FY 2025 report
Przychody Grupy wzrosły o 36% r/r do 282,5 mln PLN, a Grupa wróciła do dodatniego zysku netto (3,4 mln PLN wobec straty 15,7 mln PLN w 2024 r.), głównie dzięki rozszerzonemu kontraktowi na dostawy insuliny do Malezji (103,2 mln PLN, ~36,5% przychodów).
Sentiment
Positive
No guidance change
BIO
FY 2025 report
Revenue
207.76 m PLN
— YoY
Net income
-15.66 m PLN
— YoY
Gross margin
31.21%
— YoY
CFO
36.33 m PLN
— YoY
Summary
Investment thesis
- Bilans pozostaje konserwatywny: zadłużenie odsetkowe (~39,4 mln PLN) jest niewielkie wobec kapitałów własnych (~594 mln PLN), a wskaźniki płynności wyraźnie się poprawiły.
- Jakość zysku budzi wątpliwości — mimo poprawy wyniku netto, przepływy operacyjne spadły o 37,7% r/r (do 22,6 mln PLN), a efektywna stopa podatkowa (56,7%) nie ma jasnego wytłumaczenia w dostępnych materiałach.
- Strategia rozwoju (analogi insuliny, GLP-1, CGM) jest ambitna i realnie się materializuje w podpisanych umowach (Glargine CMO, licencje na nowe molekuły), ale jest kapitałochłonna i częściowo zależna od niepewnego finansowania grantowego (ABM).
- Koncentracja własnościowa i handlowa u Yifan Pharmaceutical (31,65% kapitału, kluczowy partner dystrybucyjny i licencyjny) to ryzyko strukturalne — spór o model współpracy przy analogach insuliny pozostaje nierozstrzygnięty.
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Financials
BETA
BIO · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 207.76 | — | — | reported | — | 1.00 |
| Gross profit | 64.84 | — | — | reported | — | 1.00 |
| EBIT | -5.71 | — | — | reported | — | 1.00 |
| EBT | -11.88 | — | — | reported | — | 1.00 |
| Net income | -15.66 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.04 | — | — | reported | — | 1.00 |
| Interest expense | 5.85 | — | — | reported | — | 0.60 |
| Income tax | 4.44 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 85.86 | — | — | reported | — | 1.00 |
| Gross margin | 31.21% | — | — | derived | — | 0.95 |
| EBIT margin | -2.75% | — | — | derived | — | 0.95 |
| EBT margin | 2.77% | — | — | derived | — | 0.90 |
| Net margin | -7.54% | — | — | derived | — | 0.95 |
| Cash | 8.28 | — | — | reported | — | 1.00 |
| Total debt | 39.43 | — | — | reported | — | 0.90 |
| Net debt | 31.14 | — | — | derived | — | 0.85 |
| Equity | 593.97 | — | — | reported | — | 1.00 |
| Total assets | 764.56 | — | — | reported | — | 1.00 |
| Current assets | 145.11 | — | — | reported | — | 1.00 |
| Current liabilities | 102.91 | — | — | reported | — | 1.00 |
| Non-current liabilities | 67.68 | — | — | reported | — | 1.00 |
| Inventory | 95.01 | — | — | reported | — | 1.00 |
| Trade receivables | 37.77 | — | — | reported | — | 1.00 |
| Trade payables | 32.37 | — | — | reported | — | 1.00 |
| Goodwill | 327.06 | — | — | reported | — | 0.70 |
| CFO | 36.33 | — | — | reported | — | 1.00 |
| ROE | 0.57% | — | — | derived | — | 0.90 |
| ROA | 0.44% | — | — | derived | — | 0.90 |
| ROIC | 0.92% | — | — | derived | — | 0.60 |
| ROCE | 2.01% | — | — | derived | — | 0.85 |
| Current ratio | 1.41x | — | — | derived | — | 0.95 |
| Quick ratio | 0.49x | — | — | derived | — | 0.80 |
| Cash ratio | 0.08x | — | — | derived | — | 0.85 |
| Interest coverage | 2.28x | — | — | derived | — | 0.60 |
| Debt / equity | 0.07x | — | — | derived | — | 0.85 |
| Debt / assets | 0.05x | — | — | derived | — | 0.85 |
| Net debt / equity | 0.05x | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | 35.98% | — | — | derived | — | 0.95 |
| EBIT growth (YoY) | 333.4% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | 121.68% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | 121.66% | — | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | 1.28 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 7.47 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 8.74 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
207.76
—
207.76
—
- FY 2024
- —
Gross profit
64.84
—
64.84
—
- FY 2024
- —
EBIT
-5.71
—
-5.71
—
- FY 2024
- —
EBT
-11.88
—
-11.88
—
- FY 2024
- —
Net income
-15.66
—
-15.66
—
- FY 2024
- —
EPS (basic)
(PLN)
0.04
—
0.04
—
- FY 2024
- —
Interest expense
5.85
—
5.85
—
- FY 2024
- —
Income tax
4.44
—
4.44
—
- FY 2024
- —
Shares (basic)
(m units)
85.86
—
85.86
—
- FY 2024
- —
Gross margin
31.21%
—
31.21%
—
- FY 2024
- —
EBIT margin
-2.75%
—
-2.75%
—
- FY 2024
- —
EBT margin
2.77%
—
2.77%
—
- FY 2024
- —
Net margin
-7.54%
—
-7.54%
—
- FY 2024
- —
Cash
8.28
—
8.28
—
- FY 2024
- —
Total debt
39.43
—
39.43
—
- FY 2024
- —
Net debt
31.14
—
31.14
—
- FY 2024
- —
Equity
593.97
—
593.97
—
- FY 2024
- —
Total assets
764.56
—
764.56
—
- FY 2024
- —
Current assets
145.11
—
145.11
—
- FY 2024
- —
Current liabilities
102.91
—
102.91
—
- FY 2024
- —
Non-current liabilities
67.68
—
67.68
—
- FY 2024
- —
Inventory
95.01
—
95.01
—
- FY 2024
- —
Trade receivables
37.77
—
37.77
—
- FY 2024
- —
Trade payables
32.37
—
32.37
—
- FY 2024
- —
Goodwill
327.06
—
327.06
—
- FY 2024
- —
CFO
36.33
—
36.33
—
- FY 2024
- —
ROE
0.57%
—
0.57%
—
- FY 2024
- —
ROA
0.44%
—
0.44%
—
- FY 2024
- —
ROIC
0.92%
—
0.92%
—
- FY 2024
- —
ROCE
2.01%
—
2.01%
—
- FY 2024
- —
Current ratio
1.41x
—
1.41x
—
- FY 2024
- —
Quick ratio
0.49x
—
0.49x
—
- FY 2024
- —
Cash ratio
0.08x
—
0.08x
—
- FY 2024
- —
Interest coverage
2.28x
—
2.28x
—
- FY 2024
- —
Debt / equity
0.07x
—
0.07x
—
- FY 2024
- —
Debt / assets
0.05x
—
0.05x
—
- FY 2024
- —
Net debt / equity
0.05x
—
0.05x
—
- FY 2024
- —
Revenue growth (YoY)
35.98%
—
35.98%
—
- FY 2024
- —
EBIT growth (YoY)
333.4%
—
333.4%
—
- FY 2024
- —
Net income growth (YoY)
121.68%
—
121.68%
—
- FY 2024
- —
EPS growth (YoY)
121.66%
—
121.66%
—
- FY 2024
- —
Gross margin Δ (YoY)
1.28 pp
—
1.28 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
7.47 pp
—
7.47 pp
—
- FY 2024
- —
Net margin Δ (YoY)
8.74 pp
—
8.74 pp
—
- FY 2024
- —