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Heidelberg Pharma AG (HPHA) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Heidelberg Pharma AG stock €1.65, price €2.17, that is 24.0% below the price, quality 32 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare DE · ISIN DE000A11QVV0

HP Heidelberg Pharma AG logo Thin data Nov 10, 2026

Heidelberg Pharma AG

HPHA · XETRA
Expensive, weak quality

Our calculation puts a fair price 24% below what the stock costs today.

Revenue last quarter +40% vs. a year ago.
Negative equity (buybacks among others)
Fair value €1.65 · Overvalued
Quality 32/100
Weak Growth (revenue 5y −29.7 %/yr in EUR)
Negative free cash flow
Trails peers (2/6)
Narrow moat 23/100 · thin data
Thin data
Estimate⚠ Small free float
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€6.87 €2.01 Fair Value €1.65 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range €2.01 – €6.87 · fair‑value band €1.24 – €2.06 · the €2.17 price screens above the €1.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Heidelberg Pharma AG, a biopharmaceutical company, focuses on oncology and antibody targeted amanitin conjugates (ATAC) in Germany, Europe, China, the United States, and internationally.

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The company's lead product candidates include HDP-101, an anti-BCMA antibody, which in the Phase I/IIa study for the treatment of relapsed or refractory multiple myeloma.

It also develops HDP-102, an antibody and the compound Amanitin, which has completed preclinical development for the treatment of non-Hodgkin lymphoma; HDP-103, a proprietary ATAC candidate to treat metastatic castration-resistant prostate cancer; HDP-104 for the treatment of gastrointestinal tumors; HDP-201 for the treatment of colorectal cancer; and TAK-ATAC for the treatment of oncology.

In addition, the company develops TLX250-CDx, a diagnostic antibody for kidney cancer that is in Phase III trials, as well as for the treatment of bladder cancer.

Further, it develops TLX250 (girentuximab), a therapeutic antibody, which is in Phase II study for the treatment of kidney cancer; and RHB-107, an orally serine protease inhibitor that is in Phase II study to treat COVID-19. The company has licensing agreement and strategic partnership with Huadong Medicine Co., Ltd. for the development and commercialization rights for HDP-101 and HDP-103 in Asia.

The company was formerly known as Wilex AG and changed its name to Heidelberg Pharma AG in October 2017. Heidelberg Pharma AG was founded in 1997 and is headquartered in Ladenburg, Germany.

Stock analysis

Heidelberg Pharma AG (HPHA) currently trades at €2.17, while our estimate is €1.65, 24% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: €1.24 (bear) to €2.06 (bull), the price of €2.17 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 32/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Heidelberg Pharma AG reported revenue of €1.5M in FY2025 versus €1.7M in FY2021, a compound −4.5%/yr. Reported net income was −€42.3M in FY2025.

Key figures

Market cap €102M Micro · P/S ratio 10.7 · EPS (TTM) €−0.6500 · Return on equity −1,540% · Return on assets (EBIT) −66.2% (5-year average) · Operating margin −296% · Revenue growth (YoY) +39.7% · Free cash flow −€31.7M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).

What moves the price

The share trades about 33% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −24%, HPHA screens richer than that median.

Fair Value

Bear €1.24 Fair Value €1.65 Bull €2.06
Price €2.17 · Downside -24.0%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 32/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 3
Are margins and returns getting better?
Cashflow 6
Do the profits arrive as real cash?
Financial strength 50
Debt, balance sheet and risk of trouble
Investment 87
Does it invest with discipline instead of growing at any price?
Low Volatility 65
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 7
Distance to the 52-week high, does not count
New shares 80
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−78.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−57.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−29.7%
Start year 2020 (pandemic). Over 10 years: −4.4% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−218.7% (2020) → −3,255.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

HPHA screens overvalued: fair value 24% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 32 · Below median
Fair Value upside −24.0% · Above median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −110.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 39.7% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 10.90× · Pricier than median
PEG 5.46× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)1 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 20

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs HPHA
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs HPHA
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs HPHA
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs HPHA
argenx SE ARGX $971.55 $908.40 −7% vs HPHA
CSL Limited CSL A$201.68 A$181.40 −10% vs HPHA
Moderna, Inc MRNA $250.83 $158.70 −37% vs HPHA
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs HPHA
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs HPHA
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs HPHA

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Heidelberg Pharma AG: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Heidelberg Pharma AG Fair Value". https://www.fairvalue-calculator.com/stock/HPHA

Frequently asked questions

Is Heidelberg Pharma AG (HPHA) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €1.65 versus a price of €2.17, about 24% lower (overvalued).
What is the fair value of HPHA?
Our estimate for Heidelberg Pharma AG is €1.65 (as of Nov 10, 2026), built from audited fundamentals. The current price: €2.17.
What is the quality score of HPHA?
Heidelberg Pharma AG has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Heidelberg Pharma AG (HPHA)?
Our calculated price target is the estimate of €1.65 (as of Nov 10, 2026). Cautious scenario €1.24, optimistic scenario €2.06. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Heidelberg Pharma AG stock forecast for 2026?
Our estimate puts fair value at €1.65, about 24% lower versus a price of €2.17 (overvalued). Cautious scenario €1.24, optimistic scenario €2.06. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Heidelberg Pharma AG (HPHA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Heidelberg Pharma AG it is €1.65 per share (as of Nov 10, 2026), against a price of €2.17.
Is Heidelberg Pharma AG stock overvalued or undervalued in 2026?
As of Nov 10, 2026, HPHA trades above its calculated fair value: price €2.17, fair value €1.65, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HPHA?
No. The price is what the market pays today (€2.17); the fair value is what the company's own numbers justify (€1.65). For Heidelberg Pharma AG the two are €0.5200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Heidelberg Pharma AG worth?
The market values Heidelberg Pharma AG at about €102M (market capitalisation, as of Nov 10, 2026). Per share that is €2.17; our models calculate a fair value of €1.65 per share.
What do the bullish and bearish scenarios say about HPHA?
Our models span a range for Heidelberg Pharma AG: cautious scenario €1.24, base €1.65, optimistic €2.06 per share (as of Nov 10, 2026, price €2.17). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of HPHA?
The PEG ratio of Heidelberg Pharma AG is 5.46 (P/E divided by earnings growth, as of Nov 10, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Heidelberg Pharma AG (HPHA)?
Balance-sheet figures for Heidelberg Pharma AG (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is HPHA from its 52-week high?
Heidelberg Pharma AG trades at €2.17, about 33% below its 52-week high of €3.25 and 8% above the low of €2.01 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €1.65 is for.
Which stocks are comparable to Heidelberg Pharma AG?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Heidelberg Pharma AG stock attractive at the current price?
The data as of Nov 10, 2026: price €2.17, calculated fair value €1.65 (−24%), Quality Score 32/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Heidelberg Pharma AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Heidelberg Pharma AG (HPHA)?
The closing price on Nov 10, 2026 was €2.17. Our estimate is €1.65, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Heidelberg Pharma AG right now?
The price sits above even our optimistic bull case (€2.06). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Heidelberg Pharma AG

How large is the market capitalisation of Heidelberg Pharma AG (HPHA)?
The market capitalisation of Heidelberg Pharma AG is €102M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Heidelberg Pharma AG (HPHA)?
The price-to-sales ratio of Heidelberg Pharma AG is 10.7 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Heidelberg Pharma AG (HPHA)?
Earnings per share at Heidelberg Pharma AG are €−0.6500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Heidelberg Pharma AG (HPHA)?
The return on equity (ROE) of Heidelberg Pharma AG is −1,540% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Heidelberg Pharma AG (HPHA)?
On an EBIT basis the return on assets of Heidelberg Pharma AG is −66.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Heidelberg Pharma AG (HPHA)?
The operating margin of Heidelberg Pharma AG is −296% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Heidelberg Pharma AG (HPHA)?
Revenue at Heidelberg Pharma AG is growing +39.7% versus a year earlier (3y avg −57.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Heidelberg Pharma AG (HPHA) generate?
The free cash flow of Heidelberg Pharma AG is −€31.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Heidelberg Pharma AG (HPHA) hold?
Heidelberg Pharma AG holds more cash than debt, €13.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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