olivLaw · European equity research
Pharmena Spółka Akcyjna PHR.WA
Poland · GPW Warszawa · ISIN PLPHRMN00011 · Vertical: Listed companies from Poland
Pharmena is a Polish producer and distributor of personal care products, supplements and dermocosmetics, with a clinical research unit for the molecule 1-MNA. In 2022 the group grew sales but reported a net loss, and its plan to sell directly in Germany is a key step in its strategy.
At the close of 05 Nov 2026, Pharmena Spółka Akcyjna (PHR.WA) stock was 2.73 PLN (−1.44% on the day), with market capitalisation 30.6 m PLN, beta 0.24, 52-week range 2.55–4.22 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 26.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 2.79 – 3.14
- below the lower band · %B -0.17 · band width 11.8%
- SMA 50 / 200
- 3.08 / 3.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.05
- 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 | −10.8% | −0.6% | −10.1 pp | — |
| 3 months | −11.9% | −4.2% | −7.8 pp | — |
| 6 months | −19.2% | +4.3% | −23.6 pp | — |
| Year to date | +5.0% | +7.5% | −2.5 pp | — |
| 1 year | −21.6% | +9.9% | −31.5 pp | +7.1% |
| 3 years | −54.8% | +49.8% | −104.6 pp | +3.3% |
| 5 years | −73.2% | +42.8% | −116.0 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 | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 9.9 m | 15.2 m | 19.0 m |
| Revenue YoY | unavailable | +53.2% | +25.0% |
| Net income | -6.9 m | -4.6 m | -1.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.63 | -0.41 | -0.14 |
| Diluted EPS YoY | unavailable | −165.1% | unavailable |
| net % | -69.4% | -30.2% | -8.3% |
| Free cash flow | -2.5 m | -3.5 m | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 1.6 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- -6.8 m PLN
- Total assets
- 12.6 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.59x
- ROE
- unavailable
- ROA
- -13.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 9.9 m | 15.2 m | 19.0 m | esef· 04 May 2023verified |
| Cost of revenue | 4.8 m | 7.4 m | 8.7 m | esef· 04 May 2023verified |
| Gross profit | 5.1 m | 7.8 m | 10.3 m | esef· 04 May 2023verified |
| Operating income | -6.0 m | -4.0 m | -508.0 k | esef· 04 May 2023verified |
| Interest expense | 264.0 k | 474.0 k | 904.0 k | esef· 04 May 2023verified |
| Pre-tax income | -6.3 m | -4.5 m | -1.4 m | esef· 04 May 2023verified |
| Income tax | 686.0 k | 182.0 k | 204.0 k | esef· 04 May 2023verified |
| Net income | -6.9 m | -4.6 m | -1.6 m | esef· 04 May 2023verified |
| Diluted EPS | 0.63 | -0.41 | -0.14 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.7 m | 1.5 m | 1.6 m | esef· 04 May 2023verified |
| Receivables | 2.5 m | 3.3 m | 3.8 m | esef· 04 May 2023verified |
| Inventories | 4.0 m | 3.5 m | 4.6 m | esef· 04 May 2023verified |
| Current assets | 8.3 m | 8.2 m | 10.0 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 50.0 k | 40.0 k | 48.0 k | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 1.0 m | 966.0 k | 999.0 k | esef· 04 May 2023verified |
| Total assets | 11.0 m | 11.2 m | 12.6 m | esef· 04 May 2023verified |
| Accounts payable | 5.7 m | 6.4 m | 9.0 m | esef· 04 May 2023verified |
| Current liabilities | 11.1 m | 11.6 m | 17.0 m | esef· 04 May 2023verified |
| Total liabilities | 11.3 m | 16.3 m | 19.4 m | esef· 04 May 2023verified |
| Equity | -348.0 k | -5.1 m | -6.8 m | esef· 04 May 2023verified |
| Shares outstanding at year end | — | 11.2 m | 11.2 m | esef· 04 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.2 m | -3.2 m | 1.8 m | esef· 04 May 2023verified |
| Capex | 214.0 k | 319.0 k | — | esef· 05 Apr 2022verified |
| Free cash flow | -2.5 m ≈ | -3.5 m ≈ | — | esef· 05 Apr 2022derived |
| Investing cash flow | -198.0 k | -248.0 k | -219.0 k | esef· 04 May 2023verified |
| Financing cash flow | 3.1 m | 3.2 m | -1.5 m | esef· 04 May 2023verified |
≈ 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: 30.6 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 | -8.3% | 13 (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 | -0.6x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.9% | 61 (on a fixed band) | 33% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial61/100 · 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
Pharmena Spółka Akcyjna (PHR.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 19.0 m PLN in 2022; YoY growth 25.0%; net margin -8.3%.
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
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
- Net margin: -8.3%
- Interest coverage: -0.6x
- Current ratio: 0.6x
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, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · 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 | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| PHR.WAPharmena Spółka Akcyjna | 30.6 m | — | — | -8.3% | +25.0% | −16% / −55% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for PHR.WA 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 (PLN)
| 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
Pharmena is a Polish producer and distributor of personal care products, supplements and dermocosmetics, with a clinical research unit for the molecule 1-MNA. In 2022 the group grew sales but reported a net loss, and its plan to sell directly in Germany is a key step in its strategy.
SWOT
Strengths
- Solid domestic sales growth with a diversified product base.
- Research portfolio with positive preclinical data for the molecule 1-MNA.
- Group structure with subsidiaries specialised in production, distribution and research.
Weaknesses
- Net loss in 2022 driven by subsidiary running costs and financial expenses.
- Heavy dependence on the Polish market with very limited exports.
- Limited liquidity, with a modest cash reserve relative to financial obligations.
Opportunities
- Direct sales in Germany could improve margins if integration is executed efficiently.
- Developing exports could reduce dependence on the domestic market.
- Progress in 1-MNA research could attract partners from the pharmaceutical industry.
Threats
- Inflation and rising production costs could affect margins and demand.
- Variable interest rates could raise the cost of debt if the financing environment worsens.
- Clinical research is costly and uncertain, and results may not be confirmed.
Risks
- Net losshigh
The group recorded a net loss in 2022, and if the trend continues, working capital could come under pressure 1.
- Liquidity and debthigh
The cash reserve is small relative to short-term obligations, and if access to financing tightens, repaying debt could become difficult 1.
- Interest rate riskmedium
Debt at variable rates exposes the company to higher financing costs if reference rates rise 1.
- Currency riskmedium
The US and German subsidiaries are exposed to fluctuations of the dollar and euro against the zloty, which could affect consolidated results 1.
- Research uncertaintymedium
Development of 1-MNA depends on future study results and partner interest, so timelines could slip or results might not be confirmed 1.
Investment thesis
What would need to be true (bull case)
- If the 2022 sales growth is sustained, the company could reduce losses as its subsidiaries become more efficient.
- If the integration of German sales goes well, margins could rise and subsidiary-related costs could fall.
- If studies on 1-MNA confirm preclinical results, the company could attract partners and funding for drug development.
What would break the thesis
- If the net loss persists, pressure on financing could increase and limit investment in research.
- If inflation raises costs and reduces consumption, margins could be hit, especially for consumer products.
- If clinical studies do not confirm preclinical results, the value of the research segment could be reduced significantly.
What to watch
- Trend in the net loss and financial costs2023
- Results of direct sales in Germany after liquidation of Menavitin GmbH2023
- Progress of presentations on 1-MNA to the pharmaceutical industry2023
- Level of the cash reserve and access to credit linesnext 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
The Pharmena group includes the parent Pharmena S.A. and three subsidiaries: Cortria Corporation in Boston, which conducts clinical research, Menavitin GmbH in Berlin, which sells dietary supplements in Germany, Austria and Switzerland, and Pharmena Sp. z o.o. in Łódź, dedicated to producing soaps, detergents and cosmetics 1. In 2022 the group generated revenue of 19 022 thousand zł, with sales growth of 25% 1.
Sales are concentrated in the domestic market: sales of finished products reached 17 253 thousand zł in 2022, up 26.4% 1. Exports account for only 9% of revenue 1, and management stated that expanding distribution channels and the product range had a significant positive effect on revenue, but running costs of subsidiaries and financial costs led to a net loss in 2022 1.
Beyond sales, the company is developing the molecule 1-MNA as a potential drug for pulmonary fibrosis and viral respiratory infections, based on 2021 preclinical studies 1. Management said results are being presented to the pharmaceutical industry, but this effort is not yet a source of revenue 1.
Segments
Consumer products and cosmetics
The main segment consists of finished products sold mainly in the Polish market, which accounted for most of 2022 revenue 1. The 26.4% growth in domestic sales in 2022 points to solid demand for these products 1.
Market context
Trends
- Inflation and production costsheadwind
The conflict in Ukraine could generate inflation, which would raise manufacturing costs and could reduce consumer demand 1.
- Expanding distribution channelstailwind
Management attributes the 2022 sales growth to expanded distribution channels and a wider product offer, suggesting the commercial strategy could support revenue 1.
- Interest in respiratory treatmentsmixed
The spread of respiratory infections and the growing number of people with pulmonary fibrosis could favour commercialisation of 1-MNA if study results are confirmed 1.
- Integration of German salesmixed
The decision to sell directly in Germany and liquidate Menavitin GmbH may simplify the structure but changes the distribution model in that market 1.
Competitive position
Pharmena competes in the Polish personal care and supplements market with local and international producers and distributors; the analysed sources do not explicitly name competitors 1. In 1-MNA research, the company faces drug developers working on treatments for the same indications 1.
The company's advantage lies in product diversification and in holding a molecule with positive preclinical data, but it remains a small player with limited revenue and net losses 1.
- Local Polish personal care producers
Companies selling similar products on the domestic market; not named in the source.
- German dietary supplement distributors
Players in the German supplement market that Menavitin served before sales were integrated.
- Developers of pulmonary fibrosis treatments
Companies working on drugs for the same indication as 1-MNA; not named in the source.
- Clinical research organisations
Organisations competing for funding and partnerships in preclinical and clinical studies.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Pharmena Spółka Akcyjna · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.