Xbrane Biopharma


SEK275.3m market cap

SEK43.5 last close

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.

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. The FDA has accepted Xbrane’s IND application for initiation of the Xplore trial, a Phase III US trial with Xlucane. 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. FY18 results are on 28 February.

Y/E Dec
Revenue (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 16.5
2019E 25.0 (176.6) (182.2) (2881.0) N/A N/A
Last updated on 20/02/2019
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 20/02/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 16.6
Forecast gearing ratio (%) N/A
Price performance
Actual (9.3) (1.0) (37.9)
Relative* (13.9) (9.9) (39.9)
52-week high/low SEK70.0/SEK41.2
*% relative to local index
Key management
Professor Saeid Esmaeilzadeh Chairman
Martin Åmark CEO
Dr Paolo Sarmientos Head of Controlled Release Generics
Siavash Bashiri COO and Head of Biosimilars