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BioArctic AB (publ) (BRCTF)

Überbewertet
HealthcareBiotechnologySweden

Fundamental

41

Kurs

$310.40

Marktkapitalisierung

$28.26B

Teil 1 · Was das Unternehmen wert ist

Übersicht

BioArctic is a Swedish biopharma company that discovers antibodies against neurodegenerative diseases, mainly Alzheimer's, but does not sell any drug itself. It invented lecanemab, out-licensed since 2007 to Japan's Eisai, which runs the clinical trials, regulatory filings and worldwide sales under the brand Leqembi. BioArctic earns royalties on those sales and payments from other research partnerships, including a 2025 deal with Novartis around its BrainTransporter platform.

Wie das Geld verdient wird

Almost all revenue is royalties: a percentage of what Eisai sells of Leqembi worldwide, paid without BioArctic bearing any of the development, regulatory or marketing costs — but also without it controlling how fast Eisai ramps up sales in each country. A second stream comes from research collaborations such as the Novartis BrainTransporter deal, which brought an upfront payment and offers further milestones and royalties only if Novartis later licenses a resulting drug candidate.

Wettbewerbsvorteil

Patente und Lizenzen · Schmal

BioArctic's value rests on patents covering lecanemab and on its proprietary BrainTransporter technology for getting therapies across the blood-brain barrier, which it has now licensed twice, most recently to Novartis. That intellectual property is defensible but narrow: it covers specific molecules and one delivery platform, not a broad or repeatable advantage across the whole neurodegeneration field.

Was die Nachfrage antreibt

Defensiv

Demand for an approved Alzheimer's treatment is driven by diagnosis rates, physician adoption and reimbursement decisions in each country rather than by the broader economy, so it does not move with economic cycles. It does move with Eisai's pace of launching Leqembi market by market, which BioArctic does not control.

Wichtigste Risiken

  • Dependence on Eisai's commercialization — Under the 2007 agreement, Eisai alone is responsible for clinical development, regulatory approval and worldwide sales of lecanemab; BioArctic's royalty income rises or falls with decisions and execution it does not control, and Eisai has already revised its own Leqembi sales projections.
  • Revenue concentrated in a single approved product — Leqembi royalties remain the large majority of BioArctic's revenue today; the Novartis and other partnerships are still at the research or milestone stage and have not yet produced a second marketed product to diversify that dependence.
  • Competition in neurodegenerative disease research — Large pharmaceutical companies with far bigger research budgets, including Pfizer, Novartis and Roche, are also developing treatments for Alzheimer's and related conditions, and could bring forward therapies that compete with Leqembi or with BioArctic's earlier-stage pipeline.

Die Argumente dafür

Buyers argue that royalties on Leqembi have grown every quarter through 2025 as Eisai expands the drug's rollout, that the model needs no manufacturing or sales investment from BioArctic, and that the new Novartis BrainTransporter deal shows the platform has value beyond a single molecule.

Die Argumente dagegen

Sellers fear that BioArctic's fortunes ride almost entirely on decisions Eisai makes about a single drug, that competitors with far larger budgets could erode Leqembi's position before BioArctic's other programs reach the market, and that currency swings between the yen and the krona already dent the royalty it does collect.

Written by the editors, published on 18. August 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users

P/E: 38.8Score: 78Market cap: $1.11T

Its anti-amyloid antibody Kisunla (donanemab) is the only other approved disease-modifying Alzheimer's treatment and competes head-on with Leqembi, the drug BioArctic invented and earns royalties on, for the same early-Alzheimer's patients and prescribers.

Roche Holding AGROG

Roche is developing trontinemab, an anti-amyloid antibody carried into the brain by its Brainshuttle platform, which targets the same Alzheimer's market as Leqembi and the same technological ground as BioArctic's BrainTransporter.

Denali Therapeutics Inc.DNLI

Denali's Transport Vehicle platform crosses the blood-brain barrier through the same transferrin-receptor route as BioArctic's BrainTransporter, so the two compete for the same neurodegeneration pipeline programmes and the same pharma licensing partners.

Prothena Corporation plcPRTA

Prothena's anti-alpha-synuclein antibody prasinezumab addresses Parkinson's disease and related synucleinopathies, the same indication and the same biological target as BioArctic's exidavnemab.

AC Immune SAACIU

The Swiss biotech runs a neurodegeneration pipeline against amyloid, tau and alpha-synuclein and lives, like BioArctic, on licensing those assets to large pharmaceutical partners.

Bilanz & Liquidität

Umsatz

$1.00B

Letzte 12 Monate (bis 30.6.2026)

Nettogewinn

$106M

Letzte 12 Monate (bis 30.6.2026)

Freier Cashflow

$192M

Gesamtes Eigenkapital

$1.69B

Gesamtverbindlichkeiten

$91M

Current Ratio

3.99

Zinsdeckungsgrad

-

Schulden/EBITDA

-

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Allgemeiner FallÜberbewertet

Innerer Wert

$222.81

Aktueller Kurs

$310.40

Sicherheitsmarge

-39.3%

Innerer-Wert-Spanne

$144.82 - $300.79

Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.

Bewertungsmethoden

Kursziel der Analysten:$317.75
Diskontierter Cashflow (DCF):$61.67
Gewinnmultiplikator (P/E):$70.36
Graham-Wachstumsformel:$18.88
Ertragskraftwert (EPV):$22.17
Gerechtfertigtes P/B:$10.10
Dividendendiskontierung (Gordon):Nicht genügend Daten zur Berechnung
P/FFO, Funds from Operations:Nicht genügend Daten zur Berechnung
Gewinn im Zyklusmittel:Nicht genügend Daten zur Berechnung
Umsatzmultiplikator:$44.52
Analystenkonsens:Starker Kauf (8B / 2H / 0S)
Letzte Gewinnüberraschung:+53.20%

Bewertungskennzahlen

P/E-Verhältnis

274.48

ROE

5.2%

P/B-Verhältnis

14.01

P/FCF

123.12

Bruttomarge

93.2%

ROIC

-2.6%

Rentabilitäts-Radar

Wertschöpfung (Wettbewerbsvorteil)

ROIC

-2.6%

WACC

8.4%

ROIC − WACC

-10.9 pp

Der ROIC liegt unter den Kapitalkosten: Das Unternehmen vernichtet für jeden investierten Dollar Wert.

Fundamentalanalyse-Kriterien

Bestanden (9)

  • Price CAGR 31.18%
  • Gross Margin 93.2%
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Revenue Growth 5Y 100.1%
  • Analyst Consensus 80% Buy
  • Earnings Surprise avg 475.4%
  • Net Margin Trend 51.1% vs -68.8%

Nicht bestanden (8)

  • ROIC -2.6%
  • P/FCF 123.12
  • P/B Ratio 14.01
  • CapEx intensity
  • DCF valuation (Overvalued)
  • ROE 5.2%
  • Earnings Quality (OCF/NI) 0.24
  • Piotroski F-Score 1/9

Nicht verfügbar (10)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-Score

1/9

Ernsthafte finanzielle Bedenken

score
criteria

Gewinnqualität

0.24

Niedrige Qualität: Rechnungslegung prüfen

Aktienverwässerung

-

Aktienrückkäufe. Aktionärsfreundlich

Institutionelle Beteiligungen

Für dieses Unternehmen liegen keine institutionellen Meldungen vor.

Unternehmensführung

Führungsteam

NamePositionAlter
Dr. Gunilla Osswald Ph.D.President & CEO64
Dr. Pär GellerforsCo-Founder & Senior VP of Business Strategy78
Prof. Lars LannfeltCo-Founder, Senior VP of Medical science & Director76
Mr. Anders Martin-Lof M.B.A., M.Sc.Secretary of the Board & CFO54
Mr. Per-Ola FreskgardChief Scientific Officer-
Mr. Oskar BossonVP and Head of IR & Communication49
Ms. Emilie Ankarcrona SmithGeneral Counsel and Head of Legal & IP44
Mr. Harald BorgekeHead of Public Affairs-
Ms. Frida LekanderHead of Marketing-
Ms. Rebecca KastellVP & Head of HR47

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

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