olivLaw · European equity research
Hyloris Pharmaceuticals HYL.BR
Belgium · Euronext Brussels · ISIN BE0974363955 · Vertical: Listed companies from Belgium
Hyloris Pharmaceuticals develops reformulated and repositioned medicines starting from approved molecules, using a regulatory route aimed at more economical and faster development. Its pipeline reached the target of 30 products and candidates in fiscal 2025, and the company focuses on the US market, where several filings are expected in the coming period.
At the close of 05 Nov 2026, Hyloris Pharmaceuticals (HYL.BR) stock was 3.50 EUR (−4.63% on the day), with market capitalisation 96.4 m EUR, beta 0.48, 52-week range 3.50–8.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.8
- weak (30–45)
- Bollinger (20, 2)
- 3.48 – 4.33
- in the lower half of the band · %B 0.02 · band width 21.7%
- SMA 50 / 200
- 4.13 / 5.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.12
- 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 | −10.5% | +0.4% | −10.9 pp | — |
| 3 months | −22.4% | −3.3% | −19.1 pp | — |
| 6 months | −33.5% | +4.0% | −37.4 pp | — |
| Year to date | −48.8% | +8.1% | −56.9 pp | — |
| 1 year | −35.7% | +10.7% | −46.4 pp | +8.1% |
| 3 years | −72.0% | +50.1% | −122.1 pp | −4.6% |
| 5 years | −78.5% | +43.6% | −122.1 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.1 m | 8.5 m | 7.2 m |
| Revenue YoY | unavailable | +305.3% | −14.8% |
| Net income | -15.4 m | -6.3 m | -6.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.55 | -0.23 | -0.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -736.9% | -75.0% | -87.9% |
| Free cash flow | -13.1 m | -7.2 m | -7.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.8 m EUR
- Financial debt
- 1.6 m EUR
- Net debt
- -12.2 m EUR
- Equity
- 26.5 m EUR
- Total assets
- 33.4 m EUR
- Debt / equity
- 0.06x
- Current ratio
- 3.89x
- ROE
- -21.6%
- ROA
- -17.0%
- FCF margin
- -97.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.1 m | 8.5 m | 7.2 m | esef· 12 May 2026verified |
| Cost of revenue | 93.0 k | 227.0 k | 379.0 k | esef· 12 May 2026verified |
| Gross profit | 2.0 m ≈ | 8.2 m ≈ | 6.8 m ≈ | esef· 12 May 2026derived |
| Research & development | 14.4 m | 10.3 m | 11.3 m | esef· 12 May 2026verified |
| Operating income | -16.0 m | -7.1 m | -6.8 m | esef· 12 May 2026verified |
| Interest expense | 285.0 k | 378.0 k | 739.0 k | esef· 12 May 2026verified |
| Pre-tax income | -15.4 m | -6.3 m | -6.7 m | esef· 12 May 2026verified |
| Income tax | 0 | 0 | -374.0 k | esef· 12 May 2026verified |
| Net income | -15.4 m | -6.3 m | -6.3 m | esef· 12 May 2026verified |
| Diluted EPS | -0.55 | -0.23 | -0.23 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 30.4 m | 23.6 m | 13.8 m | esef· 12 May 2026verified |
| Receivables | 3.6 m | 4.9 m | 5.2 m | esef· 12 May 2026verified |
| Inventories | — | 0 | 52.0 k | esef· 12 May 2026verified |
| Current assets | 35.3 m | 29.7 m | 20.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 429.0 k | 340.0 k | 225.0 k | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 3.8 m | 3.8 m | 5.7 m | esef· 12 May 2026verified |
| Total assets | 47.7 m | 41.3 m | 33.4 m | esef· 12 May 2026verified |
| Accounts payable | 3.3 m | 3.4 m | 4.7 m | esef· 12 May 2026verified |
| Short-term debt | 241.0 k | 326.0 k | 364.0 k | esef· 12 May 2026verified |
| Long-term debt | 1.5 m | 1.5 m | 1.2 m | esef· 12 May 2026verified |
| Current liabilities | 6.8 m | 7.2 m | 5.1 m | esef· 12 May 2026verified |
| Total liabilities | 8.6 m | 9.2 m | 6.9 m | esef· 12 May 2026verified |
| Equity | 39.1 m | 32.1 m | 26.5 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 28.0 m | 27.6 m | 27.5 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -12.8 m | -7.2 m | -7.0 m | esef· 12 May 2026verified |
| Capex | 298.0 k | 30.0 k | 4.0 k | esef· 12 May 2026verified |
| Free cash flow | -13.1 m ≈ | -7.2 m ≈ | -7.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | 9.9 m | 683.0 k | -2.1 m | esef· 12 May 2026verified |
| Financing cash flow | -131.0 k | -420.0 k | -406.0 k | esef· 12 May 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
- indicators available: 5 of at least 6
- score weight coverage: 35.4% 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: 96.4 m EUR
Key indicators
Coverage and freshness
Score by group
35% · 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 · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- 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: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -46.4% | 0 (vs peers) | 29% |
| Net margin · Quality | -87.9% | 8 (vs peers) | 18% |
| 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 | -9.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 3.9x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.3% | 0 (on a fixed band) | 24% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
Hyloris Pharmaceuticals (HYL.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.2 m EUR in 2025; YoY growth -14.8%; net margin -87.9%; ROE -21.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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: 3.9x
What contradicts it
- ROIC: -46.4%
- Net margin: -87.9%
- Interest coverage: -9.2x
- FCF yield: -7.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for HYL.BR 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
Hyloris Pharmaceuticals develops reformulated and repositioned medicines starting from approved molecules, using a regulatory route aimed at more economical and faster development. Its pipeline reached the target of 30 products and candidates in fiscal 2025, and the company focuses on the US market, where several filings are expected in the coming period 1.
SWOT
Strengths
- The company has an extended pipeline and has reached its target of products and candidates, giving it diversification 1.
- The 505(b)(2) pathway and strict selection criteria reduce development risk and cost 1.
- A licensing strategy with local partners allows geographic expansion without large infrastructure investment 1.
Weaknesses
Opportunities
Risks
- US regulatory delayshigh
The FDA inspection that led to an Official Action Indicated classification could delay the review of some applications and affect the timing 1.
- Dependence on clinical resultshigh
Programmes such as Alenura or IV aspirin depend on pivotal study results, and an unfavourable result could slow the whole pipeline 1.
- Dependence on partnersmedium
Commercialisation through licensees and distributors limits control over sales and the pace of launches 1.
- Supply interruptionsmedium
The temporary unavailability of Podofilox Gel in the last quarter of 2025 shows that manufacturing problems can affect revenue 1.
- Competition in reformulated medicineslow
Similar or generic products could reduce the exclusivity advantage, especially after protection expires 1.
Investment thesis
What would need to be true (bull case)
- If several launches succeed in the coming period, recurring revenue could grow as the portfolio expands 1.
- The capital-efficient development approach through the 505(b)(2) pathway may allow the company to advance more programmes with the same capital 1.
- Maxigesic IV could gain market share if the opioid-reduction benefit is confirmed in practice 1.
What would break the thesis
- If inspections and regulatory delays recur, the timing of launches could slip frequently 1.
- Revenue remains concentrated in a few products, which could make results sensitive to isolated problems 1.
- If advanced-stage programmes do not confirm expected results, the pipeline's value could be revised downward 1.
What to watch
- Filing and review of the Maxigesic IV application in the US and results of the sales effortQ2 2026
- Resolution of the FDA inspection for the valacyclovir suspension and resumption of review2026
- Results of the Alenura phase 2 pivotal study2026
- First expected approval for phosphate oral solution2027
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
Hyloris builds its portfolio around value-added medicines selected on strict criteria: clear unmet medical needs, average total development cost of at most 7 million euros and development time under 7 years 1. The company relies on the FDA 505(b)(2) pathway, which allows use of existing data for an approved drug, reducing risk and cost compared with a new chemical entity 1. Its model favours licensing advanced products to local partners, while keeping direct commercialisation possible in selected cases 1.
The commercial portfolio currently includes three marketed products, mainly through partners, which the company has gradually extended to several markets 1. Hyloris describes an innovation protection strategy based on patents covering formulations, doses, routes of administration and manufacturing methods, which may extend commercial exclusivity 1. According to the company, growth in recurring revenue depends on the number of approved and launched products over time 1.
The company describes a diversified pipeline with early and advanced programmes, and in 2026 it expects regulatory submissions, clinical results and important CMC steps 1. Business development remains selective, focused on opportunities that meet risk-adjusted return criteria 1.
Segments
Non-opioid analgesics (Maxigesic IV)
Maxigesic IV is a patented intravenous formulation combining paracetamol and ibuprofen, intended for postoperative pain in hospitals 1. The company says the product may reduce reliance on opioids, and the US launch through partner Hikma Pharmaceuticals is under way, with a broader sales effort planned from the second quarter of 2026 1.
Podofilox Gel (generic)
Podofilox Gel is the topical treatment for genital and perianal warts caused by certain HPV types, with marketing authorisations in nearly 70 countries and launches in 40 countries 1. The product has been sold in the US by partner Padagis, and the temporary unavailability in the last quarter of 2025 could affect sales 1.
Regulatory pipeline (Alenura, Dofetilide IV, Atomoxetine)
Several advanced programmes are close to decisive steps: Alenura is in a phase 2 pivotal study for bladder pain syndrome, dofetilide IV had a regulatory interaction with the FDA in early 2026, and atomoxetine oral solution has been submitted to the FDA 1. The timing of these steps depends on regulatory reviews and clinical results 1.
Market context
The market for postoperative analgesics remains shaped by the need for alternatives to opioids, and the company notes that postoperative pain is the main cause of unplanned hospital readmissions 1. For reformulated products the market can open quickly if the added benefit is clear, such as easier administration or better safety 1.
The market for reformulated and repositioned medicines favours programmes with controlled cost and lower risk than new chemical entities 1. The company believes exclusivity through formulation and method of use can support commercial value even when the active substance is known 1.
Trends
- Pressure to reduce opioid usetailwind
A shift toward non-opioid analgesics in surgery could increase demand for products such as Maxigesic IV if physicians and payers recognise the benefit 1.
- 505(b)(2) pathway for more efficient developmenttailwind
Using existing data for approved medicines may reduce development cost and time, which supports the company's business model 1.
- Regulatory delays and inspectionsheadwind
An FDA inspection classified as Official Action Indicated has put the review of the valacyclovir suspension on hold and could affect the timing of other filings 1.
- Generic competition and product availabilitymixed
Patent and exclusivity protection can support proprietary products, but supply interruptions, such as the one in the last quarter of 2025, can temporarily reduce sales 1.
Competitive position
Hyloris competes with companies developing new formulations, reformulations and repositioned medicines in the same therapeutic areas, especially analgesics, anti-infectives and cardiovascular products 1. The company's edge lies in fast development through the 505(b)(2) pathway and access to local distribution partners 1.
Competition includes both generic makers and innovators who may file applications for their own formulations, which could reduce the company's market share 1. Patent protection on formulations and methods of use is the main differentiating tool 1.
- Hikma Pharmaceuticals
marketing partner for Maxigesic IV in the US, also present as a competitor in certain hospital segments 1
- Padagis
partner selling Podofilox Gel in the US, which obtained the first FDA approval for the generic 1
- Vaneltix
runs the phase 2 pivotal study for Alenura, acting as clinical partner in the bladder pain area 1
- Makers of injectable analgesics
companies selling intravenous products for postoperative pain, with which Maxigesic IV competes in the hospital market 1
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hyloris Pharmaceuticals · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.