Report published August 27, 2026
BioArctic (BIOAb.ST) 2Q26 Update: Exidavnemab Phase 2b & Collaboration Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Rajan Sharma, Max Da, Ph.D., Avantika B, Theodora Rowe Beadle
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs maintains a Neutral rating on BioArctic (BIOAb.ST) with a revised 12-month price target of Skr345 post 2Q26 results. Second-quarter revenue beat consensus on higher Novartis collaboration income, but the lack of near-term BrainTransporter partnership catalysts keeps upside capped.
Key Takeaways
- 1.BioArctic reported 2Q26 net revenue of SEK248mn (+11% vs. consensus), driven by higher Novartis collaboration revenues, narrowing its operating loss to SEK-7mn vs. SEK-33mn consensus.
- 2.Exidavnemab's Phase 2a trial showed no safety concerns, clearing the path to start a Phase 2b trial in 1H27, though management set low expectations for Phase 2a efficacy signals.
- 3.The lack of timelines regarding Eisai's potential decision on BAN2802 (BrainTransporter) and other collaboration programs remains a near-term overhang.
Table of Contents
- NEUTRAL
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (Skr mn)
- Balance Sheet (Skr mn)
- Cash Flow (Skr mn)
- 2Q26 results summary
- FY26 guidance
- Key takeaways from the earnings call
- Incremental positives
- Incremental negatives
- Interesting but Neutral
- Catalyst Calendar
- Forecast Changes
- Valuation and risks
- Disclosure Appendix
Report data
Exhibit 4: Catalyst Calendar — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 345.00 SEK | Raised from SEK339 to SEK345 driven by DCF roll-forward |
| 2Q26 Total Revenue | 248 SEK mn | Beat company consensus of SEK224mn by 11% and GSe of SEK210mn by 18% |
| 2Q26 EBIT | -7 SEK mn | Better than company consensus of SEK-33mn and GSe of SEK-97mn |
| FY26 Operating Expenses Guidance Growth | 40% | Lower end of the 40%-60% range guidance modelled by GS |
| Discounted Cash Flow WACC | 10% | DCF valuation parameter |
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Authors / Editors
Reported Data Context
- 12-month Price Target: 345.00 SEK (12m forward) · Source: Goldman Sachs Global Investment Research
- 2Q26 Total Revenue: 248 SEK mn (2Q26) · Source: Company data
- 2Q26 EBIT: -7 SEK mn (2Q26) · Source: Company data
- FY26 Operating Expenses Guidance Growth: 40 % (FY26) · Source: Company data, Goldman Sachs Global Investment Research
- Discounted Cash Flow WACC: 10 % · Source: Goldman Sachs Global Investment Research
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