olivLaw · European equity research
EQL Pharma AB EQL.ST
Sweden · Nasdaq Stockholm · ISIN SE0005497732 · Vertical: Listed companies from Sweden
EQL Pharma AB develops, in-licenses and sells niche generic medicines, products with little or no competition beyond the original, mainly in the Nordics and, since 2021, in other European countries. The company has set an ambitious target for revenue growth over fiscal 2024/2025 to 2028/2029, and its portfolio includes 46 approved and marketed products.
At the close of 05 Nov 2026, EQL Pharma AB (EQL.ST) stock was 26.00 SEK (+14.29% on the day), with market capitalisation 776.2 m SEK, P/E 61.9 on diluted EPS of 0.42 SEK over the last 12 months, beta 0.71, 52-week range 19.10–66.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 72.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 17.77 – 24.65
- above the upper band · %B 1.20 · band width 32.4%
- SMA 50 / 200
- 23.37 / 35.78
- mixed trend
- MACD (12, 26, 9)
- -0.19 / -0.81
- MACD above 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 | +11.8% | −0.6% | +12.5 pp | — |
| 3 months | +19.8% | −4.2% | +24.0 pp | — |
| 6 months | −51.1% | +4.3% | −55.5 pp | — |
| Year to date | −55.0% | +7.5% | −62.5 pp | — |
| 1 year | −52.7% | +9.9% | −62.6 pp | −8.5% |
| 3 years | unavailable | +49.8% | unavailable | +12.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 49.3, median 89.4, max 129.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 264.2 m | 373.5 m | 432.7 m |
| Revenue YoY | unavailable | +41.4% | +15.8% |
| Net income | 22.7 m | 43.1 m | 12.5 m |
| Net income YoY | unavailable | +89.9% | −70.9% |
| Diluted EPS | 0.76 | 1.44 | 0.42 |
| Diluted EPS YoY | unavailable | +89.5% | −70.8% |
| net % | 8.6% | 11.5% | 2.9% |
| Free cash flow | -12.4 m | -30.8 m | 22.9 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 86.8 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 267.1 m SEK
- Total assets
- 850.9 m SEK
- Debt / equity
- unavailable
- Current ratio
- 1.92x
- ROE
- 5.1%
- ROA
- 1.5%
- FCF margin
- 5.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 264.2 m | 373.5 m | 432.7 m | esef· 28 Oct 2026verified |
| Cost of revenue | 149.1 m | 217.6 m | 269.8 m | esef· 28 Oct 2026verified |
| Gross profit | 115.0 m | 156.0 m | 162.8 m | esef· 28 Oct 2026verified |
| Research & development | 12.1 m | 11.3 m | 14.3 m | esef· 28 Oct 2026verified |
| Operating income | 32.6 m | 67.4 m | 48.7 m | esef· 28 Oct 2026verified |
| Interest expense | — | 13.0 m | 30.5 m | esef· 28 Oct 2026verified |
| Pre-tax income | 28.6 m | 54.4 m | 18.2 m | esef· 28 Oct 2026verified |
| Income tax | 5.9 m | 11.2 m | 5.7 m | esef· 28 Oct 2026verified |
| Net income | 22.7 m | 43.1 m | 12.5 m | esef· 28 Oct 2026verified |
| Diluted EPS | 0.76 | 1.44 | 0.42 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.5 m | 82.4 m | 86.8 m | esef· 28 Oct 2026verified |
| Current assets | 197.8 m | 400.3 m | 403.9 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 2.7 m | 6.3 m | 5.9 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 173.3 m | 402.2 m | 441.1 m | esef· 28 Oct 2026verified |
| Total assets | 373.8 m | 808.8 m | 850.9 m | esef· 28 Oct 2026verified |
| Current liabilities | 162.1 m | 221.0 m | 210.2 m | esef· 28 Oct 2026verified |
| Equity | 177.7 m | 221.0 m | 267.1 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 29.1 m | 29.1 m | 29.9 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.4 m | -24.7 m | 28.4 m | esef· 28 Oct 2026verified |
| Capex | 926.0 k | 6.1 m | 5.4 m | esef· 28 Oct 2026verified |
| Free cash flow | -12.4 m ≈ | -30.8 m ≈ | 22.9 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -66.3 m | -245.8 m | -67.2 m | esef· 28 Oct 2026verified |
| Financing cash flow | 53.7 m | 332.4 m | 43.2 m | esef· 28 Oct 2026verified |
≈ 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 776.2 m SEK
Key indicators
Coverage and freshness
Score by group
42% · 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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.9% | 33 (vs peers) | 15% |
| FCF conversion · Quality | 182.8% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 1 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.9x | 93 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 61.9x | 4 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 37 (on a fixed band) | 20% |
| 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 sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation19/100 · 2/3 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
EQL Pharma AB (EQL.ST). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 432.7 m SEK in 2026; YoY growth 15.8%; net margin 2.9%; ROE 5.1%.
The estimated value range is 6.52–14.19 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.94 SEK, the price of 26.00 SEK leaves a potential of -65.6% (value / price − 1) and a margin of safety of -191.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 182.8%
- Current ratio: 1.9x
What contradicts it
- Interest coverage: 1.6x
- P/E (TTM): 61.9x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for EQL.ST 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 (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16.99 Total return -35% · Per year -35% | 29.90 Total return 15% · Per year 15% | 44.85 Total return 72% · Per year 72% |
| 3 years | 20.15 Total return -22% · Per year -8% | 39.54 Total return 52% · Per year 15% | 64.58 Total return 148% · Per year 35% |
| 5 years | 23.90 Total return -8% · Per year -2% | 52.30 Total return 101% · Per year 15% | 93.00 Total return 258% · Per year 29% |
- Exit P/E± 9.89
- Net margin± 6.92
- Annual revenue growth± 5.16
- Annual dilution± 0.58
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
EQL Pharma AB develops, in-licenses and sells niche generic medicines, products with little or no competition beyond the original, mainly in the Nordics and, since 2021, in other European countries. The company has set an ambitious target for revenue growth over fiscal 2024/2025 to 2028/2029, and its portfolio includes 46 approved and marketed products 1.
SWOT
Strengths
- A consistent portfolio of approved products, a clear niche strategy and limited competition in the targeted segments 1.
- An outsourcing model that allows a lean cost structure and relatively fast product development 1.
- A record of rapid growth and an EBITDA margin that reached the planned target at the end of the reported period 1.
Weaknesses
Opportunities
- A growing share of public hospital tenders could open larger volumes for existing products 1.
- Expansion through partnerships in other European countries and regions could make use of already approved products 1.
- An extended pipeline of products in development could support revenue growth over the medium term 1.
Threats
Risks
- Dependence on third partieshigh
Production, clinical development and distribution depend on external partners, and problems at those partners could delay deliveries or launches 1.
- Competition in tendersmedium
Lowest-price tender systems could push margins down if several suppliers enter the same market 1.
- Development costsmedium
Investment in new products is capital-intensive, and revenue must grow enough to justify it 1.
- Compliance and authorisationsmedium
Inspections and GMP, GDP and FMD requirements could lead to sanctions or withdrawal of authorisations if standards are not met 1.
- Ambitious growth targetsmedium
The five-year target of 30 percent annual growth is demanding and could be hard to reach if launches are delayed or new markets grow more slowly 1.
Investment thesis
What would need to be true (bull case)
- If the niche portfolio keeps expanding and hospital sales grow in share, the company could reach margins and growth in line with its stated objectives 1.
- A model with low costs through outsourcing and limited competition in niches could support profitability even as the company expands in Europe 1.
- The pipeline of products in development could become a growth engine if more products move from development into launch 1.
What would break the thesis
- If originals or other generics manage to enter the same niches, pricing pressure could reduce margins and slow growth 1.
- Dependence on external partners for production and development could cause delays or quality problems that affect results 1.
- The 30 percent annual growth target is ambitious, and if launches or new markets do not materialise, reaching it could be postponed or fail 1.
What to watch
- Trend in the EBITDA margin against the 25 percent target and whether it stabilises above that levelnext annual report
- Number of products approved and launched from the pipeline, including those in the development phase2026
- Share of sales to hospitals and results of public tendersnext annual report
- Progress of European expansion and of agreements with partners in other countries2026
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
According to the annual report for the year ended 31 March 2025, EQL Pharma focuses on niche generics, meaning medicines with little or no competition beyond the original product, because these have small global sales but comparatively larger sales in one country or region 1. The company applies a backward-looking approach based on old patent expiries and seeks products with stable demand and predictable prices 1. The portfolio includes 46 approved and marketed products, and the pipeline added 20 new products in fiscal 2024/2025 1.
The operating model relies on outsourcing: clinical development, production, storage and distribution are carried out by partners in Sweden, Europe, India and Asia, and the company does not maintain a large internal sales organisation 1. Products are delivered to distribution partners directly from the contract manufacturer, so the company avoids holding its own stock, although inventory responsibility stays with EQL until the customer buys the goods 1. Authorisations including GMP, GDP and import or repackaging permits are maintained through regular inspections by authorities 1.
The five-year strategic target is annual revenue growth of 30 percent (CAGR), with the EBITDA margin stabilised at 25 percent and then kept above that level, and a leverage ceiling of 4.0 times EBITDA with the aim of approaching 2.5 1. Management reported that the EBITDA margin reached 25 percent at the end of the period and that average growth was 41 percent over the latest four years 1.
Segments
Nordic pharmacy market
Sales to pharmacies take place under the company's own brand in Sweden, Denmark, Norway and Finland, and in Iceland, the United Kingdom, Germany, Poland and other countries through partners 1. The company expects the pharmacy market to remain a major part of growth over the next five years 1.
European expansion
Expansion in Europe, started in 2021, uses existing products with potential in additional markets and partnerships, especially where lowest-price systems favour generic entry 1. The company has already signed agreements for future sales in several countries, including in the Middle East and Turkey 1.
Market context
The company operates in open generic markets where price and logistics are decisive, and its strategy involves marginal price adjustments below the original to capture a reasonable share of annual sales 1. It considers that for niche products the number of competitors remains small, typically three to four suppliers per market, which can allow other players a share at reasonable prices and margins 1.
The original product keeps an advantage through brand recognition and patient trust, but the price gap can persuade some consumers to switch to generics 1. The company has built this effect into its sales calculations, and penetration can be supported by public tenders and subsidy systems 1.
Trends
- Public hospital tenderstailwind
The shift toward public tenders and lowest-price systems increases the importance of hospital sales, where the company already has a direct presence 1.
- European expansion through partnershipstailwind
Extension into other European countries has already started and relies on agreements with local partners, which opens access to new markets without an own sales network 1.
- Ongoing portfolio investmentmixed
Developing new products is capital-intensive, but the company expects sales revenue to grow at the same or a faster pace than the spending 1.
- Strict authorisation and traceability rulesmixed
GMP, GDP and FMD requirements call for periodic inspections and strict procedures, which raises compliance costs but limits the risk of business interruption 1.
Competitive position
Competition in niche generics is lower than in ordinary generics, because products are often developed in-house and a new entrant must develop and manufacture them itself 1. The company nevertheless assumes prudently that at least one competitor will establish itself for each original and that a small number of suppliers can cover the market 1.
Original manufacturers and larger generic companies, which can acquire licences for products already developed, are the main sources of competition, and the pressure depends on their interest in niches 1. The company considers entry barriers higher for niches than for ordinary generics 1.
- Originator pharmaceutical companies
Original products benefit from brand recognition and patient trust and remain the main competitors in each niche 1.
- Larger generic companies
Larger generic companies can enter niches through licensing or acquisition of products, although the company notes that interesting niches are rarely available as finished products 1.
- Other generic developers of the same products
Some competitors follow a forward-looking strategy aimed at future patent expiries, which can lead to simultaneous competition on the same products 1.
- Suppliers through other distribution partners
Competition may also come from other distributors and partners selling similar products in markets where EQL is present through distribution agreements 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202628 Oct 2026
- Annual report 202526 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-03-31 (ESEF) · SEC / EQL Pharma AB · 31 Mar 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.