olivLaw · European equity research
Egetis Therapeutics AB (publ) EGTX.ST
Sweden · Nasdaq Stockholm · ISIN SE0003815604 · Vertical: Listed companies from Sweden
Egetis Therapeutics is a Swedish biopharmaceutical company that markets Emcitate, the first and only EU-approved therapy for MCT8 deficiency, launched in Germany in 2025. The company is preparing for an FDA decision expected in September 2026, which could open the US market. A Priority Review Voucher sold for between 150 and 200 mn USD in 2025.
At the close of 05 Nov 2026, Egetis Therapeutics AB (publ) (EGTX.ST) stock was 11.12 SEK (+11.31% on the day), with market capitalisation 4.2 bn SEK, beta 0.35, 52-week range 4.32–11.12 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 8.68 – 10.74
- above the upper band · %B 1.18 · band width 21.3%
- SMA 50 / 200
- 8.82 / 6.59
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.45 / 0.39
- 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 | +16.3% | −0.6% | +17.0 pp | — |
| 3 months | +62.3% | −4.2% | +66.5 pp | — |
| 6 months | +71.6% | +4.3% | +67.3 pp | — |
| Year to date | +108.2% | +7.5% | +100.7 pp | — |
| 1 year | +79.1% | +9.9% | +69.1 pp | −8.5% |
| 3 years | +126.7% | +49.8% | +76.9 pp | +12.3% |
| 5 years | +95.8% | +42.8% | +53.0 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 | 57.6 m | 46.1 m | 62.4 m |
| Revenue YoY | unavailable | −20.0% | +35.4% |
| Net income | -326.9 m | -343.6 m | -342.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.30 | -1.10 | -0.90 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -567.5% | -745.3% | -548.9% |
| Free cash flow | -278.4 m | -227.9 m | -268.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 215.8 m SEK
- Financial debt
- 45.0 m SEK
- Net debt
- -170.8 m SEK
- Equity
- 338.7 m SEK
- Total assets
- 639.1 m SEK
- Debt / equity
- 0.13x
- Current ratio
- 1.05x
- ROE
- -82.4%
- ROA
- -47.9%
- FCF margin
- -430.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 57.6 m | 46.1 m | 62.4 m | esef· 26 Oct 2026verified |
| Cost of revenue | 11.0 m | 11.6 m | 50.0 m | esef· 26 Oct 2026verified |
| Gross profit | 46.6 m | 34.5 m | 12.4 m | esef· 26 Oct 2026verified |
| Research & development | 194.0 m | 146.2 m | 158.3 m | esef· 26 Oct 2026verified |
| Operating income | -324.8 m | -329.4 m | -339.9 m | esef· 26 Oct 2026verified |
| Interest expense | 4.2 m | 25.9 m | 22.7 m | esef· 26 Oct 2026verified |
| Pre-tax income | -326.8 m | -343.2 m | -342.1 m | esef· 26 Oct 2026verified |
| Income tax | 100.0 k | 300.0 k | 400.0 k | esef· 26 Oct 2026verified |
| Net income | -326.9 m | -343.6 m | -342.5 m | esef· 26 Oct 2026verified |
| Diluted EPS | -1.30 | -1.10 | -0.90 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 260.0 m | 310.9 m | 373.4 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 303.3 m | 351.0 m | 215.8 m | esef· 26 Oct 2026verified |
| Inventories | 700.0 k | 1.0 m | 2.3 m | esef· 26 Oct 2026verified |
| Current assets | 345.9 m | 380.1 m | 253.6 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | — | 0 | 1.3 m | esef· 26 Oct 2026verified |
| Total assets | 760.2 m | 792.3 m | 639.1 m | esef· 26 Oct 2026verified |
| Long-term debt | 103.4 m | 84.1 m | 45.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 103.9 m | 204.2 m | 240.9 m | esef· 26 Oct 2026verified |
| Equity | 545.6 m | 492.9 m | 338.7 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 251.5 m | 312.4 m | 380.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -278.4 m | -227.9 m | -267.0 m | esef· 26 Oct 2026verified |
| Capex | 0 | 0 | 1.5 m | esef· 26 Oct 2026verified |
| Free cash flow | -278.4 m ≈ | -227.9 m ≈ | -268.5 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | 0 | -1.2 m | -2.8 m | esef· 26 Oct 2026verified |
| Financing cash flow | 458.9 m | 270.9 m | 140.0 m | esef· 26 Oct 2026verified |
| Share repurchases | — | 1.5 m | 0 | esef· 26 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: 41.7% 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: 4.2 bn SEK
Key indicators
Coverage and freshness
Score by group
42% · 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: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -145.0% | 4 (vs peers) | 25% |
| Net margin · Quality | -548.9% | 3 (vs peers) | 15% |
| 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 | -15.0x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -6.3% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 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
Egetis Therapeutics AB (publ) (EGTX.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 62.4 m SEK in 2025; YoY growth 35.4%; net margin -548.9%; ROE -82.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% 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
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.
What contradicts it
- ROIC: -145.0%
- Net margin: -548.9%
- Interest coverage: -15.0x
- Current ratio: 1.1x
- FCF yield: -6.3%
- Shareholder yield (distributions): 0.0%
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, 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% |
| EGTX.STEgetis Therapeutics AB (publ) | 4.2 bn | — | -82.4% | -548.9% | +35.4% | +114% / +126% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for EGTX.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
Egetis Therapeutics is a Swedish biopharmaceutical company that markets Emcitate, the first and only EU-approved therapy for MCT8 deficiency, launched in Germany in 2025. The company is preparing for an FDA decision expected in September 2026, which could open the US market. A Priority Review Voucher sold for between 150 and 200 mn USD in 2025 1.
SWOT
Strengths
- Emcitate is the first and only EU-approved therapy for MCT8 deficiency, and European guidelines recommend its use for all patients with this disease.
- The company has experience from its managed access program, which included patients in many countries, and has obtained several important FDA regulatory designations.
- The organizational structure in the US and Europe is prepared for launch, with medical affairs, market access and commercial teams.
Weaknesses
- The company has no recurring revenue and consistently reports negative operating results, which means dependence on external financing.
- Egetis is a small company with limited resources compared with large competitors, which may limit the pace of development and commercialization.
- Patents on the active substance are currently not valid, and protection depends on orphan drug status and data exclusivity.
Opportunities
- FDA approval could open access to the US market, which is the largest in the world for rare diseases.
- Selling a Priority Review Voucher could bring significant revenue if Emcitate receives FDA approval.
- Expanding distribution partnerships in the Gulf, Turkey and central Europe could quickly increase the number of treated patients.
Threats
- A competitor with better or safer products could reduce the exclusivity and market position of Emcitate.
- Reimbursement refusals in some European countries, such as France, could slow sales and patient access.
- Geopolitical tensions and economic instability could delay development and launch activities.
Risks
- Market acceptance and demandhigh
If physicians and payers do not accept Emcitate sufficiently, the company's ability to generate revenue could be significantly affected.
- Capital needs and irregular revenuehigh
Revenue could be irregular because it depends on a few large payments, and operating cash flow is likely negative until recurring revenue is sufficient.
- Patent protection and orphan drug statusmedium
If orphan drug status were withdrawn or patent protection weakened, the company's competitive advantage could decline.
- Dependence on external manufacturersmedium
The company does not manufacture itself, and delays or non-compliance at contract manufacturers could affect studies and approval.
- IT security and pandemicslow
A cyberattack or a pandemic could disrupt operations and patient recruitment for clinical studies.
Investment thesis
What would need to be true (bull case)
- Emcitate holds a unique market position in the EU and an advanced regulatory timeline in the US, which could generate significant revenue if FDA approval is confirmed.
- If the Priority Review Voucher sells at 2025 price levels, the company could receive a substantial payment to support its launch.
- Rapid expansion through partners in the Gulf, Turkey and central Europe could turn Named Patient programs into steady revenue.
What would break the thesis
- The company reports operating losses and depends on external financing, which could lead to dilution for shareholders.
- The rejection of reimbursement in France shows that access in European markets could be slower than expected.
- If a competitor demonstrated better clinical data, the exclusivity advantage of Emcitate could decline quickly.
What to watch
- FDA decision on Emcitate approval in the US2026
- Completion of the AMNOG assessment in GermanyQ2 2026
- Resubmission of the reimbursement application in Francefirst half 2026
- Sale of the Priority Review Voucher after a possible FDA approvalQ4 2026
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
Egetis Therapeutics AB is a company from Sweden, listed on Nasdaq Stockholm, that develops and commercializes tiratricol, marketed as Emcitate, for MCT8 deficiency, a rare disease. Emcitate received European Commission approval in February 2025 as the first and only treatment for this condition 1. The company plans to commercialize the product itself in the US and Europe through a dedicated team of about 50 people, and works through partners elsewhere 1.
In 2025 Egetis launched Emcitate in Germany, its first market with full commercial access after the managed access program, and it is now preparing the US launch. The company signed distribution partnerships with Er-Kim for Turkey and central, eastern and south-eastern Europe, and with Taiba Middle East for the Gulf region 1. The company is listed on Nasdaq Stockholm under the ticker EGTX, and had 9 406 shareholders at 31 December 2025 1.
Distribution networks and patient support are central to the company's strategy. Egetis works with specialty pharmacies and is developing a patient support program to ensure reliable deliveries and access to treatment 1. Beyond commercial sales, the company could earn revenue from licenses, partner payments and the sale of a Priority Review Voucher if Emcitate receives FDA approval 1.
Segments
Europe
Europe is the main market where Egetis already sells Emcitate. The German launch began in May 2025, and the AMNOG process started in April 2025 with completion expected in Q2 2026 1. In France, the first reimbursement application was rejected in September 2025, and the company intends to resubmit in the first half of 2026 1.
United States
In the US the company has prepared its launch through an Expanded Access Program involving 17 specialist centers and a dedicated medical affairs and market access organization 1. FDA approval is expected in September 2026, if the agency accepts the application and review proceeds on schedule 1.
Distribution and special access programs
Outside the EU and US, Egetis sells Emcitate through Named Patient programs in several countries via distribution partnerships 1. These channels have enabled access for patients in Poland, Austria and Switzerland, and in Turkey and the Gulf the company hopes to expand availability quickly 1.
Market context
The US rare disease drug market is the largest in the world, and the company estimates North America at 45 to 50 percent of a global orphan drug market exceeding 200 bn USD 1. Orphan drugs account for roughly half of new drug approvals by the FDA, indicating a favorable regulatory and reimbursement framework 1. For Egetis, this means an FDA approval could open access to a large market with 7 years of market exclusivity in the US and 10 years in the EU 1.
MCT8 deficiency is underdiagnosed, and there are currently no approved treatments in the US, meaning the medical need is substantial 1. If diagnosis improves, the number of identified patients could rise, and the company hopes to benefit from this development 1.
Trends
- Growing interest in rare diseasestailwind
The regulatory environment for orphan drugs offers incentives such as market exclusivity and priority review vouchers, which can support investment in new therapies 1.
- Rising disease awarenesstailwind
Information campaigns and medical congresses could reduce diagnostic delay for MCT8 deficiency, which could expand the patient base 1.
- Pressure on pricing and reimbursementheadwind
Pricing reviews in Europe can be lengthy, and rejections such as the one in France show that requirements for randomized data are strict 1.
- Geopolitical and macroeconomic uncertaintyheadwind
Geopolitical tensions could affect the global economy and delay the company's research and development activities, according to its risk assessment 1.
Competitive position
Egetis states that Emcitate is the first and only approved therapy for MCT8 deficiency, which offers a temporary market advantage 1. However, the company warns that a competitor with better or safer clinical data could reduce the exclusivity and value of its orphan drug status 1.
Larger competitors may have superior financial, technical and distribution resources, which could allow them to launch products faster 1. Egetis relies on regulatory protection such as orphan drug status and data exclusivity, since patents on the active substance are currently not valid 1.
- Competitors with more effective or cheaper products
The company notes that other firms could develop products more effective, safer or cheaper than Emcitate, without naming specific competitors in the analyzed source.
- Larger companies with superior resources
Larger competitors could have greater capacity for clinical development, manufacturing and commercialization than a company of Egetis's size.
- Alternative therapies for MCT8 deficiency
The analyzed source does not identify other approved therapies for MCT8 deficiency, but stresses that any better product could affect the company's position.
- Distribution partners and licensees
Partners such as Fujimoto, Er-Kim and Taiba Middle East are partners rather than competitors, but they can influence access in their markets.
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 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Egetis Therapeutics 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.