olivLaw · European equity research
PHARMA MAR, S.A. PHM.MC
Spain · BME Madrid · ISIN ES0169501022 · Vertical: Listed companies from Spain
PHARMA MAR is a Spanish biopharmaceutical group focused on oncology, earning revenue from licence and royalty agreements and product sales, with a small RNAi segment in development. Licence and royalty receipts, and reliance on the Irish partner, are points to monitor in the coming period. The company reports that its ingredients and supply chain are located almost entirely in Europe.
At the close of 05 Nov 2026, PHARMA MAR, S.A. (PHM.MC) stock was 65.90 EUR (−1.42% on the day), with market capitalisation 1.1 bn EUR, P/E 15.3 on diluted EPS of 4.30 EUR over the last 12 months, dividend yield 1.21%, beta 0.68, 52-week range 64.25–103.60 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)
- 39.1
- weak (30–45)
- Bollinger (20, 2)
- 64.87 – 71.28
- in the lower half of the band · %B 0.16 · band width 9.4%
- SMA 50 / 200
- 72.78 / 81.64
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.71 / -1.67
- 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 | −6.3% | −0.6% | −5.6 pp | — |
| 3 months | −15.2% | −4.2% | −11.0 pp | — |
| 6 months | −35.9% | +4.3% | −40.2 pp | — |
| Year to date | −12.0% | +7.5% | −19.5 pp | — |
| 1 year | −7.0% | +9.9% | −16.9 pp | +6.7% |
| 3 years | +88.1% | +49.8% | +38.2 pp | +31.5% |
| 5 years | +8.6% | +42.8% | −34.3 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 3-quarter history (min 17.4, median 53.6, max 684.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 158.2 m | 174.9 m | 221.4 m |
| Revenue YoY | unavailable | +10.6% | +26.6% |
| Net income | 1.1 m | 26.1 m | 75.0 m |
| Net income YoY | unavailable | +2,197.7% | +187.0% |
| Diluted EPS | 0.06 | 1.49 | 4.30 |
| Diluted EPS YoY | unavailable | +2,383.3% | +188.6% |
| net % | 0.7% | 14.9% | 33.9% |
| Free cash flow | -28.3 m | -9.0 m | 46.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.8 m EUR
- Financial debt
- 35.6 m EUR
- Net debt
- 17.7 m EUR
- Equity
- 251.8 m EUR
- Total assets
- 395.1 m EUR
- Debt / equity
- 0.14x
- Current ratio
- 3.02x
- ROE
- 32.6%
- ROA
- 20.1%
- FCF margin
- 21.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 158.2 m | 174.9 m | 221.4 m | esef· 20 Oct 2026verified |
| Cost of revenue | 9.6 m | 8.2 m | 12.3 m | esef· 20 Oct 2026verified |
| Gross profit | 148.5 m | 166.7 m | 209.1 m | esef· 20 Oct 2026verified |
| Research & development | 99.3 m | 103.5 m | 95.2 m | esef· 20 Oct 2026verified |
| Operating income | -3.8 m | 6.5 m | 60.7 m | esef· 20 Oct 2026verified |
| Interest expense | 9.4 m | 8.5 m | 6.5 m | esef· 20 Oct 2026verified |
| Pre-tax income | -3.6 m | 12.0 m | 59.7 m | esef· 20 Oct 2026verified |
| Income tax | -4.8 m | -14.1 m | -15.3 m | esef· 20 Oct 2026verified |
| Net income | 1.1 m | 26.1 m | 75.0 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.06 | 1.49 | 4.30 | esef· 20 Oct 2026verified |
| Dividend per share | 0.62 | 0.65 | 0.80 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 60.0 m | 63.2 m | 17.8 m | esef· 20 Oct 2026verified |
| Receivables | 27.6 m | 34.7 m | 39.4 m | esef· 20 Oct 2026verified |
| Inventories | 39.3 m | 52.0 m | 54.1 m | esef· 20 Oct 2026verified |
| Current assets | 252.6 m | 250.2 m | 283.4 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 43.9 m | 55.9 m | 57.4 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.9 m | 1.0 m | 3.5 m | esef· 20 Oct 2026verified |
| Total assets | 340.5 m | 349.6 m | 395.1 m | esef· 20 Oct 2026verified |
| Accounts payable | 40.3 m | 51.6 m | 54.3 m | esef· 20 Oct 2026verified |
| Long-term debt | 27.0 m | 39.9 m | 35.6 m | esef· 20 Oct 2026verified |
| Current liabilities | 95.9 m | 82.7 m | 93.9 m | esef· 20 Oct 2026verified |
| Total liabilities | 147.1 m | 141.3 m | 143.2 m | esef· 20 Oct 2026verified |
| Equity | 193.4 m | 208.4 m | 251.8 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 19.0 m | 17.5 m | 17.4 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -13.4 m | 6.0 m | 53.1 m | esef· 20 Oct 2026verified |
| Capex | 14.8 m | 15.0 m | 6.5 m | esef· 20 Oct 2026verified |
| Free cash flow | -28.3 m ≈ | -9.0 m ≈ | 46.7 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -43.0 m | 1.0 m | -60.8 m | esef· 20 Oct 2026verified |
| Financing cash flow | -32.1 m | -5.4 m | -36.5 m | esef· 20 Oct 2026verified |
| Dividends paid | 11.7 m | 11.4 m | 13.9 m | esef· 20 Oct 2026verified |
| Share repurchases | 37.9 m | 18.6 m | 34.1 m | esef· 20 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: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality70
- Returns76
- Balance sheet100
- Valuation63
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: 51.33 – 97.76 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)51.33 – 81.31 (Mid 62.81)WACC 8.4% · starting FCFF 52.1 m EUR · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 17.2%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E65.28 – 97.76 (Mid 85.48)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)outside the aggregate10.88 – 14.83 (Mid 12.55)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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
Neutral profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 22.4% | 71 (vs peers) | 17% |
| Net margin · Quality | 33.9% | 92 (vs peers) | 10% |
| FCF conversion · Quality | 62.2% | 46 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.3x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 15.3x | 73 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.1% | 51 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.2% | 60 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 29.9% | 100 (on a fixed band) | 7% |
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
- Quality70/100 · 3/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation63/100 · 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
PHARMA MAR, S.A. (PHM.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 221.4 m EUR in 2025; YoY growth 26.6%; net margin 33.9%; ROE 32.6%.
The estimated value range is 58.30–89.53 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 74.14 EUR, the price of 65.90 EUR leaves a potential of 12.5% (value / price − 1) and a margin of safety of 11.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 22.4%
- Net margin: 33.9%
- Interest coverage: 9.3x
- Current ratio: 3.0x
- P/E (TTM): 15.3x
- Payout ratio (FCF): 29.9%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Spain · 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 | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| PHM.MCPharma Mar, S.A. | 1.1 bn | 15.3 | 32.6% | 33.9% | +26.6% | −12% / +68% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for PHM.MC 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 | 43.06 Total return -34% · Per year -34% | 75.78 Total return 16% · Per year 16% | 113.68 Total return 74% · Per year 74% |
| 3 years | 51.08 Total return -19% · Per year -7% | 100.23 Total return 57% · Per year 16% | 163.70 Total return 154% · Per year 37% |
| 5 years | 60.59 Total return -2% · Per year -0% | 132.55 Total return 111% · Per year 16% | 235.72 Total return 270% · Per year 30% |
- Exit P/E± 25.06
- Net margin± 17.54
- Annual revenue growth± 13.08
- Annual dilution± 1.47
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
PHARMA MAR is a Spanish biopharmaceutical group focused on oncology, earning revenue from licence and royalty agreements and product sales, with a small RNAi segment in development. Licence and royalty receipts, and reliance on the Irish partner, are points to monitor in the coming period. The company reports that its ingredients and supply chain are located almost entirely in Europe.
SWOT
Strengths
- The company has a solid cash position, with high cash and current financial assets, and no net debt.
- Revenue is diversified across product sales, licences and royalties, with international partners.
- The supply chain is located largely in Europe, which reduces exposure to some geopolitical risks.
Weaknesses
- A significant part of revenue depends on one partner and on irregular, milestone-linked receipts.
- Product sales are small relative to agreement revenue, and trade discounts are significant.
- R&D spending is high and is financed mainly from existing revenue.
Opportunities
- Progress in projects under development could generate new milestone payments and licence agreements.
- Expanding product sales into new regions could reduce dependence on a few markets.
- Lower logistics costs and supply chain optimisation could improve margins.
Threats
- An unfavourable move in the US dollar could reduce revenue expressed in euros.
- Failure of a clinical trial or delays in approvals could reduce future receipts.
- Competition in oncology and the emergence of alternative treatments could erode market share.
Risks
- Dependence on a major partnerhigh
Licence and royalty revenue comes largely from a single partner, and a commercial problem there could affect results.
- Clinical development riskhigh
Many projects are at early or intermediate stages, and the failure of studies could cancel expected receipts.
- Currency riskmedium
Revenue is largely in US dollars and the company does not use currency hedging, which makes results sensitive to the exchange rate.
- Irregular revenue recognitionmedium
The timing of milestone and licence receipts makes quarterly revenue hard to predict.
- Geopolitical risklow
Conflicts in certain regions could affect sales, logistics or clinical studies, although the company reported no significant impact in 2025.
Investment thesis
What would need to be true (bull case)
- If projects under development advance, the company could obtain new milestone payments and larger royalties, supporting revenue.
- Its cash position and absence of net debt could allow research to continue without significant additional funding.
- If product sales grow in Europe and the United States, dependence on agreements could decline.
What would break the thesis
- If the main partner reduces payments or changes its strategy, revenue could fall sharply.
- Failure of a major study could lead to project losses and a reassessment of the group's outlook.
- An unfavourable US dollar move could reduce results expressed in euros in the absence of hedging.
What to watch
- New licence agreements and milestone payments2026
- Trend in product sales and trade discountsQ1 2026
- Progress of clinical studies in the oncology segment2026
- Trend in R&D spending and operating cash flownext annual report
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
PHARMA MAR, S.A. is a biopharmaceutical group that researches, develops and commercialises antitumour drugs, and its 2025 annual report presents it as an internationally active company. Group revenue comes from product sales, licence and development agreements, royalties and other income, with oncology as the main segment. The main operating base and most fixed-asset investment are in Spain.
Segments
Oncology
The oncology segment covers research, development and commercialisation of antitumour drugs through several European subsidiaries and a US one. In 2025 it generated revenue of 221,354 thousand euros and EBITDA of 75,360 thousand euros, almost all of group revenue. R&D expenses are concentrated here, at 90,206 thousand euros.
RNAi
The RNAi segment, which comprises the subsidiary Sylentis, develops drugs based on reducing or silencing gene expression. Its contribution to revenue is minimal, and in 2025 it recorded negative EBITDA of 6,985 thousand euros, although it appears with a positive value in the reporting lines.
Market context
The company operates in oncology biopharmaceuticals, where revenue depends on licence contracts, development milestones and royalties on partners' sales. It reports revenue from Ireland, Germany, France, the United States and Switzerland, and Ireland accounts for a significant part of licence and royalty receipts.
Trends
- Revenue recognition from licences and royaltiesmixed
Revenue from licence agreements and royalties depends on when contractual obligations are met and on the regulatory or commercial milestones agreed. This structure can make revenue uneven from year to year.
- Exposure to the US dollarheadwind
Licence, development and royalty contracts are largely in US dollars, and the company did not consider a hedging policy necessary in 2025 or 2024. An unfavourable exchange rate move could affect results.
- Logistics and supply coststailwind
The company reported no increase in logistics costs linked to geopolitical risks in 2025 and said it optimised its supply chain, reducing logistics costs. Raw materials are mainly purchased in Europe.
- Interest rate movementsmixed
The share of bank debt at variable rates linked to Euribor is limited. The company estimated that a 100 basis point rise would have a positive effect on results, owing to interest-bearing assets, so the effect is mixed depending on the scenario.
Competitive position
The company competes with other oncology biopharmaceutical firms for licences, partnerships and market share in antitumour medicines. Competition turns on product efficacy and approval, as well as access to funding and commercial partners. The annual sources do not name specific competitors.
- Oncology biopharmaceutical companies
Direct oncology competitors are not named in the annual report reviewed, so they cannot be identified here.
- Industry licensing partners
The company depends on agreements with external pharmaceutical partners, which compete for the same therapeutic assets.
- RNAi and gene therapy firms
The RNAi segment competes with other companies developing gene-silencing therapies.
- Generic oncology producers
After patent expiry, products could face generic versions, a risk not detailed in the sources reviewed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PHARMA MAR, S.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.