olivLaw · European equity research
Medincell S.A. MEDCL.PA
France · Euronext Paris · ISIN FR0004065605 · Vertical: Listed companies from France
Medincell is a French biopharmaceutical company that develops and licenses long-acting injectable treatments built on its proprietary BEPO and BEPO Star platforms. Its relevance is rising as partner Teva's UZEDY, approved by the FDA, is marketed in the United States and an olanzapine LAI is under regulatory review.
At the close of 05 Nov 2026, Medincell S.A. (MEDCL.PA) stock was 28.56 EUR (−0.42% on the day), with market capitalisation 950.6 m EUR, beta 0.76, 52-week range 20.24–31.64 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)
- 63.1
- strong (55–70)
- Bollinger (20, 2)
- 24.81 – 29.03
- in the upper half of the band · %B 0.89 · band width 15.7%
- SMA 50 / 200
- 24.65 / 24.86
- mixed trend
- MACD (12, 26, 9)
- 0.84 / 0.70
- 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 | +6.7% | −0.6% | +7.4 pp | — |
| 3 months | +14.6% | −4.2% | +18.8 pp | — |
| 6 months | +8.4% | +4.3% | +4.1 pp | — |
| Year to date | +13.3% | +7.5% | +5.8 pp | — |
| 1 year | −19.6% | +9.9% | −29.5 pp | −6.8% |
| 3 years | +401.1% | +49.8% | +351.2 pp | −15.9% |
| 5 years | +215.6% | +42.8% | +172.8 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 | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 11.9 m | 27.7 m | 24.3 m |
| Revenue YoY | unavailable | +132.1% | −12.4% |
| Net income | -25.0 m | -18.4 m | -31.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.88 | -0.62 | -0.94 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -209.6% | -66.5% | -128.9% |
| Free cash flow | -12.2 m | 18.7 m | -25.4 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 62.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.1 m EUR
- Total assets
- 108.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 4.67x
- ROE
- unavailable
- ROA
- -31.5%
- FCF margin
- -104.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 11.9 m | 27.7 m | 24.3 m | esef· 04 Aug 2026verified |
| Cost of revenue | 0 | 0 | 0 | esef· 04 Aug 2026verified |
| Gross profit | 11.9 m ≈ | 27.7 m ≈ | 24.3 m ≈ | esef· 04 Aug 2026derived |
| Research & development | 21.1 m | 24.3 m | 26.5 m | esef· 04 Aug 2026verified |
| Operating income | -21.0 m | -10.8 m | -20.8 m | esef· 04 Aug 2026verified |
| Pre-tax income | -25.0 m | -18.3 m | -31.4 m | esef· 04 Aug 2026verified |
| Income tax | 88.0 k | 160.0 k | -69.0 k | esef· 04 Aug 2026verified |
| Net income | -25.0 m | -18.4 m | -31.3 m | esef· 04 Aug 2026verified |
| Diluted EPS | -0.88 | -0.62 | -0.94 | esef· 04 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 19.5 m | 59.0 m | 62.8 m | esef· 04 Aug 2026verified |
| Receivables | 2.3 m | 3.1 m | 4.5 m | esef· 04 Aug 2026verified |
| Current assets | 27.3 m | 80.6 m | 96.7 m | esef· 04 Aug 2026verified |
| Property, plant & equipment, net | 2.3 m | 2.3 m | 2.4 m | esef· 04 Aug 2026verified |
| Intangibles (excl. goodwill) | 2.5 m | 2.6 m | 3.5 m | esef· 04 Aug 2026verified |
| Total assets | 36.9 m | 90.5 m | 108.1 m | esef· 04 Aug 2026verified |
| Accounts payable | 1.8 m | 4.0 m | 3.4 m | esef· 04 Aug 2026verified |
| Current liabilities | 16.5 m | 29.9 m | 20.7 m | esef· 04 Aug 2026verified |
| Equity | -40.8 m | -16.4 m | 3.1 m | esef· 04 Aug 2026verified |
| Shares outstanding at year end | 28.5 m | 29.7 m | 33.3 m | esef· 04 Aug 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.9 m | 19.5 m | -24.6 m | esef· 04 Aug 2026verified |
| Capex | 324.0 k | 747.0 k | 815.0 k | esef· 04 Aug 2026verified |
| Free cash flow | -12.2 m ≈ | 18.7 m ≈ | -25.4 m ≈ | esef· 04 Aug 2026derived |
| Investing cash flow | -613.0 k | -13.2 m | -10.5 m | esef· 04 Aug 2026verified |
| Financing cash flow | 25.5 m | 33.3 m | 38.8 m | esef· 04 Aug 2026verified |
| Share repurchases | 25.0 k | -93.0 k | — | esef· 21 Aug 2025verified |
≈ 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% 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: 950.6 m EUR
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -128.9% | 15 (vs peers) | 25% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.7x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.7% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 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
MEDINCELL S.A. (MEDCL.PA). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 24.3 m EUR in 2026; YoY growth -12.4%; net margin -128.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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: 4.7x
What contradicts it
- Net margin: -128.9%
- FCF yield: -2.7%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| MEDCL.PAMedincell S.A. | 950.6 m | — | — | -128.9% | −12.4% | +1% / +365% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for MEDCL.PA 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 | 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
Medincell is a French biopharmaceutical company that develops and licenses long-acting injectable treatments built on its proprietary BEPO and BEPO Star platforms. Its relevance is rising as partner Teva's UZEDY, approved by the FDA, is marketed in the United States and an olanzapine LAI is under regulatory review.
SWOT
Strengths
- The proprietary BEPO platform, protected by patents, provides a differentiating technology base and a solid partnership portfolio.
- A product already approved by the FDA and marketed in the United States demonstrates the commercial validation of the technology.
- The licence and royalty model limits the need for investment in in-house production and distribution.
Weaknesses
- Dependence on partners that manufacture, distribute and sell products reduces control over revenue.
- Revenue concentration in a small number of products and partners increases sensitivity to the failure of a single programme.
- The company depends on external funding, and access to capital could become harder amid investor caution.
Opportunities
- Expanding the pipeline and bringing olanzapine LAI to commercial stage could add new royalty sources.
- Applying the BEPO platform to new therapeutic areas could open additional partnerships with pharmaceutical companies.
- The adherence advantage could support reimbursement arguments in several countries.
Threats
- Price pressure and changes to reimbursement programmes in the United States could reduce partners' revenue and, indirectly, the company's.
- Intellectual property litigation could generate high costs and affect the company's reputation.
- Geopolitical tensions and supply chain disruptions could raise the costs of manufacturing partners.
Risks
- Dependence on partner Tevahigh
Commercialisation of UZEDY and the progress of olanzapine LAI depend on Teva, and problems on its side could directly affect royalty revenue.
- Intellectual propertymedium
Patents could be challenged or invalidated, and litigation with third parties could be costly and could limit protection of the technology.
- Drug reimbursementhigh
Price limits and changes to reimbursement could reduce sales of licensed products and the company's revenue.
- Product liabilitymedium
Unexpected side effects could create liability for the company even though manufacturing is outsourced.
- Access to financingmedium
If the biotech sector remains selective, additional funding could be harder to obtain or more expensive.
Investment thesis
What would need to be true (bull case)
- If UZEDY and olanzapine LAI reach solid commercial volumes, royalties could grow and support development of other pipeline programmes.
- The BEPO platform, validated by an FDA approval, could attract new partnerships across several therapeutic areas.
- The licence-based model could allow growth without major investment in proprietary manufacturing.
What would break the thesis
- If reimbursement pressure in the United States intensifies, royalty revenue could remain below expectations.
- Dependence on a small number of partners and products could amplify the impact of any commercial or regulatory setback.
- If financing becomes even more selective, the company could need capital on less favourable terms.
What to watch
- EMA decision on olanzapine LAI2027
- UZEDY sales trends reported by TevaQ1 2027
- Fiscal 2027 results and company guidance2027
- Effects of Part D changes and the IRA on royaltiesnext 10-K
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
Medincell aims to contribute to improving and protecting the health of populations worldwide through injectable treatments that release an active ingredient in a controlled way for days, weeks or months from a simple biodegradable depot. The company is in clinical and commercial stages and works mainly through licences and partnerships, so manufacturing, distribution and sales are handled by its partners. It is based in Montpellier, where it employs more than 150 people from over 27 nationalities.
Risperidone LAI is the first treatment using BEPO technology approved by the FDA, first for schizophrenia and then for bipolar I disorder. It is marketed in the United States by Teva as UZEDY, and the technology is licensed to Teva under the name SteadyTeq.
The research pipeline includes several candidates at different stages, from formulation to phase 3 clinical trials. The company collaborates with leading pharmaceutical companies and foundations to offer new treatment options.
Segments
BEPO technology and licensing
The BEPO and BEPO Star platforms control release from a subcutaneous or local injection of a polymer depot, and revenue comes from licences and royalties linked to partners. This is the main source of value in the business model.
Products in development
The pipeline includes candidates from formulation to phase 3, and olanzapine LAI, filed by Teva with the FDA, was accepted for review in February 2026 and submitted to the EMA in May 2026. Progress on these filings could influence the royalty flow.
Market context
Medincell operates in the market for long-acting injectable treatments, where the main advantage is better patient adherence to prescriptions. The company relies on pharmaceutical partners for market access, so its dynamics depend on reimbursement decisions and the commercial success of licensed products.
The biotechnology sector still has selective financing, and emerging firms face harder access to capital. For Medincell, this context could affect access to additional funding and partner terms.
Trends
- Pressure on US drug pricingheadwind
The Inflation Reduction Act and the Part D redesign could reduce net sales of pharmaceutical groups, and through royalties the impact reaches Medincell indirectly.
- Benefit of patient adherencetailwind
Long-acting treatments could reduce drug waste and deviations from prescriptions, which may support efficiency and reimbursement access.
- Geopolitical and energy tensionsmixed
The Middle East conflict and trade tensions could raise production and transport costs for partners, although direct exposure to customs duties appears limited.
- Selective biotech financingheadwind
Investors are more cautious about emerging companies, which could make capital more expensive or harder to obtain if the trend persists.
Competitive position
Competition comes from other companies developing long-acting injectable formulations and controlled-release systems. Medincell's advantage rests on its proprietary BEPO platform and its established partnerships.
Larger companies with greater financial resources could more easily bear the costs of intellectual property litigation, which is a potential competitive pressure for Medincell.
- Teva PharmaceuticalsTEVA
Main partner that markets UZEDY in the United States and filed the olanzapine LAI application, but also a potential competitor in injectables.
- AlkermesALKS
Company developing and marketing long-acting injectable treatments, in direct competition in some psychiatric indications.
- Indivior
Developer of long-acting formulations, active in similar therapeutic niches.
- Corbion
Supplier of polymers and an important industrial partner of Medincell, and also a player influencing the supply chain.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202604 Aug 2026
- Annual report 202521 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Medincell S.A. · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.