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Pharma Mar SA
(BME:PHM)
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Rating:69Neutral
Price Target:
€74.00
▼(-10.63% Downside)
Action:Reiterated
Date:07/31/26
The score is primarily supported by strong current profitability, high margins, and low leverage. It is tempered by inconsistent revenue/cash-flow history and mixed technical positioning (price below key medium/longer-term moving averages). Valuation (P/E ~16.9 and ~1.25% yield) is supportive but not a major upside driver.
Positive Factors
High Profitability and Margins
Pharma Mar’s very high gross and net margins indicate that its oncology portfolio generates substantial economic value relative to revenue. If sustained, this profitability can support internal funding for research, commercialization, and partnering while providing resilience against moderate operating volatility.
Negative Factors
Inconsistent Revenue Growth
The TTM revenue decline shows that growth has not been consistently sustained despite the prior rebound. Uneven sales can make future earnings and investment planning less predictable, particularly for a company whose revenue depends on oncology products and partnership-related opportunities.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability and Margins
Pharma Mar’s very high gross and net margins indicate that its oncology portfolio generates substantial economic value relative to revenue. If sustained, this profitability can support internal funding for research, commercialization, and partnering while providing resilience against moderate operating volatility.
Read all positive factors
Pharma Mar SA (PHM) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€1.18B
Dividend Yield1.49%
Average Volume (3M)28.88K
Price to Earnings (P/E)20.6
Beta (1Y)0.59
Revenue Growth15.52%
EPS Growth34.76%
CountryES
Employees505
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)3.26
Shares Outstanding18,000,000
10 Day Avg. Volume25,825
30 Day Avg. Volume28,883
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
€100.00Price Target Upside20.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.81
Revenue Forecast (FY)€212.28M
Pharma Mar SA Business Overview & Revenue Model
Company Description
Pharma Mar, S.A., a biopharmaceutical firm established in 1986 and headquartered in Madrid, Spain, is dedicated to the research, development, production, and global sale of marine-derived bioactive compounds. Its primary focus is oncology, with op...
How the Company Makes Money
Pharma Mar primarily makes money through the commercialization of its oncology products and through partnering arrangements tied to its drug portfolio. Key revenue streams typically include: (1) Product sales from approved oncology medicines marke...
Pharma Mar SA Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 04, 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
83
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 218.64M | 221.39M | 174.85M | 158.15M | 196.34M | 229.83M |
| Gross Profit | 198.03M | 209.13M | 166.67M | 148.54M | 182.70M | 213.39M |
| EBITDA | 43.08M | 48.30M | 21.23M | 4.55M | 52.07M | 104.08M |
| Net Income | 56.13M | 74.99M | 26.13M | 1.14M | 49.36M | 92.86M |
Balance Sheet | ||||||
| Total Assets | 393.60M | 395.08M | 349.64M | 340.52M | 393.26M | 368.39M |
| Cash, Cash Equivalents and Short-Term Investments | 168.88M | 167.22M | 154.53M | 162.56M | 182.42M | 201.88M |
| Total Debt | 45.84M | 49.41M | 51.08M | 43.67M | 42.63M | 49.33M |
| Total Liabilities | 142.82M | 143.25M | 141.28M | 147.08M | 170.30M | 190.47M |
| Stockholders Equity | 250.78M | 251.83M | 208.36M | 193.44M | 222.96M | 177.92M |
Cash Flow | ||||||
| Free Cash Flow | 51.10M | 43.75M | -9.48M | -29.40M | 29.47M | 17.87M |
| Operating Cash Flow | 62.21M | 53.13M | 6.03M | -13.45M | 38.32M | 25.68M |
| Investing Cash Flow | -48.67M | -60.79M | 1.03M | -43.05M | 10.88M | 18.47M |
| Financing Cash Flow | -16.77M | -36.52M | -5.35M | -32.14M | -13.37M | -27.41M |
Pharma Mar SA Technical Analysis
Negative
82.80
Price Trends
77.31
Negative
78.17
Negative
81.92
Negative
Market Momentum
-2.76
Positive
29.96
Positive
7.24
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:PHM, the sentiment is Negative. The current price of 82.8 is above the 20-day moving average (MA) of 71.44, above the 50-day MA of 77.31, and above the 200-day MA of 81.92, indicating a bearish trend. The MACD of -2.76 indicates Positive momentum. The RSI at 29.96 is Positive, neither overbought nor oversold. The STOCH value of 7.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | €2.91B | 16.31 | 27.84% | 1.62% | 3.21% | 39.34% | |
69 Neutral | €1.18B | 20.63 | 23.64% | 1.49% | 15.52% | 34.76% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | €207.52M | -82.44 | -2.23% | ― | ― | 53.50% | |
47 Neutral | €197.16M | -1.98 | -65.08% | ― | -53.44% | -296.14% |
* Healthcare Sector Average
ES:PHM
Pharma Mar SA
67.30
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-16.05%
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ES:ATRY
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2.55
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-23.11%
Pharma Mar SA Corporate Events
Pharma Mar Continues September Share Buyback on Madrid Exchange
Oct 2, 2026
Pharma Mar has continued its previously announced share buyback programme, reporting the purchase of its own shares on the Madrid Stock Exchange throughout September 2026 at average prices mostly in the mid-70 to low-80 euro range. The transaction...
Pharma Mar Wins U.K. Approval for Zepzelca Combo in Small-Cell Lung Cancer
Sep 25, 2026
Pharma Mar has secured authorization from the U.K. Medicines and Healthcare products Regulatory Agency for Zepzelca (lurbinectedin) combined with atezolizumab as a first-line maintenance therapy for adults with extensive-stage small-cell lung canc...
Pharma Mar Details August Share Buyback Transactions on Madrid Bourse
Sep 3, 2026
Pharma Mar has reported the latest tranche of its share buyback activity, detailing purchases of its own shares on the Madrid Stock Exchange between 1 and 31 August 2026. The company bought multiple small blocks of stock through intermediary JB Ca...
Pharma Mar Flags Planned Loss of Zepzelca Second-Line SCLC Indication
Aug 5, 2026
Pharma Mar said its partner Jazz Pharmaceuticals, following phase III LAGOON trial results for Zepzelca in relapsed metastatic small cell lung cancer, plans to ask the U.S. FDA in the third quarter of 2026 to remove Zepzelca’s second-line SC...
Pharma Mar Wins New Global Approvals for Zepzelca Lung Cancer Regimen
Aug 4, 2026
Pharma Mar has secured approvals in Canada, Qatar and South Korea for Zepzelca (lurbinectedin) in combination with atezolizumab as a first-line maintenance therapy for adult patients with extensive-stage small-cell lung cancer whose disease has no...
Pharma Mar Steps Up July Share Buybacks on Madrid Market
Aug 4, 2026
Pharma Mar has continued its previously announced share buyback programme, acquiring its own shares on the Madrid Stock Exchange throughout July 2026 at prices generally ranging between €75 and €83 per share. The transactions, executed...
Pharma Mar Board Endorses 2026 Half-Year Financial Report
Jul 30, 2026
Pharma Mar, S.A. has released its half-year financial report for the first half of 2026, stating that its condensed accounts have been prepared under applicable accounting standards and give a true and fair view of the group’s assets, financ...
PharmaMar Grows Recurring Revenue as EU Approval Boosts Zepzelca Outlook
Jul 30, 2026
Grupo PharmaMar reported an 18% rise in recurring revenue to €85.1M in the first half of 2026, driven by robust growth in lurbinectedin and trabectedin sales and royalties. Despite total revenue slipping to €92.5M after a strong non-re...
Pharma Mar Board Approves 2026 Half-Year Financial Report
Jul 30, 2026
Pharma Mar, S.A. has filed its half-year financial report for the first half of 2026, stating that the summarized accounts give a true and fair view of the group’s assets, financial position and results, and that the interim management repor...
Pharma Mar Board Appointment Lapses, Governance Structure Unchanged
Jul 22, 2026
Pharma Mar has confirmed that the appointment of Ms. María Victoria Mateos Manteca as an independent director, approved by shareholders on June 30, 2026, has not taken effect due to her failure to obtain the required compatibility authorizati...
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.