reverse factoring obligations are concentrated with Sufactura S.A, Corredores Asociados S.A. and Banco Serfinansa S.A. The following table details the most representative remaining contractual maturity and repayment periods of the Group’s financial liabilities. This reflects the undiscounted cash flows of financial liabilities, considering the date on which the Group must make the final payments. As of December 31, 2022 Carrying amount Contractual cash flows Less than 1 year 1, 2 1-2 years 2-3 years 3-5 years More than 5 years Non-derivative financial liabilities Borrowings $ 251,743 $ 278,853 $ 274,648 $ 3,642 $ 563 $ — $ — Trade and other payables 90,187 90,187 90,187 — — — — Lease liabilities 34,192 46,001 11,174 6,629 5,962 7,962 14,274 Amounts owed to related parties 2,914 2,914 2,914 — — — — $ 379,036 $ 417,955 $ 378,923 $ 10,271 $ 6,525 $ 7,962 $ 14,274 1 As mentioned in Note 19. Borrowings, $139,155 in the aggregate, is classified as payable in less than 1 year as a result of a breach in certain covenants included under the NPA, the Syndicated Loan Agreement, and BTG Credit Agreement. Refer to Note 28. Events after the reporting period for the Group’s executed waivers with the lenders mentioned above. 2 As mentioned in Note 2.1. Going concern the Group is renegotiating $19,000 balance with BTG, and Syndicated balance of $38,626 with Bancolombia and Davivienda. Additionally, the Group expects to maintain revolving credit lines with other lending parties. As of December 31, 2021 Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years Non-derivative financial liabilities Borrowings $ 221,619 $ 253,011 $ 71,987 $ 16,895 $ 15,330 $ 20,323 $ 128,476 Trade and other payables 85,381 85,381 85,381 — — — — Lease liabilities 31,747 39,904 9,853 7,403 5,333 8,314 9,001 Amounts owed to related parties 8,450 8,450 8,450 — — — — $ 347,197 $ 386,746 $ 175,671 $ 24,298 $ 20,663 $ 28,637 $ 137,477 Capital risk management The Group manages its capital to ensure that it will be able to continue as a going concern, while maximizing returns to its shareholders through the optimization of debt and asset balances. The Group’s capital structure consists of net debt (loans offset by cash and bank balances) and Group assets (comprised of issued and paid-in capital, reserves, retained earnings and non-controlling interests). The Group is not subject to any externally imposed capital requirement. The main indebtedness of the Group is associated with the balances of a Syndicated Loan and the Senior Notes, and are subject to covenants that obligate it to comply with a series of financial indicators, primarily financial leverage (Debt/EBITDA), short-term leverage ratio and EBITDA on interest expense. These financial indicators serve as local management parameters. The executive members of the UAC of the Group, who provide support for the analysis and management of capital risk to the Group, review their capital structure on a quarterly basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Group is reviewed in an internal administrative manner, with the same covenants that apply to the Syndicated Procaps S.A. The main financial covenant is determined as the ratio of the debt to the EBITDA generated by the Group. Indebtedness Index The indebtedness index for the reporting period is the following: 2022 2021 Total assets 1 460,187 462,135 Total liabilities 2 462,065 500,475 Liabilities to assets ratio 1.00 1.08 1 Defined as short-term assets plus long-term assets 2 Defined as short-term liabilities plus long-term liabilities

Events After the Reporting Peri

Events After the Reporting Period	12 Months Ended
	Dec. 31, 2022
Disclosure Of Events After Reporting Period [Abstract]
Events after the reporting period	Note 28. Events after the reporting period Management has considered subsequent events through the date these Consolidated Financial Statements were issued and identified the following events that require disclosure. Grupo Somar and Pearl Mexico Acquisition Refer to Note 1. General Company Information for background information on the Acquisition of Grupo Somar and Pearl Mexico. The time required for resolution of the lien remains uncertain and is not in the Group’s control. Following the failure of the transaction to close on December 31, 2022, the Group provided the Sellers a formal notice on January 1, 2023 terminating the SPA in accordance with the terms thereof. Bridge Loan Credit Agreement Following the Group’s termination of the SPA, by delivering the notice of termination, the Group advised the joint arrangers and book runners on January 1, 2023 of its desire to terminate the transaction documents (including, without limitation, the commitments under the Bridge Credit Agreement and, for the avoidance of doubt, any commitments under the Commitment Letter) and pay all outstanding obligations, amounting to $5,719, under the Bridge Credit Agreement and any other transaction document as of January 10, 2023. Waiver for Breach of Indebtedness Covenants Refer to Note 2.1. Going concern and Note 19. Borrowings for background information on breach of Loan Covenants. On March 28, March 31 and May 2, 2023 the Group obtained waivers for the applicable covenant breaches under the NPA, the Syndicated Loan Agreement, and the BTG Credit Agreement. Under the terms of the waivers, the lenders agreed to waive the event of default as of December 31, 2022. In addition, the Group negotiated with the lenders for additional waivers to adjust the covenant ratios as noted below: BTG Credit Agreement For the period ending June 30, 2023, as part of the waiver negotiations, the lenders agreed to adjust the convent ratios as noted below (the covenants will return to the original terms from December 31, 2023, onwards): ● The Company’s consolidated Indebtedness Indicator (Indebtedness / EBITDA) must not be greater than 4.5x (original covenant: greater than 3.5x). ● The Company’s consolidated EBITDA/Finance expense must not be less than 1.8x (original covenant: less than 3.0x). Syndicated Loan Agreement For the period ending June 30, 2023, as part of the waiver negotiations, the lenders agreed to adjust the convent ratios as noted below (the covenants will return to the original terms from December 31, 2023, onwards): ● Indebtedness Indicator (Indebtedness/EBITDA) must be less than or equal to 4.5 times (original covenant: less than or equal to 3.5 times). If the indicator is greater than 4.1 and less than 4.3 (original covenant: greater than 3.0 and less than 3.5), it proceeds to the extent that this value is originated by causes other than additional debt and the justification of the increase must be presented to the agent. ● Short-term leverage ratio less than 1.6 (original covenant: less than 1.0). ● EBITDA ratio / financial expenses greater than or equal to 1.8 (original covenant: greater than or equal to 3.0). NPA For the periods ending March 31, June 30 and September 30, 2023, as part of the waiver negotiations, the lenders agreed to adjust the convent ratios as noted below (the covenants. will return to the original terms from December 31, 2023, onwards): ● The consolidated total debt of Procaps, S.A., the Group and the other obligors thereunder to consolidated EBITDA for the last twelve months of 4:00:1.00 or less (original covenant: 3.50:1.00 or less). ● An EBITDA interest coverage ratio in excess of, or equal to, 2.20:1.00 (original covenant: in excess of, or equal to, 3.00:1.00). ● Short-term leverage ratio equal to or less than 2.00:1:00 (original covenant: equal to or less than 1.00:1.00). Headcount Reduction During the first quarter of 2023, the Group announced adjustments to their workforce, which involved an overall reduction in headcount of approximately 200.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related party transactions [Abstract]
Related party transactions	Note 29. Related party transactions Balances and transactions between the Group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its related parties are disclosed below. Outstanding activities During the year, the Group entities carried out the following transactions with joint ventures and other related parties: For the year ended December 31 2022 2021 1 2020 1 Sale of finished products $ 8,038 $ 5,628 $ 5,583 Revenue from services and consulting 1,034 116 87 Purchases of raw materials and other services 12,367 10,240 11,339 1 The Group corrected the disclosure of transactions with related parties for the years ended December 31, 2021 and 2020 to conform with the current period presentation. The modification includes the disclosure of sales that are performed through an agent with Industrias Intercaps de Venezuela C.A. and Laboratorios Vivax Pharmaceuticals C.A. in the amount of $1,803 for the year ended December 31, 2021 (2020: $1,826) and does not impact the results presented in the prior period. For the year ended December 31, 2022 interest expense derived from related parties amount to $76 (2021: $61, 2020: $49). The following current amounts were outstanding at the reporting date: As of December 31 2022 2021 Trade and other receivables by related parties $ 14,028 12,491 Loans owed by related parties 215 276 Less: provisions (11,769 ) (11,620 ) Amounts owed by related parties, net $ 2,474 $ 1,147 As of December 31, 2022 and 2021, the Group's balance for non-current trade and other receivables by related parties is comprised of $18,060 with Industrias Intercaps de Venezuela and $5,333 with Laboratorios Vivax Pharmaceuticals, which are fully provisioned. As of December 31 2022 2021 Trade and other payables to related parties $ 2,853 $ 1,335 Loans owed to related parties 61 7,115 Amounts owed to related parties $ 2,914 $ 8,450 Current $ 2,914 $ 8,450 Non-current $ — $ — For the year ended December 31, 2022 donations to Fundación Procaps Goods and services were sold or provided parties during the year based on the price lists in force and terms that would be available to third parties. All outstanding balances with these related parties are priced on an arm’s length basis and are to be settled in cash within two months of the reporting date. None of the balances are secured. No expense has been recognized in the current year or prior year for bad or doubtful debts in respect of amounts owed by related parties. Loans to and from related parties Loans to related parties 2022 2021 2020 Balance as of January 1 $ 276 $ 304 $ 499 Loans advanced — — — Loan repayments received (61 ) (28 ) (195 ) Balance as of December 31 $ 215 $ 276 $ 304 Loans from related parties 2022 2021 2020 Balance as of January 1 $ 7,115 $ 15,844 $ 20,963 Loans advanced 61 — 32 Loan repayments (7,191 ) (9,154 ) (5,856 ) Interest accrued 76 425 705 Balance as of December 31 $ 61 $ 7,115 $ 15,844 The loans to and from related parties are repayable between one year from the reporting date. The average interest rate on the loans during the year was 6% (2021: 6%). Outstanding balances are unsecured and are repayable in cash. No loss allowance was recognized in expense in 2022 or 2021. For 2021, put option agreements with IFC and Hoche for the right to put back all or some of the ordinary shares they held in Crynssen was presented as a separate financial liability, until the effectiveness of the Transaction, even though both are related parties. See Note 19. Borrowings for further detail. Transactions with directors and executive board management members Total management compensation included in the Consolidated Statement of Profit or Loss and Other Comprehensive Income are as follows: For the year ended December 31 2022 2021 1 2020 1 Short-term employee benefits $ 2,415 $ 2,202 $ 1,972 Consulting fees 3,357 2,730 1,971 Total $ 5,772 $ 4,932 $ 3,943 1 The Group corrected the disclosure of short-term employee benefits and consulting fees for the year ended December 31, 2021 and 2020. The correction does not impact the results presented in the prior period.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Goodwill	Goodwill Goodwill arising from the acquisition of a business is recorded at cost at the acquisition date, less accumulated impairment losses, if any. Goodwill is stated at cost and not amortized but is tested for impairment on an annual basis and whenever there is an indicator that the cash-generating unit to which goodwill has been allocated may be impaired. 3.1.1 Goodwill impairment Goodwill is tested for impairment annually at the cash-generating unit level, which is the level at which the assets generate largely independent cash inflows and are monitored for internal management purposes. An impairment loss is recognized whenever the carrying amount of an asset or the related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. Impairment losses recognized for cash-generating units first reduce allocated goodwill and then the carrying amounts of the other non-financial assets in the unit on a pro rata basis. Refer to Note 12. Goodwill and Note 4. Critical accounting judgements and key sources of estimation uncertainty or further information on the goodwill exposure and estimates applied, respectively.
Transactions in foreign currency	Transactions in foreign currency When preparing the financial statements of the individual underlying entities of the Group, transactions in a currency other than the functional currency of the entity (“foreign currency”) are recorded using the exchange rates in effect on the transaction date. At the end of each reporting period, monetary items denominated in a foreign currency are reconverted at the exchange rates prevailing at that date. Non-monetary items calculated in terms of historical cost, in foreign currency, have not been reconverted. For purposes of presenting the Consolidated Financial Statements, the assets and liabilities of the Group’s foreign currency transactions are expressed in USD, using the exchange rates prevailing at the end of the respective reporting period. Revenues and expenses are translated at the average exchange rates for the respective period. The exchange differences that arise, if applicable, are recognized through other comprehensive income and are accumulated in equity (attributed to the non-controlling interests when appropriate).
Leases - Right-of-use assets & lease liabilities	Leases - Right-of-use assets & lease liabilities The Group assesses whether a contract is or contains a lease at inception of a contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with a value less than $5,000). For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, and payments for these leases are presented in the combined statements of cash flows from operating activities. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, any initial direct costs and less any lease incentives received. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date and over the shorter period of useful life of the underlying asset (in the case the lease transfers ownership of the underlying asset to the Group by the end of the lease term or cost of the right-of-use assert reflects that the Group will exercise a purchase option) and lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate specific to the country, term and currency of the contract. In addition, the Group considers its recent indebtedness as well as publicly available data for instruments with similar characteristics when calculating the incremental borrowing rates. Lease payments include fixed payments, less any lease incentives receivable, variable lease payments that depend on an index or a rate known at the commencement date, and purchase options or extension option payments if the Group is reasonably certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset and are recognized as an expense in the Consolidated Statement of Profit or Loss and Other Comprehensive Income in the year/period in which the event or condition that triggers those payments occurs. A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease payments or reassessment of exercise of a purchase option. The corresponding adjustment is made to the related right-of-use asset. The lease liability is presented in the ‘Borrowings’ line and the right-of-use assets are presented in a single line in the Consolidated Statement of Financial Position. In addition, the principal portion of the lease payments is presented within financing activities and the interest component is presented within operating activities in the Consolidated Statement of Cash Flows.
Financial Instruments	Financial Instruments Financial assets and liabilities are recognized when an entity of the Group becomes party to the contractual provisions of an instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than those designated at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities, when appropriate, at initial recognition. Transaction costs directly attributable to the acquisition of financial assets or liabilities designated at fair value through profit or loss are recognized immediately through profit or loss. 3.4.1 Classification of financial assets If and when applicable the Group follows the framework and requirements outlined in IFRS 9 to classify financial assets based on whether: ● The financial asset is held within a business model whose objective is to collect contractual cash flows or whose objective is achieved through the collection of contractual cash flows and the sale of financial assets; and ● The contractual terms give rise to cash flows that are only payments of principal and interest. By default, all other financial assets are subsequently measured at fair value through profit or loss. Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they are recognized at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. 3.4.2 Gains and losses in foreign currency Trade receivables denominated in a currency other than the subsidiaries’ functional currency are determined in that foreign currency and converted to the subsidiaries’ functional currency at the end of each reporting period using the then prevailing spot rate. Exchange differences are recognized through profit or loss and are classified within other expenses. 3.4.3 Impairment of financial assets The Group recognizes an impairment for expected credit losses on trade and other receivables. The Group applies the ‘simplified’ approach as required by IFRS 9 since generally the Group’s trade receivables do not include a significant financing component. The Group therefore recognizes the lifetime expected credit losses over the life of the trade receivables. Other receivables are generally assessed individually and a lifetime expected credit loss is estimated based on the receivable and debtor specific facts and circumstances. 3.4.4 Definition of default The Group considers that an event of default has occurred when more than 50% of the customers trade receivable balance is more than 90 days overdue, unless there is reasonable and supportable information to demonstrate that such default is not in existence. 3.4.5 Impaired trade receivables A financial asset has been impaired when one or more events have occurred that have a negative impact on the estimated future cash flows of the trade receivable. The evidence of credit impairment includes observable data on the following events: ● significant financial difficulty of the customer; ● customer enters into or is likely to enter into bankruptcy; ● a breach of contract, such as an expired event; and ● for economic or contractual reasons one or more concessions have been granted. 3.4.6 Measurement of impairment The expected credit losses on trade receivables are estimated using a methodology where a probability of default is estimated based on historical information, adjusted for current and forecasted economic conditions, if applicable. If applicable and significant, the Group may adjust the provision based on a probability weighing of various scenarios and factors in the time value of money: ● Probability of default (‘PD’): The PD is derived by analyzing a rolling dataset of twenty-four months in which trade receivables are tracked and analyzed as they move through the aging buckets. ● Loss given default: The Group typically defines the loss given default to be one hundred percent. ● Exposure at default: The trade receivable balance as of the reporting date, net of advances and credit notes. As of the reporting dates presented, the Group has not deemed these to be significant. The Group estimates the probability of default at the pool level and then applies such pool level PD to the trade receivables within that pool. The Group generally defines each pool within its main subsidiaries as: ● Domestic ● Export ● Government ● Related parties The Group recognizes an impairment loss or gain in the aggregate for all trade receivables as a provision with corresponding amount recognized in Sales and marketing expenses The Group writes-off individual trade receivables when uncollected when they become 365 days past due. 3.4.7 Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the asset’s cash flows expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group does not transfer or substantially retains all risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its interest retained in the asset and an associated liability for the amounts to be paid. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a loan secured by the revenue received. Upon derecognition of a financial asset measured at amortized cost, the difference between the carrying amount of the asset and the sum of the consideration received and receivable is recognized through profit or loss. The Group also derecognizes a financial asset when there is information which indicates that the counterparty is in serious financial difficulty and there is no realistic prospect of recovery. The derecognized financial assets may still be subject to compliance activities in accordance with the Group’s recovery procedures, taking into account legal advice when appropriate. Any recovery is recognized through profit or loss. Accounts receivable factoring As part of the regular business and in case of immediate cash needs, the Group could sell its accounts receivable (i.e., invoices) to a third party (factor) at a discount. The Group analyzes whether these transactions are with recourse without recourse with recourse, with recourse
Inventories, net	Inventories, net Inventories are presented at the lower of acquisition cost or net realizable value. Cost is determined by the weighted average method. The net realizable value represents the estimated sale price less all the estimated termination and selling costs. The cost of finished products and products in progress includes the costs of raw materials, direct labor, other direct costs and the respective direct production expenses (based on normal operating capacity), excluding borrowing costs. Inventories are presented net of the allowances for obsolescence and, in consolidation, net of eliminations of unrealized profit on inventories.
Property, plant and equipment, net	Note 3.6. Property, plant and equipment, net Property, plant and equipment assets are measured at historical cost less accumulated depreciation and any impairment loss, except for those acquired in a business combination, which are then recorded at fair value; assets under construction and land are not depreciated. The cost of the property, plant and equipment is the fair value of the consideration initially provided to acquire or construct the item and prepare it for use. Subsequent costs incurred for repair and maintenance, are expensed in the Consolidated Statement of Profit or Loss and Other Comprehensive Income unless these costs meet the criteria for capitalization (i.e., extension of the useful life). Depreciation commences when the assets are ready for use. Property, plant and equipment is depreciated based on the straight-line method over estimated useful lives. An item of property, plant and equipment will be derecognized upon disposal or when future economic benefits from the continued use of the asset are no longer expected. The gain or loss arising from the derecognition is measured as the difference between the net disposal proceeds and the carrying amount of the asset and is recognized through profit or loss. The useful lives of property, plant and equipment are: Buildings 20 - 40 years Machinery and equipment 10 - 20 years Furniture and fixtures 2 - 10 years Other equipment 2 - 5 years
Intangible assets	Intangible assets 3.7.1 Intangible assets generated internally Disbursements originated by research activities are recognized as an expense in the period in which they are incurred. An intangible asset generated internally as a result of development activities (or the development phase of an internal project) is recognized if, and only if, the following conditions are met: ● It is commercially and technically feasible to complete the production of the intangible asset so that it can be available for use or sale; ● Management intends to complete the intangible asset in question in order to use or sell it or can demonstrate the way in which the intangible asset will likely generate future economic benefits; ● Adequate technical, financial or other resources are available to complete the development and to use or sell the intangible asset; and ● The Group is able to reliably measure the disbursement attributable to the intangible asset during its development. The expenses incurred in developing new pharmaceutical technologies, combination of active ingredients and formulation improvements meet the conditions of the previous paragraph, usually from the beginning of pilot batches (completion of the experimental batch stage), at which point Management considers that achieving regulatory approval (sanitary records) is a legal formality. The amount initially recognized for an internally generated intangible asset will be the sum of the disbursements incurred once the element meets the recognition conditions. When an internally generated intangible asset cannot be recognized, development disbursements are charged through profit or loss in the period in which they are incurred. Subsequent to initial recognition, an internally generated intangible asset will be accounted for at cost less accumulated amortization and the accumulated amount of impairment losses, on the same basis as intangible assets that are acquired separately. 3.7.2 Disposal of intangible assets An intangible asset is written off at the time of its disposal, or when future economic benefits of its use or disposal are not expected. Gains or losses arising from the write-off of an intangible asset, measured as the difference between the net proceeds from the sale and the carrying amount of the asset, are recognized through profit or loss when the asset is written off. 3.7.3 Impairment of definite-lived tangible and intangible assets and intangibles not yet available for use, and other assets At the end of each reporting period, the Group evaluates the carrying amounts of its definite-lived tangible and intangible assets in order to identify any indication that these assets have been impaired. In such a case, the recoverable amount of the asset is calculated in order to determine the extent of the impairment loss (if any). Intangible assets not yet available for use are tested for impairment annually to determine if an impairment loss should be recognized. When it is not possible to estimate the recoverable amount of an individual asset, the Group calculates the recoverable amount of the cash generating unit to which the asset belongs. When a reasonable and consistent basis of distribution is identified, the common assets are also allocated to the individual cash generating units or distributed to the smallest group of cash generating units for which a reasonable and consistent distribution base can be identified. The recoverable amount is the higher of the fair value less disposal costs and the value in use. When estimating the value in use, the estimated future cash flows are discounted to the present value, using a pre-tax discount rate that reflects the current market valuations with respect to the time value of money and the specific risks for the asset for which the future cash flow estimates have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) calculated is less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognized immediately through profit or loss. If an impairment loss is subsequently reversed, the carrying amount of the asset (or cash-generating unit) increases to the revised estimated value of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been calculated if the impairment loss had not been recognized for said asset (or cash-generating unit) in previous years. The reversal of an impairment loss is automatically recognized through profit or loss. 3.7.4 Amortization of internally generated intangibles Internally-generated intangible assets such as licenses, bioequivalence studies, new platforms, tablet improvements, combinations and concentrations, and soft gel capsule improvements, among others, are of finite useful lives and their amortization period will begin only when the following two milestones are met: ● The pre-industrial batch is completed with satisfactory results. ● The regulatory body approves the corresponding sanitary records. When these milestones are met, the capitalized developments will have met the necessary conditions to generate economic benefits in accordance with management’s expectations, so the amortization of the assets begins using the straight-line method through profit or loss during the minimum projected time of generated economic benefits. The amortization will also cease at the earliest of either the date when the asset is classified as held for sale or the date when the asset is derecognized. 3.7.5 Useful lives of intangibles The following useful lives are used to calculate amortization: Trademarks and sanitary records 3 – 20 years Licenses, customers and agreements 3 – 10 years Product development 3 years
Financial liabilities and equity instruments	Financial liabilities and equity instruments 3.8.1 Classification as debt or equity Debt and equity instruments are classified as financial liabilities or equity in accordance with the substance of the contractual agreement and definitions of financial liability and equity instrument. 3.8.2 Equity instruments An equity instrument consists of any contract that evidences a residual interest in the assets of an entity, after deducting all of its liabilities. Equity instruments issued by a Group entity are recognized for income received, net of direct issue costs. The repurchase of equity instruments of the Group is recognized and deducted directly in equity. No gain or loss is recognized through profit or loss, arising from the purchase, sale, issue or cancellation of the equity instruments of the Group. 3.8.3 Financial liabilities Financial liabilities are classified at their inception at fair value minus transaction costs directly attributable to the transaction through profit or loss and subsequently measured at amortized cost, using the effective interest amortization method. 3.8.4 Warrant liabilities The Group has warrants that are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Gains and losses will be recorded in profit or loss. 3.8.5 Shares held in escrow The shares to be delivered, in an escrow, are initially recognized at fair value of the equity instruments granted for services received in an equity-settled share-based payment determined at grant date, and they are subsequently remeasured to their fair value at the end of each reporting period until they are released from escrow or are forfeited.
Trade and other payables, net	Trade and other payables Trade and other payables are recognized when the Group has a legal or a constructive obligation, as a result of a past event, and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation and the obligation can be measured reliably. These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The average credit period for purchases is between 90 and 180 days, including cases in which the invoices have been assigned by the supplier to third parties. Other payables correspond mainly to employment obligations and provisions. Reverse factoring Suppliers of the Group initiate and enter into reverse factoring arrangements in which the Group participates. Under such arrangements suppliers sell or assign their receivables from the Group to third parties (i.e., ‘the factor’), after which the Group pays and settles the underlying invoices directly with the factors. Provided that certain conditions are met, the invoices sold or assigned to factors remain classified within trade and other payables. The criteria are that: 1) the assignment is contractually initiated and decided by the supplier, 2) it does not extend the period in which the Group regularly pays the supplier, 3) the amount of the invoices is not modified, and there are no charges in this regard by third parties. Otherwise, the Group reclassifies those balances as a financial liability, other term loans with a corresponding reclassification from operating cash flows to financing cash flows, for the amount paid to factors.
Taxes	Taxes Income tax expense represents the sum of current income tax payable and deferred tax. 3.10.1 Current tax Current tax is based on the taxable income registered during the year. The taxable income differs from the income reported in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, due to the items of income or expenses that are taxable or deductible in other years and items that are never taxable or deductible. The liabilities of the Group for current tax purposes are calculated using the tax rates enacted or substantially approved at the end of the respective reporting period. 3.10.2 Deferred tax Deferred tax is recognized on temporary differences between the carrying amount of the assets and liabilities included in the Consolidated Financial Statements and the corresponding tax basis used to determine the taxable income. The deferred tax liability is generally recognized for all temporary tax differences. A deferred tax asset will be recognized, as a result of all deductible temporary differences, to the extent that it is likely that each entity will have future taxable income against which to charge those deductible temporary differences. These assets and liabilities are not recognized if the temporary differences arise from the initial recognition (rather than through a business combination) of other assets and liabilities in an operation that does not affect the taxable income or the accounting income. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. A deferred liability should be recognized for taxable temporary differences associated with investments in subsidiaries and joint ventures, and interests in joint ventures, except for those in which the Group is able to control the reversal of the temporary difference and when there is a possibility that it cannot be reversed in the near future. Deferred tax assets arising from the deductible temporary differences associated with such investments and participation are only recognized to the extent that it is likely that each entity will have future taxable profits against which to charge those temporary differences and when there is the possibility that these can be reversed in the near future. The carrying amount of a deferred tax asset must be reviewed at the end of each reporting period and reduced, to the extent that it is likely that it will not have sufficient taxable income in the future to allow all or part of the asset to be recovered. Deferred tax assets and liabilities should be measured using the tax rates expected to be applied in the period in which the asset is realized or the liability is settled, based on the rates (and tax laws) enacted or substantively enacted at the end of the respective reporting period. The measurement of deferred tax liabilities and deferred tax assets will reflect the tax consequences that would arise based on each Group company’s expectations, at the end of the reporting period, to recover or settle the carrying amount of their assets and liabilities. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different taxable entities. 3.10.3 Current and deferred taxes Current and deferred taxes should be recognized through profit or loss, except when they relate to items listed in other comprehensive income or directly in equity, in which case the current or deferred tax is also recognized though other comprehensive income or directly in the equity, respectively. In cases of business combinations, when the current tax or deferred tax arises from the initial accounting of the business combination, the tax effect is considered within the accounting of the business combination.
Provisions	Provisions Provisions are recognized when (i) the Group has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. 3.11.1 Disputes and litigation A provision for disputes and litigation is recognized when it is more likely than not that the Group will be required to make future payments as a result of past events, such items may include but are not limited to claims, lawsuits and actions relating to employment related disputes and claims from tax authorities.
Employee benefits	Employee benefits Note 3.12.1. Retirement and termination benefit costs Payments to defined contribution retirement benefit plans are recognized as an expense when employees has rendered service entitling them to the contributions. Payments made to state-managed retirement benefit plans are accounted for as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurements for actuarial gains and losses are recognized immediately in the Consolidated Statement of Financial Position with a charge or credit to other comprehensive income in the period in which they occur. Remeasurements recognized in other comprehensive income are not reclassified. Past service cost is recognized in profit or loss when the plan amendment or curtailment occurs or when the Group recognizes related restructuring costs or termination benefits, if earlier. Gains or losses on settlement of a defined benefit plan are recognized when the settlement occurs. Net interest is calculated by applying a discount rate to the net defined benefit liability. Defined benefit costs are split into three categories: ● service cost, which includes current service cost, past service cost and gains and losses on curtailments and settlements; ● net interest expense; and ● remeasurements. The retirement benefit obligation recognized in the Consolidated Statement of Financial Position represents the deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognized at the earlier of when the Group can no longer withdraw the offer of the termination benefit and when the Group recognizes any related restructuring costs. Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan. The Group recognized a net interest expense within finance costs for the year ended December 31, 2022 of $268 (2021: $67, 2020: $60) while remeasurements of the calculations are reflected in the Statement of Other Comprehensive Income. Remeasurements of the calculations represented a decrease of $222 (decrease 2021: $195 and increase 2020: $47). During the preparation of the Consolidated Financial Statements for the year ended December 31, 2022, the Group identified an understatement in Other Liabilities in prior periods for unrecorded long-term employee benefits corresponding to seniority premiums and retirement bonuses. Management assessed the materiality of the error on all the prior periods presented and determined that the error was not material to any of the periods and that a restatement of previously issued financial statements was not required. Under SEC Staff Accounting Bulletin (SAB) No. 108, prior periods misstatements may be corrected in the current year provided that such correction does not result in a material misstatement to the current year financial statements. As such, the Group corrected the misstatement in the Consolidated Financial Statements for the year ended December 31, 2022 as an out-of-period adjustment, increasing non-current other liabilities by $2,329 and current other liabilities by $185 and increasing cost of sales by $1,639, sales and marketing expense by $232, and administrative expense by $643. Note 3.12.2. Short-term and other long-term employee benefits A liability is recognized for benefits accruing to employees in the form of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date. As of December 31, 2022, the Group recognized employee benefits costs within profit or loss as cost of sales of $28,494 (2021: $25,051 and 2020: $27,421), $41,329 (2021: $31,973 and 2020: $29,139) as administrative expenses and $36,304 (2021: $30,227 and 2020: $19,774) as sales and marketing expense.
Revenue recognition	Revenue recognition The Group recognizes revenues from the sale of pharmaceutical products and the provision of services primarily related to product development projects. Revenue is measured based on the consideration specified in a contract with a customer and excludes balances collected on behalf of third parties. The Group recognizes revenue when transferring control of a product or service to a customer. 3.13.1 Sale of goods Revenue from the sale of goods is recognized when the control of the goods is transferred (both in export and domestic operations) and the performance obligations have been fulfilled by the Group, which occurs when the product is delivered to the location specified by the customer, according to the negotiating conditions agreed upon. Revenues are reduced by discounts or rebates and other similar allowances estimated for customers. 3.13.2 License revenues Revenue from the sale of intellectual property (licenses) is recognized based on the evaluation of whether an entity’s commitment to grant a license provides the customer with a right of access to intellectual property, which is transferred over time, or a right to use the intellectual property of an entity, which is transferred at a point in time. The license is a commitment to provide a right of access to the entity’s intellectual property if all the following criteria are met: ● the contract requires, or the customer reasonably expects, that the entity carries out activities that significantly affect the intellectual property to which the customer is entitled; ● the rights granted by the license directly expose the customer to the positive or negative effects of the entity’s activities identified in subsection a above; and ● those activities do not result in the transfer of a good or service to the customer as such activities take place. If these criteria are not met, the license grants the customer a right to use the license, and the transaction is recognized when the license is granted to the customer. 3.13.3 Service provision Revenue from service contracts is recognized based on the status of completion of the contract. If the Group transfers control of a service to satisfy the performance obligation over time, it then recognizes revenue over time, if one of the following criteria is met: ● the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; ● the entity’s performance creates or enhances an asset that the customer controls as it is created or enhanced; or ● the entity’s performance does not create an asset with an alternative use for the entity and the entity has an enforceable right to payment for performance that has been completed to date. 3.13.4 Sale of trademarks and sanitary records Revenue from contracts for the sale of a trademark or sanitary records is recognized at the point of the transfer of possession, use, enjoyment and other real and personal rights at the price agreed in the contract, fulfilling the following conditions: ● The customer has the right to all the benefits of the commercial use of the trademark or sanitary records. ● The customer can redirect the use of the trademark or sanitary records. ● The customer is responsible for sales, marketing and advertising activities. ● The customer obtains control of the trademark or sanitary records, which includes the ability to prevent other entities from directing the use of, and obtaining the benefits from, the trademark or sanitary records.
Segment reporting	Segment reporting An operating segment is a component that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the other components, and for which discrete financial information is available. The Group is engaged in the business of developing, producing and marketing pharmaceutical solutions and related activities and is considered an integrated international healthcare and pharmaceutical company across the three core therapeutic areas: hospitals/clinics, pharmacies (prescription) and over-the-counter (non-prescription). The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated. The Group’s business is organized and managed through a combination of geographical regions and business units through 40 legal entities, of which 23 are operating entities, divided in five strategic divisions, which are its operating segments. These divisions offer different products and services and are managed separately as they require different technology and marketing strategies. The five operating segments correspond to each of its five reportable segments for financial reporting purposes. The following summary describes the operations of each reportable segment: Reportable segment Operations NextGel Development and manufacturing of Softgel and related technologies in USA, Brazil and Colombia Procaps Colombia Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Colombia CAN Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Northern Central America: Salvador, Guatemala, Nicaragua and Honduras CASAND Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Southern Central America (Panama and Costa Rica) and the North Andes District (Ecuador, Peru and Bolivia) Diabetrics Diabetes solutions and chronic disease management tool The Group’s chief executive officer reviews the internal management reports of each division at least quarterly.
Principles of consolidation and equity accounting	Principles of consolidation and equity accounting Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Profit or loss and Other Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Financial Position respectively. 3.15.1. Joint ventures Joint ventures are arrangements whereby the Group maintains joint control of the underlying net assets of the arrangement with the counterparties. The Group holds a single 50% interest in one joint venture and the Group holds 50% of the voting rights and management board representation. Investments in joint ventures are accounted for using the equity method of accounting, after initially being recognized at cost. 3.15.2. Equity method Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from joint ventures are recognized as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in 3.7.3 Impairment of definite-lived tangible and intangible assets and intangibles not yet available for use, and other assets. 3.15.3. Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Group. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate.
Earnings Per Share	Earnings Per Share Earnings per share was computed by dividing basic net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding. Diluted income per ordinary share is computed by dividing diluted net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding plus dilutive potential ordinary shares, if any. Dilutive potential ordinary shares include outstanding warrants or other contracts to issue ordinary stock and are determined by applying the treasury stock method or if-converted method, as applicable, if dilutive. For the years ended December 31, 2022, 2021 and 2020 no dilutive effect has been identified. Number of shares prior to the Transaction is retrospectively adjusted as a capital restructuring for the equivalent number of shares received and on a pro rata basis for prior reporting periods.

General Company Information (Ta

General Company Information (Tables)	12 Months Ended
	Dec. 31, 2022
General Company Information [Abstract]
Schedule group’s principal subsidiaries	Place of Ownership interests held by: business/country The Group Non-controlling interests Principal Name of entity of incorporation 2022 2021 2020 2022 2021 2020 activities Procaps S.A. Colombia 100 % 100 % 100 % — % — % — % Manufacturing and distribution of prescription and over-the-counter pharmaceutical products. C.I. Procaps S.A. Colombia 100 % 100 % 100 % — % — % — % Procaps S.A. de C.V El Salvador 100 % 100 % 100 % — % — % — % Softcaps - Colbras Brazil 100 % 100 % 100 % — % — % — % Diabetrics Healthcare S.A.S. Colombia 100 % 100 % 100 % — % — % — % Diabetes solutions and chronic disease management tool.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Schedule of useful lives of property, plant and equipment	Buildings 20 - 40 years Machinery and equipment 10 - 20 years Furniture and fixtures 2 - 10 years Other equipment 2 - 5 years
Schedule of useful lives are used to calculate amortization	Trademarks and sanitary records 3 – 20 years Licenses, customers and agreements 3 – 10 years Product development 3 years
Schedule of summary describes the operations of each reportable segment	Reportable segment Operations NextGel Development and manufacturing of Softgel and related technologies in USA, Brazil and Colombia Procaps Colombia Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Colombia CAN Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Northern Central America: Salvador, Guatemala, Nicaragua and Honduras CASAND Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Southern Central America (Panama and Costa Rica) and the North Andes District (Ecuador, Peru and Bolivia) Diabetrics Diabetes solutions and chronic disease management tool

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Revenue [Abstract]
Schedule of primary geographical market and major products	Reportable segments For the year ended December 31 2022 NextGel Procaps CAN CASAND Diabetrics Corporate Total Segment revenue 256,112 145,330 77,928 83,392 34,459 — 597,221 Inter-segment revenue (131,047 ) (2,985 ) (22,461 ) (17,062 ) (13,746 ) — (187,301 ) Revenue from contracts with customers 125,065 142,345 55,467 66,330 20,713 — 409,920 Timing of revenue recognition Goods transferred at a point in time 118,394 142,345 55,467 65,903 20,713 — 402,822 Services transferred over time 6,671 — — 427 — — 7,098 Total revenue from contracts with customers 125,065 142,345 55,467 66,330 20,713 — 409,920 Reportable segments For the year ended December 31 2021 NextGel Procaps Colombia CAN CASAND Diabetrics Corporate Total Segment revenue 244,791 156,820 67,842 68,242 47,835 — 585,530 Inter-segment revenue (123,964 ) (1,493 ) (16,905 ) (14,286 ) (19,140 ) — (175,788 ) Revenue from contracts with customers 120,827 155,327 50,937 53,956 28,695 — 409,742 Timing of revenue recognition Goods transferred at a point in time 117,190 155,327 50,937 53,956 28,695 — 406,105 Services transferred over time 3,637 — — — — — 3,637 Total revenue from contracts with customers 120,827 155,327 50,937 53,956 28,695 — 409,742 Reportable segments For the year ended December 31 2020 NextGel Procaps CAN CASAND Diabetrics Corporate Total Segment revenue 201,294 121,532 44,808 40,094 39,221 2,431 449,380 Inter-segment revenue (95,315 ) (6,637 ) 805 (1,538 ) (16,432 ) 1,204 (117,913 ) Revenue from contracts with customers 105,979 114,895 45,613 38,556 22,789 3,635 331,467 Timing of revenue recognition Goods transferred at a point in time 103,766 114,895 45,613 38,556 22,789 3,635 329,254 Services transferred over time 2,213 — — — — — 2,213 Total revenue from contracts with customers 105,979 114,895 45,613 38,556 22,789 3,635 331,467

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Entitys Operating Segments Text Block Abstract
Schedule of customer revenue recognition (external revenue)	NextGel Procaps Colombia CAN CASAND Year 2022 Total Inter- External Total Inter- External Total Inter- External Total Inter- External Revenue 256,112 (131,047 ) 125,065 145,330 (2,985 ) 142,345 77,928 (22,461 ) 55,467 83,392 (17,062 ) 66,330 Contribution margin 1 66,752 (14,307 ) 52,445 44,594 156 44,750 18,681 (1,861 ) 16,820 14,602 14,869 29,471 Diabetrics Corporate Total Year 2022 Total Inter- External Total Inter- External Total Inter- External Revenue 34,459 (13,746 ) 20,713 — — — 597,221 (187,301 ) 409,920 Contribution margin 1 2,965 116 3,081 3,920 (4,484 ) (564 ) 151,514 (5,511 ) 146,003 Administrative expenses — — — 105,911 — 105,911 105,911 — 105,911 Finance expenses — — — (37,917 ) — (37,917 ) (37,917 ) — (37,917 ) Other expenses — — — 25,299 — 25,299 25,299 — 25,299 Income (loss) before tax 58,221 (5,511 ) 52,710 NextGel Procaps Colombia CAN CASAND Year 2021 Total Inter- External Total Inter- External Total Inter- External Total Inter- External Revenue 244,791 (123,964 ) 120,827 156,820 (1,493 ) 155,327 67,842 (16,905 ) 50,937 68,242 (14,286 ) 53,956 Contribution margin 1 66,679 (12,573 ) 54,106 51,431 490 51,921 18,767 (231 ) 18,536 9,949 11,754 21,703 Diabetrics Corporate Total Year 2021 Total Inter- External Total Inter- External Total Inter- External Revenue 47,835 (19,140 ) 28,695 — — — 585,530 (175,788 ) 409,742 Contribution margin 1 6,981 (133 ) 6,848 89 (547 ) (458 ) 153,896 (1,240 ) 152,656 Administrative expenses — — — 82,187 — 82,187 82,187 — 82,187 Finance expenses — — — 78,636 — 78,636 78,636 — 78,636 Other expenses — — — 78,991 — 78,991 78,991 — 78,991 Income (loss) before tax (85,918 ) (1,240 ) (87,158 ) NextGel Procaps Colombia CAN CASAND Year 2020 Total Inter- External Total Inter- External Total Inter- External Total Inter- External Revenue 201,294 (95,315 ) 105,979 121,532 (6,637 ) 114,895 44,808 805 45,613 40,094 (1,538 ) 38,556 Contribution margin 1 52,679 (5,790 ) 46,889 43,926 (1,695 ) 42,231 9,197 6,324 15,521 9,001 813 9,814 Diabetrics Corporate Total Year 2020 Total Inter- segment eliminations External Total Inter- segment eliminations External Total Inter- segment eliminations External Revenue 39,221 (16,432 ) 22,789 2,431 1,204 3,635 449,380 (117,913 ) 331,467 Contribution margin 1 6,294 (807 ) 5,487 (10,157 ) 11,901 1,744 110,940 10,745 121,685 Administrative expenses — — — 58,631 — 58,631 58,631 — 58,631 Finance expenses — — — 54,489 — 54,489 54,489 — 54,489 Other expenses — — — 7,716 — 7,716 7,716 — 7,716 Income (loss) before tax (9,896 ) 10,745 849 1 Contribution Margin is determined by subtracting sales and marketing expenses from gross profit. The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.
Schedule of basis of geographical segments	For the year ended December 31 2022 2021 2020 South America 275,933 284,068 249,983 Central America 86,679 72,188 58,082 North America 37,115 44,857 12,576 Europe 10,193 8,629 10,826 Total 409,920 409,742 331,467

Finance Income (Expenses), Net

Finance Income (Expenses), Net (Tables)	12 Months Ended
	Dec. 31, 2022
Finance Expenses, Net [Abstract]
Schedule of finance expenses, net	For the year ended December 31 2022 2021 2020 Banking expenses $ (781 ) $ (1,056 ) $ (590 ) Bank fees (8,498 ) (2,263 ) (986 ) Other financial expenses (1,033 ) (354 ) (281 ) Net fair value gain of warrant liabilities 12,196 5,851 — Net fair value gain of shares held in escrow 61,795 4,506 — Interest expense (25,762 ) (85,320 ) (52,632 ) Total income (expense) $ 37,917 $ (78,636 ) $ (54,489 )

Other Expenses, Net (Tables)

Other Expenses, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Other expenses, net [Abstract]
Schedule of other expenses, net	For the year ended December 31 2022 2021 2020 Currency exchange rate differences $ 15,984 $ 4,026 $ 3,905 Economic emergency contribution expenses 1,301 1,385 811 Fines, surcharges, penalties and taxes assumed 1,119 775 1,440 Donations 814 720 716 Listing expense 1 — 73,917 — Impairment loss 2 6,018 — — Other 63 (1,832 ) 844 Total $ 25,299 $ 78,991 $ 7,716 1 Corresponds to the difference between the fair value of the net assets received through SPAC and the value of the equity interest issued, adjusted by dilutive effect of shares held in escrow at a weighted average fair value per share. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction. 2 Refer to Note 12. Goodwill for further details regarding the impairment loss and to Note 14. Property, plant and equipment, net, Note 13. Intangible assets and Note 15. Leases for the impairment recognized within each asset group.

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Dec. 31, 2022
Income tax [Abstract]
Schedule of tax losses and excess	For the year ended December 31 2022 2021 2020 Current year 8,407 12,250 7,491 Current tax expense 8,407 12,250 7,491 Origination and reversal of temporary differences 1,763 1,455 3,805 Deferred tax (income) expense 1,763 1,455 3,805 Total tax expense 10,170 13,705 11,296
Schedule of reconciliation of effective tax rate	For the year ended December 31 2022 2021 2020 Profit/ (loss) before tax 52,710 (87,158) 849 Income tax (benefit)/expense 8,961 (14,817 ) 297 Tax effect of expenses that are not deductible in determining taxable profit 27,187 49,442 13,525 Tax effect of income not taxable in determining taxable profit (30,292 ) (8,822 ) (7,754 ) Effect of different tax rates of subsidiaries operating in other jurisdictions (1,249 ) (9,423 ) 1,960 Others - Includes exchange effects for reversal rates of long-term temporary differences, income taxed at differential rates, effect of change in deferred tax rate and tax discounts 5,563 (2,675 ) 3,200 Tax effect of utilization of tax losses not previously recognized — — 68 Tax expense for the year 10,170 13,705 11,296
Schedule of current tax assets and current tax liabilities	As of December 31 Current tax assets 2022 2021 Income Tax Advance 9,227 6,081 Surplus in Private Liquidation 9,563 15,732 Other Tax Assets 2,397 269 Total 21,187 22,082 Current tax liabilities Withholding Income Tax (2,274 ) (8,982 ) Income Tax Payable (2,797 ) (2,652 ) Other Tax Liabilities (1,062 ) (122 ) Total (6,133 ) (11,756 )
Schedule of tax losses and excess	As of December 31 2022 2021 Tax Losses not utilized 4,752 3,242 Total 4,752 3,242

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Goodwill Text Block [Abstract]
Schedule of goodwill	2022 2021 Balance as of January 1 $ 6,803 $ 6,863 Effect of movements in foreign exchange (174 ) (60 ) Impairment losses $ (838 ) $ — Balance as of December 31 $ 5,791 $ 6,803
Schedule of key assumptions and inputs used to extrapolate cash flow projections	Procaps S.A. de C.V. Biokemical S.A. de C.V. Rymco 2022 2021 2022 2021 2022 2021 Post-Tax Discount Rate 16.5 % 12.2 % 16.5 % 13.3 % 17.5 % 11.5 % No. of years used In projection (In Years) 6 6 6 6 5 5 Fixed annual growth rate 1 3 % 1 % 3 % 1 % 3.0 % 3.1 % Average sales growth rate 15.0 % 6.2 % 12.6 % 3.8 % (3.5 )% 11.6 % Average gross margin 2 52.6 % 49 % 41.2 % 41.4 % 27.9 % 18 % Expected market share 3 6.5 % 6.2 % 7.5 % 3.8 % 18.1 % 19.9 % 1 This rate is consistent with the growth of the pharmaceutical and medical supplies markets in the current and potential operating areas of the cash-generating units. 2 Fixed gross margins were used in the cash flow projections for Procaps S.A. de C.V. 3 Management considers that the planned growth of market share for the next five to eight years is reasonably achievable.

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Intangible Assets Text Block Abstract
Schedule of intangible assets	Cost Trademarks and Licenses, Product Total Balance as of January 1, 2021 13,176 17,174 18,272 48,622 Additions 1,672 755 — 2,427 Additions from internal developments — — 7,976 7,976 Derecognition of assets — (7 ) — (7 ) Foreign currency exchange (631 ) (1,475 ) (2,986 ) (5,092 ) Transfers 489 (512 ) 23 — Balance as of December 31, 2021 14,706 15,935 23,285 53,926 Additions 1,684 566 — 2,250 Additions from internal developments — — 8,713 8,713 Derecognition of assets — (49 ) (154 ) (203 ) Foreign currency exchange (1,180 ) (1,574 ) (4,697 ) (7,451 ) Transfers 233 363 — 596 Balance as of December 31, 2022 15,443 15,241 27,147 57,831 Accumulated amortization and impairment losses Trademarks and Licenses, Product Total Balance as of January 1, 2021 3,481 12,768 4,790 21,039 Amortization expense 787 965 3,064 4,816 Derecognition of assets — (7 ) — (7 ) Foreign currency exchange (277 ) (976 ) (840 ) (2,093 ) Transfers 241 (237 ) (4 ) — Balance as of December 31, 2021 4,232 12,513 7,010 23,755 Amortization expense 1,205 995 2,733 4,933 Impairment loss 114 21 — 135 Foreign currency exchange (495 ) (1,201 ) (1,504 ) (3,200 ) Balance as of December 31, 2022 5,056 12,328 8,239 25,623 As of December 31, 2021 Net book value 10,474 3,422 16,275 30,171 As of December 31, 2022 Net book value 10,387 2,913 18,908 32,208

Property, plant and equipment_2

Property, plant and equipment, net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment, Net [Abstract]
Schedule of property, plant and equipment, net	Cost Land and Machinery and Projects in Other 1 Total Balance as of January 1, 2021 26,819 69,664 9,330 9,478 115,291 Additions 487 4,764 10,019 167 15,437 Disposals (289 ) (350 ) — (15 ) (654 ) Effect of exchange differences in foreign currency (1,180 ) (8,930 ) (1,130 ) (515 ) (11,755 ) Transfers 4,482 6,518 (7,578 ) (5,087 ) (1,665 ) Balance as of December 31, 2021 30,319 71,666 10,641 4,028 116,654 Additions 4,425 2,556 16,055 121 23,157 Disposals (2,072 ) (2,071 ) — (2 ) (4,145 ) Effect of exchange differences in foreign currency (1,283 ) (9,698 ) (2,008 ) (512 ) (13,501 ) Transfers 759 1,667 (2,872 ) 179 (267 ) Balance as of December 31, 2022 32,148 64,120 21,816 3,814 121,898 Accumulated depreciation and impairment losses Land and Machinery and Projects in Other 1 Total Balance as of January 1, 2021 8,071 32,624 — 4,261 44,956 Disposals (70 ) (91 ) — (16 ) (177 ) Depreciation expense 871 4,653 — 548 6,072 Effect of exchange differences in foreign currency (328 ) (3,743 ) — (472 ) (4,543 ) Transfers (907 ) (587 ) — (798 ) (2,292 ) Balance as of December 31, 2021 7,637 32,856 — 3,523 44,016 Disposals — (2,013 ) — (1 ) (2,014 ) Depreciation expense 775 4,662 — 219 5,656 Impairment loss — 4,247 403 39 4,689 Effect of exchange differences in foreign currency 508 (4,648 ) — (315 ) (4,455 ) Transfers — 39 — 2 41 Balance as of December 31, 2022 8,920 35,143 403 3,467 47,933 As of December 31, 2021 Net book value 22,682 38,810 10,641 505 72,638 As of December 31, 2022 Net book value 23,228 28,977 21,413 347 73,965 1 ‘Other’ includes computer equipment and other office furniture and equipment.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of reconciliation of asset balances	Land and 1 Equipment Vehicles Computers Total Balance as of January 1, 2021 34,886 6,975 32 1,302 43,195 Addition to right-of-use asset 6,573 709 — — 7,282 Depreciation (3,311 ) (463 ) — (449 ) (4,223 ) Derecognition of contracts (126 ) (58 ) — (86 ) (270 ) Transfers 559 (1,155 ) (32 ) — (628 ) Effect of changes in foreign exchange rates (4,188 ) (932 ) — (69 ) (5,189 ) Balance as of December 31, 2021 34,393 5,076 — 698 40,167 Addition to right-of-use asset 6,749 2,293 — 1,219 10,261 Depreciation (4,323 ) (1,343 ) (7 ) (582 ) (6,255 ) Derecognition of contracts (437 ) (33 ) — — (470 ) Impairment loss — (356 ) — — (356 ) Transfers 201 47 61 — 309 Effect of changes in foreign exchange rates (3,887 ) (685 ) 1 (72 ) (4,643 ) Balance as of December 31, 2022 32,696 4,999 55 1,263 39,013 1 Includes net right-of-use assets of $1,373 (2021: $1,537) with related party WM Partners, LP.
Schedule of group’s lease liabilities are guaranteed by the lessor’s title to the leased assets	2022 2021 Non-current $ 25,139 $ 21,894 Current 9,053 9,853 Total $ 34,192 $ 31,747
Schedule of consolidated statement of profit or loss	For the year ended 2022 2021 Interest on lease liabilities $ 1,033 $ 720 Expense relating to leases of low-value assets 115 123 Expense relating to short-term leases 862 1,217

Investment in joint ventures (T

Investment in joint ventures (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Joint Ventures [Abstract]
Schedule of carrying amount of the company’s interest in Promedical S.A	Name of joint venture Principal activity Place of incorporation and principal place of business Proportion of ownership interest and voting rights held by the Company As of As of Promedical S.A. Marketing and pharmaceuticals Santa Cruz de la Sierra, Bolivia 50 % 50 % As of December 31 2022 2021 Net assets of Promedical S.A. $ 3,789 $ 6,434 Proportion of the Group’s ownership interest in Promedical S.A. 1,895 3,217 Other adjustments (390 ) (774 ) Carrying amount of the Group’s interest in Promedical S.A. $ 1,505 $ 2,443
Schedule of financial information of joint venture	As of December 31 2022 2021 Current assets $ 10,107 $ 10,324 Non-current assets 2,970 3,136 Current liabilities 8,422 6,231 Non-current liabilities 866 795 Equity 3,789 6,434 Revenue 19,844 23,704 (Loss)/income for the year (2,040 ) 1,423 Total comprehensive (loss)/income (2,040 ) 1,423

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
	Dec. 31, 2022
Inventories, net [Abstract]
Schedule of inventories, net	2022 2021 Raw materials and supplies $ 42,701 $ 38,024 Products in process 7,412 6,240 Finished products and merchandise 41,492 31,791 Inventory in transit 11,531 9,645 Subtotal 103,136 85,700 Less: Provision (6,303 ) (6,270 ) Total $ 96,833 $ 79,430

Trade and Other Receivables, _2

Trade and Other Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Trade And Other Receivables Text Block [Abstract]
Schedule of trade and other receivables, net	As of December 31 2022 2021 Trade receivables, net of discounts 1 $ 126,456 $ 111,071 Other receivables 15,211 16,408 Impairment of trade and other receivables 2 (12,065 ) (10,030 ) Trade receivables, net of discounts and impairment $ 129,602 $ 117,449 1 Discount and return provision amounts to $13,443 (2021: $7,345). 2 Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Borrowings [Abstract]
Schedule of unsecured borrowings at amortized cost	2022 2021 Borrowings at amortized cost 1 Syndicated term loan (1) $ 38,626 $ 46,505 Other term loan (2) 95,720 51,593 Lease liabilities (3) 34,192 31,747 Factoring obligations (4) 2,317 10,609 Bank overdrafts (5) 80 55 Notes (6) 115,000 112,857 Total Interest bearing liabilities $ 285,935 $ 253,366 Current $ 257,525 $ 74,646 Non- Current $ 28,410 $ 178,720 1 Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.
Schedule of borrowings	Currency Range of Interest Maturity Year 2022 2021 Syndicated term loan COP IBR+ 5.3% (Variable) 2023-2025 $ 39,156 $ 39,521 Syndicated term loan USD Libor+ 4.8% (Variable) 2022 — 7,850 Amortized cost COP N/A 2023 (530 ) (866 ) Total Syndicated term loan $ 38,626 $ 46,505 Currency Range of Interest Maturity Year 2022 2021 Other term loan COP IBR+ 5.0%, DTF+ 3%, 13.99%- 2022-2025 $ 9,549 $ 9,442 COP IBR+2.25%-10.2% 2022-2025 21,267 17,552 Soles 8.0% - 12.79% (Fixed) 2022-2024 6,837 5,953 Reales 9.84% - 18% N.A. 2023-2024 2,176 1,762 USD SOFR+ (4.80%-5.80%) 2023 23,454 739 USD 6.36%-16.8% 2022-2025 32,437 16,145 Total Other term loans $ 95,720 $ 51,593 Currency Range of Interest Maturity Year 2022 2021 Lease liabilities COP DTF + (5,18% - 10,11%) T.A., IBR+7.5% 2022-2030 $ 10,475 $ 10,334 COP DTF+ 4.54%-10.42 T.A. 2022-2025 3,653 6,662 USD 1 0.75%-21.48% 2022-2032 14,787 9,374 COP 1.91%-12.23%, IBR+4.68% 2022-2027 4,703 5,315 Reales 0.70% - 8.72% (Fixed) 2023-2024 574 62 Total Lease liabilities $ 34,192 $ 31,747 Currency Range of Interest Maturity Year 2022 2021 Portfolio factoring COP DTF+8% 2023 $ 1,508 $ 1,383 COP 15.0% - 27% N.A. 2023 809 9,226 Total Factoring obligations $ 2,317 $ 10,609 Currency Range of Interest Maturity Year 2022 2021 Overdrafts and credit cards COP 19.68% - 32% E.A. (Fixed) 2023 $ 80 $ 55 Currency Range of Interest Maturity Year 2022 2021 The Prudential Insurance Company Of America USD 8.50% (Fixed) 2031 $ 60,020 $ 58,906 Prudential Annuities Life Assurance Corporation USD 8.50% (Fixed) 2031 29,980 29,423 Healthspring Life & Health Insurance Company, Inc USD 8.50% (Fixed) 2031 18,350 18,007 CIGNA Health and Life Insurance Company USD 8.50% (Fixed) 2031 6,650 6,521 Total Notes $ 115,000 $ 112,857
Schedule of reconciliation of liabilities from financing activities	January 1, Payment cash flows New 1 Other 2 December 31, Syndicated term loan $ 46,505 (7,850 ) 7,923 (7,952 ) $ 38,626 Other term loan $ 51,593 (93,592 ) 143,786 (6,067 ) $ 95,720 Lease liabilities $ 31,747 (6,679 ) 12,647 (3,523 ) $ 34,192 Factoring obligations $ 10,609 (21,943 ) 14,042 (391 ) $ 2,317 Bank overdrafts $ 55 (817 ) 1,019 (177 ) $ 80 Notes $ 112,857 — — 2,143 $ 115,000 Total liabilities from financing activities $ 253,366 $ (130,881 ) $ 179,417 $ (15,967 ) $ 285,935 1 New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $32,358 and new lease liabilities for $12,647. 2 Other changes include exchange differences, the write-off of the Notes unamortized transaction costs of $1,600 due to the debt extinguishment, and cost amortization of $360. January 1, Payment cash flows New 1 Other 2 December 31, Syndicated term loan $ 81,906 (28,239 ) — (7,162 ) $ 46,505 Other term loan $ 85,645 (224,380 ) 193,120 (2,792 ) $ 51,593 Lease liabilities $ 36,799 (8,854 ) 7,283 (3,481 ) $ 31,747 Factoring obligations $ 9,993 (18,779 ) 22,956 (3,561 ) $ 10,609 Put option agreement $ 239,273 — — (239,273 ) $ — Bank overdrafts $ 902 (903 ) — 56 $ 55 Notes $ — — 112,857 — $ 112,857 Total liabilities from financing activities $ 454,518 $ (281,155 ) $ 336,216 $ (256,213 ) $ 253,366 1 New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $48,138 and acquisition of right-of-use assets $7,283. 2 Other changes include exchange differences and the termination of the put option agreements in exchange for new equity instruments in Procaps Group, S.A.

Deferred tax (Tables)

Deferred tax (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Deferred [Abstract]
Schedule of deferred tax assets and liabilities by type of temporary	As of December 31 2022 2021 Net deferred tax asset (liability) Trade and other receivables $ 449 $ (1,357 ) Inventories 3,930 3,142 Property, plant and equipment (4,019 ) (3,486 ) Intangibles (5,112 ) (875 ) Borrowings and Trade and other payables 2,648 3,639 Provisions and Other liabilities 1,780 1,005 Others 1 (523 ) (1,071 ) Total net deferred tax asset (liability) $ (847 ) $ 997 1 As of December 31, 2022, includes a deferred tax asset of $381 related to Procaps S.A. tax losses of $1,088 generated during the year. As of December 31, 2021, the deferred tax asset balance does not comprise unused tax losses.
Schedule of deferred tax assets and liabilities	As of December 31 2022 2021 Deferred Tax Asset $ 6,974 $ 7,067 Deferred Tax Liability (7,821 ) (6,070 ) Net Deferred Tax Asset (Liability) $ (847 ) $ 997
Schedule of deferred tax	2022 2021 2020 Balance as of January 1 $ 997 $ 2,879 $ 8,556 Recognized in Profit or Loss (1,763 ) (1,455 ) (3,805 ) Recognized in Other Comprehensive Income 1 107 (58 ) 16 Others 2 (188 ) (369 ) (1,888 ) Balance as of December 31 $ (847 ) $ 997 $ 2,879 1 Deferred tax related to employee defined benefit plans. 2 Deferred tax related to the purchase price acquisition of intangible assets in Procaps S.A. de C.V.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and Other Payables, Net [Abstract]
Schedule of trade and other payables, net	As of December 31 2022 2021 Trade payables $ 81,477 $ 70,167 Other payables Trade current accounts 808 3,259 Interest payable 3,307 1,870 Withholdings and payroll contributions 2,512 6,619 Others 2,082 3,466 Total other payables 8,709 15,214 Total accounts payable $ 90,187 $ 85,381

Provisions and contingencies (T

Provisions and contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Other Provisions Contingent Liabilities And Contingent Assets [Abstract]
Schedule of provisions and contingencies	2022 2021 Provisions and contingencies Balance as of January 1 $ 501 $ 1,829 Effect of changes in foreign exchange rates 9 (209 ) Provisions made 43 — Provisions used (415 ) (1,119 ) Balance as of December 31 $ 138 $ 501

Shareholder_s Equity (Tables)

Shareholder’s Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Shareholder’s equity [Abstract]
Schedule of reconciliation of share capital and share premium	Ordinary authorized and issued shares Number of Share capital Share As of January 1, 2021 pre-restructuring 2,001,071 2,001 54,412 Termination of put option agreements (a) 903,075 903 297,796 Subtotal 2,904,146 2,904 352,208 Capital restructuring of Crynssen (1:33.4448 exchange ratio) (b) 94,224,544 (1,933 ) 1,933 Subtotal - restructured 97,128,690 971 354,141 Acquisition of Union Acquisition Corp. II (c) 20,195,494 202 174,738 Escrowed shares (d) (11,714,612 ) (117 ) (106,247 ) Redemption of redeemable shares (e) (4,500,000 ) (45 ) (44,955 ) As of December 31, 2021 101,109,572 1,011 377,677 a. On the effectiveness of the Transaction, September 29, 2021, the put option agreements were terminated in exchange for new equity instruments in Procaps Group SA. b. On completion of the Transaction, each of the OpCo Shareholders, contributed its respective OpCo Ordinary Shares to Holdco in exchange for Holdco Ordinary Shares, and, in the case of IFC for Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares, subscribed for by each OpCo Shareholder. The OpCo Shareholders were issued 97,128,690 new shares in the Group (92,628,689 Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares) in exchange of the 2,904,146 outstanding OpCO ordinary Shares. The resultant share exchange ratio being 33.4448. c. SPAC Ordinary Shares outstanding (including those held by the PIPE Investors and Union Group International Holdings Limited and Union Acquisition Associates II, LLC (the “SPAC Sponsors”) were exchanged with Holdco for Holdco Ordinary Shares pursuant to a share capital increase of HoldCo. d. 1,250,000 Holdco Ordinary Shares issued to the SPAC Sponsors and 10,464,612 Holdco Ordinary Shares issued to certain Opco Shareholders in connection with the Transaction are subject to an escrow arrangement that is applicable to both SPAC Sponsors and to such OpCo Shareholders. On September 29, 2021, considering that the condition to deliver a fixed number of shares for a consideration that is settled in One’s own equity instruments is not met for the 11,714,612 Holdco Ordinary Shares issued to the SPAC Sponsors and certain Opco Shareholders, the escrow shares were classified as a financial liability with changes in fair value through profit or loss for the amount of $106,364. e. Immediately following the Exchange, the Group redeemed 4,500,000 Holdco Redeemable B from IFC for a total purchase price of $45,000 in accordance with that certain share redemption agreement entered into by and between the Group and IFC on March 31, 2021, and subsequently amended on September 29, 2021.
Schedule of aggregate subscription price	Number of Aggregate Public shares 5,895,494 58,955 Founder shares 4,300,000 43,000 PIPE Shares 10,000,000 100,000 20,195,494 201,955
Schedule of cost-basis of the exchange reflects	Share SPAC net assets 131,086 Transactions costs (30,063 ) IFRS 2 Share-based payment expense 73,917 Share Capital issued (202 ) 174,738
Schedule of reserves	As of December 31 2022 2021 Legal 1 $ 4,892 $ 4,892 Working Capital 2 40,851 37,857 $ 45,743 $ 42,749 2022 2021 Balance as of January 1 $ 42,749 $ 39,897 Increase in working capital reserves 2,994 2,852 Balance as of December 31 $ 45,743 $ 42,749 1 Legal Reserve - 2 Reserves for working capital –

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Earnings Per Share Text Block [Abstract]
Schedule of weighted average number of shares considers the ordinary shares	2022 2021 2020 Net income/(loss) of the year 42,540 (100,863 ) (10,447 ) Number of ordinary shares issued at December 31* 101,110 101,110 97,129 Weighted average basic number of ordinary shares 101,110 98,143 97,129 Assumed exercise of share equivalents — — — Weighted average diluted number of shares 101,110 98,143 97,129 Basic and diluted income/(loss) per share in the year 0.42 (1.03 ) (0.11 ) * Includes 903,075 shares held under put option before the transaction as such ordinary shareholders were entitled to receive dividends.

Warrant Liabilities (Tables)

Warrant Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Warrant Liabilities [Abstract]
Schedule of warrant liability	As of December 31 2022 2021 Public warrants $ 9,200 $ 16,000 Private warrants 1 1,716 7,112 $ 10,916 $ 23,112 1 Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account.
Schedule of public warrants	2022 2021 As of January 1 $ 16,000 $ — Acquired public warrants — 21,600 Fair value remeasurement (6,800 ) (5,600 ) As of December 31 $ 9,200 $ 16,000
Schedule of private warrants	2022 2021 As of January 1 $ 7,112 $ — Acquired private warrants — 7,363 Fair value remeasurement (5,396 ) (251 ) As of December 31 $ 1,716 $ 7,112

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Acquisition [Abstract]
Schedule of assets and liabilities	(Amount in thousands) 2021 Cash held in trust $ 138,046 Cash and cash equivalents 100,000 Redemption liability (77,997 ) Warrants liability (28,963 ) Total SPAC identifiable net assets at fair value $ 131,086
Schedule of transactions value of equity interest	After Step 1 - Deemed cost of shares issued Fair value of OpCo $ 926,287 Equity interest in Holdco issued to SPAC shareholders & PIPE investors 19 % Equity interest in Holdco of Selling shareholders 81 % Deemed costs of shares issued* $ 213,584 SPAC identifiable net assets at fair value $ 131,086 Deemed cost of shares issued $ 82,498 Step 2 - Dilutive impact of shares held in escrow Dilutive effect of 945,036 shares held in escrow at a weighted average fair value per share of $9.08 $ 8,581 Step 3 - IFRS 2 ‘listing expense’ $ 73,917 * The deem cost of the shares was estimated based on the fair value of the OpCo issued shares (legacy Crynssen Pharma Group Limited) prior to the merger with SPAC and Holdco.
Schedule of changes in fair values	2022 2021 As of January 1 $ 101,859 $ — Escrowed shares — 106,364 Fair value remeasurement (61,795 ) (4,505 ) As of December 31 $ 40,064 $ 101,859
Schedule of estimated fair values	(Amount in thousands) 2021 Property, Plant and Equipment $ 1,487 Inventories 133 Other receivables 193 Right of Use Assets 4,533 Lease Liabilities (4,533 ) Total $ 1,813

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments [Abstract]
Schedule of carrying amounts of financial assets and financial liabilities	As of December 31, 2022 As of December 31, 2021 FVTPL 1 Amortized 2 FVTPL 1 Amortized 2 Financial assets not measured at fair value Trade and other receivables, net $ — $ 129,602 $ — $ 117,449 Amounts owed by related parties — 2,474 — 1,147 Cash — 43,003 — 72,112 Other financial assets — 210 — 256 Total financial assets not measured at fair value $ — $ 175,289 $ — $ 190,964 Financial liabilities measured at fair value Warrant liabilities $ 10,916 $ — $ 23,112 $ — Shares held in escrow 40,064 — 101,859 — Total financial liabilities measured at fair value $ 50,980 $ — $ 124,971 $ — Financial liabilities not measured at fair value Borrowings $ — $ 285,934 $ — $ 253,365 Trade and other payables — 90,187 — 85,381 Amounts owed to related parties — 2,914 — 8,450 Total financial liabilities not measured at fair value $ — $ 379,035 $ — $ 347,196 1 The fair value is comprised of $9,200 level 1 and $41,780 level 3 as of December 31, 2022 (2021: $16,000 and $108,971, respectively). 2 The amortized cost approximates fair value as of December 31, 2022 and 2021, respectively.
Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position	Type Fair value Valuation Technique Significant Relationship between significant unobservable input to fair value Sensitivity of significant unobservable input to fair value +5% -5% Private warrants $ 1,466 The fair value of the Private Warrants is estimated using the Black-Scholes option pricing formula for European calls, since the underlying stock is not expected to pay dividends over the term of the Warrants. Volatility of 36.6% (2021: 30.0%) The higher (lower) the volatility, the higher (lower) the fair value. $ 1,883 $ 934 Private warrants in escrow 250 The fair value of the Private Warrants is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price. Volatility of 37.5% (2021: 30.0%) The higher (lower) the volatility, the higher (lower) the fair value. 340 165 Shares held in escrow 40,064 The fair value of the shares to be delivered is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price. Volatility The higher (lower) the volatility, the higher (lower) the fair value. 43,696 35,905
Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates	December 31, 2022 Current 1-30 days 31-60 days 61-90 days 91-120 days More than Total Weighted-average loss rate 0.39 % 3.42 % 4.50 % 14.25 % 19.89 % 83.88 % 14.07 % Gross carrying amount 124,219 11,816 3,864 1,958 890 26,605 169,352 Impairment loss allowance (483 ) (404 ) (174 ) (279 ) (177 ) (22,317 ) (23,834 ) 123,736 11,412 3,690 1,679 713 4,288 145,518 December 31, 2021 Current 1-30 days 31-60 days 61-90 days 91-120 More than Total Weighted-average loss rate 0.60 % 2.11 % 2.35 % 3.38 % 3.26 % 67.43 % 14.67 % Gross carrying amount 98,776 11,265 3,147 1,981 1,843 30,578 147,590 Impairment loss allowance (591 ) (238 ) (74 ) (67 ) (60 ) (20,620 ) (21,650 ) 98,185 11,027 3,073 1,914 1,783 9,958 125,940
Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities	Assets Liabilities 2022 2021 2022 2021 COP 105,048 124,545 (79,476 ) (99,371 ) Reales 25,479 7,002 (9,962 ) (9,125 ) Quetzales — 1,946 — (4,115 ) Soles 14,667 7,024 (8,905 ) — Dominican Peso 1,064 809 (3,563 ) (2,869 ) Colones 1,346 1,270 (2,814 ) (2,371 ) +10% Impact to profit or loss before tax -10% Impact to profit or loss before tax 2022 2021 2020 2022 2021 2020 COP (2,325 ) (2,289 ) 2,262 2,841 2,797 (2,764 ) Reales (1,411 ) 193 52 1,724 (236 ) (64 ) Quetzales — 197 (8 ) — (241 ) 10 Soles (524 ) (639 ) 301 640 781 (368 ) Dominican Peso 227 187 207 (278 ) (229 ) (253 ) Colones 133 100 107 (163 ) (122 ) (131 )
Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates	2022 2021 Carrying +1% -1% Carrying +1% -1% DTF/IBR 79,345 80,138 78,551 67,970 68,650 67,290 SOFR 23,454 23,688 23,219 19,451 19,646 19,256 Total 102,799 103,827 101,771 87,421 88,296 86,546
Schedule of balances of other financial liabilities such as suppliers and accounts payable have no financial cost and their payment period ranges	As of December 31, 2022 Carrying amount Contractual cash flows Less than 1 year 1, 2 1-2 years 2-3 years 3-5 years More than 5 years Non-derivative financial liabilities Borrowings $ 251,743 $ 278,853 $ 274,648 $ 3,642 $ 563 $ — $ — Trade and other payables 90,187 90,187 90,187 — — — — Lease liabilities 34,192 46,001 11,174 6,629 5,962 7,962 14,274 Amounts owed to related parties 2,914 2,914 2,914 — — — — $ 379,036 $ 417,955 $ 378,923 $ 10,271 $ 6,525 $ 7,962 $ 14,274 1 As mentioned in Note 19. Borrowings, $139,155 in the aggregate, is classified as payable in less than 1 year as a result of a breach in certain covenants included under the NPA, the Syndicated Loan Agreement, and BTG Credit Agreement. Refer to Note 28. Events after the reporting period for the Group’s executed waivers with the lenders mentioned above. 2 As mentioned in Note 2.1. Going concern the Group is renegotiating $19,000 balance with BTG, and Syndicated balance of $38,626 with Bancolombia and Davivienda. Additionally, the Group expects to maintain revolving credit lines with other lending parties. As of December 31, 2021 Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years Non-derivative financial liabilities Borrowings $ 221,619 $ 253,011 $ 71,987 $ 16,895 $ 15,330 $ 20,323 $ 128,476 Trade and other payables 85,381 85,381 85,381 — — — — Lease liabilities 31,747 39,904 9,853 7,403 5,333 8,314 9,001 Amounts owed to related parties 8,450 8,450 8,450 — — — — $ 347,197 $ 386,746 $ 175,671 $ 24,298 $ 20,663 $ 28,637 $ 137,477
Schedule of indebtedness index for the reporting period	2022 2021 Total assets 1 460,187 462,135 Total liabilities 2 462,065 500,475 Liabilities to assets ratio 1.00 1.08 1 Defined as short-term assets plus long-term assets 2 Defined as short-term liabilities plus long-term liabilities

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related party transactions [Abstract]
Schedule of transactions with joint ventures	For the year ended December 31 2022 2021 1 2020 1 Sale of finished products $ 8,038 $ 5,628 $ 5,583 Revenue from services and consulting 1,034 116 87 Purchases of raw materials and other services 12,367 10,240 11,339 1 The Group corrected the disclosure of transactions with related parties for the years ended December 31, 2021 and 2020 to conform with the current period presentation. The modification includes the disclosure of sales that are performed through an agent with Industrias Intercaps de Venezuela C.A. and Laboratorios Vivax Pharmaceuticals C.A. in the amount of $1,803 for the year ended December 31, 2021 (2020: $1,826) and does not impact the results presented in the prior period.
Schedule of current amounts were outstanding	As of December 31 2022 2021 Trade and other receivables by related parties $ 14,028 12,491 Loans owed by related parties 215 276 Less: provisions (11,769 ) (11,620 ) Amounts owed by related parties, net $ 2,474 $ 1,147 As of December 31 2022 2021 Trade and other payables to related parties $ 2,853 $ 1,335 Loans owed to related parties 61 7,115 Amounts owed to related parties $ 2,914 $ 8,450 Current $ 2,914 $ 8,450 Non-current $ — $ —
Schedule of loans to and from related parties	Loans to related parties 2022 2021 2020 Balance as of January 1 $ 276 $ 304 $ 499 Loans advanced — — — Loan repayments received (61 ) (28 ) (195 ) Balance as of December 31 $ 215 $ 276 $ 304 Loans from related parties 2022 2021 2020 Balance as of January 1 $ 7,115 $ 15,844 $ 20,963 Loans advanced 61 — 32 Loan repayments (7,191 ) (9,154 ) (5,856 ) Interest accrued 76 425 705 Balance as of December 31 $ 61 $ 7,115 $ 15,844
Schedule of consolidated statement of profit or loss	For the year ended December 31 2022 2021 1 2020 1 Short-term employee benefits $ 2,415 $ 2,202 $ 1,972 Consulting fees 3,357 2,730 1,971 Total $ 5,772 $ 4,932 $ 3,943

General Company Information (De

General Company Information (Details) - USD ($)		1 Months Ended	12 Months Ended
	Nov. 12, 2021	Nov. 30, 2022	Dec. 31, 2022
General Company Information (Details) [Line Items]
Annual gross revenue			$ 1,235,000,000
Non-affiliates exceeds			700,000,000
Non convertible debt securities			1,000,000,000
Bridge loan			$ 485,000,000
Aggregate principal amount percentage	4.75%		4.75%
Aggregate purchase price			$ 1,488,204,600
Waiver fee percentage		3.75%
Senior Note [Member]
General Company Information (Details) [Line Items]
Waiver fee percentage		3.75%

General Company Information (_2

General Company Information (Details) - Schedule group’s principal subsidiaries	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Procaps S.A. [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Colombia
Percentage of Ownership Interests	100%	100%	100%
Percentage of Non-controlling interests
Principal activities	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products.
C.I. Procaps S.A. [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Colombia
Percentage of Ownership Interests	100%	100%	100%
Percentage of Non-controlling interests
Procaps S.A. de C.V (previously Laboratorios Lopez S.A. de C.V.) [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	El Salvador
Percentage of Ownership Interests	100%	100%	100%
Percentage of Non-controlling interests
Softcaps - Colbras [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Brazil
Percentage of Ownership Interests	100%	100%	100%
Percentage of Non-controlling interests
Diabetrics Healthcare S.A.S. [Member]
General Company Information (Details) - Schedule group’s principal subsidiaries [Line Items]
Place of business/country of incorporation	Colombia
Percentage of Ownership Interests	100%	100%	100%
Percentage of Non-controlling interests
Principal activities	Diabetes solutions and chronic disease management tool.

Basis of Preparation and Acco_2

Basis of Preparation and Accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basis of preparation and accounting [Abstract]
Current liability	$ 139,155
Net working capital deficit	70,931
Working capital deficit		$ 110,095	$ 54,926
Current borrowings	257,525	74,646
Current borrowings relates to the breach	139,155
Trade and other payables	90,187
Owed to the related parties	2,914
Current tax liabilities	6,133	11,756
Provisions	138
Other liabilities	11,477
Current assets	$ 297,443	$ 298,059

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Leases of assets	$ 5,000
Customers trade receivable percentage	50%
Net interest expense	$ 268	$ 67	$ 60
Remeasurements	222	195	47
Non current other liabilities	2,329
Other liabilities	185
Increasing cost of sales	1,639
Sales and marketing expense	232
Administrative expense	643
Costs of defined benefit plans	28,494	25,051	27,421
Administrative expenses of defined benefit plans	41,329	31,973	29,139
Sales and marketing expense	$ 36,304	$ 30,227	$ 19,774
Interest joint venture	50%
Voting rights, percentage	50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment	12 Months Ended
	Dec. 31, 2022
Bottom of range [Member] | Buildings [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	20 years
Bottom of range [Member] | Machinery and equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	10 years
Bottom of range [Member] | Furniture and fixtures [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	2 years
Bottom of range [Member] | Other equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	2 years
Top of range [Member] | Buildings [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	40 years
Top of range [Member] | Machinery and equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	20 years
Top of range [Member] | Furniture and fixtures [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	10 years
Top of range [Member] | Other equipment [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives of property, plant and equipment [Line Items]
Property, plant and equipment, net	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization	12 Months Ended
	Dec. 31, 2022
Product development [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	3 years
Bottom of range [Member] | Trademarks and sanitary records [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	3 years
Bottom of range [Member] | Licenses, customers and agreements [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	3 years
Top of range [Member] | Trademarks and sanitary records [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	20 years
Top of range [Member] | Licenses, customers and agreements [Member]
Summary of Significant Accounting Policies (Details) - Schedule of useful lives are used to calculate amortization [Line Items]
Useful life	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment	12 Months Ended
	Dec. 31, 2022
NextGel [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Development and manufacturing of Softgel and related technologies in USA, Brazil and Colombia
Procaps Colombia [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Colombia
CAN [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Northern Central America: Salvador, Guatemala, Nicaragua and Honduras
CASAND [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Manufacturing and distribution of prescription and over-the-counter pharmaceutical products in Southern Central America (Panama and Costa Rica) and the North Andes District (Ecuador, Peru and Bolivia)
Diabetrics [Member]
Summary of Significant Accounting Policies (Details) - Schedule of summary describes the operations of each reportable segment [Line Items]
Operations	Diabetes solutions and chronic disease management tool

Critical Accounting Judgement_2

Critical Accounting Judgements and Key Sources of Estimation Uncertainty (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Accounting Judgements And Estimates [Abstract]
Provision percentage	50%

New and Amended IFRS Standard_2

New and Amended IFRS Standards That Are Effective For the Current Year (Details)	Dec. 31, 2022
New and amended IFRS Standards that are effective for the current year [Abstract]
Percentage of fees	10%

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Revenue [Abstract]
Revenue	$ 7,098	$ 3,637	$ 2,213

Revenue (Details) - Schedule of

Revenue (Details) - Schedule of primary geographical market and major products - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	$ 597,221	$ 585,530	$ 449,380
Inter-segment revenue	(187,301)	(175,788)	(117,913)
Revenue from contracts with customers	409,920	409,742	331,467
Timing of revenue recognition
Goods transferred at a point in time	402,822	406,105	329,254
Services transferred over time	7,098	3,637	2,213
Total revenue from contracts with customers	409,920	409,742	331,467
NextGel [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	256,112	244,791	201,294
Inter-segment revenue	(131,047)	(123,964)	(95,315)
Revenue from contracts with customers	125,065	120,827	105,979
Timing of revenue recognition
Goods transferred at a point in time	118,394	117,190	103,766
Services transferred over time	6,671	3,637	2,213
Total revenue from contracts with customers	125,065	120,827	105,979
Procaps Colombia [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	145,330	156,820	121,532
Inter-segment revenue	(2,985)	(1,493)	(6,637)
Revenue from contracts with customers	142,345	155,327	114,895
Timing of revenue recognition
Goods transferred at a point in time	142,345	155,327	114,895
Services transferred over time
Total revenue from contracts with customers	142,345	155,327	114,895
CAN [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	77,928	67,842	44,808
Inter-segment revenue	(22,461)	(16,905)	805
Revenue from contracts with customers	55,467	50,937	45,613
Timing of revenue recognition
Goods transferred at a point in time	55,467	50,937	45,613
Services transferred over time
Total revenue from contracts with customers	55,467	50,937	45,613
CASAND [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	83,392	68,242	40,094
Inter-segment revenue	(17,062)	(14,286)	(1,538)
Revenue from contracts with customers	66,330	53,956	38,556
Timing of revenue recognition
Goods transferred at a point in time	65,903	53,956	38,556
Services transferred over time	427
Total revenue from contracts with customers	66,330	53,956	38,556
Diabetrics [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue	34,459	47,835	39,221
Inter-segment revenue	(13,746)	(19,140)	(16,432)
Revenue from contracts with customers	20,713	28,695	22,789
Timing of revenue recognition
Goods transferred at a point in time	20,713	28,695	22,789
Services transferred over time
Total revenue from contracts with customers	20,713	28,695	22,789
Corporate [Member]
Revenue (Details) - Schedule of primary geographical market and major products [Line Items]
Segment revenue			2,431
Inter-segment revenue			1,204
Revenue from contracts with customers			3,635
Timing of revenue recognition
Goods transferred at a point in time			3,635
Services transferred over time
Total revenue from contracts with customers			$ 3,635

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Entitys Operating Segments Text Block Abstract
Revenue concentration percentage	10%

Segment Reporting (Details) - S

Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Total
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	$ 597,221	$ 585,530		$ 449,380
Contribution margin	151,514	153,896	[1]	110,940	[1]
Administrative expenses	105,911	82,187		58,631
Finance expenses	(37,917)	78,636		54,489
Other expenses	25,299	78,991		7,716
Income (loss) before tax	58,221	(85,918)		(9,896)
Total | NextGel [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	256,112	244,791		201,294
Contribution margin	66,752	66,679	[1]	52,679	[1]
Total | Procaps Colombia [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	145,330	156,820		121,532
Contribution margin	44,594	51,431	[1]	43,926	[1]
Total | CAN [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	77,928	67,842		44,808
Contribution margin	18,681	18,767	[1]	9,197	[1]
Total | CASAND [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	83,392	68,242		40,094
Contribution margin	14,602	9,949	[1]	9,001	[1]
Total | Diabetrics [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	34,459	47,835		39,221
Contribution margin	2,965	6,981	[1]	6,294	[1]
Administrative expenses
Finance expenses
Other expenses
Total | Corporate [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue				2,431
Contribution margin	3,920	89	[1]	(10,157)	[1]
Administrative expenses	105,911	82,187		58,631
Finance expenses	(37,917)	78,636		54,489
Other expenses	25,299	78,991		7,716
Elimination of intersegment amounts [member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	(187,301)	(175,788)		(117,913)
Contribution margin	(5,511)	(1,240)	[1]	10,745	[1]
Administrative expenses
Finance expenses
Other expenses
Income (loss) before tax	(5,511)	(1,240)		10,745
Elimination of intersegment amounts [member] | NextGel [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	(131,047)	(123,964)		(95,315)
Contribution margin	(14,307)	(12,573)	[1]	(5,790)	[1]
Elimination of intersegment amounts [member] | Procaps Colombia [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	(2,985)	(1,493)		(6,637)
Contribution margin	156	490	[1]	(1,695)	[1]
Elimination of intersegment amounts [member] | CAN [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	(22,461)	(16,905)		805
Contribution margin	(1,861)	(231)	[1]	6,324	[1]
Elimination of intersegment amounts [member] | CASAND [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	(17,062)	(14,286)		(1,538)
Contribution margin	14,869	11,754	[1]	813	[1]
Elimination of intersegment amounts [member] | Diabetrics [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	(13,746)	(19,140)		(16,432)
Contribution margin	116	(133)	[1]	(807)	[1]
Administrative expenses
Finance expenses
Other expenses
Elimination of intersegment amounts [member] | Corporate [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue				1,204
Contribution margin	(4,484)	(547)	[1]	11,901	[1]
Administrative expenses
Finance expenses
Other expenses
Unallocated amounts [member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	409,920	409,742		331,467
Contribution margin	146,003	152,656	[1]	121,685	[1]
Administrative expenses	105,911	82,187		58,631
Finance expenses	(37,917)	78,636		54,489
Other expenses	25,299	78,991		7,716
Income (loss) before tax	52,710	(87,158)		849
Unallocated amounts [member] | NextGel [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	125,065	120,827		105,979
Contribution margin	52,445	54,106	[1]	46,889	[1]
Unallocated amounts [member] | Procaps Colombia [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	142,345	155,327		114,895
Contribution margin	44,750	51,921	[1]	42,231	[1]
Unallocated amounts [member] | CAN [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	55,467	50,937		45,613
Contribution margin	16,820	18,536	[1]	15,521	[1]
Unallocated amounts [member] | CASAND [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	66,330	53,956		38,556
Contribution margin	29,471	21,703	[1]	9,814	[1]
Unallocated amounts [member] | Diabetrics [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue	20,713	28,695		22,789
Contribution margin	3,081	6,848	[1]	5,487	[1]
Administrative expenses
Finance expenses
Other expenses
Unallocated amounts [member] | Corporate [Member]
Segment Reporting (Details) - Schedule of customer revenue recognition (external revenue) [Line Items]
Revenue				3,635
Contribution margin	(564)	(458)	[1]	1,744	[1]
Administrative expenses	105,911	82,187		58,631
Finance expenses	(37,917)	78,636		54,489
Other expenses	$ 25,299	$ 78,991		$ 7,716
[1]Contribution margin is determined by subtracting sales and marketing expenses from gross profit. The Group’s customer revenue recognition (external revenue) policy has been consistent with inter-segment revenue generated.

Segment Reporting (Details) -_2

Segment Reporting (Details) - Schedule of basis of geographical segments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	$ 409,920	$ 409,742	$ 331,467
South America [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	275,933	284,068	249,983
Central America [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	86,679	72,188	58,082
North America [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	37,115	44,857	12,576
Europe [Member]
Segment Reporting (Details) - Schedule of basis of geographical segments [Line Items]
Segment revenue	$ 10,193	$ 8,629	$ 10,826

Finance Income (Expenses), Ne_2

Finance Income (Expenses), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance Income (Expenses), Net [Abstract]
Bank fees	$ 6,076
Amount of interest expense		$ 23,506	$ 27,344
Extinguishment loss			35,920
Interest on lease liabilities	1,033	$ 720	$ 601
Interest expense	$ 1,601

Finance Income (Expenses), Ne_3

Finance Income (Expenses), Net (Details) - Schedule of finance expenses, net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Finance Expenses Net [Abstract]
Banking expenses	$ (781)	$ (1,056)	$ (590)
Bank fees	(8,498)	(2,263)	(986)
Other financial expenses	(1,033)	(354)	(281)
Net fair value gain of warrant liabilities	12,196	5,851
Net fair value gain of shares held in escrow	61,795	4,506
Interest expense	(25,762)	(85,320)	(52,632)
Total income (expense)	$ 37,917	$ (78,636)	$ (54,489)

Other Expenses, Net (Details) -

Other Expenses, Net (Details) - Schedule of other expenses, net - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Other Expenses Net [Abstract]
Currency exchange rate differences		$ 15,984	$ 4,026	$ 3,905
Economic emergency contribution expenses		1,301	1,385	811
Fines, surcharges, penalties and taxes assumed		1,119	775	1,440
Donations		814	720	716
Listing expense	[1]		73,917
Impairment loss	[2]	6,018
Other		63	(1,832)	844
Total		$ 25,299	$ 78,991	$ 7,716
[1] Corresponds to the difference between the fair value of the net assets received through SPAC and the value of the equity interest issued, adjusted by dilutive effect of shares held in escrow at a weighted average fair value per share. Refer to Note 26.1. Reverse reorganization for further information related to the Transaction. Refer to Note 12. Goodwill for further details regarding the impairment loss and to Note 14. Property, plant and equipment, net, Note 13. Intangible assets and Note 15. Leases for the impairment recognized within each asset group.

Income Tax (Details)

Income Tax (Details)		1 Months Ended	12 Months Ended
	Sep. 14, 2021	Sep. 29, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax (Details) [Line Items]
Tax rate			17%	17%	35%
Corporate tax rate			35%
Minimum [Member]
Income Tax (Details) [Line Items]
Tax rate			15%
Malta to Luxembourg [Member]
Income Tax (Details) [Line Items]
Tax rate		17%
Bottom of Range [Member]
Income Tax (Details) [Line Items]
Corporate tax rate	30%
Top of Range [Member]
Income Tax (Details) [Line Items]
Corporate tax rate	35%

Income Tax (Details) - Schedule

Income Tax (Details) - Schedule of tax losses and excess - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Tax Losses and Excess [Abstract]
Current year	$ 8,407	$ 12,250	$ 7,491
Current tax expense	8,407	12,250	7,491
Origination and reversal of temporary differences	1,763	1,455	3,805
Deferred tax (income) expense	1,763	1,455	3,805
Total tax expense	$ 10,170	$ 13,705	$ 11,296

Income Tax (Details) - Schedu_2

Income Tax (Details) - Schedule of reconciliation of effective tax rate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Reconciliation of Effective Tax Rate [Abstract]
Profit/ (loss) before tax	$ 52,710	$ (87,158)	$ 849
Income tax (benefit)/expense	8,961	(14,817)	297
Tax effect of expenses that are not deductible in determining taxable profit	27,187	49,442	13,525
Tax effect of income not taxable in determining taxable profit	(30,292)	(8,822)	(7,754)
Effect of different tax rates of subsidiaries operating in other jurisdictions	(1,249)	(9,423)	1,960
Others - Includes exchange effects for reversal rates of long-term temporary differences, income taxed at differential rates, effect of change in deferred tax rate and tax discounts	5,563	(2,675)	3,200
Tax effect of utilization of tax losses not previously recognized			68
Tax expense for the year	$ 10,170	$ 13,705	$ 11,296

Income Tax (Details) - Schedu_3

Income Tax (Details) - Schedule of current tax assets and current tax liabilities - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Current Tax Assets and Current Tax Liabilities [Abstract]
Income Tax Advance	$ 9,227	$ 6,081
Surplus in Private Liquidation	9,563	15,732
Other Tax Assets	2,397	269
Total	21,187	22,082
Current tax liabilities
Withholding Income Tax	(2,274)	(8,982)
Income Tax Payable	(2,797)	(2,652)
Other Tax Liabilities	(1,062)	(122)
Total	$ (6,133)	$ (11,756)

Income Tax (Details) - Schedu_4

Income Tax (Details) - Schedule of tax losses and excess - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Tax Losses and Excess [Abstract]
Tax Losses not utilized	$ 4,752	$ 3,242
Total	$ 4,752	$ 3,242

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill (Details) [Line Items]
Impairment loss expense	$ 6,018
Impairment loss on goodwill	838
Impairment loss on ROU asset	356
Impairment of intangible assets	135
Unrecognized impairment loss	5,723
Goodwill [member]
Goodwill (Details) [Line Items]
Impairment loss on goodwill	838
Remaining carrying amount	0
Property, plant and equipment [member]
Goodwill (Details) [Line Items]
Remaining carrying amount	1,596
Impairment of property plant and equipment	4,689
Other intangible assets [member]
Goodwill (Details) [Line Items]
Remaining carrying amount	0
Impairment of intangible assets	135
Rymco S.A. [Member]
Goodwill (Details) [Line Items]
Impairment loss expense	6,018
Right-of-use assets [member]
Goodwill (Details) [Line Items]
Remaining carrying amount	$ 2,744

Goodwill (Details) - Schedule o

Goodwill (Details) - Schedule of goodwill - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Goodwill [Abstract]
Balance at beginning of the year	$ 6,803	$ 6,863
Effect of movements in foreign exchange	(174)	(60)
Impairment losses	(838)
Balance at end of the year	$ 5,791	$ 6,803

Goodwill (Details) - Schedule_2

Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Procaps S.A. de C.V [Member]
Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections [Line Items]
Post-Tax Discount Rate		16.50%	12.20%
No. of years used In projection (In Years)		6 years	6 years
Fixed annual growth rate	[1]	3%	1%
Average sales growth rate		15%	6.20%
Average gross margin	[2]	52.60%	49%
Expected market share	[3]	6.50%	6.20%
Biokemical S.A. de C.V. [Member]
Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections [Line Items]
Post-Tax Discount Rate		16.50%	13.30%
No. of years used In projection (In Years)		6 years	6 years
Fixed annual growth rate	[1]	3%	1%
Average sales growth rate		12.60%	3.80%
Average gross margin	[2]	41.20%	41.40%
Expected market share	[3]	7.50%	3.80%
Rymco S.A. [Member]
Goodwill (Details) - Schedule of key assumptions and inputs used to extrapolate cash flow projections [Line Items]
Post-Tax Discount Rate		17.50%	11.50%
No. of years used In projection (In Years)		5 years	5 years
Fixed annual growth rate	[1]	3%	3.10%
Average sales growth rate		(3.50%)	11.60%
Average gross margin	[2]	27.90%	18%
Expected market share	[3]	18.10%	19.90%
[1] This rate is consistent with the growth of the pharmaceutical and medical supplies markets in the current and potential operating areas of the cash-generating units. Fixed gross margins were used in the cash flow projections for Procaps S.A. de C.V. Management considers that the planned growth of market share for the next five to eight years is reasonably achievable.

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of intangible assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	$ 30,171
Impairment loss	135
Balance ending	32,208	30,171
Net book value	32,208	30,171
Trademarks and sanitary records [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	10,474
Balance ending	10,387	10,474
Net book value	10,387	10,474
Licenses, customers and agreements [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	3,422
Balance ending	2,913	3,422
Net book value	2,913	3,422
Product development [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	16,275
Balance ending	18,908	16,275
Net book value	18,908	16,275
Cost [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	53,926	48,622
Additions	2,250	2,427
Additions from internal developments	8,713	7,976
Derecognition of assets	(203)	(7)
Foreign currency exchange	(7,451)	(5,092)
Transfers	596
Balance ending	57,831	53,926	48,622
Net book value	57,831	53,926	48,622
Cost [Member] | Trademarks and sanitary records [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	14,706	13,176
Additions	1,684	1,672
Additions from internal developments
Derecognition of assets
Foreign currency exchange	(1,180)	(631)
Transfers	233	489
Balance ending	15,443	14,706	13,176
Net book value	15,443	14,706	13,176
Cost [Member] | Licenses, customers and agreements [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	15,935	17,174
Additions	566	755
Additions from internal developments
Derecognition of assets	(49)	(7)
Foreign currency exchange	(1,574)	(1,475)
Transfers	363	(512)
Balance ending	15,241	15,935	17,174
Net book value	15,241	15,935	17,174
Cost [Member] | Product development [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	23,285	18,272
Additions
Additions from internal developments	8,713	7,976
Derecognition of assets	(154)
Foreign currency exchange	(4,697)	(2,986)
Transfers		23
Balance ending	27,147	23,285	18,272
Net book value	27,147	23,285	$ 18,272
Accumulated amortization and impairment losses [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	23,755
Amortization expense	4,933	4,816
Impairment loss	135
Derecognition of assets		(7)
Foreign currency exchange	(3,200)	(2,093)
Transfers
Balance ending	25,623	23,755
Net book value	25,623	23,755		$ 21,039
Accumulated amortization and impairment losses [Member] | Trademarks and sanitary records [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	4,232
Amortization expense	1,205	787
Impairment loss	114
Derecognition of assets
Foreign currency exchange	(495)	(277)
Transfers		241
Balance ending	5,056	4,232
Net book value	5,056	4,232		3,481
Accumulated amortization and impairment losses [Member] | Licenses, customers and agreements [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	12,513
Amortization expense	995	965
Impairment loss	21
Derecognition of assets		(7)
Foreign currency exchange	(1,201)	(976)
Transfers		(237)
Balance ending	12,328	12,513
Net book value	12,328	12,513		12,768
Accumulated amortization and impairment losses [Member] | Product development [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Balance beginning	7,010
Amortization expense	2,733	3,064
Impairment loss
Derecognition of assets
Foreign currency exchange	(1,504)	(840)
Transfers		(4)
Balance ending	8,239	7,010
Net book value	$ 8,239	$ 7,010		$ 4,790

Property, plant and equipment_3

Property, plant and equipment, net (Details) - Property, Plant and Equipment [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment, net (Details) [Line Items]
Cost of goods sold	$ 4,504	$ 4,382
Administrative expense	1,152	1,690
Acquire capital expenditures	$ 2,304	$ 3,585
Asset purchase agreement, description	As of December 31, 2021 the Group acquired an 86,000 sq. ft. pharmaceutical production facility. The purchase price allocated to property, plant and equipment based on the estimated fair value of the assets acquired at the date of the asset acquisition was $1,487. Please refer to Note 26.2. Asset acquisition - Pharmaceutical production facility.

Property, plant and equipment_4

Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		$ 72,638
Impairment loss		135
Balance ending		73,965	72,638
Net book value		73,965	72,638
Land and buildings [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Net book value		23,228	22,682
Machinery and equipment, furniture and fixtures [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Net book value		28,977	38,810
Projects in progress [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Net book value		21,413	10,641
Other [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Net book value	[1]	347	505
Gross carrying amount [member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		116,654	115,291
Additions		23,157	15,437
Disposals		(4,145)	(654)
Effect of exchange differences in foreign currency		(13,501)	(11,755)
Transfers		(267)	(1,665)
Balance ending		121,898	116,654		115,291
Gross carrying amount [member] | Land and buildings [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		30,319	26,819
Additions		4,425	487
Disposals		(2,072)	(289)
Effect of exchange differences in foreign currency		(1,283)	(1,180)
Transfers		759	4,482
Balance ending		32,148	30,319		26,819
Gross carrying amount [member] | Machinery and equipment, furniture and fixtures [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		71,666	69,664
Additions		2,556	4,764
Disposals		(2,071)	(350)
Effect of exchange differences in foreign currency		(9,698)	(8,930)
Transfers		1,667	6,518
Balance ending		64,120	71,666		69,664
Gross carrying amount [member] | Projects in progress [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		10,641	9,330
Additions		16,055	10,019
Disposals
Effect of exchange differences in foreign currency		(2,008)	(1,130)
Transfers		(2,872)	(7,578)
Balance ending		21,816	10,641		9,330
Gross carrying amount [member] | Other [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning	[1]	4,028	9,478
Additions		121	167	[1]
Disposals		(2)	(15)	[1]
Effect of exchange differences in foreign currency		(512)	(515)	[1]
Transfers		179	(5,087)	[1]
Balance ending		3,814	4,028	[1]	9,478	[1]
Accumulated depreciation and amortisation [member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		44,016	44,956
Disposals		(2,014)	(177)
Depreciation expense		5,656	6,072
Impairment loss		4,689
Effect of exchange differences in foreign currency		(4,455)	(4,543)
Transfers		41	(2,292)
Balance ending		47,933	44,016		44,956
Accumulated depreciation and amortisation [member] | Land and buildings [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		7,637	8,071
Disposals			(70)
Depreciation expense		775	871
Impairment loss
Effect of exchange differences in foreign currency		508	(328)
Transfers			(907)
Balance ending		8,920	7,637		8,071
Accumulated depreciation and amortisation [member] | Machinery and equipment, furniture and fixtures [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning		32,856	32,624
Disposals		(2,013)	(91)
Depreciation expense		4,662	4,653
Impairment loss		4,247
Effect of exchange differences in foreign currency		(4,648)	(3,743)
Transfers		39	(587)
Balance ending		35,143	32,856		32,624
Accumulated depreciation and amortisation [member] | Projects in progress [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning
Disposals
Depreciation expense
Impairment loss		403
Effect of exchange differences in foreign currency
Transfers
Balance ending		403
Accumulated depreciation and amortisation [member] | Other [Member]
Property, plant and equipment, net (Details) - Schedule of property, plant and equipment, net [Line Items]
Balance beginning	[1]	3,523	4,261
Disposals		(1)	(16)	[1]
Depreciation expense		219	548	[1]
Impairment loss		39
Effect of exchange differences in foreign currency		(315)	(472)	[1]
Transfers	[1]	2	(798)
Balance ending		$ 3,467	$ 3,523	[1]	$ 4,261	[1]
[1]Other’ includes computer equipment and other office furniture and equipment.

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets	$ 1,373	$ 1,537
Administrative costs	4,469	3,633
Cost of goods sold	1,786	590
Acquisition transaction amount		4,533
Acquisition transaction pending balance		4,533
Cash outflow for leases	$ 6,679	$ 8,854

Leases (Details) - Schedule of

Leases (Details) - Schedule of reconciliation of asset balances - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases (Details) - Schedule of reconciliation of asset balances [Line Items]
Beginning balance		$ 40,167	$ 43,195
Ending balance		39,013	40,167	$ 43,195
Addition to right-of-use asset		10,261	7,282
Depreciation		(6,255)	(4,223)
Derecognition of contracts		(470)	(270)
Impairment loss		(356)
Reclassifications and others		309	(628)
Effect of changes in foreign exchange rates		(4,643)	(5,189)
Land and Buildings [Member]
Leases (Details) - Schedule of reconciliation of asset balances [Line Items]
Beginning balance	[1]	34,393	34,886
Ending balance	[1]	32,696	34,393	34,886
Addition to right-of-use asset	[1]	6,749	6,573
Depreciation	[1]	(4,323)	(3,311)
Derecognition of contracts	[1]	(437)	(126)
Impairment loss	[1]
Reclassifications and others	[1]	201	559
Effect of changes in foreign exchange rates	[1]	(3,887)	(4,188)
Equipment and Machinery [Member]
Leases (Details) - Schedule of reconciliation of asset balances [Line Items]
Beginning balance		5,076	6,975
Ending balance		4,999	5,076	6,975
Addition to right-of-use asset		2,293	709
Depreciation		(1,343)	(463)
Derecognition of contracts		(33)	(58)
Impairment loss		(356)
Reclassifications and others		47	(1,155)
Effect of changes in foreign exchange rates		(685)	(932)
Vehicles [Member]
Leases (Details) - Schedule of reconciliation of asset balances [Line Items]
Beginning balance			32
Ending balance		55		32
Addition to right-of-use asset
Depreciation		(7)
Derecognition of contracts
Impairment loss
Reclassifications and others		61	(32)
Effect of changes in foreign exchange rates		1
Computers [Member]
Leases (Details) - Schedule of reconciliation of asset balances [Line Items]
Beginning balance		698	1,302
Ending balance		1,263	698	$ 1,302
Addition to right-of-use asset		1,219
Depreciation		(582)	(449)
Derecognition of contracts			(86)
Impairment loss
Reclassifications and others
Effect of changes in foreign exchange rates		$ (72)	$ (69)
[1] Includes net right-of-use assets of $1,373 (2021: $1,537) with related party WM Partners, LP.

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of group’s lease liabilities are guaranteed by the lessor’s title to the leased assets - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Schedule of Group'S Lease Liabilities are Guaranteed by the Lessor STitle to the Leased Assets [Abstract]
Non-current		$ 25,139	$ 21,894
Current		9,053	9,853
Total	[1]	$ 34,192	$ 31,747
[1]Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of consolidated statement of profit or loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Consolidated Statement of Profit or Loss [Abstract]
Interest on lease liabilities	$ 1,033	$ 720
Expense relating to leases of low-value assets	115	123
Expense relating to short-term leases	$ 862	$ 1,217

Investment in joint ventures (D

Investment in joint ventures (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure of Joint Ventures [Abstract]
Voting rights percentage	50%

Investment in joint ventures _2

Investment in joint ventures (Details) - Schedule of carrying amount of the company’s interest in Promedical S.A - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment in joint ventures (Details) - Schedule of carrying amount of the company’s interest in Promedical S.A [Line Items]
Net assets of Promedical S.A.	$ 3,789	$ 6,434
Proportion of the Group’s ownership interest in Promedical S.A.	1,895	3,217
Other adjustments	(390)	(774)
Carrying amount of the Group’s interest in Promedical S.A.	$ 1,505	$ 2,443
Promedical S.A [Member]
Investment in joint ventures (Details) - Schedule of carrying amount of the company’s interest in Promedical S.A [Line Items]
Promedical S.A.	50%	50%

Investment in joint ventures _3

Investment in joint ventures (Details) - Schedule of financial information of joint venture - Promedical S.A [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment in joint ventures (Details) - Schedule of financial information of joint venture [Line Items]
Current assets	$ 10,107	$ 10,324
Non-current assets	2,970	3,136
Current liabilities	8,422	6,231
Non-current liabilities	866	795
Equity	3,789	6,434
Revenue	19,844	23,704
(Loss)/income for the year	(2,040)	1,423
Total comprehensive (loss)/income	$ (2,040)	$ 1,423

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Inventories, net [Abstract]
Inventories recognized	$ 170,351	$ 174,029
Recognized as marketing expenses	6,659	3,867
Write-down to net realizable value	$ 5,717	$ 5,391

Inventories, net (Details) - Sc

Inventories, net (Details) - Schedule of inventories, net - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of inventories, net [Abstract]
Raw materials and supplies	$ 42,701	$ 38,024
Products in process	7,412	6,240
Finished products and merchandise	41,492	31,791
Inventory in transit	11,531	9,645
Subtotal	103,136	85,700
Less: Provision	(6,303)	(6,270)
Total	$ 96,833	$ 79,430

Trade and Other Receivables, _3

Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Disclosure of Trade and Other Receivables Text Block [Abstract]
Discount and return provision amounts		$ 13,443	$ 7,345
Receivable	[1]	12,065	10,030
Trade receivables		2,547	11,973
Trade Receivables [Member]
Disclosure of Trade and Other Receivables Text Block [Abstract]
Receivable		10,768	8,755
Other Receivable [Member]
Disclosure of Trade and Other Receivables Text Block [Abstract]
Receivable		$ 1,297	$ 1,275
[1] Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables.

Trade and Other Receivables, _4

Trade and Other Receivables, Net (Details) - Schedule of trade and other receivables, net - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Schedule of Trade and Other Receivables Net [Abstract]
Trade receivables, net of discounts	[1]	$ 126,456	$ 111,071
Other receivables		15,211	16,408
Impairment of trade and other receivables	[2]	(12,065)	(10,030)
Trade receivables, net of discounts and impairment		$ 129,602	$ 117,449
[1] Discount and return provision amounts to $13,443 (2021: $7,345). Total impairment balance is comprised of $10,768 (2021: $8,755) for trade receivables and $1,297 (2021: $1,275) for other receivables.

Borrowings (Details)

Borrowings (Details) $ in Millions		1 Months Ended			12 Months Ended
	Nov. 12, 2021 USD ($)	Nov. 30, 2022 USD ($)	Nov. 20, 2018 USD ($)	Nov. 20, 2018 COP ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 28, 2022 USD ($)
Borrowings (Details) [Line Items]
Loan amounts			$ 35,000,000	$ 200,434
Loan installment term					5 years
Percentage of interest rate					5.30%
Internal rate		3.75%
Financial covenants, description					●Indebtedness Indicator (Indebtedness/EBITDA) as of June 30 and December 30 of each year, during the loan term, must be less than or equal to 3.5 times. If the indicator is greater than 3.0 and less than 3.5, it proceeds to the extent that this value is originated by causes other than additional debt and the justification of the increase must be presented to the agent. ●Short-term leverage ratio must be less than 1.0 on the last day of each semester.  ●EBITDA ratio / financial expenses ratio must be greater than or equal to 3.0 on the last day of each semester.
Other covenants, description					●The Syndicated Loan Agreement establishes that each of the jointly obligated parties, unless they have the express, prior and written authorization of the agent, will refrain from incurring any type of financial debt when the proforma indebtedness indicator, once acquired the additional financial debt, is greater than 3.0 times and maintaining any type of financial debt when the pro forma indebtedness indicator, once the national debt is acquired, is greater than 3.5 times. ●Each of the joint obligated parties, except with express, prior and written authorization of the agent to do otherwise, will refrain from contracting finance and/or operating lease obligations with purchase option with a joint balance payable greater than $85,000,000 (Eighty-Five Billion Pesos, local currency) or its equivalent in another currency. For purposes of clarity, the reclassification of obligations as financial lease obligations by application of the accounting standards will not consume the balance set forth herein and may not be renewed.  ●The payment of dividends is restricted to anyone other than the jointly obligated parties.
Unpaid principal balance					$ 115,000,000
Borrow amount							$ 8,672,000
Other term loan, description					●Consolidated Indebtedness Indicator (Indebtedness / EBITDA) must not be greater than 3.5 times. ●Consolidated EBITDA/Finance expense must not be less than 3 times.
Additional banks amount					$ 13,566,000
Lease liabilities					$ 1,501	$ 1,632
Aggregate principal amount	$ 115,000,000
Aggregate principal amount percentage	4.75%				4.75%
Issuance costs related					$ 2,142
Initial purchasers					1,390
Attorneys’ costs					752
Increase debt extinguishment amount		$ 113,400,000
Expensed unamortized transaction costs		1,600,000
Recognized liability amount		$ 115,000,000
Reverse factoring amount					32,358,000	48,138,000
Right-of-use assets					12,647,000	$ 7,283,000
Cost amortization					$ 360,000
COP and Libor [Member]
Borrowings (Details) [Line Items]
Internal rate					4.80%
Syndicated Loan Agreement [Member]
Borrowings (Details) [Line Items]
Unpaid principal balance					$ 19,665,000
Senior Notes require Procaps, S.A. [Member]
Borrowings (Details) [Line Items]
Description of financial ratios					●The consolidated total debt of Procaps, S.A., the Group and the other obligors thereunder to consolidated EBITDA for the last twelve months of 3.50:1.00 or less (Indebtedness Indicator), measured at certain dates of determination and; ●An EBITDA interest coverage ratio (calculated as the consolidated EBITDA for the last twelve months of Procaps, S.A., the Group and the other obligors thereunder divided by the consolidated interest expenses of Procaps, S.A., the Group and the other obligors thereunder) in excess of, or equal to, 3.00:1.00, calculated at certain dates of determination.  ●Short-term leverage ratio equal to or less than 1.00 Complying with the NPA protocols and as a result of the more favorable provisions of the Syndicated Loan Agreement, the Group gave notice on April 7, 2022 that specific provisions related to reporting covenants, affirmative covenants, negative covenants, events of default, and mandatory prepayment events, as set forth in the Syndicated Loan Agreement, shall apply to the Senior Notes.
Bridge loans [Member]
Borrowings (Details) [Line Items]
Expensed unamortized transaction costs					$ 1,600,000
Bottom of range [Member]
Borrowings (Details) [Line Items]
Internal rate		4.75%
Top of range [Member]
Borrowings (Details) [Line Items]
Internal rate		8.50%
BTG Credit Agreement [Member]
Borrowings (Details) [Line Items]
Unpaid principal balance					4,490,000
Borrow amount					$ 19,000,000

Borrowings (Details) - Schedule

Borrowings (Details) - Schedule of unsecured borrowings at amortized cost - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Borrowings at amortized cost 1
Syndicated term loan	[1]	$ 38,626	$ 46,505
Other term loan	[1]	95,720	51,593
Lease liabilities	[1]	34,192	31,747
Factoring obligations	[1]	2,317	10,609
Bank overdrafts	[1]	80	55
Notes	[1]	115,000	112,857
Total Interest bearing liabilities	[1]	285,935	253,366
Current		257,525	74,646
Non- Current		$ 28,410	$ 178,720
[1]Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.

Borrowings (Details) - Schedu_2

Borrowings (Details) - Schedule of borrowings - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Borrowings (Details) - Schedule of borrowings [Line Items]
Total Syndicated term loan	[1]	$ 38,626	$ 46,505
Total Other term loan	[1]	95,720	51,593
Total Lease liabilities	[1]	34,192	31,747
Total Factoring obligations	[1]	2,317	10,609
Total Notes		$ 115,000	112,857
Syndicated Term Loan One [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		IBR+ 5.3% (Variable)
Maturity Year		2023-2025
Total Syndicated term loan		$ 39,156	39,521
Syndicated Term Loan Two [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD
Range of Interest		Libor+ 4.8% (Variable)
Maturity Year		2022
Total Syndicated term loan			7,850
Amortized Cost [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		N/A
Maturity Year		2023
Total Syndicated term loan		$ (530)	(866)
Other Term Loan One [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		IBR+ 5.0%, DTF+ 3%, 13.99%- 25.3% (2021: IBR+ 2.25%-5.0%)
Maturity Year		2022-2025
Total Other term loan		$ 9,549	9,442
Other Term Loan Two [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		IBR+2.25%-10.2% (2021: DTF + 6.74%, 10%-30%)
Maturity Year		2022-2025
Total Other term loan		$ 21,267	17,552
Other Term Loan Three [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		Soles
Range of Interest		8.0% - 12.79% (Fixed) (2021: 5.00% - 10.01%)
Maturity Year		2022-2024
Total Other term loan		$ 6,837	5,953
Other Term Loan Four [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		Reales
Range of Interest		9.84% - 18% N.A.
Maturity Year		2023-2024
Total Other term loan		$ 2,176	1,762
Other Term Loan Five [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD
Range of Interest		SOFR+ (4.80%-5.80%) (2021: Libor + 4.49%)
Maturity Year		2023
Total Other term loan		$ 23,454	739
Other Term Loan Six [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD
Range of Interest		6.36%-16.8% (2021: Libor + 2.99% / 6.5% - 8.7%)
Maturity Year		2022-2025
Total Other term loan		$ 32,437	16,145
Lease Liabilities One [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		DTF + (5,18% - 10,11%) T.A., IBR+7.5%
Maturity Year		2022-2030
Total Lease liabilities		$ 10,475	10,334
Lease Liabilities Two [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		DTF+ 4.54%-10.42 T.A.
Maturity Year		2022-2025
Total Lease liabilities		$ 3,653	6,662
Lease Liabilities Three [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD 1
Range of Interest		0.75%-21.48% (2021: 8.29% - 21.48% E.A.)
Maturity Year		2022-2032
Total Lease liabilities		$ 14,787	9,374
Lease Liabilities Four [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		1.91%-12.23%, IBR+4.68% (2021: 8.29% - 21.48% E.A.)
Maturity Year		2022-2027
Total Lease liabilities		$ 4,703	5,315
Lease Liabilities Five [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		Reales
Range of Interest		0.70% - 8.72% (Fixed) (2021: 1.68%)
Maturity Year		2023-2024
Total Lease liabilities		$ 574	62
Portfolio Factoring One [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		DTF+8%
Maturity Year		2023
Total Factoring obligations		$ 1,508	1,383
Portfolio Factoring Two [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		15.0% - 27% N.A. (2021: DTF+8% / 24.6%)
Maturity Year		2023
Total Factoring obligations		$ 809	9,226
Overdrafts and Credit Cards [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		COP
Range of Interest		19.68% - 32% E.A. (Fixed)
Maturity Year		2023
Overdrafts and credit cards		$ 80	55
The Prudential Insurance Company Of America [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD
Range of Interest		8.50% (Fixed) (2021: 4.75%)
Maturity Year		2031
Total Notes		$ 60,020	58,906
Prudential Annuities Life Assurance Corporation [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD
Range of Interest		8.50% (Fixed) (2021: 4.75%)
Maturity Year		2031
Total Notes		$ 29,980	29,423
Healthspring Life & Health Insurance Company, Inc [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD
Range of Interest		8.50% (Fixed) (2021: 4.75%)
Maturity Year		2031
Total Notes		$ 18,350	18,007
CIGNA Health and Life Insurance Company [Member]
Borrowings (Details) - Schedule of borrowings [Line Items]
Currency		USD
Range of Interest		8.50% (Fixed) (2021: 4.75%)
Maturity Year		2031
Total Notes		$ 6,650	$ 6,521
[1]Borrowings at amortized cost are unsecured, with the exception of factoring obligations which are collateralized by trade receivables. Refer to Note 18. Trade and other receivables, net.

Borrowings (Details) - Schedu_3

Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance		$ 253,366		$ 454,518
Payment cash flows		(130,881)		(281,155)
New liabilities		179,417	[1]	336,216	[2]
Other changes		(15,967)	[3]	(256,213)	[4]
Ending balance		285,935		253,366
Syndicated Term Loan [Member]
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance		46,505		81,906
Payment cash flows		(7,850)		(28,239)
New liabilities		7,923	[1]		[2]
Other changes		(7,952)	[3]	(7,162)	[4]
Ending balance		38,626		46,505
Other Term Loan [Member]
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance		51,593		85,645
Payment cash flows		(93,592)		(224,380)
New liabilities		143,786	[1]	193,120	[2]
Other changes		(6,067)	[3]	(2,792)	[4]
Ending balance		95,720		51,593
Lease liabilities [member]
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance		31,747		36,799
Payment cash flows		(6,679)		(8,854)
New liabilities		12,647	[1]	7,283	[2]
Other changes		(3,523)	[3]	(3,481)	[4]
Ending balance		34,192		31,747
Factoring Obligations [Member]
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance		10,609		9,993
Payment cash flows		(21,943)		(18,779)
New liabilities		14,042	[1]	22,956	[2]
Other changes		(391)	[3]	(3,561)	[4]
Ending balance		2,317		10,609
Bank Overdraft [Member]
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance		55		902
Payment cash flows		(817)		(903)
New liabilities		1,019	[1]		[2]
Other changes		(177)	[3]	56	[4]
Ending balance		80		55
Senior Note [Member]
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance		112,857
Payment cash flows
New liabilities			[1]	112,857	[2]
Other changes		2,143	[3]		[4]
Ending balance		$ 115,000		112,857
Put Option Agreement [Member]
Borrowings (Details) - Schedule of reconciliation of liabilities from financing activities [Line Items]
Beginning balance				239,273
New liabilities	[2]
Other changes	[4]			$ (239,273)
[1]New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $32,358 and new lease liabilities for $12,647.[2]New liabilities include non-cash activities for invoices from suppliers financed via reverse factoring $48,138 and acquisition of right-of-use assets $7,283.[3]Other changes include exchange differences, the write-off of the Notes unamortized transaction costs of $1,600 due to the debt extinguishment, and cost amortization of $360.[4]Other changes include exchange differences and the termination of the put option agreements in exchange for new equity instruments in Procaps Group, S.A.

Deferred tax (Details)

Deferred tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred tax (Details) [Line Items]
Deferred tax asset	$ 381
Tax losses	1,088
Rymco Medical [Member]
Deferred tax (Details) [Line Items]
Deferred tax asset	1,663	$ 1,135
Temporary differences	$ 4,752	$ 3,242

Deferred tax (Details) - Schedu

Deferred tax (Details) - Schedule of deferred tax assets and liabilities by type of temporary - Temporary Difference [Member] - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Net deferred tax asset (liability)
Trade and other receivables		$ 449	$ (1,357)
Inventories		3,930	3,142
Property, plant and equipment		(4,019)	(3,486)
Intangibles		(5,112)	(875)
Borrowings and Trade and other payables		2,648	3,639
Provisions and Other liabilities		1,780	1,005
Others	[1]	(523)	(1,071)
Total net deferred tax asset (liability)		$ (847)	$ 997
[1]As of December 31, 2022, includes a deferred tax asset of $380 related to Procaps S.A. tax losses generated during the year. As of December 31, 2021, the deferred tax asset balance does not comprise unused tax losses.

Deferred tax (Details) - Sche_2

Deferred tax (Details) - Schedule of deferred tax assets and liabilities - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Deferred Tax Assets And Liabilities Abstract
Deferred Tax Asset	$ 6,974	$ 7,067
Deferred Tax Liability	(7,821)	(6,070)
Net Deferred Tax Asset (Liability)	$ (847)	$ 997	$ 2,879	$ 8,556

Deferred tax (Details) - Sche_3

Deferred tax (Details) - Schedule of deferred tax - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Deferred Tax Abstract
Balance as of January 1		$ 997	$ 2,879	$ 8,556
Recognized in Profit or Loss		(1,763)	(1,455)	(3,805)
Recognized in Other Comprehensive Income	[1]	107	(58)	16
Others	[2]	(188)	(369)	(1,888)
Balance as of December 31		$ (847)	$ 997	$ 2,879
[1]Deferred tax related to employee defined benefit plans.[2]Deferred tax related to the purchase price acquisition of intangible assets in Procaps S.A. de C.V.

Trade and other payables (Detai

Trade and other payables (Details) - Schedule of trade and other payables, net - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Trade and Other Payables Net [Abstract]
Trade payables	$ 81,477	$ 70,167
Other payables
Trade current accounts	808	3,259
Interest payable	3,307	1,870
Withholdings and payroll contributions	2,512	6,619
Others	2,082	3,466
Total other payables	8,709	15,214
Total accounts payable	$ 90,187	$ 85,381

Provisions and contingencies (D

Provisions and contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Provisions and contingencies (Details) [Line Items]
Labor and civil litigation	$ 76
Tax litigation			$ 368
Total balance	62
Proposed sanction amount	1,087
Softcaps legal proceedings [Member]
Provisions and contingencies (Details) [Line Items]
Labor and civil litigation		$ 459
Legal proceedings of Industrias Kadima [Member]
Provisions and contingencies (Details) [Line Items]
Tax litigation		347
Procaps legal proceedings [Member]
Provisions and contingencies (Details) [Line Items]
Total balance		$ 42
Rymco Medical legal proceedings [Member]
Provisions and contingencies (Details) [Line Items]
Transfer pricing			$ 354
Contingencies [Member]
Provisions and contingencies (Details) [Line Items]
Proposed tax charge amount	$ 348

Provisions and contingencies _2

Provisions and contingencies (Details) - Schedule of provisions and contingencies - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Provisions and contingencies
Balance as of January 1	$ 501	$ 1,829
Effect of changes in foreign exchange rates	9	(209)
Provisions made	43
Provisions used	(415)	(1,119)
Balance as of December 31	$ 138	$ 501

Shareholder_s Equity (Details)

Shareholder’s Equity (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shareholder’s Equity (Details) [Line Items]
Shares authorized		800,000,000	800,000,000	2,001,071
Outstanding shares		112,824,184	112,824,184	2,001,071
Cent		one
Shares issued		112,824,184	112,824,184	2,001,071
Ordinary share vote		one
Right to dividend		one
Opco shares issued		10,464,612
Ordinary shares		101,110	98,143	97,129
Aggregate subscription price (in Dollars)		$ 201,955
Total aggregate amount (in Dollars)		$ 202
Ordinary shares issued		11,714,612
Profit or loss amount (in Dollars)		$ 106,364
Redeemed share	4,500,000
Purchase price (in Dollars)	$ 45,000
Redeemable A Shares [Member]
Shareholder’s Equity (Details) [Line Items]
Redeemable shares		4,000,000
Class B Redeemable shares [Member]
Shareholder’s Equity (Details) [Line Items]
Redeemable shares		4,500,000
Holdco ordinary shares		4,500,000
OpCo Ordinary Shares [Member]
Shareholder’s Equity (Details) [Line Items]
Outstanding shares		2,904,146
Opco shares issued		97,128,690
Holdco Redeemable B Shares [Member]
Shareholder’s Equity (Details) [Line Items]
Redeemable B shares		4,500,000
Top of range [Member] | Class B Redeemable shares [Member]
Shareholder’s Equity (Details) [Line Items]
Ordinary shares		92,628,689
Bottom of range [Member] | Class B Redeemable shares [Member]
Shareholder’s Equity (Details) [Line Items]
Ordinary shares		1,250,000

Shareholder_s Equity (Details)

Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium	12 Months Ended
	Dec. 31, 2021 shares
Number of shares [Member]
Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium [Line Items]
Balance pre-restructuring	2,001,071
Termination of put option agreements	903,075	[1]
Subtotal	2,904,146
Capital restructuring of Crynssen (1:33.4448 exchange ratio)	94,224,544	[2]
Subtotal - restructured	97,128,690
Acquisition of Union Acquisition Corp. II	20,195,494	[3]
Escrowed shares	(11,714,612)	[4]
Redemption of redeemable shares	(4,500,000)	[5]
Balance restructured	101,109,572
Share capital amount [Member]
Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium [Line Items]
Balance pre-restructuring	2,001
Termination of put option agreements	903	[1]
Subtotal	2,904
Capital restructuring of Crynssen (1:33.4448 exchange ratio)	(1,933)	[2]
Subtotal - restructured	971
Acquisition of Union Acquisition Corp. II	202	[3]
Escrowed shares	(117)	[4]
Redemption of redeemable shares	(45)	[5]
Balance restructured	1,011
Share premium [Member]
Shareholder’s Equity (Details) - Schedule of reconciliation of share capital and share premium [Line Items]
Balance pre-restructuring	54,412
Termination of put option agreements	297,796	[1]
Subtotal	352,208
Capital restructuring of Crynssen (1:33.4448 exchange ratio)	1,933	[2]
Subtotal - restructured	354,141
Acquisition of Union Acquisition Corp. II	174,738	[3]
Escrowed shares	(106,247)	[4]
Redemption of redeemable shares	(44,955)	[5]
Balance restructured	377,677
[1]On the effectiveness of the Transaction, September 29, 2021, the put option agreements were terminated in exchange for new equity instruments in Procaps Group SA.[2]On completion of the Transaction, each of the OpCo Shareholders, contributed its respective OpCo Ordinary Shares to Holdco in exchange for Holdco Ordinary Shares, and, in the case of IFC for Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares, subscribed for by each OpCo Shareholder. The OpCo Shareholders were issued 97,128,690 new shares in the Group (92,628,689 Holdco Ordinary Shares and 4,500,000 Holdco Redeemable B Shares) in exchange of the 2,904,146 outstanding OpCO ordinary Shares. The resultant share exchange ratio being 33.4448.[3]SPAC Ordinary Shares outstanding (including those held by the PIPE Investors and Union Group International Holdings Limited and Union Acquisition Associates II, LLC (the “SPAC Sponsors”) were exchanged with Holdco for Holdco Ordinary Shares pursuant to a share capital increase of HoldCo.[4]1,250,000 Holdco Ordinary Shares issued to the SPAC Sponsors and 10,464,612 Holdco Ordinary Shares issued to certain Opco Shareholders in connection with the Transaction are subject to an escrow arrangement that is applicable to both SPAC Sponsors and to such OpCo Shareholders. On September 29, 2021, considering that the condition to deliver a fixed number of shares for a consideration that is settled in One’s own equity instruments is not met for the 11,714,612 Holdco Ordinary Shares issued to the SPAC Sponsors and certain Opco Shareholders, the escrow shares were classified as a financial liability with changes in fair value through profit or loss for the amount of $106,364.[5]Immediately following the Exchange, the Group redeemed 4,500,000 Holdco Redeemable B from IFC for a total purchase price of $45,000 in accordance with that certain share redemption agreement entered into by and between the Group and IFC on March 31, 2021, and subsequently amended on September 29, 2021.

Shareholder_s Equity (Details_2

Shareholder’s Equity (Details) - Schedule of aggregate subscription price - Asset Acquisition Union Acquisition Corp II SPAC [Member]	12 Months Ended
	Dec. 31, 2022 shares
Number of shares [Member]
Shareholder’s Equity (Details) - Schedule of aggregate subscription price [Line Items]
Public shares	5,895,494
Founder shares	4,300,000
PIPE Shares	10,000,000
Total	20,195,494
Aggregate value [Member]
Shareholder’s Equity (Details) - Schedule of aggregate subscription price [Line Items]
Public shares	58,955
Founder shares	43,000
PIPE Shares	100,000
Total	201,955

Shareholder_s Equity (Details_3

Shareholder’s Equity (Details) - Schedule of cost-basis of the exchange reflects $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule Of Cost Basis Of The Exchange Reflects Abstract
SPAC net assets	$ 131,086
Transactions costs	(30,063)
IFRS 2 Share-based payment expense	73,917
Share Capital issued	(202)
Total	$ 174,738

Shareholder_s Equity (Details_4

Shareholder’s Equity (Details) - Schedule of reserves - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Schedule Of Reserves [Abstract]
Legal	[1]	$ 4,892	$ 4,892
Working Capital	[2]	40,851	37,857
Total		45,743	42,749
Balance as of January 1		42,749	39,897
Increase in working capital reserves		2,994	2,852
Balance as of December 31		$ 45,743	$ 42,749
[1] Legal Reserve - Reserves for working capital –

Earnings Per Share (Details)

Earnings Per Share (Details)	12 Months Ended
	Dec. 31, 2022 shares
Disclosure of Earnings Per Share [Abstract]
Earnings per shares held under put option	903,075

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of weighted average number of shares considers the ordinary shares - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Weighted Average Number of Shares Considers the Ordinary Shares [Abstract]
Net income/(loss) of the year (in Dollars)		$ 42,540	$ (100,863)	$ (10,447)
Number of ordinary shares issued at December 31	[1]	101,110	101,110	97,129
Weighted average basic number of ordinary shares		101,110	98,143	97,129
Assumed exercise of share equivalents
Weighted average diluted number of shares		101,110	98,143	97,129
Basic and diluted income/(loss) per share in the year (in Dollars per share)		$ 0.42	$ (1.03)	$ (0.11)
[1] Includes 903,075 shares held under put option before the transaction as such ordinary shareholders were entitled to receive dividends.

Earnings Per Share (Details) _2

Earnings Per Share (Details) - Schedule of weighted average number of shares considers the ordinary shares (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Weighted Average Number of Shares Considers the Ordinary Shares [Abstract]
Basic and diluted loss per share in the year	$ 0.50	$ (1.03)	$ (0.11)

Warrant Liabilities (Details)

Warrant Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Sep. 30, 2021
Warrant Liabilities (Details) [Line Items]
Private warrants		2,875,000
Warrant per share, description		●Each whole warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 ●The warrant is exercisable post Transaction and expires on the earlier of:  –5 years after the completion of the Transaction, i.e., September 29, 2026   –the Redemption Date, or   –the liquidation of the Group.
Per warrant (in Dollars per share)		$ 0.01
Exceeds per share (in Dollars per share)		$ 18
Fair value (in Dollars)			$ 21,600
Warrants shares			20,000,000
Warrants per share (in Dollars per share)			$ 1.08
Sale of warrants		6,250,000
Private placement warrant per share (in Dollars per share)		$ 1
Generating gross proceeds (in Dollars)		$ 6,250
Forfeited shares of private placement warrants		2,875,000
Private warrants in escrow shares		2,875,000
Warrant purchase of ordinary share		1
Exercise price of per share (in Dollars per share)		$ 11.5
Business combination expires		5 years
Sponsors agreed to forfeit of private placement warrants	2,875,000
Expiration date		5 years
First Level Release Target [Member]
Warrant Liabilities (Details) [Line Items]
Sponsor private warrants shares		1,437,500
Exceeds ordinary per shares (in Dollars per share)		$ 12.5
Expiration date		5 years
Second Level Release Target [Member]
Warrant Liabilities (Details) [Line Items]
Exceeds ordinary per shares (in Dollars per share)		$ 13
Sponsor private warrants shares		1,437,500

Warrant Liabilities (Details) -

Warrant Liabilities (Details) - Schedule of warrant liability - USD ($) $ in Thousands	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Schedule Of Warrant Liability Abstract
Public warrants	$ 9,200		$ 16,000
Private warrants	1,716	[1]	7,112	[1]
Warrant liability	$ 10,916		$ 23,112
[1] Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account.

Warrant Liabilities (Details)_2

Warrant Liabilities (Details) - Schedule of public warrants - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Public Warrants Abstract
Balance at beginning	$ 16,000
Acquired public warrants		21,600
Fair value remeasurement	(6,800)	(5,600)
Balance at ending	$ 9,200	$ 16,000

Warrant Liabilities (Details)_3

Warrant Liabilities (Details) - Schedule of private warrants - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021
Schedule Of Private Warrants Abstract
Balance at beginning		$ 7,112	[1]
Acquired private warrants				7,363
Fair value remeasurement		(5,396)		(251)
Balance at ending	[1]	$ 1,716		$ 7,112
[1] Private warrants include 2,875,000 held by the former SPAC sponsors deposited in an escrow account.

Acquisitions (Details)

Acquisitions (Details) ft² in Thousands, $ / shares in Millions		12 Months Ended
	Nov. 05, 2021 ft² $ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Acquisitions (Details) [Line Items]
Current assets (liabilities)		$ 131,086,000
Current prepaid expenses			$ 4,602,000
Shares issued (in Shares) | shares		10,464,612
Asset purchase agreement to acquire (in Square Feet) | ft²	86,000
Production capacity (in Dollars per share) | $ / shares	$ 1,800
Purchase price (in Dollars per share) | $ / shares	$ 1.6
Transactions costs			$ 213,600
Purchase price percentage			50%
Remaining purchase price percentage			50%
Fair value of acquired assets			$ 1,813,000
SPAC Sponsors [Member]
Acquisitions (Details) [Line Items]
Shares issued (in Shares) | shares		1,250,000
Opco Shareholders [Member]
Acquisitions (Details) [Line Items]
Description of shares in escrow		10,464,612
Top of range [member]
Acquisitions (Details) [Line Items]
Escrow measured at fair value		$ 35,789	90,990
Bottom of range [member]
Acquisitions (Details) [Line Items]
Escrow measured at fair value		$ 2,138	$ 5,434
Sponsors’ Holdco Ordinary Shares in escrow [Member]
Acquisitions (Details) [Line Items]
Description of shares in escrow		On the closing of the Transaction, 1,250,000 Holdco Ordinary Shares received in exchange for the equivalent number of SPAC Ordinary Shares upon the consummation of the Merger (the “Sponsor Escrowed Securities”) held by the SPAC Sponsors were deposited in escrow. Fifty percent (50%) of the Sponsor Escrowed Securities will be released to the SPAC Sponsors if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period, and the remaining 50% of the Sponsor Escrowed Securities will be released to the Sponsors if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period (in each case, subject to any applicable lock-up restrictions under the Registration Rights and Lock-Up Agreement or any other applicable escrow arrangement).
Eligible Procaps Shareholders Holdco Ordinary Shares in escrow [Member]
Acquisitions (Details) [Line Items]
Description of shares in escrow		On the closing of the Transaction, 10,464,612 Holdco Ordinary Shares received in the Exchange (the “ECS Escrowed Securities”) by certain OpCo Shareholders were deposited in escrow. Fifty percent (50%) of the ECS Escrowed Securities will be released to such OpCo Shareholders if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $12.50 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period, and the remaining 50% of the ECS Escrowed Securities will be released to such OpCo Shareholders if the closing price of the Holdco Ordinary Shares on the Nasdaq Stock Market equals or exceeds $13.00 per Holdco Ordinary Share for any 20 trading days within any 30-day trading period.

Acquisitions (Details) - Schedu

Acquisitions (Details) - Schedule of assets and liabilities $ in Thousands	Dec. 31, 2021 USD ($)
Schedule Of Assets And Liabilities Abstract
Cash held in trust	$ 138,046
Cash and cash equivalents	100,000
Redemption liability	(77,997)
Warrants liability	(28,963)
Total SPAC identifiable net assets at fair value	$ 131,086

Acquisitions (Details) - Sche_2

Acquisitions (Details) - Schedule of transactions value of equity interest - Asset Acquisition Union Acquisition Corp II SPAC [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Step 1 - Deemed cost of shares issued
Fair value of OpCo	$ 926,287
Equity interest in Holdco issued to SPAC shareholders & PIPE investors	19%
Equity interest in Holdco of Selling shareholders	81%
Deemed costs of shares issued	$ 213,584	[1]
SPAC identifiable net assets at fair value	131,086
Deemed cost of shares issued	82,498
Step 2 - Dilutive impact of shares held in escrow
Dilutive effect of 945,036 shares held in escrow at a weighted average fair value per share of $9.08	8,581
Step 3 - IFRS 2 ‘listing expense’	$ 73,917
[1] The deem cost of the shares was estimated based on the fair value of the OpCo issued shares (legacy Crynssen Pharma Group Limited) prior to the merger with SPAC and Holdco.

Acquisitions (Details) - Sche_3

Acquisitions (Details) - Schedule of changes in fair values - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Changes In Fair Values Abstract
Balance at the beginning	$ 101,859
Escrowed shares		106,364
Fair value remeasurement	(61,795)	(4,505)
Balance at the ending	$ 40,064	$ 101,859

Acquisitions (Details) - Sche_4

Acquisitions (Details) - Schedule of estimated fair values $ in Thousands	Dec. 31, 2021 USD ($)
Schedule Of Estimated Fair Values Abstract
Property, Plant and Equipment	$ 1,487
Inventories	133
Other receivables	193
Right of Use Assets	4,533
Lease Liabilities	(4,533)
Total	$ 1,813

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments (Details) [Line Items]
Concentration of credit risk percentage	10%	10%
Additions of impairment loss allowance	$ 2,673
Additions of reversal impairment loss allowance		$ 818	$ 1,915
Impairment losses related to related parties	$ 195
Percentage of increase and decrease in the U.S. dollar	10%
Change in exchange rates, percenatage.	10%
Interest at a variable rate	$ 102,799
Interest at available rate percentage	35.95%
Bears interest (in Shares)		87,421
Variable rate, percentage		34.50%
Interest rate Spread	1%
Decreased profit before tax	$ 1,028	$ 875
Profit before tax, percentage	1%
Borrowings	$ 139,155
Debt renegotiations	19,000
Syndicated balance	38,626
Level 1 [Member]
Financial Instruments (Details) [Line Items]
Fair value of the exhibited figures	9,200	16,000
Level 3 [Member]
Financial Instruments (Details) [Line Items]
Fair value of the exhibited figures	$ 41,780	$ 108,971
Bottom of range [Member]
Financial Instruments (Details) [Line Items]
Receivable concentration	5%

Financial Instruments (Detail_2

Financial Instruments (Details) - Schedule of carrying amounts of financial assets and financial liabilities - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021
FVTPL [Member]
Financial assets not measured at fair value
Trade and other receivables, net			[1]
Amounts owed by related parties			[1]
Cash			[1]
Other financial assets			[1]
Total financial assets not measured at fair value			[1]
Financial liabilities measured at fair value
Warrant liabilities		10,916	[1]	23,112
Shares held in escrow		40,064	[1]	101,859
Total financial liabilities measured at fair value		50,980	[1]	124,971
Financial liabilities not measured at fair value
Borrowings			[1]
Trade and other payables			[1]
Amounts owed to related parties			[1]
Total financial liabilities not measured at fair value			[1]
Amortized cost [Member]
Financial assets not measured at fair value
Trade and other receivables, net	[2]	129,602		117,449
Amounts owed by related parties	[2]	2,474		1,147
Cash	[2]	43,003		72,112
Other financial assets	[2]	210		256
Total financial assets not measured at fair value	[2]	175,289		190,964
Financial liabilities measured at fair value
Warrant liabilities	[2]
Shares held in escrow	[2]
Total financial liabilities measured at fair value	[2]
Financial liabilities not measured at fair value
Borrowings	[2]	285,934		253,365
Trade and other payables	[2]	90,187		85,381
Amounts owed to related parties	[2]	2,914		8,450
Total financial liabilities not measured at fair value	[2]	$ 379,035		$ 347,196
[1]The fair value is comprised of $9,200 level 1 and $41,780 level 3 as of December 31, 2022 (2021: $16,000 and $108,971, respectively).[2]The amortized cost approximates fair value as of December 31, 2022 and 2021, respectively.

Financial Instruments (Detail_3

Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Private warrants [Member] | Level 3 of fair value hierarchy [member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Fair value	$ 1,466
Valuation Technique	The fair value of the Private Warrants is estimated using the Black-Scholes option pricing formula for European calls, since the underlying stock is not expected to pay dividends over the term of the Warrants.
Significant unobservable input	Volatility of 36.6% (2021: 30.0%)
Relationship between significant unobservable input to fair value	The higher (lower) the volatility, the higher (lower) the fair value.
Private warrants [Member] | +5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 1,883
Private warrants [Member] | -5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	934
Private warrants in escrow [Member] | Level 3 of fair value hierarchy [member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Fair value	$ 250
Valuation Technique	The fair value of the Private Warrants is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.
Significant unobservable input	Volatility of 37.5% (2021: 30.0%)
Relationship between significant unobservable input to fair value	The higher (lower) the volatility, the higher (lower) the fair value.
Private warrants in escrow [Member] | +5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 340
Private warrants in escrow [Member] | -5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	165
Shares held in escrow [Member] | Level 3 of fair value hierarchy [member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Fair value	$ 40,064
Valuation Technique	The fair value of the shares to be delivered is estimated using Monte Carlo simulation in a risk-neutral framework assuming a Geometric Brownian Motion for the future stock price.
Significant unobservable input	Volatility of 36.5% (2021: 30.0%)
Relationship between significant unobservable input to fair value	The higher (lower) the volatility, the higher (lower) the fair value.
Shares held in escrow [Member] | +5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 43,696
Shares held in escrow [Member] | -5% [Member]
Financial Instruments (Details) - Schedule of valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position [Line Items]
Sensitivity of significant unobservable input to fair value	$ 35,905

Financial Instruments (Detail_4

Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	14.07%	14.67%
Gross carrying amount	$ 169,352	$ 147,590
Impairment loss allowance	(23,834)	(21,650)
Total	$ 145,518	$ 125,940
Current (not past due) [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	0.39%	0.60%
Gross carrying amount	$ 124,219	$ 98,776
Impairment loss allowance	(483)	(591)
Total	$ 123,736	$ 98,185
1-30 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	3.42%	2.11%
Gross carrying amount	$ 11,816	$ 11,265
Impairment loss allowance	(404)	(238)
Total	$ 11,412	$ 11,027
31-60 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	4.50%	2.35%
Gross carrying amount	$ 3,864	$ 3,147
Impairment loss allowance	(174)	(74)
Total	$ 3,690	$ 3,073
61-90 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	14.25%	3.38%
Gross carrying amount	$ 1,958	$ 1,981
Impairment loss allowance	(279)	(67)
Total	$ 1,679	$ 1,914
91-120 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	19.89%	3.26%
Gross carrying amount	$ 890	$ 1,843
Impairment loss allowance	(177)	(60)
Total	$ 713	$ 1,783
More than 120 days past due [Member]
Financial Instruments (Details) - Schedule of assessment of the probability of default and the loss due to default is mainly based on historical data and adjust historical loss rates [Line Items]
Weighted-average loss rate	83.88%	67.43%
Gross carrying amount	$ 26,605	$ 30,578
Impairment loss allowance	(22,317)	(20,620)
Total	$ 4,288	$ 9,958

Financial Instruments (Detail_5

Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	$ 105,048	$ 124,545
Liabilities	(79,476)	(99,371)
+10% Impact to profit or loss before tax	(2,325)	(2,289)	$ 2,262
-10% Impact to profit or loss before tax	2,841	2,797	(2,764)
Reales [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	25,479	7,002
Liabilities	(9,962)	(9,125)
+10% Impact to profit or loss before tax	(1,411)	193	52
-10% Impact to profit or loss before tax	1,724	(236)	(64)
Quetzales [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets		1,946
Liabilities		(4,115)
+10% Impact to profit or loss before tax		197	(8)
-10% Impact to profit or loss before tax		(241)	10
Soles [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	14,667	7,024
Liabilities	(8,905)
+10% Impact to profit or loss before tax	(524)	(639)	301
-10% Impact to profit or loss before tax	640	781	(368)
Dominican Peso [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	1,064	809
Liabilities	(3,563)	(2,869)
+10% Impact to profit or loss before tax	227	187	207
-10% Impact to profit or loss before tax	(278)	(229)	(253)
Colones [Member]
Financial Instruments (Details) - Schedule of carrying amounts of the group’s foreign currency denominated monetary assets and monetary liabilities [Line Items]
Assets	1,346	1,270
Liabilities	(2,814)	(2,371)
+10% Impact to profit or loss before tax	133	100	107
-10% Impact to profit or loss before tax	$ (163)	$ (122)	$ (131)

Financial Instruments (Detail_6

Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 01, 2022	Dec. 31, 2021	Dec. 01, 2021
Carrying amount [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total	$ 102,799		$ 87,421
+1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		$ 103,827		$ 88,296
-1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		101,771		86,546
DTF/IBR [Member] | Carrying amount [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total	79,345		67,970
DTF/IBR [Member] | +1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		80,138		68,650
DTF/IBR [Member] | -1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		78,551		67,290
SOFR [Member] | Carrying amount [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total	$ 23,454		$ 19,451
SOFR [Member] | +1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		23,688		19,646
SOFR [Member] | -1% [Member]
Financial Instruments (Details) - Schedule of sensitivity analyzes have been determined based on exposure of financial liabilities to the highlighted variable interest rates [Line Items]
Total		$ 23,219		$ 19,256

Financial Instruments (Detail_7

Financial Instruments (Details) - Schedule of balances of other financial liabilities such as suppliers and accounts payable have no financial cost and their payment period ranges - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Carrying amount [Member]
Non-derivative financial liabilities
Borrowings		$ 251,743	$ 221,619
Trade and other payables		90,187	85,381
Lease liabilities		34,192	31,747
Amounts owed to related parties		2,914	8,450
Total		379,036	347,197
Contractual cash flows [Member]
Non-derivative financial liabilities
Borrowings		278,853	253,011
Trade and other payables		90,187	85,381
Lease liabilities		46,001	39,904
Amounts owed to related parties		2,914	8,450
Total		417,955	386,746
Less than 1 year [Member]
Non-derivative financial liabilities
Borrowings	[1],[2]	274,648	71,987
Trade and other payables	[1],[2]	90,187	85,381
Lease liabilities	[1],[2]	11,174	9,853
Amounts owed to related parties	[1],[2]	2,914	8,450
Total	[1],[2]	378,923	175,671
1-2 years [Member]
Non-derivative financial liabilities
Borrowings		3,642	16,895
Trade and other payables
Lease liabilities		6,629	7,403
Amounts owed to related parties
Total		10,271	24,298
2-3 years [Member]
Non-derivative financial liabilities
Borrowings		563	15,330
Trade and other payables
Lease liabilities		5,962	5,333
Amounts owed to related parties
Total		6,525	20,663
3-5 years [Member]
Non-derivative financial liabilities
Borrowings			20,323
Trade and other payables
Lease liabilities		7,962	8,314
Amounts owed to related parties
Total		7,962	28,637
More than 5 years [Member]
Non-derivative financial liabilities
Borrowings			128,476
Trade and other payables
Lease liabilities		14,274	9,001
Amounts owed to related parties
Total		$ 14,274	$ 137,477
[1]As mentioned in Note 19. Borrowings, $139,155 in the aggregate, is classified as payable in less than 1 year as a result of a breach in certain covenants included under the NPA, the Syndicated Loan Agreement, and BTG Credit Agreement. Refer to Note 28. Events after the reporting period for the Group’s executed waivers with the lenders mentioned above.[2]As mentioned in Note 2.1. Going concern the Group is renegotiating $19,000 balance with BTG, and Syndicated balance of $38,626 with Bancolombia and Davivienda. Additionally, the Group expects to maintain revolving credit lines with other lending parties.

Financial Instruments (Detail_8

Financial Instruments (Details) - Schedule of indebtedness index for the reporting period - Indebtedness Index [Member] $ in Thousands		12 Months Ended
		Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Financial Instruments (Details) - Schedule of indebtedness index for the reporting period [Line Items]
Total assets	[1]	$ 460,187	$ 462,135
Total liabilities	[2]	$ 462,065	$ 500,475
Liabilities to assets ratio		1	1.08
[1]Defined as short-term assets plus long-term assets[2]Defined as short-term liabilities plus long-term liabilities

Events After the Reporting Pe_2

Events After the Reporting Period (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Events After the Reporting Period (Details) [Line Items]
Outstanding obligation amount	$ 5,719
BTG Credit Agreement [Member]
Events After the Reporting Period (Details) [Line Items]
Description of indicative facts of indebtedness	●The Company’s consolidated Indebtedness Indicator (Indebtedness / EBITDA) must not be greater than 4.5x (original covenant: greater than 3.5x).●The Company’s consolidated EBITDA/Finance expense must not be less than 1.8x (original covenant: less than 3.0x)
Syndicated Loan Agreement [Member]
Events After the Reporting Period (Details) [Line Items]
Description of indicative facts of indebtedness and leverage ratio at CP	●Indebtedness Indicator (Indebtedness/EBITDA) must be less than or equal to 4.5 times (original covenant: less than or equal to 3.5 times). If the indicator is greater than 4.1 and less than 4.3 (original covenant: greater than 3.0 and less than 3.5), it proceeds to the extent that this value is originated by causes other than additional debt and the justification of the increase must be presented to the agent. ●Short-term leverage ratio less than 1.6 (original covenant: less than 1.0). ●EBITDA ratio / financial expenses greater than or equal to 1.8 (original covenant: greater than or equal to 3.0)
NPA [Member]
Events After the Reporting Period (Details) [Line Items]
Description of total consolidated debt of the group and the interest coverage ratio and finally the indebtedness ratio	●The consolidated total debt of Procaps, S.A., the Group and the other obligors thereunder to consolidated EBITDA for the last twelve months of 4:00:1.00 or less (original covenant: 3.50:1.00 or less). ●An EBITDA interest coverage ratio in excess of, or equal to, 2.20:1.00 (original covenant: in excess of, or equal to, 3.00:1.00).  ●Short-term leverage ratio equal to or less than 2.00:1:00 (original covenant: equal to or less than 1.00:1.00).

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions (Details) [Line Items]
Sales through an agent		$ 1,803,000	$ 1,826,000
Interest expense	$ 76,000	61,000	49,000
Trade and other receivables	18,060	5,333
Other expenses	$ 25,299,000	$ 78,991,000	7,716,000
Related parties repayable, term	1 year
Average interest rate	6%	6%
Related Parties [Member]
Related Party Transactions (Details) [Line Items]
Other expenses	$ 494,000	$ 427,000	$ 325,000

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of transactions with joint ventures - Joint Ventures and Other Related Parties [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	[1]	Dec. 31, 2020	[1]
Related Party Transactions (Details) - Schedule of transactions with joint ventures [Line Items]
Sale of finished products	$ 8,038	$ 5,628		$ 5,583
Revenue from services and consulting	1,034	116		87
Purchases of raw materials and other services	$ 12,367	$ 10,240		$ 11,339
[1] The Group corrected the disclosure of transactions with related parties for the years ended December 31, 2021 and 2020 to conform with the current period presentation. The modification includes the disclosure of sales that are performed through an agent with Industrias Intercaps de Venezuela C.A. and Laboratorios Vivax Pharmaceuticals C.A. in the amount of $1,803 for the year ended December 31, 2021 (2020: $1,826) and does not impact the results presented in the prior period.

Related Party Transactions (D_3

Related Party Transactions (Details) - Schedule of current amounts were outstanding - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Current Amounts Were Outstanding Abstract
Trade and other receivables by related parties	$ 14,028	$ 12,491
Loans owed by related parties	215	276
Less: provisions	(11,769)	(11,620)
Amounts owed by related parties, net	2,474	1,147
Trade and other payables to related parties	2,853	1,335
Loans owed to related parties	61	7,115
Amounts owed to related parties	2,914	8,450
Current	2,914	8,450
Non-current

Related Party Transactions (D_4

Related Party Transactions (Details) - Schedule of loans to and from related parties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans to related parties [Member]
Related Party Transactions (Details) - Schedule of loans to and from related parties [Line Items]
Beginning Balance	$ 276	$ 304	$ 499
Loans advanced
Loan repayments received	(61)	(28)	(195)
Ending Balance	215	276	304
Loans from related parties [Member]
Related Party Transactions (Details) - Schedule of loans to and from related parties [Line Items]
Beginning Balance	7,115	15,844	20,963
Loans advanced	61		32
Loan repayments	(7,191)	(9,154)	(5,856)
Interest accrued	76	425	705
Ending Balance	$ 61	$ 7,115	$ 15,844

Related Party Transactions (D_5

Related Party Transactions (Details) - Schedule of consolidated statement of profit or loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Consolidated Statement of Profit or Loss [Abstract]
Short-term employee benefits	$ 2,415	$ 2,202	$ 1,972
Consulting fees	3,357	2,730	1,971
Total	$ 5,772	$ 4,932	$ 3,943