Saniona AB (SANION) AI Stock Analysis

• Market Cap: kr3.25B
• Dividend Yield: N/A
• Average Volume (3M): 1.06M
• Price to Earnings (P/E): 5.1
• Beta (1Y): -0.60
• Revenue Growth: 2687.51%
• EPS Growth: N/A
• Country: SE
• Employees: 22
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 2.39
• Shares Outstanding: 138,030,140
• 10 Day Avg. Volume: 913,988
• 30 Day Avg. Volume: 1,064,614
• PEG Ratio: -0.02
• Price to Book (P/B): 3.69
• Price to Sales (P/S): 2.56
• P/FCF Ratio: 3.43
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: kr27.00 ▲(27.96% Upside)

The score is driven primarily by the sharp improvement in profitability and cash generation in 2024/TTM, supported by a low P/E valuation. Technicals are constructive over the medium/long term but show neutral near-term momentum, which tempers the overall rating.

Positive Factors

Improved cash generation

The company shifted from multi-year cash burn to materially positive operating and free cash flow in 2024/TTM. Durable cash generation, if sustained, reduces dilution risk, funds clinical programs and partnerships internally, and provides optionality for milestone-driven investment.

Delevered balance sheet

Material deleveraging and positive equity in 2024/TTM meaningfully reduce financial risk and increase strategic flexibility. Lower leverage supports tolerance for R&D variability, eases access to partnership structures, and reduces refinancing pressure during clinical development cycles.

Revenue and profit inflection

A clear inflection to accelerating revenue and positive margins suggests the company realized commercial or milestone value from its pipeline. If persistent, this validates the partnering/licensing model, enables reinvestment into R&D, and improves predictability of future funding needs versus prior loss-making years.

Negative Factors

Earnings/cash volatility history

Recent profitability follows multi-year losses and prior cash burn, highlighting volatility. Biotech milestone recognition can create one-off earnings spikes; without several consecutive positive periods, current results may not indicate a durable operating trend, raising sustainability risk.

Partner-dependent revenue model

Reliance on upfront, milestone and royalty payments makes revenue timing lumpy and dependent on partner decisions. This limits recurring revenue and leaves cash flow exposed to external development progress and deal cadence, constraining long-term predictability absent product commercialization.

Small operating scale

A very small headcount constrains internal development bandwidth and increases dependence on partners and CROs. For a company advancing multiple clinical programs, limited scale raises execution risk on trial delivery, regulatory interactions and commercialization planning unless offset by strong external partnerships.

Saniona AB Business Overview & Revenue Model

Company Description

Saniona AB (publ), a rare disease biopharmaceutical company, engages in the research, development, and commercialization of treatments for the central nervous system in Denmark. The company's products include Tesofensine, a monoamine reuptake inhibitor; and Tesomet, a fixed dose combination of tesofensine and metoprolol that has completed the Phase 2 clinical trials for the treatment of prader-willi syndrome and hypothalamic obesity. It also develops SAN711, which is in Phase 1 clinical stage for rare neuropathic disorders; SAN903 that is in preclinical stage for rare inflammatory, fibrotic, and hematological disorders. The company has research and collaboration agreements with Boehringer Ingelheim International GmbH; license agreement with Productos Medix, S.A. de C.V.; research services agreement and a collaboration agreement with Cephagenix ApS. Saniona AB (publ) was founded in 2011 and is headquartered in Glostrup, Denmark.

How the Company Makes Money

Saniona AB generates revenue primarily through strategic partnerships and collaborations with larger pharmaceutical companies, which provide funding for the development of its drug candidates in exchange for milestone payments and royalties on future sales. Additionally, the company may receive upfront payments as part of licensing agreements for its proprietary technologies and products. As Saniona progresses its candidates through clinical trials, it can also attract further investments and grants aimed at supporting its research and development efforts, contributing to its overall earnings potential.

Saniona AB Financial Statement Overview

Summary

Saniona AB has shown a solid financial recovery and growth trajectory, with significant improvements across all financial statement metrics. The company has successfully transitioned from a loss-making position to profitability, enhanced its financial stability, and optimized cash flows. While there are inherent risks in the biotechnology industry, the company's strong balance sheet and cash flow position provide a cushion against potential volatility.

Income Statement

Saniona AB has demonstrated impressive revenue growth, increasing from SEK 16.84M in 2023 to SEK 334.67M in 2024, showcasing a strong market traction in the biotechnology space. The gross profit margin improved significantly to 98.5% in 2024 from 69.9% in 2023, reflecting efficient cost management. Additionally, the net profit margin turned positive to 56.4% in 2024, indicating profitability after years of losses. However, the EBIT and EBITDA margins are high at 72.3% and 76.1%, respectively, showing robust operating performance.

Balance Sheet

The company's balance sheet shows strong financial stability, with a positive shift in stockholders' equity from negative SEK 21.94M in 2023 to positive SEK 231.82M in 2024. The debt-to-equity ratio decreased significantly to 0.05, underscoring a low leverage position which reduces financial risk. The equity ratio improved to 68.2%, highlighting a solid capital structure. This healthy financial position suggests reduced risk and potential for future growth.

Cash Flow

Saniona AB's cash flow statements reflect a remarkable turnaround. The free cash flow increased from negative SEK 85.66M in 2023 to positive SEK 249.07M in 2024, signaling strong cash generation capabilities. The operating cash flow to net income ratio is 1.32, indicating efficient cash management in relation to profits. Moreover, the free cash flow to net income ratio is 1.32, suggesting a healthy conversion of earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	743.21M	334.67M	16.84M	15.28M	10.48M	8.20M
Gross Profit	695.66M	329.58M	11.78M	10.81M	5.85M	4.95M
EBITDA	656.68M	251.90M	-68.28M	-198.41M	-398.86M	-65.07M
Net Income	573.47M	188.71M	-95.81M	-245.36M	-410.90M	-73.43M
Balance Sheet
Total Assets	766.27M	339.73M	64.14M	153.70M	440.25M	692.18M
Cash, Cash Equivalents and Short-Term Investments	672.75M	303.26M	30.96M	111.71M	356.86M	573.87M
Total Debt	268.00K	10.50M	71.41M	81.52M	99.77M	47.51M
Total Liabilities	76.81M	107.92M	86.08M	100.99M	158.25M	88.72M
Stockholders Equity	689.46M	231.82M	-21.94M	52.71M	282.00M	603.46M
Cash Flow
Free Cash Flow	569.05M	249.07M	-85.66M	-282.52M	-346.52M	-179.71M
Operating Cash Flow	642.79M	249.20M	-85.53M	-281.54M	-345.04M	-174.71M
Investing Cash Flow	-77.81M	-124.00K	-129.00K	6.84M	43.16M	99.51M
Financing Cash Flow	77.48M	23.25M	-7.97M	-20.52M	50.60M	621.18M

Saniona AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 21.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SANION, the sentiment is Positive. The current price of 21.1 is below the 20-day moving average (MA) of 21.50, above the 50-day MA of 18.96, and above the 200-day MA of 12.21, indicating a bullish trend. The MACD of 0.91 indicates Negative momentum. The RSI at 69.73 is Neutral, neither overbought nor oversold. The STOCH value of 86.63 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SANION.

Saniona AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SANION	76 Outperform	kr3.25B	5.12	167.77%	―	2687.51%	―
CANTA	64 Neutral	kr1.33B	10.54	81.19%	―	―	―
SYNACT	56 Neutral	kr1.27B	-10.90	-58.41%	―	―	48.14%
XBRANE	53 Neutral	kr236.30M	1.28	-16.90%	―	4.64%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ONCO	49 Neutral	kr892.06M	-2.99	―	―	131.20%	32.28%
XSPRAY	42 Neutral	kr1.04B	-4.26	-35.03%	―	―	25.14%

Saniona AB Corporate Events

Saniona Strengthens Leadership to Advance CNS Programs

Saniona AB has announced new leadership appointments to enhance its clinical development, translational medicine, toxicology, and CMC capabilities, aiming to accelerate the advancement of its CNS pipeline. These strategic appointments are expected to improve operational efficiency and support the company’s CNS programs, which include SAN2219, SAN2465, and SAN2668, as they approach critical clinical and regulatory milestones. The enhanced leadership team is anticipated to drive the company’s growth and increase the probability of success in delivering meaningful clinical results, ultimately creating long-term shareholder value.

The most recent analyst rating on (SE:SANION) stock is a Buy with a SEK20.00 price target. To see the full list of analyst forecasts on Saniona AB stock, see the SE:SANION Stock Forecast page.

Saniona AB Strengthens CNS Therapy Pipeline with Strategic Partnerships

Saniona AB reported significant financial growth in Q3 2025, highlighted by a lucrative licensing agreement with Jazz Pharmaceuticals for SAN2355, aimed at treating epilepsy. This partnership, alongside the selection of SAN2668 for severe pediatric epilepsy syndromes, underscores Saniona’s strategic positioning to leverage global demand for innovative CNS treatments, potentially unlocking substantial long-term value for shareholders.

The most recent analyst rating on (SE:SANION) stock is a Buy with a SEK18.50 price target. To see the full list of analyst forecasts on Saniona AB stock, see the SE:SANION Stock Forecast page.

Saniona Announces Q3 Investor Call for 27 November 2025

Saniona AB has announced a Q3 investor call scheduled for 27 November 2025, where management will present results and provide a company update. This call is an opportunity for stakeholders to gain insights into Saniona’s operational progress and strategic direction, potentially impacting its industry positioning and stakeholder interests.

The most recent analyst rating on (SE:SANION) stock is a Buy with a SEK18.50 price target. To see the full list of analyst forecasts on Saniona AB stock, see the SE:SANION Stock Forecast page.

Saniona AB Announces Nomination Committee for 2026 AGM

Saniona AB has announced the composition of its Nomination Committee for the Annual General Meeting 2026, which will include representatives appointed by the company’s two largest shareholders and the Chairman of the Board. The committee is tasked with preparing proposals for the election of board members and other key roles, as well as remuneration and auditor appointments, which will be presented at the meeting in May 2026.

The most recent analyst rating on (SE:SANION) stock is a Buy with a SEK15.50 price target. To see the full list of analyst forecasts on Saniona AB stock, see the SE:SANION Stock Forecast page.