SEK3141.5m market cap

SEK181.4 last close

Immunovia is a Swedish company, developing antibody microarray (IMMray) diagnostics for oncology and autoimmune diseases. Tests will be run by in-house laboratories. Its lead test is IMMray PanCan-d to detect early stage pancreatic cancer.

Investment summary

During 2019, Immunovia will focus on optimising the IMMray PanCan-d test in preparation for the start of a commercial private testing service for pancreatic cancer (PDAC). The sample optimisation study should end in Q2. In H219, accreditation of the Swedish and US laboratories is required to enable a private PDAC test service by Q120. The 2,000 patient PanFAM-1 prospective clinical trial is still recruiting patients and might report primary data on early-stage PDAC detection in December 2019 (although as it is still recruiting, this might be extended). Earlier-stage opportunities are: Type II diabetes, early symptoms of PDAC, lung cancer and rheumatoid arthritis. Cash at the end of FY18 was SEK447m after a cash outflow of SEK110m.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 13.3 (44.3) (45.2) (267.0) N/A N/A
2018A 26.1 (84.9) (86.5) (467.0) N/A N/A
2019E 23.1 (85.8) (88.8) (453.0) N/A N/A
2020E 13.6 (95.2) (99.3) (507.0) N/A N/A
Last updated on 17/05/2019
Industry outlook

Management guidance is for 2022 sales of SEK250–300m; c 50,000 privately paid tests at c US$600 per test. By 2024, guidance is for sales of SEK800–1,000m if insurance coverage is gained, based on PanFAM-1 data; c 164,000 tests.

Last updated on 17/05/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 278.4
Forecast gearing ratio (%) N/A
Price performance
Actual 8.2 19.8 (4.0)
Relative* 10.2 16.2 (6.3)
52-week high/low SEK265.0/SEK132.0
*% relative to local index
Key management
Mats Grahn CEO
Hans Liljenborg CFO