olivLaw · European equity research
Saniona AB SANION.ST
Sweden · Nasdaq Stockholm · ISIN SE0005794617 · Vertical: Listed companies from Sweden
Saniona AB is a Swedish biotech company developing drugs that modulate ion channels, with a pipeline of candidates at different stages and partnerships with international pharmaceutical companies. Its 2024 annual report shows revenue of 334 672 KSEK, mainly from partnership activity, after losses in earlier years.
At the close of 05 Nov 2026, Saniona AB (SANION.ST) stock was 10.90 SEK (+1.49% on the day), with market capitalisation 1.4 bn SEK, P/E 5.1 on diluted EPS of 2.15 SEK over the last 12 months, beta 0.79, 52-week range 9.03–27.50 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)
- 54.5
- neutral
- Bollinger (20, 2)
- 9.26 – 11.80
- in the upper half of the band · %B 0.65 · band width 24.1%
- SMA 50 / 200
- 10.38 / 14.48
- mixed trend
- MACD (12, 26, 9)
- 0.19 / 0.16
- 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 | +17.2% | −0.6% | +17.9 pp | — |
| 3 months | −18.8% | −4.2% | −14.6 pp | — |
| 6 months | −21.8% | +4.3% | −26.1 pp | — |
| Year to date | −48.6% | +7.5% | −56.1 pp | — |
| 1 year | −34.3% | +9.9% | −44.3 pp | −8.5% |
| 3 years | +139.9% | +49.8% | +90.0 pp | +12.3% |
| 5 years | +18.2% | +42.8% | −24.6 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 50 percentile of its own 2-quarter history (min 4.6, median 7.2, max 9.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 15.3 m | 16.8 m | 334.7 m | 434.4 m |
| Revenue YoY | unavailable | +10.2% | +1,887.4% | +29.8% |
| Net income | -211.6 m | -95.8 m | 188.7 m | 284.7 m |
| Net income YoY | unavailable | unavailable | unavailable | +50.9% |
| Diluted EPS | -3.39 | -1.52 | 1.76 | 2.15 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +22.2% |
| net % | -1,384.3% | -568.9% | 56.4% | 65.5% |
| Free cash flow | -282.5 m | -72.7 m | 248.1 m | 200.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 580.8 m SEK
- Financial debt
- 0 SEK
- Net debt
- -580.8 m SEK
- Equity
- 635.2 m SEK
- Total assets
- 679.7 m SEK
- Debt / equity
- 0.00x
- Current ratio
- 13.48x
- ROE
- 65.7%
- ROA
- 55.8%
- FCF margin
- 46.1%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 15.3 m | 16.8 m | 334.7 m | 434.4 m | esef· 28 Oct 2026verified |
| Operating income | -225.4 m | -81.1 m | 241.9 m | 271.0 m | esef· 28 Oct 2026verified |
| Interest expense | 24.7 m | 26.3 m | 40.0 m | 4.9 m | esef· 28 Oct 2026verified |
| Pre-tax income | -218.2 m | -104.3 m | 207.0 m | 306.0 m | esef· 28 Oct 2026verified |
| Income tax | -6.6 m | -8.5 m | 18.3 m | — | esef· 08 May 2025verified |
| Net income | -211.6 m | -95.8 m | 188.7 m | 284.7 m | esef· 28 Oct 2026verified |
| Diluted EPS | -3.39 | -1.52 | 1.76 | 2.15 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 111.7 m | 31.0 m | 303.3 m | 580.8 m | esef· 28 Oct 2026verified |
| Current assets | 127.3 m | 45.2 m | 324.2 m | 600.9 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 5.7 m | 3.3 m | 2.9 m | 71.4 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 6.7 m | 4.9 m | 4.8 m | 4.1 m | esef· 28 Oct 2026verified |
| Total assets | 153.7 m | 64.1 m | 339.7 m | 679.7 m | esef· 28 Oct 2026verified |
| Short-term debt | — | 0 | 5.4 m | 0 | esef· 28 Oct 2026verified |
| Long-term debt | — | 65.2 m | 0 | — | esef· 08 May 2025verified |
| Current liabilities | 22.9 m | 17.7 m | 105.3 m | 44.6 m | esef· 28 Oct 2026verified |
| Total liabilities | 101.0 m | 86.1 m | 107.9 m | 44.6 m | esef· 28 Oct 2026verified |
| Equity | 52.7 m | -21.9 m | 231.8 m | 635.2 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 62.4 m | 63.0 m | 106.6 m | 128.8 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -281.5 m | -72.5 m | 248.2 m | 273.9 m | esef· 28 Oct 2026verified |
| Capex | 985.0 k | 129.0 k | 124.0 k | 73.6 m | esef· 28 Oct 2026verified |
| Free cash flow | -282.5 m ≈ | -72.7 m ≈ | 248.1 m ≈ | 200.3 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | 6.8 m | -129.0 k | -124.0 k | -77.6 m | esef· 28 Oct 2026verified |
| Financing cash flow | -20.5 m | -8.0 m | 23.3 m | 108.2 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: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn SEK
Key indicators
Coverage and freshness
Score by group
50% · 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: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 65.5% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 70.4% | 58 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 205.2% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 55.9x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 13.5x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 5.1x | 100 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.3% | 100 (on a fixed band) | 17% |
| 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 sheet100/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 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
Saniona AB (SANION.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 434.4 m SEK in 2025; YoY growth 29.8%; net margin 65.5%; ROE 65.7%.
The estimated value range is 28.69–51.65 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 36.28 SEK, the price of 10.90 SEK leaves a potential of 232.8% (value / price − 1) and a margin of safety of 70.0% (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: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 65.5%
- Revenue CAGR 3Y: 205.2%
- Interest coverage: 55.9x
- Current ratio: 13.5x
- P/E (TTM): 5.1x
- FCF yield: 14.3%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 SANION.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 | 7.32 Total return -33% · Per year -33% | 12.88 Total return 18% · Per year 18% | 19.33 Total return 77% · Per year 77% |
| 3 years | 8.68 Total return -20% · Per year -7% | 17.04 Total return 56% · Per year 16% | 27.83 Total return 155% · Per year 37% |
| 5 years | 10.30 Total return -5% · Per year -1% | 22.54 Total return 107% · Per year 16% | 40.08 Total return 268% · Per year 30% |
- Exit P/E± 4.26
- Net margin± 2.98
- Annual revenue growth± 2.22
- Annual dilution± 0.25
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
Saniona AB is a Swedish biotech company developing drugs that modulate ion channels, with a pipeline of candidates at different stages and partnerships with international pharmaceutical companies. Its 2024 annual report shows revenue of 334 672 KSEK, mainly from partnership activity, after losses in earlier years.
SWOT
Strengths
- The proprietary drug discovery platform and the IONBASE database give a clear technological advantage. The portfolio includes several candidates and a history of partnerships with major pharmaceutical companies 1.
- The company moved out of its loss-making years with a positive net result in 2024, strengthening its financial position 1.
- The orphan drug designation in the USA for Tesomet could ease its development 1.
Weaknesses
- Revenue depends heavily on partners and on future commercialisation, and the company has not yet marketed any approved product 1.
- Clinical development is long and costly, and preliminary results can change as more data becomes available 1.
- Reliance on external suppliers for manufacturing and clinical studies could slow programs 1.
Opportunities
Risks
- Clinical development failurehigh
Most candidates have not yet completed full clinical studies, and negative results could halt programs 1.
- Uncertain regulatory approvalhigh
The authorisation process, including for tesofensin, has taken longer than statutory deadlines, which could delay launch 1.
- Dependence on partnersmedium
If a partner ends its collaboration, projects could be delayed or be unable to continue 1.
- Competitionmedium
Competitors with greater resources could commercialise similar products ahead of Saniona 1.
- IT security and datalow
Cyberattacks could lead to loss of confidential information or clinical study data 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Regulatory decision on tesofensin in obesity2025
- Start of phase 1 studies for SAN9032025
- Development of partnership revenuenext 10-K
- Progress of Tesomet clinical studies in rare eating disorders2025
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
Saniona bases its business on discovering drugs that target ion channels, a validated class of targets, which the company exploits through a proprietary platform combining chemistry, precision biology and computational modelling. Its proprietary IONBASE database holds structure-activity data on more than 130 000 molecules, of which over 25 000 are proprietary substances 1. The company has generated numerous spin-offs, partnerships and licensing deals with firms such as Boehringer Ingelheim, Pfizer and Johnson & Johnson 1.
Segments
Tesomet and Tesofensin (obesity and PWS)
Tesomet showed a placebo-adjusted weight loss of 6.28 % in a phase 2 obesity study, and in adults with Prader-Willi syndrome weight loss reached 5.4 % 1. Tesofensin, the most advanced candidate, has moved toward approval for obesity through partner Productos Medix 1.
SAN903 (inflammatory bowel disease)
SAN903 targets both intestinal inflammation and fibrosis by inhibiting the KCa3.1 channel, an aspect current inflammatory bowel disease treatments do not address 1. The company completed preclinical development in 2022 and can proceed to phase 1 studies on its own or with a partner 1.
Market context
Trends
- Pressure on drug costsheadwind
Several initiatives to curb rising drug costs in the EU/EEA and the USA could affect future prices and revenues of pharmaceutical companies, including Saniona 1.
- Interest in rare disease drugstailwind
Tesomet holds orphan drug designation in the USA, which could support its development path 1.
- Validated ion channel classtailwind
The ion channel drug class already includes many successful medicines, which could reduce scientific risk for programs in the pipeline 1.
- Macroeconomic and geopolitical uncertaintyheadwind
Armed conflict, inflation and trade tensions could delay clinical studies or make them more costly than planned 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Saniona AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.