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BioArctic AB (publ) (BRCTF)

Surévalué
HealthcareBiotechnologySweden

Fondamental

41

Prix

$307.00

Capitalisation boursière

$28.26B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

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.

Comment l'entreprise gagne de l'argent

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.

Avantage concurrentiel

Brevets et licences · Étroit

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.

Ce qui stimule la demande

Défensif

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.

Principaux risques

  • 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.

Les arguments en faveur

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.

Les arguments contre

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 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

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

P/E: 38.8Score: 74Market 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.

Bilan & Liquidités

Chiffre d'affaires

$1.00B

12 derniers mois (au 30/06/2026)

Résultat net

$106M

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$192M

Capitaux propres totaux

$1.69B

Passif total

$91M

Ratio de liquidité général

3.99

Couverture des intérêts

-

Dette/EBITDA

-

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralSurévalué

Juste valeur

$222.81

Prix actuel

$307.00

Marge de sécurité

-37.8%

Fourchette de juste valeur

$144.82 - $300.79

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$317.75
Flux de trésorerie actualisés (DCF):$61.67
Multiple de résultat (P/E):$70.36
Formule de croissance de Graham:$18.88
Valeur de la capacité bénéficiaire (EPV):$22.17
P/B justifié:$10.10
Actualisation des dividendes (Gordon):Données insuffisantes pour le calculer
P/FFO, les fonds provenant de l'exploitation:Données insuffisantes pour le calculer
Bénéfices de milieu de cycle:Données insuffisantes pour le calculer
Multiple sur le chiffre d'affaires:$44.52
Consensus des analystes:Achat fort (8B / 2H / 0S)
Dernière surprise sur les résultats:+53.20%

Indicateurs de valorisation

Ratio P/E

274.48

ROE

5.2%

Ratio P/B

14.01

P/FCF

123.12

Marge brute

93.2%

ROIC

-2.6%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

-2.6%

WACC

8.4%

ROIC − WACC

-10.9 pp

Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.

Critères d'analyse fondamentale

Réussi (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%

Échoué (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

Indisponible (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)

Score F de Piotroski

1/9

Préoccupations financières sérieuses

score
criteria

Qualité des bénéfices

0.24

Qualité faible : examiner la comptabilité

Dilution du capital

-

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Aucune déclaration institutionnelle pour cette entreprise.

Gouvernance

Équipe dirigeante

NomTitreÂge
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

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

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