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BioArctic AB (publ) (BRCTF)

Superavaliada
HealthcareBiotechnologySweden

Fundamental

41

Preço

$310.40

Capitalização de Mercado

$28.26B

Parte 1 · Quanto vale a empresa

Visão Geral

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.

Como gera receita

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.

Vantagem competitiva

Patentes e licenças · Estreita

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.

O que impulsiona a procura

Defensivo

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.

Principais riscos

  • 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.

Os argumentos a favor

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.

Os argumentos contra

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 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de setembro de 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.

Balanço & Liquidez

Receita

$1.00B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$106M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$192M

Capital Próprio Total

$1.69B

Passivo Total

$91M

Rácio de Liquidez

3.99

Cobertura de Juros

-

Dívida/EBITDA

-

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Caso geralSobrevalorizada

Valor Justo

$222.81

Preço Atual

$310.40

Margem de Segurança

-39.3%

Intervalo de Valor Justo

$144.82 - $300.79

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$317.75
Fluxo de caixa descontado (DCF):$61.67
Multiplicador de lucros (P/E):$70.36
Fórmula de crescimento de Graham:$18.88
Valor da capacidade de gerar lucro (EPV):$22.17
P/B justificado:$10.10
Desconto de dividendos (Gordon):Dados insuficientes para o calcular
P/FFO, fundos de operações:Dados insuficientes para o calcular
Lucros de meio de ciclo:Dados insuficientes para o calcular
Multiplicador sobre as receitas:$44.52
Consenso dos Analistas:Compra Forte (8B / 2H / 0S)
Última Surpresa de Resultados:+53.20%

Métricas de Avaliação

Rácio P/E

274.48

ROE

5.2%

Rácio P/B

14.01

P/FCF

123.12

Margem Bruta

93.2%

ROIC

-2.6%

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

-2.6%

WACC

8.4%

ROIC − WACC

-10.9 pp

O ROIC está abaixo do custo do capital — a empresa está a destruir valor a cada dólar investido.

Critérios de Análise Fundamental

Aprovado (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%

Reprovado (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

Indisponível (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

Preocupações financeiras graves

score
criteria

Qualidade dos Resultados

0.24

Baixa qualidade: investigar a contabilidade

Diluição de Ações

-

A recomprar ações. Favorável ao acionista

Participações institucionais

Não há declarações institucionais para esta empresa.

Governação

Equipa Executiva

NomeCargoIdade
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

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

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