Vicore Pharma Holding (VICO) Fair Value & Analysis
Healthcare · SE · Market cap 3.4B SEK
Fair value as of: Jul 16, 2026
From 1 valuation models · updated 25 days ago
Fair value updated Jul 16, 2026, revised from kr 17.51 to kr 3.89 (−77.8%) since Jun 24, 2026. Share price −11.8% over the past month.
Below-average quality, and screening another 65% overvalued on our models.
What matters 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 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 11.26 price screens above the kr 3.89 fair value. Dashed = 300-day average. As of Jul 16, 2026.
Analysis
Vicore Pharma Holding (VICO) currently trades at kr 11.26, while our model-based Fair Value estimate is kr 3.89, implying the stock looks roughly 65.5% overvalued today. The Quality Score stands at 15/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Trailing-twelve-month revenue stands at 3.5M SEK. Revenue declined 32.5% year over year. It earns a return on equity of -47.2%. The balance sheet holds a net cash position of 578M SEK. Fundamentals as of Jul 16, 2026
Our scenario range runs from kr 2.57 (bear case) to kr 4.86 (bull case); at kr 11.26, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 53% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -65%, VICO screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 1 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 24 · Market factors (momentum, volatility) 56
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Vicore Pharma Holding AB (publ), a clinical-stage pharmaceutical company, develops therapies for the treatment of respiratory diseases in Sweden.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Vicore Pharma Holding reported revenue of kr 3.8M in FY2025 versus kr 0 in FY2021. Reported net income was −kr 477M in FY2025.
VICO screens 65% overvalued. Compare with Vertex Pharmaceuticals Incorporated →
Peer Group
Biotechnology · 601 stocks
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.
Valuation Multiples vs Biotechnology median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $486.03 | $278.78 | -43% |
| Regeneron Pharmaceuticals, Inc REGN | $664.45 | $594.40 | -11% |
| Samsung Biologics Co 207940 | 1,368,000 KRW | 1,091,384 KRW | -20% |
| Celltrion, Inc 068270 | 175,800 KRW | 76,325 KRW | -57% |
| WuXi Biologics (Cayman) Inc 2269 | HK$39.54 | HK$30.42 | -23% |
| Innovent Biologics, Inc 1801 | HK$86.70 | HK$19.66 | -77% |
| Sino Biopharmaceutical Limited 1177 | HK$5.26 | HK$3.36 | -36% |
| ALTEOGEN Inc 196170 | 276,500 KRW | 44,444 KRW | -84% |
| RemeGen Co 688331 | ¥134.02 | ¥26.99 | -80% |
| Biocon Limited BIOCON | ₹440.70 | ₹57.36 | -87% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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