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Vicore Pharma Holding AB (publ) (VICO) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Vicore Pharma Holding AB (publ) stock SEK 3.31, price SEK 10.22, that is 67.6% below the price, quality 23 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare SE · ISIN SE0007577895

VP Vicore Pharma Holding AB (publ) logo Thin data Nov 8, 2026

Vicore Pharma Holding AB (publ)

VICO · ST
Very expensive, weak quality

Our calculation puts a fair price 68% below what the stock costs today.

Revenue last quarter +27% vs. a year ago.
Mixed Growth (revenue YoY −96.5 %/yr in SEK)
Fair value kr 3.31 · Strongly overvalued
Quality 23/100
Negative free cash flow
Trails peers (1/6)
Narrow moat 12/100 · thin data
Thin data
⚠ Dilution
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What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 36.95 kr 6.32 Fair Value kr 3.31 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range kr 6.32 – kr 36.95 · fair‑value band kr 2.18 – kr 4.13 · the kr 10.22 price screens above the kr 3.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Vicore Pharma Holding AB (publ), a clinical-stage pharmaceutical company, develops therapies for the treatment of respiratory diseases in Sweden.

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The company develops Buloxibutid (C21), an orally available small molecule angiotensin II type 2 receptor agonist (ATRAG) that is in Phase II clinical trial for the treatment of idiopathic pulmonary fibrosis (IPF), as well as in Phase I clinical trial for treating pulmonary hypertension.

It also developing Almee, an investigational medical device in clinical development that has completed Phase III clinical stage to address the psychological impact of living with pulmonary fibrosis.

It has a cooperation and development agreement with Emeriti Bio AB and HaLaCore Pharma AB to develop new follow-on molecules based on C21 and other drug substances targeting the AT2 receptor, as well as a collaboration and development agreement with Alex Therapeutics AB to develop a digital app in interstitial lung diseases, such as IPF. The company was formerly known as Mintage Scientific AB. Vicore Pharma Holding AB (publ) was founded in 2000 and is headquartered in Stockholm, Sweden.

Stock analysis

Vicore Pharma Holding AB (publ) (VICO) currently trades at kr 10.22, while our model-based Fair Value estimate is kr 3.31, 68% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: kr 2.18 (bear) to kr 4.13 (bull), the price of kr 10.22 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 23/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.

Vicore Pharma Holding AB (publ) reported revenue of 3.8M SEK in FY2025 versus 0 SEK in FY2021. Reported net income was −477M SEK in FY2025.

Key figures

Market cap 2.9B SEK (≈ $291M) Micro · EPS (TTM) kr −1.91 · Return on equity −57.0% · Return on assets (EBIT) −53.9% (5-year average) · Operating margin −6,762% · Revenue (TTM) 4.0M SEK · Revenue growth (YoY) +26.7% · Free cash flow −374M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −68%, VICO screens richer than that median.

Fair Value models

Bear kr 2.18 Fair Value kr 3.31 Bull kr 4.13
Price kr 10.22 · Downside -67.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) kr 2.57 kr 3.89 kr 4.86 52
All 1 models by family
Asset-Based
NCAV (Graham) kr 2.57 kr 3.89 kr 4.86 52

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 23/100

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 11
Are margins and returns getting better?
Cashflow 6
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 57
How calm the share price moves, does not count
Price momentum 23
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 24
Distance to the 52-week high, does not count
New shares 0
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. 55/100
Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.
Revenue growth 1 year
−96.5%
Revenue growth 10 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.
+16.3%
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.
−8,716.5% (2018) → −11,905.8% (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

VICO screens overvalued: fair value 68% 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 · 558 stocks

Beats the industry median on 1/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside −67.6% · Below median
Profitability
Return on assets −39.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 26.7% · Top 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 2.63× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 22

VALUE 0: the price sits above our fair-value range.

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
Incyte Corporation INCY $119.65 $199.23 +67% vs VICO
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs VICO
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs VICO
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs VICO
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs VICO
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs VICO
argenx SE ARGX $927.21 $908.40 −2% vs VICO
CSL Limited CSL A$200.77 A$183.04 −9% vs VICO
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs VICO
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs VICO

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Vicore Pharma Holding AB (publ): fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Vicore Pharma Holding AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/VICO

Frequently asked questions

Is Vicore Pharma Holding AB (publ) (VICO) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 3.31 versus a price of kr 10.22, about 68% lower (overvalued).
What is the fair value of VICO?
Our model-based fair value for Vicore Pharma Holding AB (publ) is kr 3.31 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 10.22.
What is the quality score of VICO?
Vicore Pharma Holding AB (publ) has a Quality Score of 23/100. 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 Vicore Pharma Holding AB (publ) (VICO)?
Our model-based price target is the fair value of kr 3.31 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario kr 2.18, optimistic scenario kr 4.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Vicore Pharma Holding AB (publ) stock forecast for 2026?
Our models put fair value at kr 3.31, about 68% lower versus a price of kr 10.22 (overvalued). Cautious scenario kr 2.18, optimistic scenario kr 4.13. The calculation is refreshed regularly with new filings.
What is the revenue of Vicore Pharma Holding AB (publ) (VICO)?
Vicore Pharma Holding AB (publ) reported trailing-twelve-month revenue of about 4.0M SEK (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Vicore Pharma Holding AB (publ) (VICO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vicore Pharma Holding AB (publ) it is kr 3.31 per share (as of Nov 8, 2026), against a price of kr 10.22. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Vicore Pharma Holding AB (publ) stock overvalued or undervalued in 2026?
As of Nov 8, 2026, VICO trades above its calculated fair value: price kr 10.22, fair value kr 3.31, a gap of about −68% (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 VICO?
No. The price is what the market pays today (kr 10.22); the fair value is what the company's own numbers justify (kr 3.31). For Vicore Pharma Holding AB (publ) the two are kr 6.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vicore Pharma Holding AB (publ) worth?
The market values Vicore Pharma Holding AB (publ) at about 2.9B SEK (market capitalisation, as of Nov 8, 2026). Per share that is kr 10.22; our models calculate a fair value of kr 3.31 per share.
What do the bullish and bearish scenarios say about VICO?
Our models span a range for Vicore Pharma Holding AB (publ): cautious scenario kr 2.18, base kr 3.31, optimistic kr 4.13 per share (as of Nov 8, 2026, price kr 10.22). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Vicore Pharma Holding AB (publ) (VICO)?
Balance-sheet figures for Vicore Pharma Holding AB (publ) (as of Nov 8, 2026): return on equity −57.0%. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is VICO from its 52-week high?
Vicore Pharma Holding AB (publ) trades at kr 10.22, about 35% below its 52-week high of kr 15.68 and 17% above the low of kr 8.70 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 3.31 is for.
Which stocks are comparable to Vicore Pharma Holding AB (publ)?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, 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 Vicore Pharma Holding AB (publ) stock attractive at the current price?
The data as of Nov 8, 2026: price kr 10.22, calculated fair value kr 3.31 (−68%), Quality Score 23/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VICO calculated?
We run Vicore Pharma Holding AB (publ) through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 3.31 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Vicore Pharma Holding AB (publ) 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 Vicore Pharma Holding AB (publ) (VICO)?
The closing price on Nov 6, 2026 was kr 10.22. Our model-based fair value is kr 3.31, about 68% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vicore Pharma Holding AB (publ) right now?
The price sits above even our optimistic bull case (kr 4.13). The favourable scenario is already priced in. Weak quality (23/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 2.18 to kr 4.13) leaves room in how you read the outcome.

Key figures of Vicore Pharma Holding AB (publ)

How large is the market capitalisation of Vicore Pharma Holding AB (publ) (VICO)?
The market capitalisation of Vicore Pharma Holding AB (publ) is 2.9B SEK (≈ $291M). 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 are the earnings per share of Vicore Pharma Holding AB (publ) (VICO)?
Earnings per share at Vicore Pharma Holding AB (publ) are kr −1.91. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Vicore Pharma Holding AB (publ) (VICO)?
The return on equity (ROE) of Vicore Pharma Holding AB (publ) is −57.0% (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 Vicore Pharma Holding AB (publ) (VICO)?
On an EBIT basis the return on assets of Vicore Pharma Holding AB (publ) is −53.9% (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 Vicore Pharma Holding AB (publ) (VICO)?
The operating margin of Vicore Pharma Holding AB (publ) is −6,762% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vicore Pharma Holding AB (publ) (VICO)?
Revenue at Vicore Pharma Holding AB (publ) is growing +26.7% versus a year earlier. 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 Vicore Pharma Holding AB (publ) (VICO) generate?
The free cash flow of Vicore Pharma Holding AB (publ) is −374M SEK (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 Vicore Pharma Holding AB (publ) (VICO) hold?
Vicore Pharma Holding AB (publ) holds more cash than debt, 578M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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