Rankings Pharma & medtech Vicore Pharma
Vicore Pharma
45
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−12
- Binary dependence−9
- Capital allocation−7
Strengths
- Net cash+2
How the score is built
From 100 to 45, 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
- 9.38 SEK
- Median analyst target
- 25.00 SEK
- Upside to median
- +166.5%
- Analysts
- 8
- Target range
- 15.00 – 38.00 SEK
- 52-week change
- −16%
- 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? · 3 findings−24 of −30
- −12MarginRevenue SEK 4.0m vs an operating loss of 524m (TTM). The operating loss has been 190-454m every year in 2021-2025, and the 2024 revenue of 109m was a one-off income.
- −7Capital allocationThe share count rose 34% in 2023, 42% in 2024 and 75% in 2025 (issues of SEK 500, 882 and 455m) and is now 281.6m shares. The dilution has financed a single phase 2b study.
- −5Moat and competitionEverything rests on buloxibutid (AT2R agonist) in IPF. The field has become more crowded: Boehringer's Jascayd (nerandomilast) was approved in the US 7/10-2025 as the first new IPF drug in ten years, alongside Ofev and generic pirfenidone.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −2Multiples vs own historyP/B 3.07 is in the middle of the 2021–2025 level (1.76–5.07). Without earnings, book value (almost only cash) is the only basis for comparison.
- −5Peers and absolute levelEV of SEK 1.7bn for one phase 2b asset without randomized data is higher than BioInvent (EV 1.2bn, two clinical assets with response data) and Saniona (EV 0.8bn, two big pharma licenses).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−20 of −35
- −9Binary dependenceTopline data from the phase 2b study ASPIRE (over 360 patients, primary endpoint change in FVC after 52 weeks) comes in mid-2027. A negative outcome would remove most of the value beyond the cash.
- −4Data qualityThe investment case is built on AIR, an open-label single-arm study in which FVC rose 216 mL after 36 weeks vs a historically expected decline. The use of synthetic control arms has been criticized, and placebo-controlled data are lacking.
- −5FundingCash was SEK 905.6m at 30/6, and operating spending was 155.9m in Q2. That lasts about 17 months, to around the end of 2027. Regardless of the outcome, money must be raised shortly after data, before a phase 3 program.
- −2Owner selling downThe largest owner, HealthCap VII, has gone from 16.5% (2023) to 11.2% (2024) and 9.8% (end of 2025). That means ongoing dilution and possible selling pressure.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Net cashSEK 905.6m in cash and no debt equals about 34% of market value (SEK 3.22 per share).
Caveats
What the score does not capture, or where the data is weak.
The company writes that the cash lasts into H2 2028, but Q2 burn (SEK 156m) gives only about 17 months using the formula. The company expects lower burn when ASPIRE is completed. Vicore was listed on Nasdaq in the US (VCRE) in July 2026 without raising capital. No one has found a concrete news item for the 25% price fall over three months. The owner list is verified only for HealthCap (9.8% as of 31/12/2025). Insider trades and short share have not been reviewed. AIR data is from an open-label single-arm study without placebo.
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