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

As of Sep 23, 2026: fair value of Vicore Pharma Holding AB (publ) SEK 3.89, price SEK 9.83, upside -60.4%, quality 15 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · SE · ISIN SE0007577895

VP Thin data Sep 24, 2026

Vicore Pharma Holding AB (publ)

VICO · ST

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 3.89 · Strongly overvalued (−60%)
!Quality 15/100
!Weak Growth (revenue YoY −96.5 %/yr)
!negative free cash flow
!Trails peers (1/7)
!Narrow moat 12/100
!Insider activity 40/100
!Evidence only low, so the estimate is less certain
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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

kr 36.95 kr 6.32 Fair Value kr 3.89 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range kr 6.32 – kr 36.95 · fair‑value band kr 2.57 – kr 4.86 · the kr 9.83 price screens above the kr 3.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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Vicore Pharma Holding AB (publ), a clinical-stage pharmaceutical company, develops therapies for the treatment of respiratory diseases in Sweden. 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 9.83, while our model-based Fair Value estimate is kr 3.89, implying the stock looks roughly 152.7% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 2.57 (bear) to kr 4.86 (bull), the price of kr 9.83 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 15/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

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 3.4B SEK (≈ $347M) · EPS (TTM) kr −1.90 · Return on equity −47.2% · Return on assets (EBIT) −53.9% · Operating margin −20,516% · Revenue (TTM) 3.5M SEK · Revenue growth (YoY) −32.5% · Free cash flow −374M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 37% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −60%, VICO screens richer than that median.

Fair Value models

Bear kr 2.57 Fair Value kr 3.89 Bull kr 4.86
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
NCAV (Graham) kr 1.95 kr 2.61 kr 3.89 51
All 1 models by family
Asset-Based
NCAV (Graham) kr 1.95 kr 2.61 kr 3.89 51

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Quality Score breakdown

Overall quality 15/100

Of which business quality 24 · Market factors (momentum, volatility) 36

Profitability 0
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 8
Share count: buybacks or dilution?

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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 growth is weak, negative or inconsistent.
Revenue growth 1 year
−96.5%
Revenue growth 13 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.
+72.0%
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 153% overvalued. 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 · 651 stocks

Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside −60% · Below median
Profitability
Return on assets −28% · Below median
Growth and dividend
Revenue growth −33% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.32× · Cheapest 25%
P/S (TTM) 98.61× · Priciest 25%

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
Vertex Pharmaceuticals Incorporated VRTX $514.99 $566.49 +10%
Regeneron Pharmaceuticals, Inc REGN $803.90 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.24 A$197.16 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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Vicore Pharma Holding AB (publ) · Fair Value
kr 3.89 −153%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of kr 3.89 versus a price of kr 9.83, about −60% upside (overvalued).
What is the fair value of VICO?
Our model-based fair value for Vicore Pharma Holding AB (publ) is kr 3.89 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 9.83.
What is the quality score of VICO?
Vicore Pharma Holding AB (publ) has a Quality Score of 15/100. 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 3.89 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 2.57, optimistic scenario kr 4.86. 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 3.89, about −60% upside versus a price of kr 9.83 (overvalued). Cautious scenario kr 2.57, optimistic scenario kr 4.86. 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 3.5M SEK (latest available figure, as of Sep 24, 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 3.89 per share (as of Sep 24, 2026), against a price of kr 9.83. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Vicore Pharma Holding AB (publ) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VICO trades above its calculated fair value: price kr 9.83, fair value kr 3.89, a gap of about −60% (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 9.83); the fair value is what the company's own numbers justify (kr 3.89). For Vicore Pharma Holding AB (publ) the two are kr 5.94 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 3.4B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 9.83; our models calculate a fair value of kr 3.89 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 2.57, base kr 3.89, optimistic kr 4.86 per share (as of Sep 24, 2026, price kr 9.83). 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 Sep 24, 2026): return on equity −47.2%. They feed the Quality Score of 15/100, 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 9.83, about 37% below its 52-week high of kr 15.68 and 4% above the low of kr 9.48 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 3.89 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, argenx SE, Samsung Biologics Co, 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 Sep 24, 2026: price kr 9.83, calculated fair value kr 3.89 (−60%), Quality Score 15/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 3.89, 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 14.1 % 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 Sep 23, 2026 was kr 9.83. Our model-based fair value is kr 3.89, about −60% upside (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 4.86). The favourable scenario is already priced in. Weak quality (15/100) 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 2.57 to kr 4.86) 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 3.4B SEK (≈ $347M). 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 −1.90. 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 −47.2% (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 −20,516% (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 −32.5% 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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