Pharma Mar SA (ES:PHM)
BME:PHM
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Pharma Mar SA
(BME:PHM)
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Rating:71Outperform
Price Target:
€86.00
▼(-0.75% Downside)
Action:ReiteratedDate:03/04/26
The score is driven primarily by improving financial performance (TTM rebound in growth, profitability, and free cash flow) and a constructive earnings outlook with meaningful regulatory and pipeline catalysts. Offsetting this are historically volatile cash flows/earnings and only moderate technical strength, while valuation appears reasonable but not deeply discounted.
Positive Factors
Revenue and Profit Rebound
A durable recovery in top-line and margins indicates the business can convert regulatory and commercial wins into recurring revenue streams. Strong 2025 growth reflects diversified revenue sources (sales, royalties, licensing), improving predictability versus prior down cycles and supporting continued reinvestment.
Negative Factors
Earnings and Cash-Flow Volatility
Historically large swings in revenue and FCF reduce the predictability of earnings and capital planning. This structural variability raises execution risk for launches, complicates long-term budgeting, and can require higher cash buffers or contingent funding during negative cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profit Rebound
A durable recovery in top-line and margins indicates the business can convert regulatory and commercial wins into recurring revenue streams. Strong 2025 growth reflects diversified revenue sources (sales, royalties, licensing), improving predictability versus prior down cycles and supporting continued reinvestment.
Read all positive factors
Pharma Mar SA (PHM) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€1.55B
Dividend Yield1.04%
Average Volume (3M)74.16K
Price to Earnings (P/E)17.2
Beta (1Y)0.90
Revenue Growth7.35%
EPS Growth5375.64%
CountryES
Employees500
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)3.33
Shares Outstanding18,000,000
10 Day Avg. Volume71,270
30 Day Avg. Volume74,161
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)5.12
Price to Sales (P/S)5.82
P/FCF Ratio29.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€120.59Price Target Upside39.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.4
Revenue Forecast (FY)€218.57M
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, ...
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 ...
Pharma Mar SA Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call communicated a strong set of financial results and clear strategic progress—notably robust revenue growth (+27% y/y), a material improvement in profitability (EBITDA ~5x; net income +187%), healthy cash generation (EUR 53m) and multiple regulatory/commercial advances for Zepzelca and other assets. Pipeline momentum (LAGOON, SaLuDo, PM54, PM534) and licensing deals (e.g., Merck for Japan) provide additional upside. Offsetting factors include a 12% decline in U.S. Zepzelca royalties driven by FX and competition, outstanding pricing/reimbursement negotiations in Europe, exposure to partner-controlled disclosures, generics risk for Yondelis, and planned increases in commercial spending. Overall, positive operational and financial trends materially outweigh the identified risks, though execution on European launches and partner dynamics will be key to sustaining momentum.Positive Updates
Strong Top-Line Growth
Total revenues grew 27% year-on-year in 2025, driven by increased sales, royalties and licensing income (sales +20%, royalties +4%, licensing revenues +66%).
Negative Updates
Decline in U.S. Zepzelca Royalties
Zepzelca royalties in the U.S. decreased 12% year-on-year in 2025, driven by a negative FX impact (Euro–USD ~ -7.5%) and the entry of a new competitor.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Total revenues grew 27% year-on-year in 2025, driven by increased sales, royalties and licensing income (sales +20%, royalties +4%, licensing revenues +66%).
Read all positive updates
Company Guidance
PharmaMar guided for continued 2026 top‑line growth driven by a likely European approval for Zepzelca (EMA opinion expected Q1 2026 with some EU launches possible in H2 2026), expecting U.S. and European sales and royalties to rise next year; commercial spend is projected to increase ~30% over the next two years while R&D should remain roughly flat versus 2025 (≈€95m). Key development milestones and timelines include LAGOON topline in H2 2026 (potential second‑line filing in H2 2026 if positive), SaLuDo enrollment completion in H1 2026 with results in H1 2027 (possible approval in 2028), PM54 having reached recommended dose with an IND cleared for an immunotherapy combo and trial start expected H1 2026 (data slated for ESMO Oct 2026), and PM534 expansion planned in H2 2026. This guidance is supported by strong 2025 results—revenues +27% YoY, EBITDA ≈€68m (~5x 2024), net income €75m (+187% YoY), operating cash flow €53m, cash & financial investments €168m and debt roughly stable to 2024—and positive commercial signals such as a 13% QoQ uplift after the October U.S. approval, +31% growth in France, Yondelis raw material sales +20%, U.S. royalties more than doubled vs 2024 and European unit sales +4%.Pharma Mar SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
66
Positive
| 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 | 49.41M | 51.08M | 43.67M | 42.63M | 49.33M |
| Total Liabilities | 143.25M | 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
Positive
86.65
Price Trends
80.12
Positive
77.76
Positive
80.17
Positive
Market Momentum
1.87
Negative
59.31
Neutral
76.40
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 86.65 is above the 20-day moving average (MA) of 82.23, above the 50-day MA of 80.12, and above the 200-day MA of 80.17, indicating a bullish trend. The MACD of 1.87 indicates Negative momentum. The RSI at 59.31 is Neutral, neither overbought nor oversold. The STOCH value of 76.40 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €3.97B | 23.13 | 23.03% | 1.50% | -9.39% | -25.92% | |
71 Outperform | €1.55B | 17.19 | 35.36% | 1.04% | 7.35% | 5375.64% | |
59 Neutral | €2.44B | 35.12 | 3.96% | 1.22% | 13.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | €1.40B | 20.17 | 18.13% | 3.51% | 11.04% | 8.29% | |
46 Neutral | €207.44M | 41.66 | 2.03% | 1.91% | -1.19% | -54.66% |
* Healthcare Sector Average
ES:PHM
Pharma Mar SA
86.65
1.00
1.17%
ES:ALM
Almirall
11.38
1.50
15.18%
ES:FAE
Faes Farma
4.49
0.71
18.78%
ES:GRF.P
Grifols
6.65
-0.15
-2.19%
ES:RJF
LABORATORIO REIG JOFRE
2.54
-0.06
-2.12%
ES:ROVI
Laboratorios Farmaceuticos Rovi
78.55
28.34
56.45%
Pharma Mar SA Corporate Events
Pharma Mar Continues Share Buyback With February Purchases on Madrid Exchange
Mar 3, 2026
Pharma Mar SA has continued its previously announced share buyback programme, disclosing purchases of its own shares on the Madrid Stock Exchange between 1 and 28 February 2026 at average prices generally ranging from about €75 to €79 ...
Pharma Mar Details January Transactions in Ongoing Share Buyback Programme
Feb 3, 2026
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 throu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.