Has the Swedish Biotech Industry valuation changed over the past few years?

Investors are relatively neutral on the Swedish Biotechs industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PS ratio of 6.0x.

Which industries have driven the changes within the Swedish Healthcare industry?

There are no additional sub-industries under this industry.

Swedish (OMX) Biotech Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 12 Jul 2026	SEK 252.5b	SEK 38.4b	-SEK 6,219,069,669.51	35.5x	-40.6x	6.6x
Tue, 09 Jun 2026	SEK 242.2b	SEK 38.4b	-SEK 6,202,157,204.03	37.3x	-39.1x	6.3x
Thu, 07 May 2026	SEK 246.0b	SEK 39.1b	-SEK 5,098,556,591.69	28.7x	-48.2x	6.3x
Sat, 04 Apr 2026	SEK 228.4b	SEK 38.5b	-SEK 5,655,361,905.58	18.2x	-40.4x	5.9x
Mon, 02 Mar 2026	SEK 225.8b	SEK 38.5b	-SEK 5,667,045,816.57	17.9x	-39.9x	5.9x
Wed, 28 Jan 2026	SEK 235.1b	SEK 65.7b	SEK 1.1b	36.7x	211.1x	3.6x
Fri, 26 Dec 2025	SEK 206.9b	SEK 38.1b	-SEK 556,451,205.58	32.8x	-371.8x	5.4x
Sun, 23 Nov 2025	SEK 202.9b	SEK 37.7b	-SEK 887,344,726.57	32.4x	-228.7x	5.4x
Tue, 21 Oct 2025	SEK 201.3b	SEK 37.3b	-SEK 1,262,992,478.89	39.6x	-159.4x	5.4x
Thu, 18 Sep 2025	SEK 191.9b	SEK 36.4b	SEK 3.0b	30.2x	63.4x	5.3x
Sat, 16 Aug 2025	SEK 186.6b	SEK 35.9b	SEK 2.8b	28.4x	66.9x	5.2x
Mon, 14 Jul 2025	SEK 187.2b	SEK 35.2b	SEK 2.3b	29.8x	79.8x	5.3x
Wed, 11 Jun 2025	SEK 190.5b	SEK 35.2b	SEK 2.2b	29.8x	86.1x	5.4x
Fri, 09 May 2025	SEK 189.3b	SEK 33.9b	SEK 776.7m	33x	243.7x	5.6x
Sun, 06 Apr 2025	SEK 178.7b	SEK 33.7b	SEK 720.3m	29.2x	248.1x	5.3x
Tue, 04 Mar 2025	SEK 215.1b	SEK 33.7b	SEK 590.8m	35.7x	364.1x	6.4x
Thu, 30 Jan 2025	SEK 227.2b	SEK 33.1b	-SEK 4,401,172,950.26	141.1x	-51.6x	6.9x
Sat, 28 Dec 2024	SEK 220.0b	SEK 33.0b	-SEK 4,422,807,726.67	160.2x	-49.7x	6.7x
Mon, 25 Nov 2024	SEK 206.0b	SEK 33.1b	-SEK 4,544,855,818.46	146.7x	-45.3x	6.2x
Wed, 23 Oct 2024	SEK 213.5b	SEK 31.4b	-SEK 5,594,409,299.84	51.1x	-38.2x	6.8x
Fri, 20 Sep 2024	SEK 216.3b	SEK 31.5b	-SEK 5,544,383,051.88	52x	-39x	6.9x
Sun, 18 Aug 2024	SEK 207.7b	SEK 31.4b	-SEK 5,406,660,684.66	49.6x	-38.4x	6.6x
Tue, 16 Jul 2024	SEK 196.8b	SEK 30.6b	-SEK 5,499,843,693.76	38.8x	-35.8x	6.4x
Thu, 13 Jun 2024	SEK 190.2b	SEK 30.6b	-SEK 5,425,687,575.98	38.5x	-35.1x	6.2x
Sat, 11 May 2024	SEK 189.2b	SEK 31.0b	-SEK 5,223,723,859.89	45.7x	-36.2x	6.1x
Mon, 08 Apr 2024	SEK 181.4b	SEK 29.8b	-SEK 5,279,211,965.11	61.5x	-34.4x	6.1x
Wed, 06 Mar 2024	SEK 179.5b	SEK 29.8b	-SEK 5,619,009,226.29	51.4x	-31.9x	6x
Fri, 02 Feb 2024	SEK 287.2b	SEK 28.7b	-SEK 1,193,340,901.00	58.9x	-240.7x	10x
Sun, 31 Dec 2023	SEK 183.5b	SEK 28.7b	-SEK 1,197,137,927.00	61.4x	-153.3x	6.4x
Tue, 28 Nov 2023	SEK 171.4b	SEK 28.7b	-SEK 1,176,150,855.00	53.4x	-145.8x	6x
Thu, 26 Oct 2023	SEK 152.1b	SEK 27.4b	-SEK 2,000,171,347.00	48.3x	-76.1x	5.5x
Sat, 23 Sep 2023	SEK 164.8b	SEK 27.4b	-SEK 2,020,750,025.00	50.2x	-81.6x	6x
Mon, 21 Aug 2023	SEK 152.1b	SEK 27.6b	-SEK 1,607,974,738.00	53.5x	-94.6x	5.5x
Wed, 19 Jul 2023	SEK 157.8b	SEK 26.5b	-SEK 1,384,347,898.00	46.7x	-114x	5.9x


SE Market	-1.78%
Healthcare	-2.49%
Biotech	-1.63%
Biotech	-1.63%

Company	Last Price	7D	1Y	Valuation
BONEX Bonesupport Holding	SEK 238.60	6.2% +SEK 922.0m	-19.3%	PE84.9x
EGTX Egetis Therapeutics	SEK 6.08	5.7% +SEK 153.4m	30.2%	PS44.8x
SYNACT SynAct Pharma	SEK 21.80	15.2% +SEK 153.3m	0%	PB6x
HAMLET B Hamlet BioPharma	SEK 4.20	14.3% +SEK 93.3m	1.4%	PS4191x
IMMU Mendus	SEK 6.82	11.6% +SEK 43.6m	-7.1%	PB0.7x

Announcement • Jun 11

BioInvent International AB (publ)'s TNFR2 Antibody BI-1808 Delivers Meaningful Responses and Immune Activation as Single Agent and in Combination with KEYTRUDA in Advanced CTCL (EHA 2026)

BioInvent International AB (publ) announced that clinical data from its ongoing Phase 2a trial evaluating BI-1808, its novel anti-TNFR2 monoclonal antibody, in patients with advanced CTCL is being presented at the European Hematology Association (EHA) 2026 Congress in Stockholm, Sweden in a poster titled “Targeting TNFR2 with BI-1808 with or without pembrolizumab: Immune activation and promising responses in advanced cutaneous T-cell lymphomas (CTCLs).” The poster is being presented by Stefan K. Barta, MD, MS, Associate Professor of Medicine (Hematology-Oncology) and Director of the T-Cell Lymphoma Program at the Abramson Cancer Center, Perelman School of Medicine at the University of Pennsylvania in Philadelphia, US, and these data underscore BI-1808’s potential as both a single agent and combination therapy in this difficult-to-treat cancer with limited therapeutic options. The poster highlights emerging translational, efficacy and safety findings from the Phase 2a cohort in patients with advanced CTCL, including mycosis fungoides and Sézary syndrome. Patients in these cohorts received BI-1808 either as monotherapy or in combination with MSD’s (Merck & Co. Inc., Rahway, NJ., USA) anti-PD-1 therapy KEYTRUDA® (pembrolizumab). Advanced cutaneous T-cell lymphomas are associated with poor long-term outcomes, and patients who relapse after multiple lines of systemic therapy face limited and often short-lived treatment options. Durable responses remain uncommon, underscoring the need for novel therapeutic approaches. TNFR2 is highly upregulated in the tumor microenvironment. With its differentiated mechanism of action, depleting immunosuppressive Treg cells and reprogramming myeloid cells to unleash CD8+ T cell antitumor immunity, BI-1808 offers a promising new approach to cancer immunotherapy. Against this backdrop, the BI-1808 data are particularly significant, demonstrating meaningful and durable clinical activity alongside strong immune activation in a heavily pretreated CTCL population. By selectively targeting TNFR2 and reshaping the tumor immune microenvironment, BI-1808 has the potential to translate immune activation into sustained clinical benefit, both as monotherapy and in combination with pembrolizumab. BI-1808 has received FDA Orphan Drug Designation for T-cell lymphoma and FDA Fast Track Designation for relapsed or refractory MF and SS, as well as a positive opinion from the European Medicines Agency (EMA) for Orphan Drug Designation in CTCL, collectively underscoring the significant unmet medical need and supporting an accelerated path to approval. BI-1808 Single Agent Cohort Fully Enrolled with Responses Across Both MF and SS Subtypes: The signal-seeking portion of the Phase 2a study has been fully enrolled. Twenty patients with advanced-stage CTCL received BI-1808 1000 mg Q3W as monotherapy (12 mycosis fungoides (MF), 8 Sézary syndrome (SS)). Nine patients received BI-1808 in combination with pembrolizumab 200 mg Q3W (6 MF, 3 SS), representing a heavily pretreated population with a median of 6 prior systemic lines of therapy (range 1–18), no prior anti-PD-1 exposure, and 4 patients having received prior mogamulizumab. BI-1808 Monotherapy Achieves 40% ORR Including a Complete Response Ongoing at Two Years: Of 15 patients evaluable by the modified Severity Weighted Assessment Tool (mSWAT), the standard measure of skin disease burden in CTCL, BI-1808 achieved an ORR of 40%, with 5 confirmed partial responses across both MF and SS subtypes, and one Sézary syndrome patient achieving a complete response that remains ongoing at approximately two years. Eight additional patients achieved stable disease as best response, corresponding to a disease control rate (DCR) of 93%. Two patients with peripheral T-cell lymphoma (PTCL), an aggressive type of lymphoma, were also evaluable, with one achieving a partial response and one stable disease. Combination with Pembrolizumab Delivers 50% ORR in Patients with No Prior Anti-PD-1 Exposure: Of 8 evaluable patients in the combination arm, 4 achieved a partial response at first assessment and 2 achieved stable disease, resulting in an ORR of 50% and a DCR of 75%. The lower DCR of 75% in the combination arm compared to 93% in the monotherapy arm is consistent with the smaller, more heavily pretreated patient population evaluated to date. Translational Data Confirm Immune Activation and Provide a Mechanistic Basis for Durable Responses: Translational data from the study provides important mechanistic support for BI-1808's activity. Sustained depletion of CD4+ T cells in blood was observed in patients with disease control during the first treatment cycle, consistent with the drug's Fc?R-mediated depletion of regulatory T cells. Elevated serum levels of IL-12, CXCL11, and CCL19 were observed in responders compared to non-responders, indicating an important myeloid reprogramming, CD8+ T cell activation, and the formation of tertiary lymphoid structures which are biomarker signals associated with durable and sustained anti-tumor immune responses. Low Rate of Severe Side Effects Allows Patients to Remain on Treatment Long-Term: BI-1808 was very well tolerated as a single agent. The most commonly reported treatment-related adverse events (TRAEs) included fatigue, flares (a transient worsening of cutaneous symptoms such as erythema and pruritus shortly after the first dose that is recognized in this patient population), and hypertension. The combination with pembrolizumab was generally well tolerated in this heavily pretreated population, with the most frequently reported TRAEs including fatigue, chills, pyrexia, and infusion-related reactions, consistent with the known profiles of both agents. Taken together, these data support TNFR2 as a compelling therapeutic target in CTCL and highlight BI-1808’s potential as a novel immunotherapeutic approach, both as monotherapy and in combination with immune checkpoint inhibition.

Swedish (OMX) Biotech Industry Analysis

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BioInvent International AB (publ)'s TNFR2 Antibody BI-1808 Delivers Meaningful Responses and Immune Activation as Single Agent and in Combination with KEYTRUDA in Advanced CTCL (EHA 2026)

New major risk - Revenue size

Consensus revenue estimates increase by 79%