Buy Or Sell Opportunity • Apr 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to zł19.80. The fair value is estimated to be zł24.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. New Risk • Apr 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (zł60.9m market cap, or US$17.0m). Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to zł24.80, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 22x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 96% over the past three years. Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: zł1.88 (vs zł2.37 in FY 2024) Full year 2025 results: EPS: zł1.88 (down from zł2.37 in FY 2024). Revenue: zł114.0m (up 2.8% from FY 2024). Net income: zł4.62m (down 21% from FY 2024). Profit margin: 4.1% (down from 5.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 15% per year. Buy Or Sell Opportunity • Feb 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to zł19.70. The fair value is estimated to be zł24.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. Announcement • Nov 12
Biogened S.A. to Report Q3, 2025 Results on Nov 14, 2025 Biogened S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Upcoming Dividend • Sep 04
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 17 November 2025. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of Polish dividend payers (7.3%). Lower than average of industry peers (2.8%). New Risk • Aug 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (zł59.4m market cap, or US$16.2m). Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł25.20, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 22x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to zł32.00, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 21x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł26.80, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 22x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 104% over the past three years. Declared Dividend • Jun 05
Dividend of zł0.50 announced Dividend of zł0.50 is the same as last year. Ex-date: 11th September 2025 Payment date: 17th November 2025 Dividend yield will be 1.9%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 26% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 04
Biogened S.A. announces Annual dividend, payable on November 17, 2025 Biogened S.A. announced Annual dividend of PLN 0.5000 per share payable on November 17, 2025, ex-date on September 11, 2025 and record date on September 12, 2025. Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł32.9m (up 11% from 1Q 2024). Net income: zł2.31m (up 10.0% from 1Q 2024). Profit margin: 7.0% (in line with 1Q 2024). Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł31.80, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 22x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 217% over the past three years. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: zł1.86 (vs zł2.08 in FY 2023) Full year 2024 results: EPS: zł1.86 (down from zł2.08 in FY 2023). Revenue: zł110.9m (up 16% from FY 2023). Net income: zł4.57m (down 10% from FY 2023). Profit margin: 4.1% (down from 5.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 26% per year. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to zł22.40, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 23x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł31.00, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 22x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 206% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to zł28.80, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 20x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł19.40, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 20x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 137% over the past three years. Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł21.4m (up 7.3% from 3Q 2023). Net income: zł104.5k (down 82% from 3Q 2023). Profit margin: 0.5% (down from 3.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 8.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.9% average weekly change). Minor Risks High level of debt (41% net debt to equity). Market cap is less than US$100m (zł55.0m market cap, or US$13.4m). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł30.7m (up 25% from 2Q 2023). Net income: zł1.63m (up 2.4% from 2Q 2023). Profit margin: 5.3% (down from 6.5% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł20.60, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 25x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 75% over the past three years. Announcement • Jun 05
Biogened S.A., Annual General Meeting, Jun 28, 2024 Biogened S.A., Annual General Meeting, Jun 28, 2024. Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to zł16.20, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 25x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 59% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł29.6m (up 16% from 1Q 2023). Net income: zł2.10m (up 12% from 1Q 2023). Profit margin: 7.1% (down from 7.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł30.40, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 24x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 178% over the past three years. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: zł1.71 (vs zł1.38 in FY 2022) Full year 2023 results: EPS: zł1.71 (up from zł1.38 in FY 2022). Revenue: zł95.6m (up 20% from FY 2022). Net income: zł4.20m (up 24% from FY 2022). Profit margin: 4.4% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to zł24.60, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 24x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 144% over the past three years. Upcoming Dividend • Sep 05
Upcoming dividend of zł0.40 per share at 2.6% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 17 November 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Polish dividend payers (7.6%). In line with average of industry peers (2.6%). Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł24.5m (up 22% from 2Q 2022). Net income: zł1.59m (down 1.7% from 2Q 2022). Profit margin: 6.5% (down from 8.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to zł17.00, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 20x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 33% over the past three years. Announcement • Jun 04
Biogened S.A., Annual General Meeting, Jun 27, 2023 Biogened S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł25.5m (up 27% from 1Q 2022). Net income: zł1.88m (up 8.6% from 1Q 2022). Profit margin: 7.4% (down from 8.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: zł1.55 (vs zł0.80 in FY 2021) Full year 2022 results: EPS: zł1.55 (up from zł0.80 in FY 2021). Revenue: zł79.6m (up 22% from FY 2021). Net income: zł3.80m (up 94% from FY 2021). Profit margin: 4.8% (up from 3.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 05
Upcoming dividend of zł0.30 per share Eligible shareholders must have bought the stock before 12 September 2022. Payment date: 18 November 2022. Payout ratio is a comfortable 13% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of Polish dividend payers (9.3%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł20.1m (up 9.9% from 2Q 2021). Net income: zł1.62m (up 121% from 2Q 2021). Profit margin: 8.1% (up from 4.0% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 24% share price gain to zł14.90, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 19x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 93% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 15% share price gain to zł14.50, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 19x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 65% over the past three years. Announcement • Jun 01
Biogened S.A., Annual General Meeting, Jun 30, 2022 Biogened S.A., Annual General Meeting, Jun 30, 2022, at 10:00 Central Europe Standard Time. Agenda: To election the Chairman of the General Meeting; To prepare and check the attendance list; To confirm that the General Meeting has been properly convened and is capable of adopting resolutions; To adopt resolution on waiving the secrecy of voting on the election of the Returning Committee; To elect the Returning Committee; To adopt agenda of the General Meeting; To adopt resolution on the approval of the Management Board's report on operations in the period from January 1, 2021 to December 31, 2021. Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł20.0m (up 34% from 1Q 2021). Net income: zł1.73m (up 88% from 1Q 2021). Profit margin: 8.6% (up from 6.1% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: zł0.88 (up from zł0.51 in FY 2020). Revenue: zł65.3m (up 35% from FY 2020). Net income: zł2.15m (up 73% from FY 2020). Profit margin: 3.3% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 21% per year. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 20% share price gain to zł9.60, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 28x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 6.6% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: zł13.4m (up 34% from 3Q 2020). Net income: zł59.4k (down 81% from 3Q 2020). Profit margin: 0.4% (down from 3.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 03
Upcoming dividend of zł0.20 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 18 November 2021. Trailing yield: 2.3%. Lower than top quartile of Polish dividend payers (5.8%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 19
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł18.3m (up 30% from 2Q 2020). Net income: zł734.2k (up 210% from 2Q 2020). Profit margin: 4.0% (up from 1.7% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 24% share price gain to zł8.65, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 26x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł9.70, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 26x in the Pharmaceuticals industry in Europe. Total loss to shareholders of 34% over the past three years. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS zł0.56 (vs zł0.49 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: zł48.3m (up 3.6% from FY 2019). Net income: zł1.37m (up 13% from FY 2019). Profit margin: 2.8% (up from 2.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 12
New 90-day high: zł13.50 The company is up 35% from its price of zł10.00 on 13 November 2020. The Polish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 32% share price gain to zł13.50, the stock is trading at a trailing P/E ratio of 22.2x, up from the previous P/E ratio of 16.8x. This compares to an average P/E of 25x in the Pharmaceuticals industry in Europe. Total returns to shareholders over the past three years are 3.0%. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 17% share price gain to zł10.50, the stock is trading at a trailing P/E ratio of 17.3x, up from the previous P/E ratio of 14.8x. This compares to an average P/E of 23x in the Pharmaceuticals industry in Europe. Total return to shareholders over the past three years is a loss of 8.1%. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 17% share price gain to zł10.20, the stock is trading at a trailing P/E ratio of 16.8x, up from the previous P/E ratio of 14.3x. This compares to an average P/E of 23x in the Pharmaceuticals industry in Europe. Total return to shareholders over the past three years is a loss of 12%. Valuation Update With 7 Day Price Move • Dec 08
Market pulls back on stock over the past week After last week's 18% share price decline to zł8.10, the stock is trading at a trailing P/E ratio of 13.3x, down from the previous P/E ratio of 16.3x. This compares to an average P/E of 23x in the Pharmaceuticals industry in Europe. Total return to shareholders over the past three years is a loss of 35%. 
