Rankings Pharma & medtech Egetis Therapeutics
Egetis Therapeutics
56
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−12
- Multiples vs own history−7
- Funding−6
Strengths
- FDA approval and PRV+4
- Specialist investors+1
How the score is built
From 100 to 56, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 9.71 SEK
- Median analyst target
- 18.00 SEK
- Upside to median
- +85.4%
- Analysts
- 4
- Target range
- 4.30 – 33.00 SEK
- 52-week change
- +51%
- P/E (trailing)
- n/a
- Forward P/E
- 34.4
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−22 of −30
- −12MarginRevenue SEK 66m vs an operating loss of -389m TTM, i.e. an operating margin of about -590%. There have been losses every year in 2021-2025, and the loss has grown from -105 to -330m.
- −4Future segmentThe company has one product in one ultra-rare disease (MCT8 deficiency, Allan-Herndon-Dudley syndrome). The US label covers only peripheral thyrotoxicosis, not the neurological symptoms. Aladote is parked, and RTH-beta is early.
- −3Quality of growthThe EU launch is going slowly. Sales of Emcitate were SEK 17.4m in Q2 2026 (+23% at constant exchange rates), and Germany remains the main market. Italy and France are awaiting survival data, and Spain has just submitted a pricing application.
- −3Capital allocationIssues have been made every year: SEK 177m (2022), 382 (2023), 302 (2024), 183 (2025) and 350 (April 2026, at SEK 5.25). The share count is +17.6% in a year. Half of the PRV value was given away in the 2020 acquisition of RTT.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −7Multiples vs own historyP/B 9.6 is the highest in 2021–2025 (2.1–6.2), and EV/Sales 65 is above the 25–59 range. The market value is SEK 4.6bn after +91% in a year and +68% in 3 months, so approval is largely already in the price.
- −2Price vs realistic salesEV of about SEK 4.3bn (about USD 430m) for a single ultra-orphan product. With about 60 patients in the US Expanded Access Program and an unknown price, the valuation requires US sales of several hundred million SEK before the company makes money.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−14 of −35
- −6FundingCash was SEK 378.4m at 30/6-2026, and operating spending is about 90m per quarter, rising with the US launch. Without a PRV sale that lasts about 12 months. The PRV is to be sold in Q4 2026 'depending on market conditions' and gives Egetis only 50%.
- −5Commercial execution in the USA small company with 56 employees is launching itself in the US, where the product is expected to be available 8-10 weeks after approval. Price and insurer coverage are unknown, and the patient base is a few hundred diagnosed.
- −3Label and evidenceThe approval covers only the peripheral effects (thyroid hormone level, pulse and blood pressure), not the neurology. That may limit willingness to pay and demand among families hoping for a neurological effect.
Plus
Only documented strengths. · 2 findings+5 of +15
- +4FDA approval and PRVFDA approved Emcitate on 28/9-2026 as the first treatment of MCT8 deficiency (Orphan, Breakthrough, Priority Review) and granted a Rare Pediatric Disease PRV. PRVs sold for 180–220 m USD in 2026, so Egetis' half is about 0.9–1.1 bn SEK.
- +1Specialist investorsThe directed issue of SEK 350m in April 2026 was oversubscribed and priced at the closing price (no discount) with new international specialist healthcare investors.
Caveats
What the score does not capture, or where the data is weak.
FDA approved Emcitate on 28/9-2026 and granted a Priority Review Voucher (PRV). Egetis gets only 50% of the net proceeds from a PRV sale (the rest goes to the sellers of Rare Thyroid Therapeutics). The sale is planned for Q4 2026 but is not secured, so the runway is calculated without the PRV. The US price has not been published (the press mentions up to about 1 m USD a year, unconfirmed). Quarterly burn is calculated by myself from the H1 cash flow (about 90 m SEK per quarter). Analysts' 2026 revenue (avg. 538 m) probably includes the PRV. Largest owners, insider trades, short interest and peers are not verified.
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