BioArctic AB (publ) (BRCTF)
POSITIVEFundamental
72
Price
$345.00
Market Cap
$29.39B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Competitive moat
Patents and licences · NarrowBioArctic'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.
What drives demand
DefensiveDemand 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.
Key risks
- 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.
The case for
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.
The case against
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 August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$1.15B
Trailing 12 months (through 3/31/2026)
Net Income
$213M
Trailing 12 months (through 3/31/2026)
Free Cash Flow
$1.26B
Total Equity
$1.84B
Total Liabilities
$41M
Current Ratio
6.54
Interest Coverage
-
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$307.57
Current Price
$345.00
Margin of Safety
-12.2%
Fair Value Range
$199.92 - $415.22
Estimation Methods
Valuation Metrics
P/E Ratio
139.16
ROE
10.3%
P/B Ratio
13.37
P/FCF
19.56
Gross Margin
94.1%
ROIC
22.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
22.1%
WACC
8.0%
ROIC − WACC
+14.1 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (14)
- Price CAGR 31.78%
- ROIC 22.1%
- Gross Margin 94.1%
- P/FCF 19.56
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- ROE 10.4%
- Revenue Growth 5Y 100.1%
- Analyst Consensus 80% Buy
- Earnings Surprise avg 453.0%
- Earnings Quality (OCF/NI) 1.23
- Net Margin Trend 51.1% vs -68.8%
Failed (3)
- P/B Ratio 13.37
- DCF valuation (Fairly valued)
- Piotroski F-Score 2/9
Unavailable (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
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for BRCTF, sourced from Markets Gazette.