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Xbrane Biopharma (XBRANE)

Business description

Xbrane Biopharma is a Swedish developer of biosimilar products. The lead product is Xlucane, a Lucentis biosimilar partnered with STADA and produced using an efficient manufacturing system. A triptorelin generic, Spherotide, is being sold in Iran.

Stock data

Market cap.SEK272.2m
Last closeSEK43.00
High / Low (52 weeks)SEK71.3 / SEK41.2
Stock market listingOMX
Forecast net cash (SEKm)16.6
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceuticals & healthcare

Price performance

%1m3m12m
Actual(10.3)(4.4)(39.7)
Relative *(14.5)(9.9)(41.8)

* % Relative to local index

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Investment summary

Xbrane now focuses on developing high-margin biosimilar products. In July, Xbrane did a deal with STADA on Xlucane, its Lucentis biosimilar, and gained an upfront fee of a €7.5m; management estimates that Xbrane’s 50:50 profit share could be worth up to €100m per year. STADA will market Xlucane. Xbrane aims to start clinical development in Q119 targeting a 2022 launch. A US clinical trial application was submitted in December 2018. In drug delivery, Iranian bulk sales of one-month Spherotide (triptorelin) appear level at SEK25m a year. In Europe, the key market, Spherotide development needs a partner; the key three month depot will follow a year later. The Chinese deal with CR Pharma completed in February with a SEK13m fee.

Last updated on 01/02/2019

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (fd) (öre) P/E (x) P/CF (x)
2016A 0.0 0.0 (25.1) (552.0) N/A N/A
2017A 20.8 (40.9) (44.2) (814.0) N/A N/A
2018E 22.2 0.9 (3.4) (58.0) N/A 16.4
2019E 25.0 (176.6) (182.2) (2881.0) N/A N/A

Last updated on 19/12/2018

Latest video

Executive Interview - xBrane

Industry outlook

Roche/Novartis 2017 sales of Lucentis were $3.3bn. There are two other biosimilars in late development, one from bioeq (with Formycon) and one from Samsung Bioepis. In triptorelin, Ipsen, the market leader, had sales of €348.7m in 2017 with 3.6% growth.

Last updated on 01/02/2019

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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