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Pharma Mar SA
(BME:PHM)
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Rating:65Neutral
Price Target:
€86.00
▼(-11.66% Downside)
Action:Reiterated
Date:06/13/26
The score is driven by strong recent financial performance (high profitability, improved earnings/cash flow, and conservative leverage), partially offset by weak technicals (price far below key moving averages and negative momentum). Valuation is supportive with a moderate P/E and a small dividend yield.
Positive Factors
High and improving profit margins
TTM gross margin (~92.7%) and net margin (~35.7%) reflect durable product-level profitability from marketed oncology therapies. High margins support sustained cash generation, fund R&D and commercialization, and provide a buffer versus sales swings over the next several months.
Negative Factors
Volatile revenue and earnings history
Despite the recent rebound, prior years included sharp revenue declines and near break-even profits (2023), showing an inconsistent operating record. That cyclicality raises the risk that current improvements may not persist absent predictable new product launches or recurring partner income streams.
Read all positive and negative factors
Positive Factors
Negative Factors
High and improving profit margins
TTM gross margin (~92.7%) and net margin (~35.7%) reflect durable product-level profitability from marketed oncology therapies. High margins support sustained cash generation, fund R&D and commercialization, and provide a buffer versus sales swings over the next several months.
Read all positive factors
Pharma Mar SA (PHM) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€1.42B
Dividend Yield1.04%
Average Volume (3M)74.16K
Price to Earnings (P/E)17.0
Beta (1Y)0.72
Revenue Growth28.27%
EPS Growth307.67%
CountryES
Employees500
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)4.65
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
€110.50Price Target Upside13.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.14
Revenue Forecast (FY)€212.49M
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 by commercializing its oncology drugs and by monetizing its intellectual property through partnering. Key revenue streams include: (1) Product sales of its marketed cancer therapies (recorded as net sales), which d...
Pharma Mar SA Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 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
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 225.43M | 221.39M | 174.85M | 158.15M | 196.34M | 229.83M |
| Gross Profit | 208.88M | 209.13M | 166.67M | 148.54M | 182.70M | 213.39M |
| EBITDA | 69.22M | 48.30M | 21.23M | 4.55M | 52.07M | 104.08M |
| Net Income | 80.47M | 74.99M | 26.13M | 1.14M | 49.36M | 92.86M |
Balance Sheet | ||||||
| Total Assets | 385.26M | 395.08M | 349.64M | 340.52M | 393.26M | 368.39M |
| Cash, Cash Equivalents and Short-Term Investments | 167.85M | 167.22M | 154.53M | 162.56M | 182.42M | 201.88M |
| Total Debt | 47.54M | 49.41M | 51.08M | 43.67M | 42.63M | 49.33M |
| Total Liabilities | 135.59M | 143.25M | 141.28M | 147.08M | 170.30M | 190.47M |
| Stockholders Equity | 249.67M | 251.83M | 208.36M | 193.44M | 222.96M | 177.92M |
Cash Flow | ||||||
| Free Cash Flow | 57.77M | 43.75M | -9.48M | -29.40M | 29.47M | 17.87M |
| Operating Cash Flow | 68.00M | 53.13M | 6.03M | -13.45M | 38.32M | 25.68M |
| Investing Cash Flow | -43.09M | -60.79M | 1.03M | -43.05M | 10.88M | 18.47M |
| Financing Cash Flow | -36.73M | -36.52M | -5.35M | -32.14M | -13.37M | -27.41M |
Pharma Mar SA Technical Analysis
Neutral
97.35
Price Trends
88.91
Negative
87.09
Negative
82.89
Negative
Market Momentum
-3.47
Negative
51.23
Neutral
90.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:PHM, the sentiment is Neutral. The current price of 97.35 is above the 20-day moving average (MA) of 74.43, above the 50-day MA of 88.91, and above the 200-day MA of 82.89, indicating a neutral trend. The MACD of -3.47 indicates Negative momentum. The RSI at 51.23 is Neutral, neither overbought nor oversold. The STOCH value of 90.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | €1.42B | 17.00 | 35.74% | 1.04% | 28.27% | 307.67% | |
60 Neutral | €2.88B | 22.33 | 20.89% | 1.50% | -3.44% | -5.45% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | €235.30M | -106.76 | -2.58% | ― | ― | 58.10% | |
43 Neutral | €192.99M | -1.91 | -9.43% | ― | -33.72% | -215.75% |
* Healthcare Sector Average
ES:PHM
Pharma Mar SA
80.15
-3.35
-4.01%
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4.98%
ES:ORY
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2.98
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10.93%
ES:IKM
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0.31
0.00
0.00%
ES:ATRY
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2.54
-0.03
-1.17%
Pharma Mar SA Corporate Events
Pharma Mar Publishes Shareholder Presentation Ahead of 2026 AGM
Jul 1, 2026
Pharma Mar has released the presentation that its chairman and chief financial officer will deliver to shareholders at the company’s Ordinary General Shareholders’ Meeting in Colmenar Viejo, Madrid. The disclosure, made through Spain&#...
Pharma Mar Shareholders Approve All Board Proposals at Ordinary Meeting
Jul 1, 2026
Pharma Mar’s Ordinary General Shareholders’ Meeting, held on second call on June 30, 2026, approved by a wide majority all proposals submitted by the Board of Directors. The resolutions mirror those previously notified to the Spanish s...
Pharma Mar Declares €1.00 Tax-Free Dividend from Share Premium Reserve
Jul 1, 2026
Pharma Mar will distribute a cash dividend of 1.00 euro per share, drawn from its share premium reserve and therefore not subject to withholding tax, following approval at its general shareholders’ meeting. The move underlines the company...
Pharma Mar Overhauls Board and Committees in Governance Refresh
Jul 1, 2026
Pharma Mar’s General Shareholders’ Meeting has refreshed its board, appointing new independent director Juan Manuel Vieites and re-electing executive and proprietary directors, while the appointment of academic María Victoria Mate...
Pharma Mar Launches €8 Million Share Buyback for Potential Corporate Deals
Jul 1, 2026
Pharma Mar’s board has approved a share buyback operation, authorizing the purchase of up to 90,000 shares, or 0.5% of its share capital, for a maximum outlay of €8 million. The program, which runs from 1 July 2026 to 28 February 2027,...
PharmaMar’s Partner Merck Seeks Priority Approval in Japan for Zepzelca as First-Line SCLC Maintenance
Jun 24, 2026
PharmaMar said its partner Merck has filed a New Drug Application with Japan’s Ministry of Health, Labour and Welfare to market Zepzelca (lurbinectedin) as a first-line maintenance therapy for small cell lung cancer, securing a priority revi...
EU clears PharmaMar’s Zepzelca combo for first‑line maintenance in aggressive lung cancer
Jun 2, 2026
PharmaMar has secured a key regulatory milestone after the European Commission approved its oncology drug Zepzelca (lurbinectedin) in combination with Roche’s immunotherapy atezolizumab (Tecentriq) as first‑line maintenance treatment f...
Pharma Mar Calls 2026 Shareholders’ Meeting to Approve 2025 Results and Refresh Board
May 22, 2026
Pharma Mar S.A. has convened its Ordinary General Shareholders’ Meeting for June 30, 2026, in Colmenar Viejo, Madrid, with a first call scheduled for June 29 but a second call anticipated due to quorum expectations. Shareholders will have ac...
PharmaMar Returns to Profit on Rising Zepzelca Sales and Strong Oncology Royalties
Apr 30, 2026
Grupo PharmaMar reported a robust first quarter of 2026, with total revenues up 10% to €42.9 million and recurring revenues rising 7% to €40.5 million, driven by strong European demand for Zepzelca and higher oncology royalties. Net pr...
Pharma Mar Secures Credit Rating Upgrade to BBB From EthiFinance
Apr 9, 2026
Pharma Mar has received an upgrade of its long-term credit rating from EthiFinance Ratings, moving from “BB+” to “BBB” with a stable outlook. The improved investment-grade rating reflects enhanced credit quality and may low...
Pharma Mar Reports Latest Transactions Under Resumed Share Liquidity Contract
Apr 8, 2026
Pharma Mar has reported the latest activity under its liquidity contract with JB Capital Markets, detailing transactions in its own shares between March 30 and March 31, 2026. The program, originally launched in 2021 and recently resumed following...
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.