BioArctic AB (publ) (BRCTF)
SuperavaliadaFundamental
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 · EstreitaBioArctic'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
DefensivoDemand 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
Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users
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 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'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'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.
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
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
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
Preocupações financeiras graves
Qualidade dos Resultados
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
| Nome | Cargo | Idade |
|---|---|---|
| Dr. Gunilla Osswald Ph.D. | President & CEO | 64 |
| Dr. Pär Gellerfors | Co-Founder & Senior VP of Business Strategy | 78 |
| Prof. Lars Lannfelt | Co-Founder, Senior VP of Medical science & Director | 76 |
| Mr. Anders Martin-Lof M.B.A., M.Sc. | Secretary of the Board & CFO | 54 |
| Mr. Per-Ola Freskgard | Chief Scientific Officer | - |
| Mr. Oskar Bosson | VP and Head of IR & Communication | 49 |
| Ms. Emilie Ankarcrona Smith | General Counsel and Head of Legal & IP | 44 |
| Mr. Harald Borgeke | Head of Public Affairs | - |
| Ms. Frida Lekander | Head of Marketing | - |
| Ms. Rebecca Kastell | VP & Head of HR | 47 |
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.
Latest News
Recent headlines for BRCTF, sourced from Markets Gazette.