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Oncopeptides AB
(ONCO)
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Rating:53Neutral
Price Target:
kr2.00
▲(21.21% Upside)
Action:Reiterated
Date:09/23/26
The score is held back primarily by weak financial performance (large ongoing losses, significant cash burn, and high leverage), despite strong gross margins and improving revenue. Technicals are a clear positive with price above major moving averages and positive MACD, though momentum is getting extended (RSI ~71). Valuation offers limited support due to negative earnings and no dividend yield provided, while the latest earnings call added moderate positives around commercial/EMA progress and 2027 cash-flow targets but with notable execution and timing risks.
Positive Factors
Rapid revenue growth and strong margins
Rapid sales growth alongside a 98% gross margin indicates strong product economics and growing commercial adoption. If this combination persists, rising revenue can absorb the largely fixed operating base, improve operating leverage, and support a more durable path toward profitability.
Negative Factors
Deep ongoing operating losses
Although the EBIT deficit is narrowing, the company remains materially loss-making relative to its revenue base. Continued operating losses limit internally funded investment, make execution more dependent on sales acceleration, and leave profitability unproven over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and strong margins
Rapid sales growth alongside a 98% gross margin indicates strong product economics and growing commercial adoption. If this combination persists, rising revenue can absorb the largely fixed operating base, improve operating leverage, and support a more durable path toward profitability.
Read all positive factors
Oncopeptides AB (ONCO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr824.50M
Dividend YieldN/A
Average Volume (3M)4.61M
Price to Earnings (P/E)―
Beta (1Y)0.16
Revenue Growth87.23%
EPS Growth35.27%
CountrySE
Employees69
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.78
Shares Outstanding381,357,760
10 Day Avg. Volume7,291,722
30 Day Avg. Volume4,611,202
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)-18.53
Price to Sales (P/S)15.35
P/FCF Ratio-4.90
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)-0.46
Revenue Forecast (FY)kr127.67M
Oncopeptides AB Business Overview & Revenue Model
Company Description
Oncopeptides AB (publ) is a biotechnology firm dedicated to developing medical therapies for cancer, serving markets across the United States, Europe, and worldwide. Its foremost experimental compound, melflufen, is a distinct peptide-drug conjuga...
How the Company Makes Money
Oncopeptides makes money primarily through sales of its oncology medicines in markets where it has commercialization rights, generating product revenue from distributors, hospitals, and specialty pharmacies (depending on the market structure). Add...
Oncopeptides AB Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call was predominantly positive, supported by 62% quarterly revenue growth, 74% first-half growth, a 98% gross margin, improved EBIT loss, strengthened liquidity, European commercial progress, the EMA label-expansion submission, CEE partnership expansion, and clinical advancement in glioblastoma. These positives were moderated by the continuing operating loss, Spain's access and competitive challenges, no Q2 contribution from Greece, delays in Japan, the lack of current U.S. focus, and the still-broad timing for cash flow positivity.Positive Updates
Strong Revenue Growth
Net sales reached SEK 31.1 million in Q2 2026, representing a 62% increase compared with Q2 2025. First-half net sales reached SEK 56.5 million, up 74% year-over-year.
Negative Updates
Operating Loss Remains Significant
Despite improvement from the prior year, the company reported a first-half EBIT loss of SEK 86.2 million. First-half operating expenses totaled SEK 146.9 million, and quarterly operating expenses were SEK 81.1 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Net sales reached SEK 31.1 million in Q2 2026, representing a 62% increase compared with Q2 2025. First-half net sales reached SEK 56.5 million, up 74% year-over-year.
Read all positive updates
Company Guidance
Oncopeptides expects positive cash flow “during 2027,” with sales covering operating expenses, and expects full-year operating expenses “to be in the vicinity of what we had for 2025, i.e., around about SEK 300 million”; Q3 operating expenses are expected to be “slightly lower than Q2.” Following the Type II variation submission between May and July, the company expects the CHMP opinion “sometimes between September to November,” with an EC decision “+30 to 60 days after a potential positive opinion.” For the Salus partnership, “first sales should come sometime in 2027,” while sales in Slovenia can start once a price negotiation is concluded.Oncopeptides AB Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
32
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 95.26M | 71.12M | 31.65M | 35.22M | 8.36M | 118.30M |
| Gross Profit | 91.84M | 59.00M | 28.98M | 36.30M | 8.35M | 65.17M |
| EBITDA | -200.47M | -219.26M | -261.81M | -231.62M | -319.62M | -1.40B |
| Net Income | -212.96M | -249.59M | -284.61M | -249.11M | -337.95M | -1.43B |
Balance Sheet | ||||||
| Total Assets | 222.01M | 134.84M | 244.19M | 238.38M | 385.32M | 439.38M |
| Cash, Cash Equivalents and Short-Term Investments | 157.61M | 82.25M | 178.54M | 173.44M | 344.51M | 364.30M |
| Total Debt | 135.17M | 139.39M | 141.72M | 126.16M | 9.54M | 14.19M |
| Total Liabilities | 197.09M | 193.73M | 189.91M | 181.60M | 91.03M | 228.51M |
| Stockholders Equity | 24.93M | -58.89M | 54.28M | 56.78M | 294.29M | 210.87M |
Cash Flow | ||||||
| Free Cash Flow | -188.56M | -222.88M | -260.57M | -279.61M | -423.02M | -1.52B |
| Operating Cash Flow | -188.56M | -222.88M | -260.57M | -279.49M | -420.51M | -1.52B |
| Investing Cash Flow | 0.00 | 0.00 | 496.00K | -116.00K | -2.51M | -339.00K |
| Financing Cash Flow | 278.04M | 128.55M | 263.81M | 106.89M | 392.40M | 1.03B |
Oncopeptides AB Technical Analysis
Positive
1.65
Price Trends
1.82
Positive
1.75
Positive
2.06
Positive
Market Momentum
0.14
Positive
53.83
Neutral
15.57
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ONCO, the sentiment is Positive. The current price of 1.65 is below the 20-day moving average (MA) of 2.00, below the 50-day MA of 1.82, and below the 200-day MA of 2.06, indicating a bullish trend. The MACD of 0.14 indicates Positive momentum. The RSI at 53.83 is Neutral, neither overbought nor oversold. The STOCH value of 15.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ONCO.
Oncopeptides AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr376.69M | 4.90 | 94.09% | ― | 135.48% | ― | |
65 Neutral | kr411.92M | 2.07 | 63.09% | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | kr824.50M | -2.70 | ― | ― | 87.23% | 35.27% | |
48 Neutral | kr402.81M | -3.46 | -18.05% | ― | ― | 15.97% | |
43 Neutral | kr1.48B | -3.03 | -99.58% | ― | -87.22% | -70.29% | |
40 Underperform | kr136.11M | -0.02 | -736.08% | ― | -98.81% | 80.33% |
* General Sector Average
SE:ONCO
Oncopeptides AB
2.11
-3.54
-62.67%
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Oncopeptides AB Corporate Events
Oncopeptides earns EANO poster nod as PDC platform pushes into glioblastoma
Sep 22, 2026
Oncopeptides has secured acceptance of three abstracts on its next-generation alkylating peptide-drug conjugates in glioblastoma for presentation at the 2026 European Association of Neuro-Oncology Congress in Rome, marking its first major scientif...
Oncopeptides to Present New Pepaxti Data at Key Myeloma Meeting
Sep 21, 2026
Oncopeptides AB, a Stockholm-listed biotech focused on hard-to-treat cancers, is using its proprietary peptide-based platforms to develop targeted oncology drugs, led by the multiple myeloma therapy Pepaxti. With commercial rollout underway in Eur...
Oncopeptides Wins EMA Backing to Move Pepaxti Into Third-Line Myeloma Use
Sep 17, 2026
Oncopeptides has received a positive opinion from the EMA’s Committee for Medicinal Products for Human Use to expand Pepaxti’s label into third-line treatment for adult multiple myeloma patients refractory to lenalidomide and their las...
Oncopeptides lifts Q2 sales 62% and moves to double Pepaxti market in Europe
Aug 27, 2026
Oncopeptides reported strong commercial momentum in the second quarter of 2026, with net sales rising 62 percent year-on-year to SEK 31.1 million and first-half sales up 74 percent to SEK 56.5 million. Despite an operating loss, the company ended ...
Oncopeptides to Present Q2 2026 Results as Oncology Commercialization Expands
Aug 20, 2026
Oncopeptides AB, a Stockholm‑listed biotech focused on targeted cancer therapies, is expanding commercialization of its flagship oncology drug across Europe and select international markets. With proprietary platforms and a lean footprint of...
Oncopeptides Secures Slovenian List Price for Pepaxti in First CEE Expansion Step
Aug 17, 2026
Oncopeptides has secured a maximum allowed list price for its multiple myeloma drug Pepaxti in Slovenia, a key reference pricing market in Central and Eastern Europe, establishing a regulatory basis for subsequent market access and reimbursement t...
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.
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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.