Pharma Mar SA (PHM) AI Stock Analysis

• Market Cap: $1.49B
• Dividend Yield: 1.04%
• Average Volume (3M): 74.16K
• Price to Earnings (P/E): 18.4
• Beta (1Y): 0.99
• Revenue Growth: 7.35%
• EPS Growth: 5375.64%
• Country: ES
• Employees: 500
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 3.47
• Shares Outstanding: 18,000,000
• 10 Day Avg. Volume: 71,270
• 30 Day Avg. Volume: 74,161
• PEG Ratio: 0.09
• Price to Book (P/B): 5.12
• Price to Sales (P/S): 5.82
• P/FCF Ratio: 29.46
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 6.67
• Enterprise Value/Gross Profit: 7.20
• Enterprise Value/Ebitda: 22.59
• 1Y Price Target: $118.71
• Price Target Upside: 40.99% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 2.4
• Revenue Forecast (FY): $218.57M

• Rating: 70 Outperform
• Price Target: €88.00 ▲(4.51% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is driven primarily by improved financial performance (strong TTM rebound with conservative leverage) and a positive earnings outlook tied to Zepzelca regulatory/commercial milestones and pipeline progress. Offsetting factors are historical cash-flow/earnings volatility, only moderate technical strength versus the 200-day trend, and valuation that appears fair rather than clearly cheap with a modest dividend yield.

Positive Factors

Revenue rebound

Consistent revenue rebound in the TTM indicates the underlying commercial recovery of oncology franchises and validation of R&D-to-market execution. Sustained higher top-line growth supports durable operating leverage, margin expansion potential and reinvestment capacity over months and reduces reliance on external funding for near-term programs.

Improved cash generation

Return to positive operating and free cash flow in the TTM reduces refinancing and liquidity risk, enabling internal funding for trials or commercialization. If sustained, it supports steady capex, milestone fulfillment and lowers reliance on dilutive financing across the next 2–6 months.

Conservative balance sheet

Low leverage and equity growth versus 2020 provide financial flexibility to absorb development swings and fund near-term programs. A conservative capital structure supports continued R&D spending, partnerships and acquisitions without significantly increasing financial stress during cyclical revenue swings.

Negative Factors

Earnings & cash volatility

Pronounced multi-year volatility in earnings and cash flow undermines predictability of recurring profits and complicates planning for R&D and commercialization investments. That elevated variability increases the likelihood of needing external financing or cutbacks during weaker periods, raising execution risk.

Profitability sensitivity

Historic contractions in revenue (2021–2022) and near break-even operating results in 2023 show earnings are sensitive to product mix, timing of partner payments and cost swings. This weakens earnings durability, making margins and free cash flow less reliable for planning and reinvestment.

Partner concentration risk

Reliance on partner-driven commercialization and collaboration income for key assets like lurbinectedin concentrates revenue and transfers execution risk to third parties. Partner performance, milestone timing and contract terms can materially affect Pharma Mar's cash receipts and long-term revenue visibility.

Pharma Mar SA Business Overview & Revenue Model

Company Description

Pharma Mar, S.A., a biopharmaceutical company, engages in the research, development, production, and commercialization of bio-active principles of marine origin for use in oncology in Spain, Italy, Germany, Ireland, rest of EU, the United States, and internationally. The company operates through three segments: Oncology, Diagnostics, and RNA interference. It develops and commercializes Yondelis for the treatment of soft tissue sarcomas and for ovarian cancer; Aplidin for treating multiple myeloma; and Zepzelca for treating patients with small cell lung cancer. The company also develops PM14 which is in phase II clinical trails for the treatment of solid tumors. In addition, it develops and markets diagnostics kits; and develops drugs with therapeutic activity based on reducing or silencing gene expression. The company was incorporated in 1986 and is based in Madrid, Spain.

How the Company Makes Money

Pharma Mar generates revenue primarily through the sales of its pharmaceutical products, particularly Aplidin and other oncology-related therapies. The company has established a revenue model that includes direct sales to healthcare providers and collaborations with other pharmaceutical companies for the development and commercialization of its drugs. Key revenue streams include royalties from licensing agreements, milestone payments from partners upon achieving specific development or sales targets, and potential product sales in various international markets. Additionally, Pharma Mar has engaged in strategic partnerships with major pharmaceutical companies to enhance its research capabilities and market reach, contributing to its earnings through collaborative development agreements.

Pharma Mar SA Financial Statement Overview

Summary

TTM results show a clear rebound (strong profitability, faster revenue growth, improved returns, and a return to positive operating and free cash flow) with conservative leverage. The main limiter is multi-year volatility in earnings and cash flow (notably weak/negative 2023–2024), which reduces confidence in durability.

Income Statement

Profitability is strong in TTM (Trailing-Twelve-Months), with very high gross profit and improved operating profitability versus 2024. Revenue growth accelerated meaningfully in TTM, and net income rose sharply. The main weakness is volatility across the cycle: revenue contracted in 2021–2022 and 2023 profitability was near break-even/negative at the operating level, highlighting sensitivity to product/mix or cost swings.

Balance Sheet

Leverage looks conservative with low debt relative to equity across periods, and equity has grown versus 2020, supporting balance-sheet resilience. Returns on equity recovered to solid levels in TTM after a weak 2023. The key risk is variability in shareholder returns year-to-year (including an unusually high 2020 return level that didn’t persist), which suggests earnings power is not fully stable.

Cash Flow

Cash generation improved substantially in TTM (Trailing-Twelve-Months) with positive operating cash flow and solid free cash flow, a major turnaround from 2024’s negative free cash flow and 2023’s cash burn. Free cash flow is a reasonable share of net income in TTM. The main concern is inconsistency: cash flows have swung dramatically (including very strong 2020, then materially weaker/negative 2023–2024), indicating higher execution and working-capital or investment timing risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	221.39M	174.85M	158.15M	196.34M	229.83M
Gross Profit	209.13M	166.67M	148.54M	182.70M	213.39M
EBITDA	48.30M	21.23M	4.55M	52.07M	104.08M
Net Income	74.99M	26.13M	1.14M	49.36M	92.86M
Balance Sheet
Total Assets	395.08M	349.64M	340.52M	393.26M	368.39M
Cash, Cash Equivalents and Short-Term Investments	167.22M	154.53M	162.56M	182.42M	201.88M
Total Debt	50.55M	51.08M	43.67M	42.63M	49.33M
Total Liabilities	142.53M	141.28M	147.08M	170.30M	190.47M
Stockholders Equity	251.83M	208.36M	193.44M	222.96M	177.92M
Cash Flow
Free Cash Flow	43.75M	-9.48M	-29.40M	29.47M	17.87M
Operating Cash Flow	53.13M	6.03M	-13.45M	38.32M	25.68M
Investing Cash Flow	-60.79M	1.03M	-43.05M	10.88M	18.47M
Financing Cash Flow	-36.52M	-5.35M	-32.14M	-13.37M	-27.41M

Pharma Mar SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 84.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:PHM, the sentiment is Positive. The current price of 84.2 is above the 20-day moving average (MA) of 78.11, above the 50-day MA of 78.28, and above the 200-day MA of 80.44, indicating a bullish trend. The MACD of 0.82 indicates Negative momentum. The RSI at 66.38 is Neutral, neither overbought nor oversold. The STOCH value of 75.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:PHM.

Pharma Mar SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FAE	78 Outperform	€1.54B	15.37	14.89%	3.51%	11.04%	8.29%
ROVI	72 Outperform	€4.21B	30.86	20.70%	1.50%	-9.39%	-25.92%
PHM	70 Outperform	$1.49B	18.42	17.22%	1.04%	7.35%	5375.64%
RJF	65 Neutral	€210.71M	47.71	2.03%	1.91%	-1.19%	-54.66%
ALM	59 Neutral	€2.66B	59.71	1.45%	1.22%	13.32%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Pharma Mar SA Corporate Events

Pharma Mar Details January Transactions in Ongoing Share Buyback Programme

Pharma Mar has continued its previously announced share buyback programme, reporting a series of own-share purchases on the Madrid stock exchange between 1 and 31 January 2026. Over the month, the company executed multiple daily transactions through intermediary JB Capital Markets, acquiring relatively small blocks of shares at average prices generally in the high-70 to low-80 euro range. The operation underscores Pharma Mar’s ongoing capital management strategy and signals confidence in its valuation, with the incremental repurchases potentially supporting earnings per share and providing additional liquidity to shareholders who choose to sell into the programme.

The most recent analyst rating on (ES:PHM) stock is a Hold with a EUR79.00 price target. To see the full list of analyst forecasts on Pharma Mar SA stock, see the ES:PHM Stock Forecast page.