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Vicore Pharma Holding AB
(VICO)
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Rating:46Neutral
Price Target:
kr11.00
▲(2.42% Upside)
Action:Reiterated
Date:08/22/26
The score is primarily held down by heavy ongoing losses and large negative operating/free cash flow, which elevate funding and dilution risk. Technical indicators add a mildly bearish tone (negative MACD, sub-50 RSI, price below short/intermediate moving averages). The main offset is a strong, low-debt balance sheet that reduces near-term solvency risk despite continued cash burn.
Positive Factors
Debt-free balance sheet
The absence of meaningful debt lowers solvency risk and preserves financial flexibility while Vicore funds clinical development. This gives the company more room to pursue its pipeline without debt-service constraints, although equity funding may still be needed.
Negative Factors
Very large ongoing losses
The scale of recurring losses indicates that Vicore is not yet economically self-sustaining. Unless clinical assets generate meaningful commercial or partnership income, continued expenses can erode equity and increase reliance on external capital over the coming periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
The absence of meaningful debt lowers solvency risk and preserves financial flexibility while Vicore funds clinical development. This gives the company more room to pursue its pipeline without debt-service constraints, although equity funding may still be needed.
Read all positive factors
Vicore Pharma Holding AB (VICO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.07B
Dividend YieldN/A
Average Volume (3M)640.49K
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth-48.40%
EPS Growth-1.06%
CountrySE
Employees46
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.92
Shares Outstanding281,525,600
10 Day Avg. Volume946,405
30 Day Avg. Volume640,485
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)2.47
Price to Sales (P/S)710.16
P/FCF Ratio-7.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr35.50Price Target Upside230.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.87
Revenue Forecast (FY)kr3.93M
Vicore Pharma Holding AB Business Overview & Revenue Model
Company Description
Vicore Pharma Holding AB (publ), a Gothenburg, Sweden-based company, specializes in the discovery and advancement of therapies for rare lung conditions. Its core pipeline features VP01, an orally administered small molecule currently in Phase II c...
How the Company Makes Money
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Vicore Pharma Holding AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
64
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.99M | 3.82M | 109.35M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 3.23M | 3.82M | 109.35M | -3.42M | -3.61M | -3.60M |
| EBITDA | -541.61M | -477.41M | -166.64M | -317.47M | -286.20M | -289.82M |
| Net Income | -502.04M | -477.47M | -168.63M | -310.94M | -288.42M | -296.48M |
Balance Sheet | ||||||
| Total Assets | 929.87M | 1.22B | 1.20B | 497.84M | 338.01M | 451.17M |
| Cash, Cash Equivalents and Short-Term Investments | 905.64M | 1.17B | 1.16B | 482.66M | 261.74M | 371.20M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 65.00K | 320.00K |
| Total Liabilities | 76.25M | 124.16M | 73.78M | 42.45M | 48.92M | 67.85M |
| Stockholders Equity | 853.63M | 1.10B | 1.13B | 455.39M | 289.08M | 383.32M |
Cash Flow | ||||||
| Free Cash Flow | -299.51M | -375.74M | -164.95M | -448.62M | -302.92M | -265.17M |
| Operating Cash Flow | -455.43M | -374.44M | -164.95M | -249.58M | -299.92M | -265.17M |
| Investing Cash Flow | 98.82M | -601.81M | 149.04M | -144.46M | 74.00M | -7.00M |
| Financing Cash Flow | 430.53M | 430.54M | 834.06M | 470.86M | 187.04M | 318.18M |
Vicore Pharma Holding AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr497.63M | 2.60 | 63.09% | ― | ― | ― | |
56 Neutral | kr4.71B | -5.89 | ― | ― | -3.57% | 8.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr933.28M | -8.88 | -58.12% | ― | ― | 1.42% | |
46 Neutral | kr3.07B | -5.68 | -53.71% | ― | -48.40% | -1.06% | |
43 Neutral | kr1.60B | -3.22 | -99.58% | ― | -87.22% | -70.29% |
* Healthcare Sector Average
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Vicore Pharma Holding AB Corporate Events
Vicore Pharma Showcases Buloxibutid IPF Data at ERS 2026 as Phase 2b Trial Advances
Aug 24, 2026
Vicore Pharma will present new clinical and translational data on its lead IPF candidate buloxibutid at the European Respiratory Society Congress 2026 in Barcelona and online. The presentations cover the design and baseline patient characteristics...
Vicore Pharma Issues Comprehensive Q2 2026 Interim Report
Aug 21, 2026
Vicore Pharma Holding AB has released its interim report for the second quarter of 2026, covering the period from April 1 to June 30. The document outlines performance highlights, CEO commentary, pipeline status, financials, sustainability initiat...
Vicore Pharma to Join Leerink Therapeutics Forum Amid Progress in IPF Program
Jul 7, 2026
Vicore Pharma will participate in the Leerink Therapeutics Forum, with CEO Ahmed Mousa scheduled for one-on-one meetings at the Boston Harbor Hotel in Boston on July 14, 2026. The engagement underscores the company’s efforts to raise its pro...
Vicore Pharma Bolsters R&D Leadership With New Chief Scientific Officer
Jul 6, 2026
Vicore Pharma has appointed Rob Slack as Chief Scientific Officer, succeeding long-time scientific leader Johan Raud, who will become Senior Advisor. Slack, a veteran of GSK and Galecto, brings over two decades of respiratory and fibrosis drug dis...
Vicore Pharma Begins Trading ADSs on Nasdaq U.S. in Dual-Listing Move
Jul 1, 2026
Vicore Pharma has secured a secondary listing in the United States, with its American Depositary Shares set to begin trading on the Nasdaq Capital Market under the ticker VCRE, each ADS representing ten common shares. The company’s common sh...
Vicore Pharma Schedules Webcast on Buloxibutid and IPF Therapy Outlook
Jun 2, 2026
Vicore Pharma will host a webcast on June 8, 2026, to discuss its lead candidate buloxibutid and the evolving treatment landscape for idiopathic pulmonary fibrosis. The event will feature IPF specialist Dr. Phil Molyneaux and Vicore management, wh...
Vicore Pharma to Spotlight IPF Program at Jefferies Global Healthcare Conference
May 26, 2026
Vicore Pharma will present at the upcoming Jefferies Global Healthcare Conference in New York, where CEO Ahmed Mousa and CMO Bernt van den Blink will participate in a fireside chat and one-on-one meetings with investors. The conference appearance ...
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.