Photocure Future Growth

Future criteria checks 1/6

Photocure's earnings are forecast to decline at 20.7% per annum while its annual revenue is expected to grow at 2.1% per year. EPS is expected to decline by 27.6% per annum. Return on equity is forecast to be 1165.7% in 3 years.

Key information

-20.7%

Earnings growth rate

-27.61%

EPS growth rate

Pharmaceuticals earnings growth	10.7%
Revenue growth rate	2.1%
Future return on equity	1,165.70%
Analyst coverage	Low
Last updated	16 Jun 2026

Recent future growth updates

Recent updates

Analysis Article • May 15

Photocure's (OB:PHO) Promising Earnings May Rest On Soft Foundations

Photocure ASA's ( OB:PHO ) robust earnings report didn't manage to move the market for its stock. We did some digging...

Analysis Article • Jul 18

Photocure ASA (OB:PHO) Stock Rockets 29% But Many Are Still Ignoring The Company

Photocure ASA ( OB:PHO ) shares have had a really impressive month, gaining 29% after a shaky period beforehand. Taking...

Analysis Article • Apr 05

Photocure ASA (OB:PHO) Could Be Riskier Than It Looks

It's not a stretch to say that Photocure ASA's ( OB:PHO ) price-to-sales (or "P/S") ratio of 2.6x seems quite...

New Narrative • Feb 10

Advancements In BLC Technology And Hexvix Launch Will Revolutionize Bladder Cancer Diagnosis

Strategic initiatives in the U.S. and Europe, such as Blue Light Cystoscopy expansion and partnerships, are expected to drive significant revenue and market growth.

Analysis Article • Dec 21

Photocure ASA's (OB:PHO) Shares Leap 29% Yet They're Still Not Telling The Full Story

Photocure ASA ( OB:PHO ) shareholders would be excited to see that the share price has had a great month, posting a 29...

Analysis Article • Aug 14

Earnings and Revenue Growth Forecasts

OB:PHO - Analysts future estimates and past financials data (NOK Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	712	56	39	87	3
12/31/2027	663	45	35	80	3
12/31/2026	658	92	102	131	3
3/31/2026	672	84	2	28	N/A
12/31/2025	533	-2	10	32	N/A
9/30/2025	538	2	21	42	N/A
6/30/2025	523	-5	35	46	N/A
3/31/2025	533	2	61	72	N/A
12/31/2024	525	-3	65	77	N/A
9/30/2024	526	14	71	81	N/A
6/30/2024	514	13	41	56	N/A
3/31/2024	512	5	53	66	N/A
12/31/2023	501	1	36	48	N/A
9/30/2023	462	-34	18	29	N/A
6/30/2023	462	-39	36	42	N/A
3/31/2023	418	-62	6	11	N/A
12/31/2022	393	-72	-6	-2	N/A
9/30/2022	383	-79	2	4	N/A
6/30/2022	364	-76	-16	-12	N/A
3/31/2022	354	-68	1	4	N/A
12/31/2021	361	-31	20	24	N/A
9/30/2021	364	7	191	29	N/A
6/30/2021	326	9	12	13	N/A
3/31/2021	290	10	9	11	N/A
12/31/2020	256	-22	14	16	N/A
9/30/2020	274	10	-134	35	N/A
6/30/2020	285	15	53	55	N/A
3/31/2020	284	19	37	39	N/A
12/31/2019	282	32	N/A	21	N/A
9/30/2019	216	-23	N/A	1	N/A
6/30/2019	199	-27	N/A	-14	N/A
3/31/2019	192	-39	N/A	-21	N/A
12/31/2018	182	-37	N/A	-24	N/A
9/30/2018	171	-38	N/A	-28	N/A
6/30/2018	162	-43	N/A	-26	N/A
3/31/2018	156	-31	N/A	-31	N/A
12/31/2017	151	-35	N/A	-24	N/A
9/30/2017	150	-4	N/A	19	N/A
6/30/2017	149	6	N/A	14	N/A
3/31/2017	145	29	N/A	18	N/A
12/31/2016	144	35	N/A	19	N/A
9/30/2016	140	8	N/A	-33	N/A
6/30/2016	141	3	N/A	-29	N/A
3/31/2016	140	-26	N/A	-18	N/A
12/31/2015	135	-36	N/A	-21	N/A
9/30/2015	126	-58	N/A	-22	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PHO's earnings are forecast to decline over the next 3 years (-20.7% per year).

Earnings vs Market: PHO's earnings are forecast to decline over the next 3 years (-20.7% per year).

High Growth Earnings: PHO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PHO's revenue (2.1% per year) is forecast to grow slower than the Norwegian market (2.7% per year).

High Growth Revenue: PHO's revenue (2.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PHO's Return on Equity is forecast to be very high in 3 years time (1165.7%).

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/07/02 18:10
End of Day Share Price	2026/07/02 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

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

Photocure ASA is covered by 4 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	Brookline Capital Markets
Geir Holom	DNB Carnegie
Maxim Jacobs	Edison Investment Research

Photocure Future Growth

Future criteria checks 1/6

Key information

Recent future growth updates

Photocure ASA Provides Earnings Guidance for the Year 2026

Consensus EPS estimates fall by 171%

Consensus EPS estimates upgraded to kr0.06 loss

Consensus EPS estimates fall by 18%

Consensus EPS estimates fall from profit to kr0.25 loss

Consensus EPS estimates fall by 18%

Recent updates

Photocure ASA Announces CFO Transition

Photocure ASA (OSE:PHO) acquired Vesica Health for $25.5 million.

Photocure ASA Presents New Studies Demonstrating Blue Light Cystoscopy Benefits In High-Risk NMIBC Management And Cost Comparison

Photocure's (OB:PHO) Promising Earnings May Rest On Soft Foundations

First quarter 2026 earnings released: EPS: kr3.14 (vs kr0.09 loss in 1Q 2025)

Photocure ASA Receives Update On Regulatory Classification For OAY Equipment

New minor risk - Share price stability

Photocure Asa Presents Trials in Progress At European Association of Urology Congress

Full year 2025 earnings: EPS exceeds analyst expectations

Photocure ASA Provides Earnings Guidance for the Year 2026

Consensus EPS estimates fall by 171%

Photocure Asa Announces Publication of Hexvix Trial Data from China

Photocure ASA, Annual General Meeting, May 04, 2026

Photocure ASA to Report Q3, 2026 Results on Oct 28, 2026

Third quarter 2025 earnings released: EPS: kr0.15 (vs kr0.13 loss in 3Q 2024)

New minor risk - Share price stability

Consensus EPS estimates upgraded to kr0.06 loss

Second quarter 2025 earnings released: EPS: kr0.18 (vs kr0.45 in 2Q 2024)

Consensus EPS estimates fall by 18%

Photocure ASA (OB:PHO) Stock Rockets 29% But Many Are Still Ignoring The Company

Consensus EPS estimates fall from profit to kr0.25 loss

Photocure ASA Announces Four Abstract Presentations At the AUA 2025

Full year 2024 earnings: EPS and revenues miss analyst expectations

Photocure ASA (OB:PHO) Could Be Riskier Than It Looks

Photocure ASA Announces Clinical Data Presentations At the European Association of Urology 2025 Congress Highlight the Benefits of Using Blue Light Cystoscopy in Bladder Cancer

Photocure ASA Announces the Publication of the Study Oncologic Outcomes of Blue Light Cystoscopy in an Equal Access Setting

Full year 2024 earnings released: kr0.18 loss per share (vs kr0.036 profit in FY 2023)

Photocure ASA Announces the Presentation of A New Abstract with Study Results from its U.S. Bladder Cancer Patient Registry at the 2025 American Society of Clinical Oncology Genitourinary Cancers Symposium

Advancements In BLC Technology And Hexvix Launch Will Revolutionize Bladder Cancer Diagnosis

Photocure ASA's (OB:PHO) Shares Leap 29% Yet They're Still Not Telling The Full Story

Photocure ASA, Annual General Meeting, May 05, 2025

Photocure ASA to Report Fiscal Year 2024 Results on Apr 11, 2025

Consensus EPS estimates fall by 18%

Third quarter 2024 earnings: EPS and revenues exceed analyst expectations

Consensus EPS estimates have been upgraded.

Consensus EPS estimates fall by 17%

We Think Photocure's (OB:PHO) Robust Earnings Are Conservative

Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Consensus EPS estimates increase from loss to kr0.019 profit

Photocure ASA's (OB:PHO) P/S Still Appears To Be Reasonable

Photocure ASA Announces Board Appointments

First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Photocure ASA Reiterates Financial Guidance for the Year 2024

Consensus EPS estimates fall from profit to kr0.58 loss

Photocure ASA Announces Pivotal Trial Results and New Real-World Evidence

Photocure ASA Announces the Publication of the Study Racial Difference in Detection Rate of Bladder Cancer Using Blue Light Cystoscopy

Consensus EPS estimates increase by 50%, revenue downgraded

Price target decreased by 7.0% to kr86.00

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Forecast breakeven date pushed back to 2025

Photocure ASA to Report Q4, 2023 Results on Feb 21, 2024

Photocure ASA's (OB:PHO) 26% Jump Shows Its Popularity With Investors

Photocure ASA Partner Asieris Announces New Drug Application Acceptance for Regulatory Review of Hexvix in China

Third quarter 2023 earnings released: kr0.18 loss per share (vs kr0.37 loss in 3Q 2022)

Photocure ASA Announces Change of Board Composition

Director recently bought kr6.5m worth of stock

Potential Upside For Photocure ASA (OB:PHO) Not Without Risk

Price target decreased by 10.0% to kr90.00

Photocure Partner Asieris Confirms Hexvix Phase III Clinical Trial in China Meets Endpoint

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

Photocure Partner Asieris Announces Completion of Enrollment for Hexvix Phase III Clinical Trial in China

Insufficient new directors

Consensus estimates of losses per share improve by 15%

Full year 2022 earnings: EPS and revenues miss analyst expectations

Time To Worry? Analysts Just Downgraded Their Photocure ASA (OB:PHO) Outlook

Price target decreased by 7.7% to kr120

Forecast breakeven date pushed back to 2024

Full year 2022 earnings released: kr2.66 loss per share (vs kr1.15 loss in FY 2021)

Photocure Asa Announces Clinical Data Presented At ASCO GU Demonstrates Reduced Risk of Recurrence in Non-Muscle Invasive Bladder Cancer with the Use of BLC