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Swedish biotech researching Alzheimer's disease treatments, partnered with Eisai on the approved drug lecanemab (Leqembi).
Swedish biotech researching Alzheimer's disease treatments, partnered with Eisai on the approved drug lecanemab (Leqembi).
Earns royalties on sales of Leqembi, which Eisai develops and markets, plus milestone payments as the drug reaches new markets, so BioArctic books the income without needing a global sales force. Eisai's approvals and commercial execution are therefore the main driver.
In one line: A partnered Alzheimer's biotech with no direct large US peer (closest: Denali Therapeutics.
Moat: narrow (IP / patents). Foundational antibody research and royalty rights on an approved Alzheimer's drug, though dependent on partner Eisai's commercialization.
Headquarters: Stockholm, Sweden · Founded: 2003 · Employees: 131
Size BioArctic (BIOA-B.ST) is a Sweden Health Care company (Pharmaceuticals: Major) with a market value of $2.78B, the 63rd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 307.20 on 6 Nov 2026.
Performance Over six months the shares fell 3.1%, against -3.0% for the median peer and +8.2% for the Sweden market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 46.1% over the last twelve months (peer median +16.5%); the operating margin is 22.1% (peer median 8.4%).
Valuation It trades at 53.4× forward earnings against a peer median of 40.8× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +100%, so the hurdle is -74 pp: the price already allows for a slowdown.
Next results Next results expected around 25 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 1.00B | SEK 2.00B | SEK 257M | SEK 616M | SEK 228M |
| Revenue growth | — | +677% | -58% | +170% | — |
| Gross profit | SEK 944M | SEK 1.94B | SEK 206M | SEK 346M | SEK 65.0M |
| EBITDA | n/a | SEK 1.40B | -SEK 205M | SEK 275M | SEK 5.30M |
| Net income | SEK 106M | SEK 1.02B | -SEK 177M | SEK 229M | -SEK 11.2M |
| Free cash flow | n/a | SEK 1.42B | -SEK 343M | SEK 302M | -SEK 44.4M |
| Capital expenditure | n/a | SEK 10.2M | SEK 26.6M | SEK 7.44M | SEK 12.7M |
| Total debt | SEK 90.6M | SEK 44.1M | SEK 54.2M | SEK 4.98M | SEK 10.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BioArctic BIOA-B.ST | $2.78B | -3% | -46% | 22% | 53.4× | 25.7% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Biogen BIIB | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% |
| Denali Therapeutics DNLI | $3.22B | +2% | n/a | -2,488% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BIOA-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +1.2% | 7th highest of 21 |
| 6-month return | -3.1% | -3.0% | 11th highest of 21 |
| Distance from 52-week high | -15.7% | -24.7% | 6th highest of 21 |
| Revenue growth (TTM) | -46.1% | +16.5% | 3rd lowest of 20 |
| Operating margin | 22.1% | 8.4% | 5th highest of 20 |
| Forward P/E | 53.4× | 40.8× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 25.7% | 32.7% | 7th least demanding of 13 |
| Growth delivered (Del g) | +100.1% | +10.5% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -74.3 pp | +6.6 pp | 2nd least demanding of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BioArctic BIOA-B.ST | Sweden | $2.78B | -3% | -46% | 22% | 53.4× | 25.7% | +100.1% |
| Kangmei Pharmaceutical 600518.SS | China | $2.77B | -22% | -6% | -7% | n/a | n/a | n/a |
| InSilico Medicine Cayman TopCo 3696.HK | Hong Kong | $2.80B | -43% | +153% | -7% | 100.0× | 42.1% | +22.9% |
| Vericel VCEL | United States | $2.80B | +63% | +23% | 6% | 76.2× | 50.7% | +17.3% |
| Almirall ALM.MC | Spain | $2.74B | -2% | +24% | 8% | 30.6× | 7.3% | +6.5% |
| Acrobiosystems 301080.SZ | China | $2.72B | +95% | +29% | 17% | 64.9× | 45.0% | +27.7% |
| Joincare Pharmaceutical Group Industry 600380.SS | China | $2.86B | -4% | -12% | 18% | 15.6× | -13.1% | +2.4% |
| Yili Chuanning Biotechnology 301301.SZ | China | $2.70B | -20% | -14% | 16% | 26.3× | 4.6% | +4.8% |
| Neuland Laboratories NEULANDLAB.NS | India | $2.68B | +14% | +50% | 26% | 54.3× | n/a | n/a |
| Sam Chun Dang Pharm 000250.KS | South Korea | $2.91B | -59% | +21% | 7% | n/a | n/a | n/a |
| Regencell Bioscience RGC | United States | $2.61B | -82% | n/a | n/a | n/a | n/a | n/a |
| HUTCHMED (China) 0013.HK | Hong Kong | $2.58B | +9% | -9% | -6% | 40.8× | 49.9% | +19.3% |
| Betta Pharmaceuticals 300558.SZ | China | $3.01B | -9% | +16% | 11% | 44.2× | 25.2% | +14.0% |
| IDEAYA Biosciences IDYA | United States | $3.02B | +10% | -83% | -1,267% | n/a | n/a | n/a |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| Keymed Biosciences 2162.HK | Hong Kong | $2.48B | -6% | 0% | -73% | 18.6× | n/a | n/a |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |