Heidelberg Pharma AG

XTRA:HPHA Stock Report

Market Cap: €125.8m

Heidelberg Pharma Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Jeffery Liu

Chief executive officer

€323.8k

Total compensation

CEO salary percentage1.80%
CEO tenureless than a year
CEO ownershipn/a
Management average tenure2yrs
Board average tenure6.7yrs

Recent management updates

Recent updates

Narrative Update • May 30

HPHA: Phase II Expansion Will Drive Future Upside Despite Going Concern Risks

Analysts now set a lower price target for Heidelberg Pharma, moving it from €6.75 to €5.50, as updated assumptions point to a very large future P/E multiple alongside tempered revenue growth expectations and a slimmer profit margin outlook. What's in the News Auditor Baker Tilly issued an unqualified opinion on the latest annual report but raised doubts about Heidelberg Pharma's ability to continue as a going concern, flagging liquidity and financing as key risk areas (Annual filing, period ending 30 Nov 2025).
Narrative Update • May 11

HPHA: Phase II Expansion And China Milestone Will Support Future Upside

Analysts have maintained their €6.75 price target for Heidelberg Pharma, citing slightly adjusted model assumptions regarding the discount rate, revenue growth and future P/E to reflect updated expectations, while keeping their overall valuation view unchanged. What's in the News Auditor Baker Tilly issued an unqualified opinion on Heidelberg Pharma's annual report for the period ending 30 November 2025, while expressing doubt about the company's ability to continue as a going concern.
Narrative Update • Apr 22

HPHA: Phase II Dose Selection And China Milestone Will Support Future Upside

Analysts have kept their €6.75 price target for Heidelberg Pharma unchanged, noting only minor adjustments in the discount rate and future P/E assumptions while maintaining their existing fair value view. What's in the News Heidelberg Pharma set the recommended Phase II dose for its lead candidate pamlectabart tismanitin (HDP-101) in a Phase I/IIa study for relapsed or refractory multiple myeloma, after a review found the drug was well tolerated at evaluated dose levels and a maximum tolerated dose was not reached (Product-Related Announcements).
New Narrative • Apr 16

Single Lead ADC And Funding Risks Will Dominate Near Term But Platform Potential May Emerge

Catalysts About Heidelberg Pharma Heidelberg Pharma develops antibody drug conjugates that use its proprietary Amanitin payload technology for cancer treatment. What are the underlying business or industry changes driving this perspective?
Narrative Update • Apr 08

HPHA: Chinese Trial Milestone Will Support Future Upside From Undervalued Levels

Analysts have maintained their price target for Heidelberg Pharma at €6.75, citing updated assumptions that combine a very large projected revenue growth rate with an unchanged profit margin and a lower future P/E multiple. What's in the News Heidelberg Pharma plans to present preclinical data for its Amanitin-based ADC candidate HDP-103 for metastatic castration-resistant prostate cancer at the AACR Annual Meeting 2026 in San Diego, with a poster session scheduled on 21 April from 2:00 pm to 5:00 pm PDT (company announcement).
New Narrative • Apr 01

Amanitin ADC Platform And ADC Market Expansion Will Support Strong Long Term Potential

Catalysts About Heidelberg Pharma Heidelberg Pharma is a biotechnology company focused on developing antibody drug conjugates based on its proprietary Amanitin payload technology. What are the underlying business or industry changes driving this perspective?
Narrative Update • Mar 24

HPHA: Chinese Trial Milestone Will Support Future Upside From Undervalued Levels

Analysts have kept their €6.75 price target for Heidelberg Pharma broadly unchanged, citing only marginal shifts in inputs such as the discount rate, long term profit margin assumptions and future P/E, which together leave their overall valuation view effectively steady. What's in the News Huadong Medicine has reached a development milestone under its 2022 license agreement with Heidelberg Pharma, triggering a milestone payment to Heidelberg Pharma, with financial details not disclosed (company announcement).
Narrative Update • Mar 08

HPHA: Steady Assumptions And Undervalued Outlook Will Support Future Upside

Analysts are keeping their price target for Heidelberg Pharma steady at €6.75. They cite only marginal tweaks to their discount rate and long term assumptions for revenue growth, profit margin and future P/E, rather than any shift in their core view on the stock.
Narrative Update • Feb 21

HPHA: New Leadership And High Growth Assumptions Will Support Future Upside

Analysts have kept their price target for Heidelberg Pharma steady at €6.75, with only minor model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions supporting this unchanged view. What's in the News The Supervisory Board revoked the appointment of Professor Andreas Pahl as Chief Executive Officer of Heidelberg Pharma AG, effective immediately (Key Developments).
Narrative Update • Feb 07

HPHA: Leadership Transition And Stable Outlook Will Support Future Upside

Analysts have kept their price target for Heidelberg Pharma steady at €6.75. They point to only small shifts in inputs such as the discount rate and the assumed future P/E multiple as reasons for maintaining their existing view.
Narrative Update • Jan 24

HPHA: Positive Trial Data And New Leadership Will Support Future Upside

Analysts have revised their price target for Heidelberg Pharma from €10.56 to €6.75, citing updated assumptions for revenue growth, profit margins, discount rates, and future P/E that change their assessment of the company’s risk profile and earnings potential. What's in the News The Supervisory Board revoked the appointment of Professor Andreas Pahl as Chief Executive Officer and appointed Dr Dongzhou Jeffery Liu as the new CEO with immediate effect.
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New Narrative • Apr 13

ATAC Platform And HDP-101 Trials Will Advance Clinical Frontiers

Heidelberg Pharma's ATAC technology and multiple pipeline candidates offer potential for new revenue streams and long-term growth in earnings.
Analysis Article • Feb 16

Is Heidelberg Pharma (ETR:HPHA) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article • Dec 05

Heidelberg Pharma AG's (ETR:HPHA) Price In Tune With Revenues

Heidelberg Pharma AG's ( ETR:HPHA ) price-to-sales (or "P/S") ratio of 15x might make it look like a strong sell right...
Analysis Article • Jul 21

Industry Analysts Just Upgraded Their Heidelberg Pharma AG (ETR:HPHA) Revenue Forecasts By 21%

Celebrations may be in order for Heidelberg Pharma AG ( ETR:HPHA ) shareholders, with the analysts delivering a...
Analysis Article • Oct 16

Analyst Forecasts For Heidelberg Pharma AG (ETR:HPHA) Are Surging Higher

Heidelberg Pharma AG ( ETR:HPHA ) shareholders will have a reason to smile today, with the analysts making substantial...
Analysis Article • Nov 28

Heidelberg Pharma (ETR:HPHA) Will Have To Spend Its Cash Wisely

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...
Analysis Article • Mar 27

Heidelberg Pharma AG (ETR:HPHA) Analysts Are More Bearish Than They Used To Be

The analysts covering Heidelberg Pharma AG ( ETR:HPHA ) delivered a dose of negativity to shareholders today, by making...
Analysis Article • Mar 15

We Think Heidelberg Pharma (ETR:HPHA) Needs To Drive Business Growth Carefully

We can readily understand why investors are attracted to unprofitable companies. For example, Heidelberg Pharma...
Analysis Article • Jan 17

Investors Who Bought Heidelberg Pharma (ETR:HPHA) Shares Five Years Ago Are Now Up 245%

Heidelberg Pharma AG ( ETR:HPHA ) shareholders might be concerned after seeing the share price drop 14% in the last...
Analysis Article • Dec 14

We Think Heidelberg Pharma (ETR:HPHA) Needs To Drive Business Growth Carefully

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...

CEO Compensation Analysis

How has Jeffery Liu's remuneration changed compared to Heidelberg Pharma's earnings?
DateTotal CompensationSalaryCompany Earnings
Feb 28 2026n/an/a

-€41m

Nov 30 2025€324k€6k

-€42m

Aug 31 2025n/an/a

-€26m

May 31 2025n/an/a

-€23m

Feb 28 2025n/an/a

-€21m

Nov 30 2024€21kn/a

-€19m

Aug 31 2024n/an/a

-€19m

May 31 2024n/an/a

-€13m

Feb 29 2024n/an/a

-€18m

Nov 30 2023€21kn/a

-€20m

Aug 31 2023n/an/a

-€22m

May 31 2023n/an/a

-€27m

Feb 28 2023n/an/a

-€19m

Nov 30 2022€5kn/a

-€20m

Compensation vs Market: Jeffery's total compensation ($USD376.45K) is about average for companies of similar size in the German market ($USD452.86K).

Compensation vs Earnings: Jeffery's compensation has increased whilst the company is unprofitable.

CEO

Jeffery Liu

less than a year
Tenure
€323,822
Compensation

Dr. Dongzhou Liu, also known as Jeffery, Ph D, is CEO & Chairman of Executive Management Board of Heidelberg Pharma AG since December 2025 and had been its Member of Supervisory Board from June 28, 2022 un...

Leadership Team

NamePositionTenureCompensationOwnership
Dongzhou Liu
CEO & Chairman of Executive Management Boardless than a year€323.82kno data
Peter Willinger
Chief Financial Officerless than a yearno datano data
Jorg Kemkowski
Chief Operating Officer3.4yrsno datano data
Sylvia Wimmer
Director of Corporate Communicationsno datano datano data
Andras Strassz
Chief Medical Officer5.3yrsno datano data
George Badescu
Chief Business Officerno datano datano data
2.0yrs
Average Tenure

Experienced Management: HPHA's management team is not considered experienced ( 2 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Georg Baur
Deputy Chairman of the Supervisory Board26.4yrs€40.11kno data
Klaus Schollmeier
Member of Supervisory Board1.1yrs€16.42kno data
Birgit Kudlek
Member of the Supervisory Board14.1yrs€26.24kno data
Mathias Hothum
Deputy Chairman of Supervisory Board10.9yrs€36.25kno data
Karl Biesinger
Chairman of Supervisory Board1.1yrs€32.67kno data
Yan Xia
Member of Supervisory Board2.4yrs€19.50kno data
6.7yrs
Average Tenure
59yo
Average Age

Experienced Board: HPHA's board of directors are considered experienced (6.7 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/03 17:38
End of Day Share Price 2026/06/03 00:00
Earnings2026/02/28
Annual Earnings2025/11/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Heidelberg Pharma AG is covered by 9 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Bruno BulicBaader Helvea Equity Research
Christian WeizBaader Helvea Equity Research
Robin DavisonEdison Investment Research