Rankings Pharma & medtech Saniona

Saniona

Pharma & medtech · SwedenRank 404 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Margin−9
Partner dependence and delay−7
Quality of growth−4

Strengths

Partner validation+3
Net cash+3

How the score is built

From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

61Score

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: 10.42 SEK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −33%
P/E (trailing): 8.0
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−21 of −30

Margin
TTM shows an operating profit of SEK 200m, but that is solely due to the Jazz prepayment in H2 2025. In H1 2026 revenue was 9.2m and operating profit SEK −116.8m, and there were losses of −96 to −411m in 2021–2023.
inderes.se
−9
Quality of growth
Revenue consists of irregular licence income: SEK 4.5m in Q2 2026 vs 9.3m the year before and 9.2m in H1 vs about 19m (-52%). There is no product sales.
privataaffarer.se
−4
Capital allocation
The share count rose 70% in 2024 and 23.5% in 2025 (issues of SEK 89 and 115m), even though the company simultaneously received large license amounts. There are now 138m shares.
stockanalysis.com
−4
Future segment
The own pipeline is now preclinical: SAN2668 (rare epilepsy in children) and SAN2465 (depression) are prioritised and only expected in phase 1 around the turn of 2026/27. The value lies with the partners.
inderes.se
−4

Price

Today's multiples against the company's own history and its peers. · 2 findings−5 of −35

Multiples vs own history
P/B 2.42 is at the low end of 2021–2025 (1.96–4.61), and the market value has fallen from SEK 2.9bn at the end of 2025 to 1.3bn.
stockanalysis.com
−2
Peers and absolute level
EV of about SEK 0.84bn for licenses with Jazz and Acadia plus Medix royalties is on par with AlzeCure (about 0.88bn) and below BioInvent (1.2bn). There is, however, no recurring income to price.
stockanalysis.com
−3

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−13 of −35

Partner dependence and delay
Jazz's start of phase 1 with SAN2355, which triggers a milestone of USD 7.5m, is delayed to 2026/27. Acadia's milestone of USD 10m only comes with phase 2 in 2027. Saniona cannot control the timelines.
placera.se
−7
Rising consumption
The operating loss more than doubled to −SEK 60.3m in Q2 (−25.9m a year earlier), and spending rises further when two in-house phase 1 studies start around the turn of the year.
inderes.se
−3
Price decline without explanation
The price has fallen from SEK 21.2 at the end of 2025 to about SEK 9.5, of which about 25% in September alone. Analysts struggle to see a direct cause, which suggests investors are selling out.
placera.se
−3

Plus

Only documented strengths. · 2 findings+6 of +15

Partner validation
Jazz Pharmaceuticals licensed SAN2355 (Kv7.2/7.3 activator for epilepsy) in August 2025 for USD 42.5m upfront and up to USD 992.5m in milestones. Acadia is expanding phase 1 with ACP-711 in essential tremor.
storage.mfn.se
+3
Net cash
SEK 486.3m in cash at 30/6 and no debt equals about 37% of market value (SEK 3.52 per share).
stockanalysis.com
+3

Caveats

What the score does not capture, or where the data is weak.

The TTM profit (SEK 184m) and P/S 3.1 are due to Jazz's prepayment of USD 42.5m in H2 2025. Ongoing operations produce a loss (operating profit SEK −117m in H1 2026). Quarterly spending is set at SEK 45m: operating cash flow was −51m in H1, but costs rise when own phase 1 studies start. The AstronauTx payment (USD 5m) is in shares and not included in the cash. The share price fall from approx. SEK 12.5 (8/9) to SEK 9.5 in September is not explained by any news found. No analysts (forecast 404). The largest owners by name, insider trades, warrants and short interest are not verified.