olivLaw · European equity research
Nicox SA ALCOX.PA
France · Euronext Paris · ISIN FR0013018124 · Vertical: Listed companies from France
Nicox is a French pharmaceutical company focused on developing ophthalmic medicines with a portfolio protected by patents. Its current relevance depends on how long patent protection lasts and on the outcome of opposition proceedings in Europe.
At the close of 05 Nov 2026, Nicox SA (ALCOX.PA) stock was 0.28 EUR (+0.36% on the day), with market capitalisation 105.7 k EUR, beta 0.83, 52-week range 0.28–0.51 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 0.28 – 0.32
- in the lower half of the band · %B 0.11 · band width 13.1%
- SMA 50 / 200
- 0.33 / 0.38
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.2% | −0.6% | −10.5 pp | — |
| 3 months | −26.0% | −4.2% | −21.8 pp | — |
| 6 months | −25.7% | +4.3% | −30.0 pp | — |
| Year to date | −5.2% | +7.5% | −12.7 pp | — |
| 1 year | −13.2% | +9.9% | −23.1 pp | −10.8% |
| 3 years | −38.7% | +49.8% | −88.5 pp | −4.2% |
| 5 years | −91.1% | +42.8% | −133.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 12.9 m | 7.2 m |
| Revenue YoY | unavailable | −44.0% |
| Net income | -18.1 m | -43.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -54.00 | -117.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -140.2% | -605.0% |
| Free cash flow | -5.4 m | -18.5 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 42.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 75.6 m EUR
- Total assets
- 114.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 5.97x
- ROE
- -49.6%
- ROA
- -34.1%
- FCF margin
- -255.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 12.9 m | 7.2 m | esef· 03 May 2022verified |
| Research & development | 12.7 m | 17.9 m | esef· 03 May 2022verified |
| Operating income | -6.8 m | -46.0 m | esef· 03 May 2022verified |
| Interest expense | 12.5 m | 4.9 m | esef· 03 May 2022verified |
| Pre-tax income | -18.1 m | -47.4 m | esef· 03 May 2022verified |
| Income tax | 28.0 k | -3.6 m | esef· 03 May 2022verified |
| Net income | -18.1 m | -43.8 m | esef· 03 May 2022verified |
| Diluted EPS | -54.00 | -117.00 | esef· 03 May 2022verified |
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 47.2 m | 42.0 m | esef· 03 May 2022verified |
| Current assets | 52.5 m | 47.7 m | esef· 03 May 2022verified |
| Property, plant & equipment, net | 1.2 m | 1.0 m | esef· 03 May 2022verified |
| Goodwill | 23.7 m | 25.6 m | esef· 03 May 2022verified |
| Intangibles (excl. goodwill) | 64.8 m | 40.0 m | esef· 03 May 2022verified |
| Total assets | 142.3 m | 114.6 m | esef· 03 May 2022verified |
| Current liabilities | 15.4 m | 8.0 m | esef· 03 May 2022verified |
| Equity | 100.8 m | 75.6 m | esef· 03 May 2022verified |
| Shares outstanding at year end | 335.1 k | 374.0 k | esef· 03 May 2022derived |
Cash flow · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -5.4 m | -18.5 m | esef· 03 May 2022verified |
| Capex | 20.0 k | 8.0 k | esef· 03 May 2022verified |
| Free cash flow | -5.4 m ≈ | -18.5 m ≈ | esef· 03 May 2022derived |
| Investing cash flow | 4.9 m | -175.0 k | esef· 03 May 2022verified |
| Financing cash flow | 19.6 m | 13.4 m | esef· 03 May 2022verified |
| Share repurchases | 633.0 k | -91.0 k | esef· 03 May 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 105.7 k EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -605.0% | 3 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.5x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 6.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -17,498.2% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 86.1% | 100 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NICOX SA (ALCOX.PA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 7.2 m EUR in 2021; YoY growth -44.0%; net margin -605.0%; ROE -49.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.0x
- Shareholder yield (distributions): 86.1%
What contradicts it
- Net margin: -605.0%
- Interest coverage: -9.5x
- FCF yield: -17,498.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ALCOX.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nicox is a French pharmaceutical company focused on developing ophthalmic medicines with a portfolio protected by patents. Its current relevance depends on how long patent protection lasts and on the outcome of opposition proceedings in Europe.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Patent expiryhigh
Expiry of protection for core products could expose the company to increased competition 1.
- Teva oppositionhigh
The outcome of the opposition procedure on the latanoprostene bunod patent is uncertain and could have significant effects 1.
- Trade secret protectionmedium
Disclosure of know-how could reduce the commercial potential of products 1.
- Dependence on key staffmedium
Departure of key executives or scientists could delay product development 1.
- Acquisition risksmedium
Acquisitions and their integration may not deliver the expected benefits 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Outcome of the hearing on the latanoprostene bunod patent2022
- Decision on patent extension for VYZULTA in the United States2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nicox develops and commercializes therapeutic products, especially for ophthalmology, through internal development, licenses and acquisitions of candidate products. Its activity relies heavily on patent protection of its products, as shown in the annual report for the year ended 31 December 2021 1.
The company depends on a small number of key executives and scientists, and its operating structure is relatively lean, so departures from management could delay research and commercialization goals 1.
Nicox has subsidiaries in the United States, including Nicox Ophthalmics, Inc., and its insurance and civil liability cover is organized at group level 1.
Segments
Ophthalmology
Ophthalmic products such as VYZULTA and ZERVIATE form the core of the portfolio, and their patent protection is central to the risks described in the report 1.
Candidates in development
Candidate products NCX 470 and NCX 4251 depend on patents that expire at different times, and their exclusivity period influences commercial prospects 1.
Market context
The ophthalmic products market is competitive, and patent expiry may attract other players to the same segments, especially for products not fully protected 1.
Trends
- Patent expiryheadwind
Expiry of patents on core products could reduce commercial exclusivity if extensions are not obtained 1.
- Patent term extensiontailwind
If extensions of up to five years are granted, product exclusivity could be prolonged 1.
- Patent litigationmixed
The opposition filed by Teva against the European patent for latanoprostene bunod is still ongoing, and its outcome remains uncertain 1.
- Production costsheadwind
Rising manufacturing or raw material costs could affect the company's margin and the prospects of its products 1.
Competitive position
Competition comes from pharmaceutical companies developing similar products or challenging Nicox patents. The report specifically mentions the opposition brought by Teva Pharmaceutical Industries Ltd 1.
Over the longer term, competition could intensify if products are not protected by patents or if trade secrets are disclosed 1.
- Teva Pharmaceutical Industries LtdTEVA
Filed an opposition against the European patent for latanoprostene bunod, with the procedure still pending at the time of the report 1.
- Other ophthalmic producers
The report notes that other players could market similar products after patent protection expires 1.
- Parties challenging patents
Third parties may challenge the validity of patents or develop products that work around the protection 1.
- Companies developing similar products
The risk of counterfeiting and similar products is cited as an important source of competition 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202103 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Nicox SA · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.