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Xbrane Biopharma AB (SE:XBRANE)
:XBRANE

Xbrane Biopharma AB (XBRANE) AI Stock Analysis

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SE:XBRANE

Xbrane Biopharma AB

(XBRANE)

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Neutral 53 (OpenAI - 5.2)
Rating:53Neutral
Price Target:
kr12.50
▲(20.54% Upside)
The score is driven primarily by mixed financial performance: a stronger, debt-free balance sheet and a TTM swing to positive net income are offset by shrinking revenue, ongoing operating losses, and persistent negative free cash flow. Technicals are modestly positive in the short term but weak over the longer trend, while valuation looks optically cheap on P/E but is constrained by sustainability concerns.
Positive Factors
Debt-free balance sheet
Eliminating reported debt materially lowers financial and refinancing risk, reducing interest burden and giving management time to execute commercialization and R&D. A debt-free structure improves funding optionality and resilience over the next several months while operations are stabilized.
High gross margins and TTM net income
Sustained ~70% gross margins indicate attractive unit economics for biosimilars: strong product-level profitability can support long-term operating leverage. If operational losses are reduced, these margins provide a durable foundation for converting revenue growth into lasting operating profits.
Partnership/licensing revenue model
A business model focused on partnerships, licensing, milestones and royalties aligns with industry norms for biosimilars, enabling non-dilutive funding, shared commercialization and faster market access. Structurally this can reduce capex risks and accelerate revenue scaling if partners execute.
Negative Factors
Material revenue decline
A ~21% TTM revenue drop weakens scale economics critical to biosimilar manufacturing and commercialization. Persistent top-line contraction undermines fixed-cost absorption, limits commercial investment, and raises execution risk, making recovery and sustainable margin expansion more difficult.
Negative operating cash flow
Consistent negative operating and free cash flow indicates ongoing cash burn despite paper net income, increasing financing and dilution risk. Without sustained positive cash generation, the company may face constrained investment in trials, manufacturing scale-up and commercialization over the medium term.
Core operations remain loss-making
Reported TTM net income was aided by non-operating items, while operating profit and EBITDA remain negative. Reliance on one-offs undermines earnings quality, so durable profitability requires sustained operational improvement rather than transient accounting gains or isolated events.

Xbrane Biopharma AB (XBRANE) vs. iShares MSCI Sweden ETF (EWD)

Xbrane Biopharma AB Business Overview & Revenue Model

Company DescriptionXbrane Biopharma AB (publ), a biotechnology company, develops, manufactures, and sells biosimilars. The company is developing Xlucane, a ranibizumab biosimilar that is in Phase III clinical trials used for the treatment of wet age-related macular degeneration, diabetic macular edema, diabetic related retinopathy, and retinal vein occlusion. Its pre-clinical phase products include Xcimzane for rheumatoid arthritis, axial spondylarthrosis, psoriatic arthritis, and psoriasis and crohn diseases; Xoncane for acute lymphocytic leukemia; Spherotide for prostate cancer, breast cancer, endometriosis, and myoma; and Xdivane for melanoma, lung, head and throat, bladder, and urinary tract cancer, as well as for renal cell carcinoma. The company has a strategic biosimilar development partnership with STADA Arzneimittel AG to evaluate development and commercialization collaborations around its Xcimzane and Xdivane preclinical biosimilars. Xbrane Biopharma AB (publ) was founded in 2008 and is headquartered in Solna, Sweden.
How the Company Makes MoneyXbrane Biopharma generates revenue primarily through the development and commercialization of its biosimilar products. The company's revenue model is centered on securing partnerships and licensing agreements with larger pharmaceutical firms, which may include upfront payments, milestone payments upon achieving development targets, and royalties on sales. Additionally, Xbrane may generate income through collaborations that facilitate the clinical development and regulatory approval of its biosimilar candidates. Significant partnerships with established players in the biopharmaceutical industry can enhance its market reach and provide financial backing, contributing to its overall earnings.

Xbrane Biopharma AB Financial Statement Overview

Summary
Xbrane Biopharma AB faces significant financial challenges, particularly in profitability and cash flow generation. While the company maintains a strong gross profit margin, it struggles with negative net profit margins and cash flows. The balance sheet shows some improvement in leverage, but overall returns remain negative. The company needs to focus on improving operational efficiency and cash flow management to enhance its financial health.
Income Statement
Xbrane Biopharma AB's income statement shows mixed results. The company has experienced a decline in revenue growth, with a negative growth rate in the TTM period. Gross profit margin remains strong at over 80% in the TTM, indicating efficient cost management. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins, reflecting ongoing operational challenges.
Balance Sheet
The balance sheet reveals a moderate debt-to-equity ratio, which has improved in the TTM period, suggesting better leverage management. However, the return on equity remains negative, indicating that the company is not generating sufficient returns on its equity base. The equity ratio is stable, showing a reasonable proportion of equity financing relative to total assets.
Cash Flow
Cash flow analysis indicates challenges in cash generation, with negative operating and free cash flows. The free cash flow to net income ratio is positive, suggesting that the company is managing to convert net income into free cash flow despite overall negative cash flows. However, the operating cash flow to net income ratio remains negative, highlighting inefficiencies in cash operations.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue209.16M198.70M238.73M57.62M11.53M6.82M
Gross Profit146.28M180.47M35.39M41.04M-684.00K2.45M
EBITDA-23.81M-181.97M-282.03M-149.34M-167.59M-213.07M
Net Income100.53M-266.22M-388.17M-172.23M-191.01M-226.79M
Balance Sheet
Total Assets701.48M842.43M653.51M690.51M688.43M463.76M
Cash, Cash Equivalents and Short-Term Investments93.56M124.33M65.40M193.99M295.18M243.14M
Total Debt0.00191.72M231.48M38.22M44.38M6.26M
Total Liabilities114.43M633.89M482.17M265.63M256.69M206.06M
Stockholders Equity587.05M208.54M171.34M424.89M431.74M257.71M
Cash Flow
Free Cash Flow-179.47M-185.97M-423.45M-254.04M-296.96M-242.26M
Operating Cash Flow-89.22M-133.73M-406.68M-193.92M-219.61M-238.41M
Investing Cash Flow-59.21M-52.25M-16.77M-60.13M-77.35M-3.85M
Financing Cash Flow214.93M243.62M298.70M148.86M349.37M322.72M

Xbrane Biopharma AB Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price10.37
Price Trends
50DMA
10.15
Positive
100DMA
20.78
Negative
200DMA
25.26
Negative
Market Momentum
MACD
-0.03
Negative
RSI
61.35
Neutral
STOCH
76.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:XBRANE, the sentiment is Neutral. The current price of 10.37 is below the 20-day moving average (MA) of 10.59, above the 50-day MA of 10.15, and below the 200-day MA of 25.26, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 61.35 is Neutral, neither overbought nor oversold. The STOCH value of 76.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:XBRANE.

Xbrane Biopharma AB Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
53
Neutral
kr249.94M1.35-16.90%4.64%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
47
Neutral
kr396.46M-3.64-79.60%31.62%
46
Neutral
kr346.23M-2.83-16.51%31.37%
45
Neutral
kr310.14M-2.41-25.66%127.13%56.91%
42
Neutral
kr32.17M-0.21-199.25%0.30%
41
Neutral
kr116.78M-1.38-1291.15%28.54%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:XBRANE
Xbrane Biopharma AB
12.13
-7.49
-38.19%
SE:ACE
Ascelia Pharma AB
3.13
0.21
7.20%
SE:IVACC
Intervacc AB
0.91
0.16
21.98%
SE:GUARD
Guard Therapeutics International AB
1.60
-17.58
-91.68%
SE:ACTI
Active Biotech AB
0.04
-0.05
-52.69%
SE:IMMU
Immunicum AB
5.81
-2.41
-29.32%

Xbrane Biopharma AB Corporate Events

Xbrane Biopharma Issues Warrants to Secure Financing Amid FDA Approval Delay
Nov 24, 2025

Xbrane Biopharma AB has issued 420,517 warrants to Fenja Capital II A/S as part of a conditional financing solution linked to a SEK 60 million loan agreement. This move follows a delay in the US FDA approval of Lucamzi, a proposed biosimilar for Lucentis. The issuance of warrants is a strategic step to address short-term financing needs and reflects market conditions after negotiations with Fenja Capital. The decision will result in a 2% dilution of shares if all warrants are exercised.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK8.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma to Re-submit Ranibizumab Biosimilar Application to FDA
Nov 19, 2025

Xbrane Biopharma AB announced plans to re-submit its Biologics License Application (BLA) for a ranibizumab biosimilar to the FDA in March 2026, following a Complete Response Letter due to issues at a contract manufacturer’s site. The company is addressing FDA’s corrective action requests and anticipates a six-month review process, aiming for approval by September 2026. This move is part of Xbrane’s commitment to offering a cost-effective treatment for conditions like Age-related Macular Degeneration, potentially strengthening its position in the biosimilar market.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK10.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Advances Xdivane Clinical Trial with First Patient Inclusion
Nov 4, 2025

Xbrane Biopharma AB announced the inclusion of the first patient in the pivotal clinical trial for Xdivane, a nivolumab biosimilar candidate. This trial, sponsored by Intas Pharmaceuticals Ltd, is crucial for regulatory approval and aims to coincide with the Loss of Exclusivity of the reference product. The initiation of this trial has triggered a €2 million milestone payment to Xbrane, highlighting the potential market impact of Xdivane, which targets a growing market for immune-oncology drugs.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Completes Reverse Stock Split
Nov 3, 2025

Xbrane Biopharma AB has completed a reverse stock split at a ratio of 1:125, consolidating 125 existing shares into one new share, resulting in a total of 20,605,348 shares and votes as of October 31, 2025. This move is part of the company’s strategic financial restructuring, which may impact its stock liquidity and shareholder value, reflecting its ongoing efforts to strengthen its market position.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma’s Siavash Bashiri Sells Shares to Repay Loan
Oct 28, 2025

Xbrane Biopharma AB announced that Siavash Bashiri, a member of its management team, has sold 14,733 shares to repay a loan taken during the 2024 rights issue. Despite the sale, Bashiri remains a committed long-term employee and shareholder, retaining 18,367 shares, which are his largest private financial investment. This move underscores his continued confidence in Xbrane’s future prospects.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Addresses Stakeholder Concerns Amid FDA Approval Delay
Oct 28, 2025

Xbrane Biopharma has addressed numerous stakeholder questions following a delay in FDA approval for its product Lucamzi, known as Ximluci in the U.S., and its Q3 report. The company has provided detailed responses to these inquiries, highlighting its commitment to transparency and stakeholder engagement amid regulatory challenges.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK11.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Reports Financial Turnaround Amid Regulatory Challenges
Oct 24, 2025

Xbrane Biopharma AB reported a significant financial turnaround for the first nine months of 2025, with a profit of SEK 153.7 million compared to a loss the previous year, largely due to a strategic divestment to Alvotech. Despite challenges such as a delay in FDA approval for Ximluci® and a Complete Response Letter from the FDA, the company strengthened its financial position through a directed share issue and secured additional financing to support its operations. The initiation of a clinical trial for Xdivane™ marks a key step in its product pipeline, underscoring Xbrane’s commitment to advancing its biosimilar offerings.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK15.00 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma to Present Interim Report for January-September 2025
Oct 20, 2025

Xbrane Biopharma AB has announced a teleconference for investors, analysts, and media to discuss its interim report for January to September 2025, scheduled for October 24, 2025. The presentation, led by CEO Martin Åmark and CFO Jane Benyamin, will provide insights into the company’s performance and strategic direction, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK23.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Announces 2026 AGM Nomination Committee
Oct 20, 2025

Xbrane Biopharma AB has announced the formation of its nomination committee for the upcoming 2026 Annual General Meeting. The committee, representing approximately 26% of the company’s shares and votes, includes members appointed by the company’s three largest shareholders. The committee’s responsibilities include preparing proposals for the Chairman of the Annual General Meeting, board candidates, and compensation matters, which will be presented ahead of the meeting. This development is significant for stakeholders as it outlines the governance structure and decision-making process leading up to the AGM, potentially impacting the company’s strategic direction.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK23.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Faces FDA Setback on Ranibizumab Biosimilar
Oct 19, 2025

Xbrane Biopharma AB has received a Complete Response Letter (CRL) from the FDA regarding its Biologics License Application for a ranibizumab biosimilar candidate, intended for treating retinal disorders. The CRL follows unresolved observations from a re-inspection of a contract manufacturer’s site, despite previous corrective actions. Xbrane plans to address these issues promptly to allow for re-submission. The company’s Lucentis biosimilar has been successfully approved and distributed in Europe, highlighting its commitment to providing cost-effective treatment alternatives.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK23.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Secures Conditional Financing Amid FDA Approval Anticipation
Oct 16, 2025

Xbrane Biopharma has entered into a conditional financing agreement with Fenja Capital II A/S to secure a SEK 60 million loan, which will be activated if there is a delay in the FDA approval of their Lucamzi biosimilar. While Xbrane remains optimistic about receiving FDA approval by the anticipated date, the financing solution is a proactive measure to ensure the company’s working capital needs are met in case of a delay. This move underscores Xbrane’s strategic planning to maintain financial stability and operational continuity, potentially affecting its market positioning and stakeholder confidence.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK0.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Announces Reverse Share Split
Oct 15, 2025

Xbrane Biopharma AB announced a reverse share split at a 1:125 ratio, consolidating 125 existing shares into one new share. This move, effective from 17 October 2025, will change the ISIN code for Xbrane’s shares and adjust the total number of shares to 20,605,348. The reverse split aims to streamline the company’s share structure, with no action required from shareholders as the process will be handled automatically. Any excess shares will be sold by Eminova Fondkommission AB, with proceeds distributed to shareholders.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK0.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

Xbrane Biopharma Restructures Share Capital and Authorizes New Issuances
Oct 13, 2025

Xbrane Biopharma AB held an extra general meeting where several key resolutions were passed, including amendments to the articles of association to adjust share limits and a reverse share split to consolidate shares. The meeting also approved a reduction in share capital to cover losses and allocate to unrestricted equity, and authorized the board to issue shares, warrants, and convertibles to raise new capital and increase flexibility. These decisions are aimed at strengthening the company’s financial position and expanding its shareholder base, potentially impacting its market operations and stakeholder interests.

The most recent analyst rating on (SE:XBRANE) stock is a Hold with a SEK0.50 price target. To see the full list of analyst forecasts on Xbrane Biopharma AB stock, see the SE:XBRANE Stock Forecast page.

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.Date of analysis: Jan 10, 2026