Xbrane Biopharma


SEK294.9m market cap

SEK35.5 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 with Xlucane, its Lucentis biosimilar, as the lead product. After the July 2018 SEK78m upfront deal with STADA, Xbrane is starting the global XPLORE Phase III trial. The primary endpoint reports in mid-2020 and XPLORE completes in February 2021. Xbrane is raising SEK59.3m at SEK30/ share to help fund its 50% share of the XPLORE study. Xbrane sold SEK20m of Spherotide (a triptorelin generic) to Iran in 2018. A partner is needed to progress development in Europe. Our valuation remains at SEK581m.

Y/E Dec
Revenue (SEKm)
EPS (fd) (öre)
P/E (x)
P/CF (x)
2017A 20.8 (40.9) (44.2) (814.0) N/A N/A
2018A 20.5 (7.5) (12.6) (204.0) N/A 4.7
2019E 20.0 (140.5) (146.9) (1906.0) N/A N/A
2020E 20.0 (234.0) (240.4) (2896.0) N/A N/A
Last updated on 19/03/2019
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 19/03/2019
Share price graph
Balance sheet
Forecast net debt (SEKm) 38.9
Forecast gearing ratio (%) 169
Price performance
Actual (16.5) (22.0) (38.8)
Relative* (18.3) (30.4) (42.6)
52-week high/low SEK67.2/SEK33.5
*% 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