Xbrane Biopharma

OMX: XBRANE

SEK311.5m market cap

SEK37.5 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, a leading innovative biosimilar development company, is moving into mammalian cell culture with announced plans for Xdivane, a biosimilar of the immunoncology blockbuster Opdivo (nivolumab, BMS). The company plans to launch Xdivane from 2026. Xbrane has issued guidance that its share of revenues from Xlucane, partnered with STADA and due for launch by Q122, could reach €100m. The XPLORE Phase III trial has enrolled its first patient, with its primary endpoint due in mid-2020. Our valuation remains SEK581m pending further information on Xdivane.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (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 (8.0) (13.1) (213.0) N/A 5.0
2019E 20.0 (140.5) (146.9) (1927.0) N/A N/A
2020E 20.0 (234.0) (240.4) (2896.0) N/A N/A
Last updated on 21/05/2019
Industry outlook

Xlucane competitors include bioeq and Formycon with Phase III data and Samsung Bioepis with a Phase III reporting primary data soon. Roche has a bispecific antibody, faricimab, entering Phase III after a good Phase II performance with one injection every 16 weeks. It is also trialling new Lucentis delivery systems.

Last updated on 21/05/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (SEKm) 38.9
Forecast gearing ratio (%) 158
Price performance
%
1m
3m
12m
Actual (15.9) (9.4) (29.3)
Relative* (13.8) (11.9) (30.3)
52-week high/low SEK62.4/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