Rankings Pharma & medtech Hansa Biopharma
Hansa Biopharma
43
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−9
- Capital allocation−7
- Binary regulatory event−7
Strengths
- Partner validation+3
- Strong phase 3 data+2
How the score is built
From 100 to 43, 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
- 37.88 SEK
- Median analyst target
- 77.00 SEK
- Upside to median
- +103.3%
- Analysts
- 8
- Target range
- 36.00 – 103.00 SEK
- 52-week change
- +21%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- 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−23 of −30
- −9MarginOperating loss of SEK 578m on revenue of 189m (TTM), i.e. an operating margin of −305%. There has been an operating loss every year: −SEK 523 to −791m in 2021–2025.
- −5Quality of growthIdefirix sales fell to SEK 80.7m in H1 2026 from 113.5m a year earlier (−29%), six years after the conditional EU approval. The European business is now licensed to SERB, so own revenue is reset to royalties and a coming US sale.
- −7Capital allocationThe share count has risen 42.7% over a year (issues of SEK 372m in 2024, 904m in 2025 and 685m TTM), and equity is negative (−SEK 520m). Part of the NovaQuest debt was paid with new shares.
- −2Moat and marketImlifidase is first in its class, but the target group is narrow: highly sensitised kidney transplant patients (cPRA ≥ 99.9% in the US phase 3 study). Uptake in Europe has been slow because it requires reimbursement country by country.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −4Multiples vs own historyP/S 17.8 and EV/Sales 20.4 are at the top of the 2022–2025 level (P/S 10.3–16.7, EV/Sales 10.4–18.8), and the revenue the multiple rests on is now passing to SERB.
- −4Absolute level and peersP/B is −6.5 (negative equity), and there is no earnings or FCF. Pro forma EV is approx. SEK 2.7bn for an asset not yet approved in the USA. That is not extreme relative to Calliditas (bought for approx. SEK 11bn with an approved drug in the USA), but the price requires an approval.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−19 of −35
- −7Binary regulatory eventThe FDA's decision on imlifidase (PDUFA 19/12-2026) determines practically the entire value. There is only one asset, and the US launch is planned for Q1 2027.
- −6DebtTotal debt is SEK 1.03bn: the NovaQuest loan is repaid in fixed instalments in June 2027, 2028 and 2029 (of which 301m current), and there is a USD 30m convertible with Athyrium (3%, maturity 2031).
- −6Dilution and overhangOn 21/8-2026 Hansa submitted a confidential draft F-1 to the SEC for a listing of ADSs in the US with a simultaneous directed issue in Europe. That means new dilution before the FDA decision. The convertible could give approx. 7m new shares at approx. SEK 43.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Partner validationSERB Pharmaceuticals paid EUR 110m upfront (received in July 2026) for Idefirix in the EU, UK and MENA, plus EUR 5m on the EMA's acceptance of full approval.
- +2Strong phase 3 dataConfIdeS (64 patients) hit the primary endpoint: eGFR 51.5 vs 19.3 mL/min after 12 months (p < 0.0001), and independence from dialysis was also significant (p = 0.0007).
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis' balance sheet is as of 30/6 and lacks the SERB prepayment of EUR 110m (about SEK 1.24bn), which came in July; cash is therefore set at about SEK 1.8bn pro forma (Redeye estimate). Analysts' 2026 profit (forward P/E 13) is due to the one-off amount from SERB and is not operating earnings. European Idefirix revenue passes to SERB, so the historical revenue base disappears. The size and price of the planned US listing (ADS) are unknown. The share price fall from about 39 (50-day average) to SEK 33.7 in September is not explained by any specific news. Largest owners, insider trades and short share not reviewed. Revenue growth in the penny case is H1 2026 vs H1 2025.
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