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BioArctic AB (publ) (BRCTF)

割高
HealthcareBiotechnologySweden

ファンダメンタル

41

株価

$307.00

時価総額

$28.26B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

競争優位性(moat)

特許・ライセンス · 狭い

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.

需要を左右する要因

ディフェンシブ

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.

主なリスク

  • 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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

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Generated on 2026年9月18日 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.

貸借対照表と流動性

売上高

$1.00B

直近12か月(2026/6/30まで)

純利益

$106M

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$192M

自己資本合計

$1.69B

負債合計

$91M

流動比率

3.99

利払い倍率

-

負債/EBITDA

-

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース割高

適正価値

$222.81

現在株価

$307.00

安全マージン

-37.8%

適正価値レンジ

$144.82 - $300.79

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$317.75
ディスカウンテッド・キャッシュフロー(DCF):$61.67
利益倍率(P/E):$70.36
グレアムの成長公式:$18.88
収益力価値(EPV):$22.17
正当化されたP/B:$10.10
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:算出に必要なデータが不足しています
売上高倍率:$44.52
アナリスト・コンセンサス:強い買い (8B / 2H / 0S)
直近の決算サプライズ:+53.20%

バリュエーション指標

P/E レシオ

274.48

ROE

5.2%

P/B レシオ

14.01

P/FCF

123.12

粗利益率

93.2%

ROIC

-2.6%

収益性レーダー

価値創造(経済的モート)

ROIC

-2.6%

WACC

8.4%

ROIC − WACC

-10.9 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(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%

不合格(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

データなし(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-スコア

1/9

重大な財務上の懸念

score
criteria

利益の質

0.24

低品質:会計処理を調査してください

株式希薄化

-

株式を買い戻している。株主に友好的

機関投資家の保有

この企業について機関投資家の報告はありません。

ガバナンス

経営陣

氏名役職年齢
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

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

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