olivLaw · European equity research
BIOTON S.A. BIO.WA
Poland · GPW Warszawa · ISIN PLBIOTN00029 · Vertical: Listed companies from Poland
BIOTON S.A. is a Polish pharmaceutical producer focused on recombinant human insulin and its analogues, also active as a contract manufacturer. Its expansion into new registration markets such as Brazil and China is central to its international growth, according to its 2022 annual report.
At the close of 05 Nov 2026, BIOTON S.A. (BIO.WA) stock was 3.51 PLN (+0.14% on the day), with beta 0.25, 52-week range 3.35–4.39 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 3.36 – 3.95
- in the lower half of the band · %B 0.26 · band width 16.3%
- SMA 50 / 200
- 3.70 / 3.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.06
- 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 | −7.8% | +0.4% | −8.1 pp | — |
| 3 months | −8.4% | −3.3% | −5.1 pp | — |
| 6 months | −16.4% | +4.0% | −20.4 pp | — |
| Year to date | −9.1% | +8.1% | −17.2 pp | — |
| 1 year | −17.6% | +10.7% | −28.3 pp | +7.5% |
| 3 years | −6.9% | +50.1% | −57.0 pp | +4.2% |
| 5 years | −25.3% | +43.6% | −68.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2022 |
|---|---|---|---|
| Revenue | 221.8 m | 163.0 m | 233.2 m |
| Revenue YoY | unavailable | −26.5% | +43.0% |
| Net income | 33.9 m | 2.9 m | 1.4 m |
| Net income YoY | unavailable | −91.5% | −50.7% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 15.3% | 1.8% | 0.6% |
| Free cash flow | 37.3 m | -7.4 m | 26.5 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 9.3 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 606.1 m PLN
- Total assets
- 810.3 m PLN
- Debt / equity
- unavailable
- Current ratio
- 1.09x
- ROE
- 0.2%
- ROA
- 0.2%
- FCF margin
- 11.4%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 221.8 m | 163.0 m | 233.2 m | esef· 09 May 2023verified |
| Cost of revenue | 113.7 m | 80.3 m | 126.2 m | esef· 09 May 2023verified |
| Gross profit | 104.7 m | 77.8 m | 95.8 m | esef· 09 May 2023verified |
| Research & development | 4.0 m | 4.7 m | 5.3 m | esef· 09 May 2023verified |
| Operating income | 48.6 m | 14.3 m | 21.3 m | esef· 09 May 2023verified |
| Interest expense | 8.1 m | 6.0 m | 16.3 m | esef· 09 May 2023verified |
| Pre-tax income | 41.6 m | 8.3 m | 5.0 m | esef· 09 May 2023verified |
| Income tax | 7.7 m | 5.4 m | 3.5 m | esef· 09 May 2023verified |
| Net income | 33.9 m | 2.9 m | 1.4 m | esef· 09 May 2023verified |
| Weighted average diluted shares | 85.9 bn | 85.9 bn | 85.9 bn | esef· 09 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 22.2 m | 8.9 m | 9.3 m | esef· 09 May 2023verified |
| Receivables | 37.9 m | 39.1 m | 31.4 m | esef· 09 May 2023verified |
| Inventories | 90.0 m | 125.1 m | 111.0 m | esef· 09 May 2023verified |
| Current assets | 151.3 m | 174.7 m | 153.1 m | esef· 09 May 2023verified |
| Property, plant & equipment, net | 310.0 m | 286.6 m | 275.1 m | esef· 09 May 2023verified |
| Intangibles (excl. goodwill) | 370.2 m | 362.2 m | 363.0 m | esef· 09 May 2023verified |
| Total assets | 867.1 m | 848.1 m | 810.3 m | esef· 09 May 2023verified |
| Current liabilities | 157.3 m | 166.1 m | 141.1 m | esef· 09 May 2023verified |
| Equity | 619.6 m | 604.5 m | 606.1 m | esef· 09 May 2023verified |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 41.9 m | 5.5 m | 56.1 m | esef· 09 May 2023verified |
| Capex | 4.7 m | 12.9 m | 29.6 m | esef· 09 May 2023verified |
| Free cash flow | 37.3 m ≈ | -7.4 m ≈ | 26.5 m ≈ | esef· 09 May 2023derived |
| Investing cash flow | -4.7 m | -4.3 m | -29.1 m | esef· 09 May 2023verified |
| Financing cash flow | -22.2 m | -14.6 m | -26.5 m | esef· 09 May 2023verified |
≈ 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: 4 of at least 6
- score weight coverage: 22.9% 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: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.6% | 26 (vs peers) | 27% |
| FCF conversion · Quality | 1,865.2% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
BIOTON S.A. (BIO.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 233.2 m PLN in 2022; YoY growth 43.0%; net margin 0.6%; ROE 0.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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
- FCF conversion: 1,865.2%
What contradicts it
- Net margin: 0.6%
- Interest coverage: 1.3x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · 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 | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for BIO.WA 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
Scenarios are not available. input data missing
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
BIOTON S.A. is a Polish pharmaceutical producer focused on recombinant human insulin and its analogues, also active as a contract manufacturer. Its expansion into new registration markets such as Brazil and China is central to its international growth, according to its 2022 annual report 1.
SWOT
Strengths
- A portfolio centred on recombinant human insulin, with registrations already obtained in certain markets.
- A clear accounting policy separating research from development, with documented criteria.
- Production and laboratory infrastructure that could support registrations and contract manufacturing.
Weaknesses
- Dependence on a limited number of core products makes revenue sensitive to changes in target markets.
- Additional registration requirements could extend project timelines and increase costs.
- Capitalisation of costs depends on internal probability judgements that may be revised.
Opportunities
- Mutual recognition of approvals could ease entry into new markets.
- Contract manufacturing could diversify income sources if capacity is expanded.
- Biosimilar development could offer new products where reference products already exist on the market.
Threats
- Refusal or delay of registrations in certain countries could affect the growth timeline.
- Competitive pressure could reduce prices and margins if rivals obtain registrations faster.
- Regulatory changes could alter the requirements for registration dossiers.
Risks
- Registration delayshigh
If authorities request additional tests, launches in new markets could be postponed, affecting expected revenue 1.
- Write-down risk on capitalised costsmedium
If the commercial probability of a project falls below the internal threshold, capitalised costs might have to be expensed 1.
- Concentration on insulinmedium
Dependence on recombinant human insulin could expose the company to price pressure and changes in health policy.
- Execution of contract manufacturingmedium
If GMP certification or capacity is not extended in time, the intention to produce for third parties could remain unrealised 1.
- Currency and market exposurelow
Activity across several international markets could be affected by currency fluctuations and local economic conditions.
Investment thesis
What would need to be true (bull case)
- If registrations in Brazil and other markets are completed on the targeted timeline, revenue from recombinant human insulin could rise significantly 1.
- Mutual recognition of approvals could shorten launch time in new markets, supporting international expansion 1.
- If contract manufacturing expands, the group could use existing infrastructure to generate additional revenue.
What would break the thesis
- If authorities impose additional tests, registrations could be delayed and costs could rise more than estimated 1.
- If the commercial probability of some projects falls, capitalised expenses could weigh on reported results 1.
- Dependence on a small number of products could make the company vulnerable to competitive and price pressure.
What to watch
- Completion of recombinant human insulin registration in Brazil2023
- Revenue development in China following registration of the larger production scale2023
- Decisions on capitalising development costs for biosimilar projectsnext annual report
- Progress on expanding capacity for contract manufacturing2023
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
The group conducts pharmaceutical activity and, according to its annual report for the year ended 31 December 2022, builds its portfolio through in-house product development. The parent consolidates subsidiaries and associates using full consolidation and the equity method 1. The group also intends to act as a contract manufacturer for markets worldwide 1.
The core activity concerns recombinant human insulin (RHI) and human insulin analogues, which are subject to separate development programmes. The group divides development spending into three types: product registrations, process registrations and development of biosimilar medicines 1. Capitalising costs depends on the commercial probability of each project, as assessed by management 1.
The group's accounting policy separates research, which is expensed as incurred, from development, which may be capitalised if IAS 38 criteria are met 1. The group set its internal probability threshold for capitalisation at not less than 50% 1.
Segments
Recombinant human insulin (RHI)
The main segment is built on recombinant human insulin. The group seeks registration in new markets, including Brazil, where the process was ongoing, and China, where registration was completed for a larger production scale 1.
Insulin analogues and biosimilar medicines
The group develops human insulin analogues and biosimilar medicines, with costs treated according to project type and commercial probability 1. For projects with high registration probability, management considers the criteria met 1.
Contract manufacturing
The group has stated an intention to operate as a contract manufacturer for markets worldwide, which could extend its revenue base beyond its own products 1.
Market context
According to the annual report, the target market includes several countries where registration of recombinant human insulin and analogues is in progress, and tracking large markets with a rising trend is a key criterion for capitalising costs 1. Access to new markets depends on regulatory requirements and local authority decisions 1.
Management considers that authorities in target markets rarely refuse approval of medicines already authorised elsewhere, suggesting a relatively predictable but demanding expansion route with additional dossier and testing requirements 1.
Trends
- Mutual recognition of registrationstailwind
Management cites mutual recognition between authorities and past experience showing that new medicines approved in other countries are rarely refused, which could speed up registrations in new markets 1.
- Additional registration requirementsheadwind
Authorities request dossier extensions, stability tests in certain climates and multi-phase clinical studies, which could lengthen timelines and raise development costs 1.
- Capitalisation of development costsmixed
Internal probability criteria could move spending from the balance sheet to profit and loss if commercialisation of a project becomes uncertain, which would affect reported profitability 1.
- Contract manufacturing modelmixed
An intention to produce for third parties on global markets could diversify revenue, but depends on production capacity and GMP certification 1.
Competitive position
The supplied sources do not describe competitors in detail. Development reports focus on the company's own registrations and internal evaluation criteria, without naming other insulin producers 1.
Positioning against competitors may depend on speed of registration in new markets, access to laboratories and production capacity, aspects management names as factors in project evaluation 1.
- Recombinant human insulin producers
Direct competitors are not identified in the supplied sources and should be checked separately.
- Insulin analogue producers
The sources do not name competitors for the analogues developed by the group.
- Biosimilar medicine producers
Competition in the biosimilar area is not detailed in the annual report provided.
- Contract development and manufacturing organisations
The group's intention to produce for third parties could place it in competition with contract suppliers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202209 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / BIOTON S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.