olivLaw · European equity research
Philogen S.p.A. PHIL.MI
Italy · Euronext Milan · ISIN IT0005373789 · Vertical: Listed companies from Italy
Philogen is an Italian biopharmaceutical company listed in Milan that develops antibody-based oncology therapies such as Fibromun, alongside target-binding molecules for diagnosis and therapy through Philochem AG. Interest has grown after the OncoACP3 licence with RayzeBio (BMS), which brought an upfront payment of 350 million dollars.
At the close of 05 Nov 2026, Philogen S.p.A. (PHIL.MI) stock was 20.60 EUR (−1.44% on the day), with market capitalisation 830.1 m EUR, P/E 3.6 on diluted EPS of 5.70 EUR over the last 12 months, beta 0.14, 52-week range 19.86–25.80 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)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 20.41 – 21.96
- in the lower half of the band · %B 0.12 · band width 7.3%
- SMA 50 / 200
- 22.20 / 22.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.45 / -0.44
- 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 | −7.4% | −0.6% | −6.8 pp | — |
| 3 months | −11.8% | −4.2% | −7.6 pp | — |
| 6 months | −5.1% | +4.3% | −9.4 pp | — |
| Year to date | −11.6% | +7.5% | −19.1 pp | — |
| 1 year | −15.2% | +9.9% | −25.1 pp | −6.1% |
| 3 years | +14.4% | +49.8% | −35.4 pp | +7.7% |
| 5 years | +54.9% | +42.8% | +12.1 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.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 4.1, median 10.7, max 17.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 25.1 m | 77.7 m | 320.1 m |
| Revenue YoY | unavailable | +209.1% | +312.2% |
| Net income | -6.2 m | 45.3 m | 229.7 m |
| Net income YoY | unavailable | unavailable | +407.1% |
| Diluted EPS | -0.15 | 1.12 | 5.70 |
| Diluted EPS YoY | unavailable | unavailable | +408.9% |
| net % | -24.5% | 58.3% | 71.7% |
| Free cash flow | -10.4 m | 38.7 m | 264.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 127.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 373.9 m EUR
- Total assets
- 437.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 7.76x
- ROE
- 89.6%
- ROA
- 75.8%
- FCF margin
- 82.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 25.1 m | 77.7 m | 320.1 m | esef· 09 Apr 2026verified |
| Operating income | -8.8 m | 37.7 m | 257.4 m | esef· 09 Apr 2026verified |
| Interest expense | 2.5 m | 3.3 m | 8.2 m | esef· 09 Apr 2026verified |
| Pre-tax income | -6.2 m | 40.4 m | 260.1 m | esef· 09 Apr 2026verified |
| Income tax | -20.0 k | -4.9 m | 30.4 m | esef· 09 Apr 2026verified |
| Net income | -6.2 m | 45.3 m | 229.7 m | esef· 09 Apr 2026verified |
| Diluted EPS | -0.15 | 1.12 | 5.70 | esef· 09 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.6 m | 30.6 m | 127.2 m | esef· 09 Apr 2026verified |
| Inventories | 2.2 m | 3.3 m | 3.0 m | esef· 09 Apr 2026verified |
| Current assets | 89.2 m | 132.3 m | 397.9 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 15.9 m | 15.5 m | 16.0 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.2 m | 1.2 m | 1.1 m | esef· 09 Apr 2026verified |
| Total assets | 119.3 m | 168.5 m | 437.3 m | esef· 09 Apr 2026verified |
| Current liabilities | 12.7 m | 16.6 m | 51.3 m | esef· 09 Apr 2026verified |
| Total liabilities | 28.7 m | 29.8 m | 63.5 m | esef· 09 Apr 2026verified |
| Equity | 90.6 m | 138.7 m | 373.9 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 41.1 m | 40.4 m | 40.3 m | esef· 09 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -4.8 m | 40.8 m | 268.0 m | esef· 09 Apr 2026verified |
| Capex | 5.5 m | 2.2 m | 3.4 m | esef· 09 Apr 2026verified |
| Free cash flow | -10.4 m ≈ | 38.7 m ≈ | 264.6 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | 159.0 k | -22.3 m | -168.3 m | esef· 09 Apr 2026verified |
| Financing cash flow | -4.2 m | -3.8 m | -3.0 m | esef· 09 Apr 2026verified |
| Share repurchases | 2.4 m | 27.0 k | 1.8 m | esef· 09 Apr 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 830.1 m EUR
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.85 – 130.25 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
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/E35.85 – 130.25 (Mid 75.56)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 71.7% | 97 (vs peers) | 13% |
| FCF conversion · Quality | 115.2% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 31.5x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 7.8x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 3.6x | 86 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 31.9% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality99/100 · 2/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation92/100 · 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
PHILOGEN S.P.A. (PHIL.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 320.1 m EUR in 2025; YoY growth 312.2%; net margin 71.7%; ROE 89.6%.
The estimated value range is 35.85–130.25 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 75.56 EUR, the price of 20.60 EUR leaves a potential of 266.8% (value / price − 1) and a margin of safety of 72.7% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 71.7%
- FCF conversion: 115.2%
- Interest coverage: 31.5x
- Current ratio: 7.8x
- P/E (TTM): 3.6x
- FCF yield: 31.9%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · 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 | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| PHIL.MIPhilogen S.p.a. | 830.1 m | 3.6 | 89.6% | 71.7% | +312.2% | −15% / +12% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for PHIL.MI 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 | 13.46 Total return -35% · Per year -35% | 23.69 Total return 15% · Per year 15% | 35.54 Total return 73% · Per year 73% |
| 3 years | 15.97 Total return -22% · Per year -8% | 31.33 Total return 52% · Per year 15% | 51.17 Total return 148% · Per year 35% |
| 5 years | 18.94 Total return -8% · Per year -2% | 41.43 Total return 101% · Per year 15% | 73.69 Total return 258% · Per year 29% |
- Exit P/E± 7.83
- Net margin± 5.48
- Annual revenue growth± 4.09
- Annual dilution± 0.46
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
Philogen is an Italian biopharmaceutical company listed in Milan that develops antibody-based oncology therapies such as Fibromun, alongside target-binding molecules for diagnosis and therapy through Philochem AG. Interest has grown after the OncoACP3 licence with RayzeBio (BMS), which brought an upfront payment of 350 million dollars 1.
SWOT
Strengths
- Diversified portfolio of biologic therapies and small molecules, with products in clinical phases and partnerships with large companies.
- Proprietary GMP manufacturing capacity with AIFA certifications, which reduces dependence on third parties.
- Licensing agreements with significant upfront payments that strengthen the financial position.
Weaknesses
- Revenues depend on clinical success and milestone payments, which are uncertain.
- The withdrawal of the Nidlegy application shows timeline and dossier risks.
- A company of modest size with limited capacity to run late-stage trials alone.
Opportunities
- Positive results in the Fibromun studies could open new partnerships.
- Expanding imaging and targeted therapy applications could create new licensing deals.
- Market interest in radiopharmaceuticals could support the development of OncoCAIX and OncoFAP.
Threats
- Competition from large companies with far greater resources in oncology.
- A tax audit of contributions for fiscal years 2019 to 2023 could reduce reportable tax losses.
- The risk that clinical trials fail to confirm the expected efficacy, with an impact on partners.
Risks
- Tax riskhigh
The Siena tax authority audit of operating and investment grants could reduce reportable tax losses if the authorities prevail.
- Regulatory risk for Nidlegyhigh
The withdrawal of the EMA application shows that authorisation depends on additional production and clinical data, which may delay launch.
- Investment portfolio riskmedium
The value of the securities portfolio, a significant part of assets, can vary and affect the balance sheet.
- Currency riskmedium
Dollar receipts from the RayzeBio deal and the conversion of the Swiss subsidiary expose the group to EUR/USD and EUR/CHF fluctuations.
- Cybersecurity riskmedium
IT systems are exposed to attacks and data losses, and classification as an important entity requires costly measures.
Investment thesis
What would need to be true (bull case)
- If the Fibromun studies confirm clinical benefit, the company could secure additional partnerships in large markets.
- The RayzeBio deal could bring milestone and royalty payments if OncoACP3 advances.
- Proprietary GMP capacity could reduce costs and speed up supply to partners.
What would break the thesis
- If Nidlegy is delayed again, expected revenues could be pushed back considerably.
- If tax authorities prevail, reportable tax losses could fall significantly.
- Dependence on a few licences could be a risk if partners reduce their interest.
What to watch
- Phase III results for Fibromun in the liposarcoma subgroup2027
- Resubmission of the MAA for Nidlegy to the EMA2026
- Developments in the tax audit and guidance from the Siena tax officenext annual report
- Milestone events under the RayzeBio agreement for OncoACP32027
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 Philogen group develops and manufactures oncology medicines through two companies: Philogen S.p.A., with GMP plants in Siena, and Philochem AG, based in Zurich, which works on tumour-targeting molecules 1. The group had 214 employees at 31 December 2025 1. Production covers both clinical and commercial drugs, and the Rosia plant holds AIFA GMP certifications 1.
The portfolio is split between biologics, with Fibromun and Nidlegy, and small molecules, with OncoFAP, OncoACP3 and OncoCAIX, many in early clinical phases 1. The source notes that activity depends on partnerships, such as those with Sun Pharma, Pfizer, Janssen and Bracco 1.
In June 2025 the company withdrew its EMA marketing authorisation application for Nidlegy to gather additional CMC and clinical data, and it states its intention to resubmit an updated application 1.
Segments
Biologics
Includes Fibromun, an L19 antibody fused with TNF, in studies for soft tissue sarcoma, leiomyosarcoma and glioblastoma, with a global commercialisation agreement with Sun Pharma from October 2024 1.
Small molecules (Philochem)
Includes OncoFAP, OncoACP3 and OncoCAIX, with diagnostic imaging and therapeutic applications; OncoACP3 is licensed globally to RayzeBio (BMS) 1.
GMP manufacturing
The Rosia and Montarioso plants in Siena produce experimental and commercial medicines, and Montarioso was revamped during 2025 1.
Market context
The oncology market is large, and developing antibody-based and radiopharmaceutical therapies draws partners from the industry, such as BMS, Pfizer and Bracco, according to the agreements described in the report 1. A licensee with global commercial reach typically has greater scale than a small company.
The market for molecular imaging and radiopharmaceuticals is also growing, and the FAP and CAIX imaging licences show demand for these technologies, without guaranteeing commercial results 1.
Trends
- Licensing partnerships with large pharmamixed
Deals with BMS/RayzeBio, Sun Pharma and Bracco can bring upfront and milestone payments, but depend on clinical success, so revenue could remain uncertain.
- Radiopharmaceuticals and molecular imagingtailwind
Interest in molecules that target tumours through imaging and radiopharmaceutical therapy is rising, which could favour the OncoFAP and OncoACP3 products.
- Manufacturing and marketing regulationheadwind
GMP requirements and delays in authorisations, as in the Nidlegy case, could extend timelines and costs if dossiers are incomplete.
- Cybersecurity and complianceheadwind
Classification as an important entity by the national cybersecurity agency requires compliance investment, which may raise operating costs.
Competitive position
The oncology market is dominated by large companies with resources for late-stage trials and global commercialisation. Philogen competes through niche technologies, such as the FAP and CAIX targets, and through partnerships rather than scale of its own 1.
The advantage depends on clinical trial success and the ability to win new licences; without positive results, its position against larger rivals could remain limited.
- Bristol-Myers Squibb (RayzeBio)BMY
Partner and licensee for OncoACP3, with an established radiopharmaceutical portfolio.
- PfizerPFE
Partner for Dekavil and a competitor in oncology with large development resources.
- Bracco Imaging
Partner for OncoFAP imaging and an important player in medical imaging.
- Sun Pharma
Commercialisation partner for Fibromun and Nidlegy in several regions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Philogen S.p.A. · 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.