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Santhera Pharmaceuticals Holding
(SANN)
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Rating:52Neutral
Price Target:
CHF15.50
▼(-0.39% Downside)
Action:Reiterated
Date:10/01/26
The score is held back primarily by weak financial performance (recurring losses, persistent cash burn, and a weakened capital structure with negative equity and higher debt). Offsetting this, the latest earnings call was strongly constructive with reiterated growth guidance, improving operating trends, and management indicating no additional funding is required. Technical indicators are broadly neutral and valuation is constrained by loss-making earnings and no stated dividend support.
Positive Factors
Strong commercial growth
Rapid revenue and product-sales growth indicates accelerating adoption of AGAMREE and expanding commercial reach. If sustained, this momentum can improve operating leverage, support reinvestment in rare-disease opportunities, and strengthen Santhera’s position with prescribers and partners over the coming quarters.
Negative Factors
Negative equity and higher debt
Negative equity combined with materially higher debt weakens financial resilience and reduces flexibility to absorb execution setbacks. The capital structure may constrain investment choices and increase dependence on successful commercialization, particularly while the company continues transitioning toward sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong commercial growth
Rapid revenue and product-sales growth indicates accelerating adoption of AGAMREE and expanding commercial reach. If sustained, this momentum can improve operating leverage, support reinvestment in rare-disease opportunities, and strengthen Santhera’s position with prescribers and partners over the coming quarters.
Read all positive factors
Santhera Pharmaceuticals Holding (SANN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF218.76M
Dividend YieldN/A
Average Volume (3M)72.33K
Price to Earnings (P/E)―
Beta (1Y)1.13
Revenue Growth107.08%
EPS Growth55.54%
CountryCH
Employees78
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.28
Shares Outstanding15,941,051
10 Day Avg. Volume87,344
30 Day Avg. Volume72,326
Financial Highlights & Ratios
PEG Ratio-1.37
Price to Book (P/B)-13.88
Price to Sales (P/S)2.12
P/FCF Ratio-4.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.08
Revenue Forecast (FY)CHF91.57M
Santhera Pharmaceuticals Holding Business Overview & Revenue Model
Company Description
Santhera Pharmaceuticals Holding AG, a specialty pharmaceutical company, together with its subsidiaries, develops and sells medicines for rare neuromuscular and pulmonary diseases with high unmet medical need in the Europe, North America, and Asia...
How the Company Makes Money
Santhera makes money primarily through (1) commercialization-related income from its prescription medicines (where it retains commercial rights in certain territories and may monetize products via direct sales or via distribution arrangements), an...
Santhera Pharmaceuticals Holding Earnings Call Summary
Earnings Call Date:Sep 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 29, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with substantial revenue growth, improving operating performance, expanding market access, strong commercial uptake and supportive long-term efficacy and safety data. The main challenges were the unexpected 8.5% German pricing discount, an anticipated cash decline in the first half of 2027, the delayed French launch, ongoing reimbursement work in several markets and uncertainty around future partnering and additional-asset financing. Overall, the breadth and strength of the reported commercial and clinical progress significantly outweighed the disclosed challenges.Positive Updates
Strong First-Half Revenue Growth
First-half revenue grew by over 100% to CHF 48.3 million, driven by strong AGAMREE sales and recognition of income components from the Nxera licensing agreement.
Negative Updates
France Launch Delayed
France requires a full resubmission of data for reimbursement, and the commercial launch is not expected before 2028. Santhera is exploring potential routes to accelerate access.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Revenue Growth
First-half revenue grew by over 100% to CHF 48.3 million, driven by strong AGAMREE sales and recognition of income components from the Nxera licensing agreement.
Read all positive updates
Company Guidance
For 2026, Santhera reiterated full-year revenues of CHF 80 million to CHF 90 million, product sales growth of more than 50%, increased year-on-year royalty income that will “slightly lag the underlying sales from Catalyst,” milestone income primarily driven by the $30 million upfront from Nxera with “no additional sales milestones” included, lower revenues from supply and products and services than last year but a second half higher than the first half, and operating expenses of CHF 50 million to CHF 55 million; cash is expected to be “broadly stable” from the 30th of September through to year-end, decline during the first half of '27, return to cash generation in the second half of the year, and require no additional funding, while the German discount effective 1st of January 2027 is around an 8.5% additional discount, the 2028 sales guidance is CHF 140 million, and the 2030 target was stated as EUR 250 million of revenues and subsequently clarified as CHF 250 million.Santhera Pharmaceuticals Holding Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 101.50M | 77.19M | 39.12M | 103.41M | 7.47M | -1.59M |
| Gross Profit | 40.87M | 14.47M | 22.96M | 100.18M | 3.88M | -5.36M |
| EBITDA | -3.36M | -32.13M | -15.89M | 79.17M | -46.78M | -34.57M |
| Net Income | -31.93M | -49.24M | -41.97M | 54.78M | -71.08M | -55.53M |
Balance Sheet | ||||||
| Total Assets | 147.23M | 148.09M | 152.49M | 109.63M | 63.73M | 91.12M |
| Cash, Cash Equivalents and Short-Term Investments | 41.77M | 22.44M | 40.92M | 30.37M | 1.35M | 21.21M |
| Total Debt | 41.27M | 97.77M | 41.17M | 23.03M | 44.44M | 42.98M |
| Total Liabilities | 153.41M | 159.90M | 124.79M | 49.69M | 107.41M | 89.79M |
| Stockholders Equity | -6.17M | -11.82M | 27.70M | 59.94M | -43.69M | 1.33M |
Cash Flow | ||||||
| Free Cash Flow | 570.00K | -34.81M | -35.68M | 23.53M | -33.80M | -37.37M |
| Operating Cash Flow | 660.00K | -34.76M | -35.53M | 47.27M | -29.84M | -37.36M |
| Investing Cash Flow | -89.00K | -122.00K | -61.00K | -18.04M | -3.93M | 69.00K |
| Financing Cash Flow | 22.12M | 16.38M | 46.08M | -171.00K | 13.99M | 46.02M |
Santhera Pharmaceuticals Holding Technical Analysis
Negative
15.56
Price Trends
15.58
Negative
15.52
Negative
15.44
Negative
Market Momentum
-0.30
Positive
42.06
Neutral
13.40
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SANN, the sentiment is Negative. The current price of 15.56 is above the 20-day moving average (MA) of 15.24, below the 50-day MA of 15.58, and above the 200-day MA of 15.44, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 42.06 is Neutral, neither overbought nor oversold. The STOCH value of 13.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:SANN.
Santhera Pharmaceuticals Holding Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | CHF218.76M | -6.26 | 354.99% | ― | 107.08% | 55.54% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | CHF129.60M | -2.36 | -67.67% | ― | -100.00% | 24.46% | |
51 Neutral | CHF161.20M | -5.59 | 258.11% | ― | -82.88% | -212.48% | |
45 Neutral | CHF1.13B | -3.20 | ― | 86.75% | -8.06% | -87.00% | |
43 Neutral | CHF2.74M | -0.49 | -204.04% | ― | -50.34% | 4.75% | |
41 Neutral | CHF25.70M | -2.13 | -49.18% | ― | ― | ― |
* Healthcare Sector Average
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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.