olivLaw · European equity research
Xbrane Biopharma AB XBRANE.ST
Sweden · Nasdaq Stockholm · ISIN SE0026598583 · Vertical: Listed companies from Sweden
Xbrane Biopharma AB is a Swedish biotech company that develops, manufactures and commercializes biosimilars, lower-cost versions of biologic medicines, built on its own technology platform. It has one commercial product, Ximluci, launched in 24 countries. Interest in the segment is rising as biologics with over 260 bn USD in annual global sales lose exclusivity.
At the close of 05 Nov 2026, Xbrane Biopharma AB (XBRANE.ST) stock was 13.05 SEK (−2.61% on the day), with market capitalisation 20.8 bn SEK, P/E 163.1 on diluted EPS of 0.08 SEK over the last 12 months, beta 0.69, 52-week range 5.66–17.40 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)
- 51.1
- neutral
- Bollinger (20, 2)
- 10.26 – 15.93
- in the lower half of the band · %B 0.49 · band width 43.3%
- SMA 50 / 200
- 11.67 / 9.96
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.53 / 0.65
- 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 | −8.1% | −0.6% | −7.4 pp | — |
| 3 months | +29.2% | −4.2% | +33.4 pp | — |
| 6 months | +34.5% | +4.3% | +30.2 pp | — |
| Year to date | +27.9% | +7.5% | +20.4 pp | — |
| 1 year | +22.5% | +9.9% | +12.6 pp | −8.5% |
| 3 years | −96.5% | +49.8% | −146.3 pp | +12.3% |
| 5 years | −99.2% | +42.8% | −142.0 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.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 127.5, median 127.5, max 127.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 238.7 m | 148.1 m | 152.4 m |
| Revenue YoY | unavailable | −38.0% | +2.9% |
| Net income | -388.2 m | -266.2 m | 127.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.66 | -0.22 | 0.08 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -162.6% | -179.8% | 83.5% |
| Free cash flow | -413.5 m | -134.2 m | -250.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 86.6 m SEK
- Financial debt
- 58.3 m SEK
- Net debt
- -28.3 m SEK
- Equity
- 560.7 m SEK
- Total assets
- 671.6 m SEK
- Debt / equity
- 0.10x
- Current ratio
- 7.12x
- ROE
- 33.1%
- ROA
- 16.8%
- FCF margin
- -164.5%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 238.7 m | 148.1 m | 152.4 m | esef· 26 Oct 2026verified |
| Cost of revenue | 203.3 m | 18.2 m | 62.8 m | esef· 26 Oct 2026verified |
| Gross profit | 35.4 m | 129.9 m | 89.5 m | esef· 26 Oct 2026verified |
| Research & development | 305.8 m | 162.0 m | 117.9 m | esef· 26 Oct 2026verified |
| Operating income | -322.2 m | -97.2 m | -28.2 m | esef· 26 Oct 2026verified |
| Interest expense | 2.3 m | 33.0 m | 16.4 m | esef· 26 Oct 2026verified |
| Pre-tax income | -322.0 m | -129.7 m | -43.9 m | esef· 26 Oct 2026verified |
| Income tax | 0 | 11.6 m | — | esef· 08 May 2025verified |
| Net income | -388.2 m | -266.2 m | 127.2 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.66 | -0.22 | 0.08 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 592.1 m | 1.2 bn | 1.5 bn | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 65.4 m | 124.3 m | 86.6 m | esef· 26 Oct 2026verified |
| Current assets | 461.7 m | 605.9 m | 375.1 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 32.5 m | 23.9 m | 36.0 k | esef· 26 Oct 2026verified |
| Goodwill | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 99.7 m | 167.7 m | 296.5 m | esef· 26 Oct 2026verified |
| Total assets | 653.5 m | 842.4 m | 671.6 m | esef· 26 Oct 2026verified |
| Long-term debt | — | 66.4 m | 58.3 m | esef· 26 Oct 2026verified |
| Current liabilities | 326.6 m | 537.9 m | 52.7 m | esef· 26 Oct 2026verified |
| Total liabilities | 482.2 m | 633.9 m | 111.0 m | esef· 26 Oct 2026verified |
| Equity | 171.3 m | 208.5 m | 560.7 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 588.1 m | 1.2 bn | 1.6 bn | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -406.7 m | -133.7 m | -250.7 m | esef· 26 Oct 2026verified |
| Capex | 6.8 m | 501.0 k | 0 | esef· 26 Oct 2026verified |
| Free cash flow | -413.5 m ≈ | -134.2 m ≈ | -250.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -16.8 m | -52.2 m | -37.1 m | esef· 26 Oct 2026verified |
| Financing cash flow | 298.7 m | 243.6 m | 255.6 m | 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 20.8 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -6.9% | 13 (vs peers) | 20% |
| Net margin · Quality | 83.5% | 100 (vs peers) | 12% |
| FCF conversion · Quality | -197.0% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.7x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 7.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 163.1x | 0 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.2% | 0 (on a fixed band) | 16% |
| 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
- Quality33/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 2/3 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
Xbrane Biopharma AB (XBRANE.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 152.4 m SEK in 2025; YoY growth 2.9%; net margin 83.5%; ROE 33.1%.
The estimated value range is 1.24–2.70 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.70 SEK, the price of 13.05 SEK leaves a potential of -87.0% (value / price − 1) and a margin of safety of -666.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 83.5%
- Current ratio: 7.1x
What contradicts it
- ROIC: -6.9%
- FCF conversion: -197.0%
- Interest coverage: -1.7x
- P/E (TTM): 163.1x
- FCF yield: -1.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| XBRANE.STXbrane Biopharma AB | 20.8 bn | 163.1 | 33.1% | 83.5% | +2.9% | +43% / −89% |
| 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% |
1- and 3-year price returns: for XBRANE.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 | 7.59 Total return -42% · Per year -42% | 13.43 Total return 3% · Per year 3% | 20.24 Total return 55% · Per year 55% |
| 3 years | 7.13 Total return -45% · Per year -18% | 14.21 Total return 9% · Per year 3% | 23.55 Total return 80% · Per year 22% |
| 5 years | 6.69 Total return -49% · Per year -13% | 15.04 Total return 15% · Per year 3% | 27.40 Total return 110% · Per year 16% |
- Exit P/E± 3.55
- Net margin± 2.49
- Annual revenue growth± 2.07
- Annual dilution± 0.21
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
Xbrane Biopharma AB is a Swedish biotech company that develops, manufactures and commercializes biosimilars, lower-cost versions of biologic medicines, built on its own technology platform. It has one commercial product, Ximluci, launched in 24 countries 1. Interest in the segment is rising as biologics with over 260 bn USD in annual global sales lose exclusivity 1.
SWOT
Strengths
- Proprietary technology platform for complex biosimilars and expertise in regulatory approvals.
- Consistent patent portfolio for key products, shared with the partner for Ximluci.
- A commercial product already launched in several countries, providing revenue and market experience.
Weaknesses
- Heavy dependence on partners for marketing, distribution and funding of clinical studies.
- A narrow commercial portfolio with only one product actively marketed.
- The recent restructuring reduced the team and divested part of the development activity.
Opportunities
- A US launch could significantly widen the market open to Ximluci if FDA approval is obtained.
- Loss of exclusivity for several large biologics opens opportunities for new programs.
- Progress in the Xdivane clinical study could create a new source of revenue.
Threats
- Competition from other biosimilar producers may reduce prices and market shares.
- Delays in regulatory approvals or clinical studies may postpone expected revenue.
- Pressure from payers for lower prices may limit margins.
Risks
- Dependence on partnershigh
Marketing and distribution rely on partners, and if they do not meet their goals, revenue could be affected.
- US approvalhigh
The Luzamci launch depends on FDA approval, and a delay could postpone revenue growth.
- Concentration on one productmedium
Revenue depends largely on Ximluci, so market or production problems could have a strong effect.
- Manufacturing and quality riskmedium
Biologic production is complex, and quality problems could delay deliveries or harm reputation.
- Financing and restructuringlow
The team reduction and divestments show the need for financial discipline, and limited resources could slow development.
Investment thesis
What would need to be true (bull case)
- If the US launch succeeds, the company could access a large market with incentives for biosimilars.
- The rapid share gains of biosimilars in other regions suggest potential for adoption.
- The patent portfolio and technology platform could support its position in hard-to-make products.
What would break the thesis
- Dependence on one commercial product and on partners could limit rapid revenue growth.
- Competition and pressure for lower prices could reduce margins over time.
- The recent restructuring shows that execution could be slower than planned.
What to watch
- FDA decision on Luzamci and the US launchnext 12 months
- Ximluci sales trend in Europe through STADA2026
- Progress of the Xdivane clinical study2026
- Quarterly financial results after the restructuringQ1 2027
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
Xbrane focuses on developing, manufacturing and securing regulatory approval for biosimilars, while partners handle commercialization. The commercial product Ximluci, a biosimilar to Lucentis, is sold in Europe, the Middle East and Central Asia together with partner STADA 1. The development product Xdivane, a biosimilar to nivolumab, is being advanced with Intas Pharmaceuticals 1.
The business model relies on suppliers for development and manufacturing and on partners for marketing and distribution, making the company dependent on their execution. The headquarters is in Solna near Stockholm, and at year end 2025 the company had 29 employees after a restructuring in which part of R&D was divested 1. The focus has therefore shifted to the patent portfolio and the FDA approval for Luzamci in the US.
The company protects products through patent portfolios shared with STADA for Ximluci and its own patents for Xdivane across several jurisdictions 1. Near-term goals include the US launch, growing sales in Europe and carrying out the clinical study for Xdivane 1.
Segments
Ximluci (Lucentis biosimilar)
The main commercial product, marketed in Europe by STADA and set to be launched in the US as Luzamci if FDA approves it 1.
Xdivane (nivolumab biosimilar)
A candidate in clinical development, with the study run by partner Intas Pharmaceuticals planned for the coming period while the production process is being validated 1.
Market context
Biosimilars have quickly gained market share in Europe and the US, reaching over 70% of the reference product's volume within three years of launch in recent launches 1. Global biosimilar sales are expected to grow 17.8% per year to 2028 1.
The market is driven by regulatory pressure and payer incentives, and savings for healthcare systems are substantial. Biosimilar margins of 80-85% are lower than the 95% for reference products, which limits profit per product 1.
Trends
- Loss of exclusivity for biologicstailwind
Many large-selling biologics lose patent protection over the next decade, opening the market to biosimilars 1.
- Incentives for biosimilar use in the UStailwind
Higher payments to physicians using biosimilars could accelerate uptake in the US if the trend seen in Europe repeats 1.
- Price pressureheadwind
Growing pressure for cheaper products may reduce biosimilar margins as more competitors enter the market 1.
- Costs and regulationmixed
Regulatory requirements and production investments can delay launches, while approval processes may take longer than planned 1.
Competitive position
The biosimilar market is competitive, with several producers targeting the same reference molecules. Xbrane's advantage lies in focusing on hard-to-manufacture products with limited competition 1.
Competition could affect prices and market share, especially after patent expiry, if several producers launch similar products at the same time 1.
- Biosimilar producers in Europe and US
Companies developing biosimilars for the same reference molecules compete for distribution partner contracts and market share.
- Originator biologics companies
Makers of reference biologics can cut prices or extend protection to resist biosimilar entry.
- Generic and biosimilar partners
Partner companies with distribution experience may develop their own biosimilars of the same products.
- Contract manufacturers
Manufacturing service providers offer capacity and alternatives for companies without their own facilities.
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 / Xbrane Biopharma AB · 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.