Xbrane Biopharma (XBRANE)

Business description

Xbrane Biopharma is a Swedish developer of biosimilars using a patented, more efficient manufacturing system. The lead product is Xlucane, a Lucentis biosimilar. Xbrane’s first product will be a triptorelin generic, Spherotide, for prostate cancer. First sales will be to Iran in 2017. European approval is possible in 2019.

Stock data

Market cap.SEK162.2m
Last closeSEK34.10
High / Low (52 weeks)SEK43.2 / SEK30.2
Stock market listingOMX
Forecast net cash (SEKm)16.1
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(8.1)(13.9)(11.2)
Relative *(9.4)(17.9)(21.9)

* % Relative to local index

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Investment summary

With Italian GMP approval of the Spherotide one-month formulation, Xbrane can ship a SEK7m order to Iran. A Chinese deal worth SEK17m upfront, $8m total, may be signed in H117. European partnering and launches are possible from 2019 after clinical trials. Xbrane (or a partner) may sell Xlucane, its low-cost biosimilar of Lucentis (2015 sales $3.6bn), in the US after 2021 and from 2022 in Europe. A pilot scale study has been done showing high biosimilarity, giving a GMP basis for scale up. Year end cash was SEK31.3m.

Last updated on 04/04/2017

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2015A 0.4 (10.7) (11.0) (254.4) N/A N/A
2016A 2.5 (26.9) (29.5) (585.5) N/A N/A
2017E 24.0 (13.6) (16.9) (363.1) N/A N/A
2018E 22.1 (92.2) (95.5) (2008.6) N/A N/A

Last updated on 17/03/2017

Latest video

Executive Interview - xBrane

Industry outlook

Triptorelin treats advanced prostate cancer, endometriosis and uterine fibroids. Sales in 2015 for these were $380m. Xbrane is developing a biosimilar of Lucentis (ranibizumab, Roche/Novartis; 2015 sales: $3.6bn) to treat wet age-related macular degeneration (wAMD). In 2015, Lucentis sales fell by 15% due to competition with Eylea (Regeneron/Bayer; 2015 sales: $4bn). Xbrane has a patented production method that claims to lower material costs by 85%.

Last updated on 04/04/2017

Key management

Professor Saeid Esmaeilzadeh, Chairman
Martin Åmark, CEO
Siavash Bashiri, COO and Head of Biosimilars
Dr Paolo Sarmientos, Head of Controlled Release Generics

Company address

Banvaktsvägen 22
171 48 Solna
Sweden
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