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BioArctic AB (publ) (BRCTF)

POSITIVE
HealthcareBiotechnologySweden

Fundamental

72

Precio

$345.00

Capitalización Bursátil

$29.39B

Parte 1 · Cuánto vale la empresa

Resumen

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.

Cómo genera ingresos

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.

Ventaja competitiva

Patentes y licencias · Estrecha

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.

Qué impulsa la demanda

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.

Riesgos clave

  • 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.

Los 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.

Los argumentos en 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

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Balance y Liquidez

Ingresos

$1.15B

Últimos 12 meses (hasta 31/3/2026)

Beneficio Neto

$213M

Últimos 12 meses (hasta 31/3/2026)

Flujo de Caja Libre

$1.26B

Patrimonio Neto Total

$1.84B

Pasivo Total

$41M

Ratio de Liquidez

6.54

Cobertura de Intereses

-

Deuda/EBITDA

-

Beneficio Por Acción

Ingresos y Beneficio Neto

Flujo de Caja Libre

Desglose de Ingresos

Estado histórico

Márgenes en el tiempo

La deuda en el tiempo

Cuánto pesa la deuda

Cuadro de crecimiento

Crecimiento — Ingresos

Estimación de Valor Justo

Valoración Justa

Valor Justo

$307.57

Precio Actual

$345.00

Margen de Seguridad

-12.2%

Rango de Valor Justo

$199.92 - $415.22

Métodos de Estimación

Analyst Target:$316.75
DCF:$433.66
PE-based:$166.83
Graham Growth:$38.75
EPV:$43.93
Consenso de Analistas:Compra Fuerte (8B / 2H / 0S)
Última Sorpresa de Resultados:+1780.73%

Métricas de Valoración

Ratio P/E

139.16

ROE

10.3%

Ratio P/B

13.37

P/FCF

19.56

Margen Bruto

94.1%

ROIC

22.1%

Radar de Rentabilidad

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.

Criterios de Análisis Fundamental

Superado (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%

Fallido (3)

  • P/B Ratio 13.37
  • DCF valuation (Fairly valued)
  • Piotroski F-Score 2/9

No disponible (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

2/9

Preocupaciones financieras graves

score
criteria

Calidad de los Beneficios

1.23

Alta calidad: beneficios respaldados por efectivo

Dilución de Acciones

-

Recomprando acciones. Favorable para el accionista

Gobernanza

Equipo Directivo

NombreCargoEdad
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 · El precio y el momento de entrar

Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.

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