Download PDF

1. Company Snapshot

1.a. Company Description

Pharma Mar, S.A., a biopharmaceutical company, engages in the research, development, production, and commercialization of bio-active principles of marine origin for use in oncology in Spain, Italy, Germany, Ireland, rest of EU, the United States, and internationally.The company operates through three segments: Oncology, Diagnostics, and RNA interference.It develops and commercializes Yondelis for the treatment of soft tissue sarcomas and for ovarian cancer; Aplidin for treating multiple myeloma; and Zepzelca for treating patients with small cell lung cancer.


The company also develops PM14 which is in phase II clinical trails for the treatment of solid tumors.In addition, it develops and markets diagnostics kits; and develops drugs with therapeutic activity based on reducing or silencing gene expression.The company was incorporated in 1986 and is based in Madrid, Spain.

Show Full description

1.b. Last Insights on PHM

Pharma Mar's recent performance was negatively impacted by the company's inability to capitalize on its strong fundamentals, despite being undervalued. The absence of recent positive news and the company's lack of innovation in its product offerings have contributed to its underperformance. Additionally, the company's high insider ownership, which was previously seen as a positive, has not translated into significant earnings growth, with estimates suggesting up to 52% earnings growth. The company's recent earnings release has not been made public, but the current market environment, characterized by escalating global trade tensions and economic fluctuations, has likely had a negative impact on the company's performance.

1.c. Company Highlights

2. PharmaMar's 2025 Results: Strong Growth Driven by Zepzelca

PharmaMar reported a robust 2025 with 27% year-on-year revenue growth, driven primarily by the US approval of Zepzelca as a first-line maintenance therapy in October. The company's revenues reached a substantial increase across all sources of income: sales were up 20%, royalties increased by 4%, and licensing revenues surged 66%. EBITDA was EUR 68 million, a significant jump from the previous year, and net income was EUR 75 million, up 187% year-on-year. Earnings per share were EUR 3.47, exceeding expectations. The company generated operating cash flow of EUR 53 million and closed the year with cash and financial investments totaling EUR 168 million.

Publication Date: Mar -09

📋 Highlights
  • Revenue Growth:: 27% YoY increase driven by Zepzelca’s US approval, with sales up 20%, royalties up 4%, and licensing revenues up 66%.
  • Profitability Surge:: EBITDA rose to EUR 68 million (5x 2024) and net income hit EUR 75 million (+187% YoY).
  • Liquidity Strength:: EUR 53 million operating cash flow and EUR 168 million in cash/investments at year-end.
  • Regulatory Milestones:: Zepzelca’s EU approval dossier under EMA review; US/Switzerland approvals for first-line maintenance NSCLC.
  • Capital Allocation:: EUR 34 million share buybacks in 2025, prioritizing R&D investment over dividends or M&A preclusion.

Zepzelca's Continued Success

The approval of Zepzelca in the US and Switzerland for first-line maintenance non-small cell lung cancer has been a key driver of PharmaMar's growth. Zepzelca was licensed to Merck for Japan, and the pivotal trials LAGOON and SaLuDo continued successfully. The company's pipeline is also showing promise, with PM54 reaching recommended doses in Phase I trials and expected to report data at the ESMO Congress.

Pipeline Progress and Future Growth

The company's pipeline is advancing well, with PM534 in dose escalation in Phase I trials and expected to move forward. Additionally, PharmaMar is planning to start a new Phase I/II trial in the first half of 2026. The potential approval of Zepzelca in Europe is expected to drive continued growth in 2026, along with an increase in royalties due to the US approval. Analysts estimate next year's revenue growth at 44.6%.

Valuation and Financial Health

PharmaMar's current valuation metrics indicate a strong financial position. The company's P/E Ratio is 18.45, P/S Ratio is 6.29, and EV/EBITDA is 21.77. The ROE is 35.36%, and ROIC is 17.58%. The Dividend Yield is 1.0%, and Free Cash Flow Yield is 3.14%. The company's Net Debt / EBITDA ratio is 0.48, indicating a healthy balance sheet.

Share Buyback and Investment Strategy

In 2025, PharmaMar spent EUR 34 million on share buybacks, demonstrating its commitment to returning value to shareholders. The company balances share buybacks with potential M&A or licensing opportunities, seeing no conflict between the two. Management prioritizes investment in R&D and considers dividend increases or share buybacks on a yearly basis.

3. NewsRoom

Card image cap

High Growth Tech Stocks In Europe For March 2026

Mar -31

Source:

Card image cap

High Growth Tech Stocks to Watch in Europe March 2026

Mar -30

Source:

Card image cap

High Growth Tech Stocks to Watch in March 2026

Mar -30

Source:

Card image cap

High Growth European Tech Stocks To Watch In March 2026

Mar -27

Source:

Card image cap

High Growth Tech Stocks in Europe for March 2026

Mar -27

Source:

Card image cap

High Growth Tech Stocks in Europe Featuring Three Top Picks

Mar -26

Source:

Card image cap

Exploring 3 Leading High Growth Tech Stocks In Europe

Mar -26

Source:

Card image cap

European Growth Companies Backed By Insider Confidence

Mar -26

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.88%)

6. Segments

Oncology

Expected Growth: 10.9%

Strong demand for Oncology treatments, increasing cancer prevalence, and innovative pipeline of Pharma Mar's Yondelis and lurbinectedin drive 10.9% growth. Expanding indications, geographic reach, and strategic partnerships further fuel growth. Additionally, investments in R&D and regulatory approvals for new products contribute to the segment's rapid expansion.

Diagnostics

Expected Growth: 8.32%

Pharma Mar's diagnostics segment growth of 8.32% is driven by increasing demand for personalized medicine, advancements in genomics and proteomics, and rising adoption of precision medicine. Additionally, growing incidence of chronic diseases, aging population, and expansion into new markets contribute to the segment's growth.

RNAi

Expected Growth: 10.5%

RNAi from Pharma Mar, S.A. growth driven by increasing adoption in oncology and rare genetic disorders, strong pipeline of novel RNAi therapeutics, and strategic partnerships for commercialization. Additionally, growing demand for targeted therapies and increasing investment in RNAi research contribute to the 10.5% growth rate.

7. Detailed Products

Yondelis

Yondelis is a chemotherapy medication used to treat soft tissue sarcoma and ovarian cancer.

Zepzelca

Zepzelca is a chemotherapy medication used to treat metastatic soft tissue sarcoma and liposarcoma.

Aplidin

Aplidin is a chemotherapy medication used to treat multiple myeloma.

Trabectedin

Trabectedin is a chemotherapy medication used to treat soft tissue sarcoma and ovarian cancer.

8. Pharma Mar, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Pharma Mar, S.A. faces moderate threat from substitutes due to the presence of alternative treatments and therapies for cancer and other diseases.

Bargaining Power Of Customers

Pharma Mar, S.A. has a diverse customer base, and individual customers do not have significant bargaining power.

Bargaining Power Of Suppliers

Pharma Mar, S.A. relies on a few key suppliers for raw materials and equipment, giving them some bargaining power.

Threat Of New Entrants

The pharmaceutical industry is highly competitive, and new entrants can easily disrupt the market with innovative products and technologies.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players and new entrants vying for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.68%
Debt Cost 3.95%
Equity Weight 82.32%
Equity Cost 3.51%
WACC 3.59%
Leverage 21.47%

11. Quality Control: Pharma Mar, S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Gubra

A-Score: 4.0/10

Value: 6.2

Growth: 2.6

Quality: 9.9

Yield: 5.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Atai Life Sciences

A-Score: 3.9/10

Value: 6.2

Growth: 2.9

Quality: 4.9

Yield: 0.0

Momentum: 9.5

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
LAVA Therapeutics

A-Score: 3.5/10

Value: 6.8

Growth: 5.4

Quality: 2.6

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Pharma Mar

A-Score: 3.4/10

Value: 0.9

Growth: 4.4

Quality: 8.1

Yield: 1.2

Momentum: 3.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
BioArctic

A-Score: 3.3/10

Value: 1.2

Growth: 2.6

Quality: 9.9

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
ProQR Therapeutics

A-Score: 2.9/10

Value: 6.6

Growth: 6.6

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

97.35$

Current Price

97.35$

Potential

-0.00%

Expected Cash-Flows