olivLaw · European equity research
Moberg Pharma AB (publ) MOB.ST
Sweden · Nasdaq Stockholm · ISIN SE0020353928 · Vertical: Listed companies from Sweden
Moberg Pharma develops and sells MOB-015, a topical terbinafine formulation for nail fungus designed to avoid the liver risks linked to oral tablets. The company is moving from development to commercialisation after approval in 13 EU countries and the Terclara launch in Sweden and Norway, with an estimated global sales potential of 250–500 MUSD a year.
At the close of 05 Nov 2026, Moberg Pharma AB (publ) (MOB.ST) stock was 10.46 SEK (−3.15% on the day), with market capitalisation 491.2 m SEK, beta 0.41, 52-week range 8.22–12.40 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)
- 37.8
- weak (30–45)
- Bollinger (20, 2)
- 10.60 – 11.54
- below the lower band · %B -0.15 · band width 8.5%
- SMA 50 / 200
- 11.08 / 10.39
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.03
- 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 | −6.8% | −0.6% | −6.1 pp | — |
| 3 months | +10.0% | −4.2% | +14.2 pp | — |
| 6 months | −5.1% | +4.3% | −9.4 pp | — |
| Year to date | +1.9% | +7.5% | −5.7 pp | — |
| 1 year | +5.7% | +9.9% | −4.3 pp | −8.5% |
| 3 years | +26.8% | +49.8% | −23.1 pp | +12.3% |
| 5 years | −71.9% | +42.8% | −114.8 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 207.0 k | 0 | 9.8 m | 13.5 m |
| Revenue YoY | unavailable | −100.0% | unavailable | +38.0% |
| Net income | -15.7 m | -21.1 m | -255.1 m | -27.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.07 | -1.33 | -6.74 | -0.58 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -7,589.4% | unavailable | -2,600.3% | -201.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 230.9 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 665.2 m SEK
- Total assets
- 682.3 m SEK
- Debt / equity
- unavailable
- Current ratio
- 14.71x
- ROE
- -4.0%
- ROA
- -3.9%
- 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 | 207.0 k | 0 | 9.8 m | 13.5 m | esef· 28 Oct 2026verified |
| Cost of revenue | — | 0 | 3.5 m | 5.9 m | esef· 28 Oct 2026verified |
| Gross profit | 207.0 k | 0 | 6.3 m | 7.7 m | esef· 28 Oct 2026verified |
| Research & development | 1.2 m | 3.7 m | 302.2 m | 3.5 m | esef· 28 Oct 2026verified |
| Operating income | -20.2 m | -27.5 m | -324.8 m | -27.3 m | esef· 28 Oct 2026verified |
| Interest expense | 72.0 k | 260.0 k | 228.0 k | 178.0 k | esef· 28 Oct 2026verified |
| Pre-tax income | -19.5 m | -25.4 m | -320.5 m | -24.0 m | esef· 28 Oct 2026verified |
| Income tax | -3.8 m | -4.3 m | -65.4 m | 3.2 m | esef· 28 Oct 2026verified |
| Net income | -15.7 m | -21.1 m | -255.1 m | -27.2 m | esef· 28 Oct 2026verified |
| Diluted EPS | -2.07 | -1.33 | -6.74 | -0.58 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 7.8 m | 35.5 m | 38.9 m | 48.2 m | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 125.6 m | 60.6 m | 293.3 m | 230.9 m | esef· 28 Oct 2026verified |
| Receivables | — | 1.8 m | 2.5 m | 3.4 m | esef· 28 Oct 2026verified |
| Inventories | 0 | 7.1 m | 4.3 m | 3.6 m | esef· 28 Oct 2026verified |
| Current assets | 127.8 m | 69.5 m | 300.1 m | 237.9 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 408.1 m | 532.2 m | 305.8 m | 349.0 m | esef· 28 Oct 2026verified |
| Total assets | 564.4 m | 634.7 m | 706.1 m | 682.3 m | esef· 28 Oct 2026verified |
| Current liabilities | 26.8 m | 20.5 m | 16.7 m | 16.2 m | esef· 28 Oct 2026verified |
| Total liabilities | 30.8 m | 24.0 m | 19.3 m | 17.0 m | esef· 28 Oct 2026verified |
| Equity | 533.6 m | 610.7 m | 686.8 m | 665.2 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 7.6 m | 15.9 m | 37.9 m | 47.0 m | esef· 28 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: 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: 491.2 m SEK
Key indicators
Coverage and freshness
Score by group
25% · 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: 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 | -201.2% | 3 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 302.9% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -153.5x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 14.7x | 100 (on a fixed band) | 17% |
| 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· partial100/100 · 1/2 factors with a value
- Quality· partial3/100 · 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
Moberg Pharma AB (publ) (MOB.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 13.5 m SEK in 2025; YoY growth 38.0%; net margin -201.2%; ROE -4.0%.
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
- Revenue CAGR 3Y: 302.9%
- Current ratio: 14.7x
What contradicts it
- Net margin: -201.2%
- Interest coverage: -153.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, 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% |
| 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 MOB.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
Moberg Pharma develops and sells MOB-015, a topical terbinafine formulation for nail fungus designed to avoid the liver risks linked to oral tablets. The company is moving from development to commercialisation after approval in 13 EU countries and the Terclara launch in Sweden and Norway, with an estimated global sales potential of 250–500 MUSD a year.
SWOT
Strengths
- The product has data from phase 3 studies in Europe and North America and no serious adverse effects reported in those studies 1.
- Terclara became the market leader in Sweden after launch, showing potential for rapid uptake 1.
- Patent protection and data exclusivity extend the period in which the product can be sold without direct competition 1.
Weaknesses
- The company depends on partners and contract manufacturers for sales, distribution and production, which limits control over the value chain 1.
- The company is moving from development to commercialisation, which requires new capabilities in quality, supply and sales 1.
- The US study has not yet led to approval, and efficacy evidence is harder to interpret because of temporary nail whitening effects 1.
Opportunities
- If European launches succeed, the company could be better placed to support a new study and an application for US approval 1.
- Physician preference for topical treatments without liver risk could expand the market for MOB-015 1.
- If a paediatric study succeeds, the indication could be extended to children 1.
Risks
- US approvalhigh
The company does not yet have US approval, and a new study may be needed, with cost and risk of failure 1.
- Dependence on third partiesmedium
Production and distribution depend on contractors and partners, which can lead to delays or incomplete deliveries 1.
- Terbinafine supplymedium
A single active substance supplier could affect production if deliveries stop, although the company has qualified a new supplier 1.
- Patent protectionmedium
Patent applications have not yet been granted in all markets, and expiry or loss of protection could reduce sales 1.
- Side effects in uselow
If serious side effects appear after launch, sales and reputation could be affected 1.
Investment thesis
What would need to be true (bull case)
- If European launches expand after the success in Sweden, the company could demonstrate the commercial potential of the product.
- Efficacy and safety results from the phase 3 studies could support broad physician adoption.
- Extended patent protection could lengthen the period of commercial exclusivity.
What would break the thesis
- If the required US study fails or is delayed, access to the largest market could remain blocked.
- Dependence on partners and contractors could limit the company's control over sales and production.
- Competition from topical products and generics could reduce margins after launch.
What to watch
- Performance of Terclara launches in Norway and the rest of Europe2026
- Decision on a new clinical study in the US2027
- Results of the ongoing paediatric study2027
- Commercial distribution agreements in Europenext 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
Moberg Pharma AB (publ) is a Swedish pharmaceutical company whose main activity is MOB-015, a locally applied medicine for nail fungus. The product is approved in 13 EU countries, some as OTC, and is sold in Sweden under the name Terclara, launched in February 2024 1. According to the 2024 annual report, the company is transitioning from a late-stage medicine developer to a licence holder that sells medicines, which requires its own quality and supply systems 1.
The business model relies on exclusive commercial partners: Cipher Pharmaceuticals in Canada, Allderma in Scandinavia and Padagis in Israel. Moberg Pharma manufactures and delivers the product while partners market it; the company can receive milestone, royalty and product supply revenue 1. It is also pursuing a stronger direct presence in Europe, including ownership of the brand, through talks with potential partners 1.
Production runs through contract manufacturers, and in 2024 the company qualified a new terbinafine supplier with an EU CEP certificate, removing terbinafine supply as a limiting factor for launches 1.
Segments
Market context
According to the report, roughly five million nail fungus treatments are prescribed each year in the US, and most patients remain untreated or do not complete therapy 1. The US, Japan and Canada are dominated by prescription products with high list prices, while the EU, Middle East and Asia have over-the-counter products at lower prices 1.
A survey cited by the company shows most physicians avoid oral terbinafine because of liver concerns, which supports demand for a topical alternative 1.
Trends
- Ageing populationtailwind
An ageing population could increase nail fungus cases and demand for treatment, as the company describes 1.
- Physician preference for topical treatmentstailwind
If physicians continue to avoid oral terbinafine because of liver risk, topical treatments could gain market share 1.
- Different prices and reimbursement by regionmixed
Large differences in pricing and reimbursement systems between regions may limit revenue in some markets and require negotiation 1.
- Requirement for a US studyheadwind
If the FDA requires a new clinical study in the US, the timeline and cost of entering the American market could increase 1.
Competitive position
According to the report, the market includes topical products with and without prescription, and the most effective option remains oral terbinafine, which is linked to interactions and liver risk 1. In the European study, MOB-015 was non-inferior to ciclopirox, the active comparator 1.
The company argues that differentiation from other topical products rests on the formulation's penetration into the nail, which brings terbinafine to high concentrations in the nail and nail bed 1.
- Oral terbinafine (tablets)
The most effective standard treatment for nail fungus, but with interaction and liver injury risks, according to the company's report.
- Ciclopirox (topical)
Topical treatment used as the active comparator in the European study, against which MOB-015 was non-inferior.
- Other topical products with and without prescription
Products available in different markets, described by the company as less effective than MOB-015 in certain comparisons.
- Generics and follow-on products
The risk of entry after patents or data protection expire is mentioned in the company's report.
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 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Moberg Pharma AB (publ) · 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.