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Spanish biotech developing marine-derived oncology drugs, including approved treatments Yondelis and Zepzelca.
Spanish biotech developing marine-derived oncology drugs, including approved treatments Yondelis and Zepzelca.
Sells Yondelis itself through its own oncology sales force in Europe, while for Zepzelca it relies on partner Jazz Pharmaceuticals in the US, so much of its income is licence fees, milestone payments and supply to partners rather than its own selling. It also holds a separate RNA-interference research business.
In one line: A smaller, marine-natural-products oncology biotech.
Moat: narrow (IP / patents, process know-how). Proprietary marine-compound discovery platform and patents on approved oncology drugs.
Headquarters: Madrid, Spain · Founded: 1986
Size Pharma Mar (PHM.MC) is a Spain Health Care company (Pharmaceuticals: Other) with a market value of $1.30B, the 64th largest of 97 Spain companies the cockpit tracks. Shares closed at €65.40 on 6 Nov 2026.
Performance Over six months the shares fell 33.0%, against -9.0% for the median peer and +8.2% for the Spain market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 32.4% over the last twelve months (peer median +9.6%); the operating margin is 18.7% (peer median 14.8%).
Valuation It trades at 37.7× forward earnings against a peer median of 19.9× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 17.3 points above its cost of capital (8.2% WACC).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €237M | €221M | €175M | €158M | €196M |
| Revenue growth | — | +27% | +11% | -19% | — |
| Gross profit | €213M | €201M | €160M | €145M | €179M |
| EBITDA | €52.7M | €48.3M | €9.34M | €406,000 | €48.2M |
| Net income | €68.4M | €75.0M | €26.1M | €1.14M | €49.4M |
| Free cash flow | €44.4M | €46.7M | -€8.99M | -€29.4M | €29.5M |
| Capital expenditure | €8.39M | €9.38M | €15.5M | €16.0M | €8.85M |
| Total debt | €70.1M | €49.4M | €50.9M | €43.4M | €42.4M |
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 |
|---|---|---|---|---|---|---|
| Pharma Mar PHM.MC | $1.30B | -33% | +32% | 19% | 37.7× | 11.4% |
| Jazz Pharmaceuticals Public JAZZ | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% |
| PharmaEssentia 6446.TW | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% |
| Ipsen IPN.PA | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% |
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 | PHM.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.7% | +0.3% | 9th lowest of 21 |
| 6-month return | -33.0% | -9.0% | 3rd lowest of 21 |
| Distance from 52-week high | -37.8% | -24.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +32.4% | +9.6% | 3rd highest of 21 |
| Operating margin | 18.7% | 14.8% | 7th highest of 20 |
| Forward P/E | 37.7× | 19.9× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 11.4% | 2.8% | 4th most demanding of 17 |
| Growth delivered (Del g) | -3.9% | +10.5% | lowest of 17 |
| Hurdle (Req g minus delivered) | +15.3 pp | -8.4 pp | most demanding of 17 |
| ROIC minus cost of capital | +17.3 pp | +2.7 pp | 4th highest of 20 |
| EV / EBITDA | 20.0× | 16.1× | 5th most expensive of 11 |
| Net debt / EBITDA | -2.0× | -0.1× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pharma Mar PHM.MC | Spain | $1.30B | -33% | +32% | 19% | 37.7× | 11.4% | -3.9% |
| Cronos CRON.TO | Canada | $1.34B | +45% | +36% | -2% | 15.6× | 2.1% | +26.7% |
| BioGaia BIOG-B.ST | Sweden | $1.26B | -7% | +13% | 28% | 30.1× | 0.9% | +15.5% |
| Jamieson Wellness JWEL.TO | Canada | $1.35B | +35% | +15% | 15% | 21.2× | 11.0% | +15.3% |
| Sudeep Pharma SUDEEPPHRM.NS | India | $1.41B | +75% | +27% | 33% | 67.7× | n/a | n/a |
| HBM 2142.HK | Hong Kong | $1.18B | -23% | +55% | 44% | 12.4× | 14.1% | +62.3% |
| Guilin Sanjin Pharmaceutical 002275.SZ | China | $1.53B | +27% | -3% | 24% | 18.6× | -2.2% | +5.5% |
| Bora Pharmaceuticals 6472.TW | Taiwan | $1.55B | -2% | -6% | 15% | 14.2× | 4.5% | +60.2% |
| Shandong Xinhua Pharmaceutical 0719.HK | Hong Kong | $1.09B | -11% | -1% | 4% | 6.8× | -2.0% | +7.1% |
| Zhejiang Medicine 600216.SS | China | $1.61B | -23% | -6% | 7% | 11.3× | -6.7% | +3.9% |
| Tibet Cheezheng Tibetan Medicine 002287.SZ | China | $1.66B | -15% | -7% | 28% | n/a | -1.1% | +10.4% |
| Applied Nutrition APN.L | United Kingdom | $1.01B | +42% | +24% | n/a | 24.2× | n/a | n/a |
| New Journey Health Technology Group Co., Ltd.Class A 002219.SZ | China | $999M | -16% | -14% | 8% | 193.0× | n/a | n/a |
| Sihuan Pharmaceutical 0460.HK | Hong Kong | $952M | -35% | +30% | 15% | 9.7× | n/a | n/a |
| TSI 603262.SS | China | $909M | -41% | +3% | 14% | 51.5× | 25.8% | +13.4% |
| Porton Pharma Solutions 300363.SZ | China | $1.92B | +14% | +6% | -2% | n/a | 5.3% | +10.4% |
| China Meheco 600056.SS | China | $2.00B | -14% | +2% | 3% | n/a | -0.8% | -2.1% |
| Health and Happiness (H&H) International 1112.HK | Hong Kong | $2.05B | +70% | +24% | 16% | 12.6× | -3.0% | +4.4% |
| Granules India GRANULES.NS | India | $2.10B | +8% | +22% | 17% | 24.9× | 23.5% | +10.6% |
| PharmaNutra PHN.MI | Italy | $808M | -18% | +18% | 21% | 29.6× | 4.0% | +18.5% |
| Tianjin Tianyao Pharmaceuticals 600488.SS | China | $801M | -14% | -12% | 3% | n/a | 3.6% | -1.3% |