olivLaw · European equity research
Vicore Pharma Holding AB (publ) VICO.ST
Sweden · Nasdaq Stockholm · ISIN SE0007577895 · Vertical: Listed companies from Sweden
Vicore Pharma is a Swedish biotechnology company developing treatments for rare diseases, mainly buloxibutid for idiopathic pulmonary fibrosis, which is in clinical stage. The company has no approved products and generates no drug sales, so funding and clinical progress are central to its profile.
At the close of 05 Nov 2026, Vicore Pharma Holding AB (publ) (VICO.ST) stock was 10.06 SEK (+9.35% on the day), with market capitalisation 2.4 bn SEK, beta 1.07, 52-week range 8.70–15.68 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)
- 59.4
- strong (55–70)
- Bollinger (20, 2)
- 8.51 – 9.97
- above the upper band · %B 1.06 · band width 15.9%
- SMA 50 / 200
- 9.75 / 10.66
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.10
- 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 | +12.3% | −0.6% | +12.9 pp | — |
| 3 months | −12.5% | −4.2% | −8.4 pp | — |
| 6 months | −4.6% | +4.3% | −8.9 pp | — |
| Year to date | −11.0% | +7.5% | −18.5 pp | — |
| 1 year | −5.1% | +9.9% | −15.0 pp | −8.5% |
| 3 years | −24.4% | +49.8% | −74.2 pp | +12.3% |
| 5 years | −44.7% | +42.8% | −87.6 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 109.3 m | 3.8 m |
| Revenue YoY | unavailable | unavailable | unavailable | −96.5% |
| Net income | -288.4 m | -310.9 m | -168.6 m | -477.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -3.99 | -3.22 | -1.23 | -1.99 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -154.2% | -12,509.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 578.1 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.1 bn SEK
- Total assets
- 1.2 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 10.28x
- ROE
- -42.9%
- ROA
- -39.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 109.3 m | 3.8 m | esef· 26 Oct 2026verified |
| Gross profit | 0 | 0 | 109.3 m | 3.8 m | esef· 26 Oct 2026verified |
| Research & development | 250.0 m | 276.3 m | 249.3 m | 390.3 m | esef· 26 Oct 2026verified |
| Operating income | -290.7 m | -321.5 m | -194.2 m | -452.4 m | esef· 26 Oct 2026verified |
| Interest expense | 476.0 k | 358.0 k | 8.0 k | 49.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -288.8 m | -311.3 m | -168.9 m | -477.5 m | esef· 26 Oct 2026verified |
| Income tax | -384.0 k | -384.0 k | -256.0 k | 0 | esef· 26 Oct 2026verified |
| Net income | -288.4 m | -310.9 m | -168.6 m | -477.5 m | esef· 26 Oct 2026verified |
| Diluted EPS | -3.99 | -3.22 | -1.23 | -1.99 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 256.8 m | 333.6 m | 1.2 bn | 578.1 m | esef· 26 Oct 2026verified |
| Current assets | 269.8 m | 495.6 m | 1.2 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 54.0 k | 25.0 k | — | — | esef· 23 Apr 2024verified |
| Total assets | 338.0 m | 497.8 m | 1.2 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Current liabilities | 46.4 m | 41.0 m | 65.7 m | 118.4 m | esef· 26 Oct 2026verified |
| Total liabilities | 48.9 m | 42.4 m | 66.2 m | 123.2 m | esef· 26 Oct 2026verified |
| Equity | 289.1 m | 455.4 m | 1.1 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 72.3 m | 96.6 m | 137.1 m | 239.9 m | esef· 26 Oct 2026derived |
Cash flow · SEK
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: 3 of at least 6
- score weight coverage: 16.7% 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: 2.4 bn SEK
Key indicators
Coverage and freshness
Score by group
17% · 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: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -12,509.1% | 0 (vs peers) | 38% |
| 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) | 38% |
| Current ratio · Balance sheet | 10.3x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Vicore Pharma Holding AB (VICO.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.8 m SEK in 2025; YoY growth -96.5%; net margin -12,509.1%; ROE -42.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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: 10.3x
What contradicts it
- Net margin: -12,509.1%
- Interest coverage: -9.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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% |
| VICO.STVicore Pharma Holding AB | 2.4 bn | — | -42.9% | -12,509.1% | −96.5% | −0% / −33% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for VICO.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 | 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
Vicore Pharma is a Swedish biotechnology company developing treatments for rare diseases, mainly buloxibutid for idiopathic pulmonary fibrosis, which is in clinical stage. The company has no approved products and generates no drug sales, so funding and clinical progress are central to its profile 1.
SWOT
Strengths
- Orphan drug status for the main programme, plus a growing preclinical and clinical data base 1.
- Lean operating structure without heavy production assets, which allows quick adjustments to spending 1.
- A high equity ratio in the consolidated balance sheet gives a solid financial base for the current stage 1.
Weaknesses
Opportunities
- If clinical studies confirm efficacy, the US, EU and Japanese markets could open significant commercial prospects 1.
- Expanding the ATRAG portfolio could diversify risk and offer new therapeutic directions 1.
- Partnerships or licensing could bring funding and commercial experience without growing the internal structure 1.
Risks
- Clinical study resultshigh
If studies do not show the desired effect or do not meet the safety profile, they could be halted, with major impact on the company's value 1.
- Regulatory approvalshigh
Regulators and ethics committees could refuse or delay the necessary approvals, which could postpone the programmes 1.
- Funding and capital needshigh
The company will need additional capital for studies, and funding terms may be unfavourable or lead to significant dilution 1.
- Patent protectionmedium
Patents could be challenged, circumvented or refused, and a lack of protection could let competitors approach the company's products 1.
- Dependence on suppliersmedium
Disruptions or quality problems at manufacturing contractors could delay studies and launch, and replacing them could be costly 1.
Investment thesis
What would need to be true (bull case)
- If buloxibutid shows efficacy in idiopathic pulmonary fibrosis, orphan drug status could support significant commercial potential 1.
- A portfolio of ATRAG molecules could reduce dependence on a single programme and create additional development options 1.
- A lean asset structure and a solid balance sheet could allow disciplined execution of the development plan if funding remains accessible 1.
What would break the thesis
- With no approved products and large operating losses, the company remains exposed to long-term execution and funding risk 1.
- If clinical studies face delays or unfavourable results, the value of the main programmes could fall significantly 1.
- Competition from larger companies and pressure on exclusivity could limit the commercial potential of the products 1.
What to watch
- Results of the phase 2b ASPIRE study of buloxibutid in IPF2026
- Status of regulatory approvals and any delays in clinical programmesnext annual report
- How the company secures additional funding for its studies2026
- Progress of the ATRAG programmes and related patent applicationsnext 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
Vicore Pharma Holding AB (publ) is a biotechnology company based in Stockholm, focused on discovering and developing new molecules for rare diseases. Its main programme is buloxibutid, in clinical studies for idiopathic pulmonary fibrosis, and its second pillar is new selective ATRAG molecules in preclinical or early clinical stages 1. The company owns no research or production facilities and works through external partners for manufacturing and clinical studies 1.
Consolidated total assets stood at 1 218 637 KSEK at the end of 2025, and the equity ratio was 89,9% 1. The company operates with a small workforce and outsources production and clinical studies, which concentrates risk on project execution and access to capital 1.
Segments
Buloxibutid (idiopathic pulmonary fibrosis)
The main programme is buloxibutid, which has received orphan drug status in the US, EU and Japan, with the phase 2b ASPIRE study in IPF 1. The company's value depends largely on the success of this programme 1.
Market context
The key markets for any future product sales are the US, EU and Japan, with FDA, EMA and PMDA as the main regulators 1. Competition comes mainly from large pharmaceutical companies and bigger biotechnology firms, which may have greater resources for research and commercialisation 1.
The market for rare-disease treatments such as idiopathic pulmonary fibrosis is fragmented and depends on regulatory approvals and market exclusivity, which the company monitors 1. For Vicore, commercial prospects depend on clinical results and the ability to obtain funding 1.
Trends
- Capital needs for clinical studiesheadwind
Ongoing clinical studies generate significant costs, and the company remains dependent on raising capital or borrowing 1. If access to funding worsens, programme development could be slowed 1.
- Orphan drug statustailwind
Buloxibutid benefits from orphan drug status in key markets, which could offer commercial exclusivity if the product reaches the market 1. This advantage, however, depends on regulatory approval and on maintaining the status 1.
- Competitive pressure in rare diseasesheadwind
Large competitors could develop comparable treatments faster or secure exclusivity ahead of the company, reducing potential revenue 1. Competitive pressure is a factor that could intensify over time 1.
- Outsourced value chainmixed
The company has no in-house production capacity and relies on contractors for manufacturing, which must meet GMP standards 1. This dependence can bring flexibility but also risks of delay 1.
Competitive position
Competition comes from large pharmaceutical companies and biotechnology firms with superior resources for research, clinical work and marketing, which may advance faster or gain wider market acceptance 1. The risk is that competing products with better efficacy or lower prices could reduce the company's potential revenues 1.
Vicore differentiates itself through its focus on rare diseases and its portfolio of selective molecules, but its competitive position depends on study results and patent protection 1. The report does not explicitly name competitors listed on US exchanges, so no tickers are given 1.
- Large pharmaceutical companies
The main competitors named in the report include large pharmaceutical companies with greater resources for research, regulatory relations and marketing 1.
- Larger biotechnology companies
The report also mentions biotechnology firms that could develop competing treatments, possibly faster or with wider acceptance 1.
- Developers of pulmonary fibrosis treatments
Direct competition comes from programmes targeting the same indication, such as idiopathic pulmonary fibrosis, where market exclusivity is contested 1.
- Generic or alternative medicine makers
A product with lower prices or comparable efficacy could significantly reduce the company's potential revenues 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vicore Pharma Holding AB (publ) · 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.