Pharma Mar PHM.MC
SpainHealthcare · BiotechnologyBolsa de Madrid (BME) · EUR
102.94 EUR (+47.6%)
8 analysts
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Pharma Mar is a Spanish biopharmaceutical company that develops and markets marine-derived oncology drugs, such as Zepsyre (plitidepsin) and Aplidin, with a business model based on in-house R&D and collaboration with international partners for distribution.
Listed on Bolsa de Madrid (BME) · Symbol PHM.MC · BME: PHM · Currency EUR
Key points
from its scores- ✕Weak growth1.4
- ✕Poor share-price trend1.6
- ✕Little or no dividend3.0
AI analysis
bottom line, main risk, context and newsHold in portfolio only for investors with high risk tolerance and a long-term horizon, given the potential of the oncology pipeline but current operational weakness.
Pharma Mar presents a mixed financial profile: net cash and high liquidity (DN/EBITDA -2.74, liquidity 2.85) and an ROE of 24.82%, but its operating margin is negative (-2.83%) and revenues fell 12%, reflecting an investment phase in R&D without return. Valuation by forward P/E (10.64) and PEG (0.31) suggests growth expectations, but momentum is very weak (14th percentile in 52 weeks).
The main risk is the dependence on the approval and commercialization of a small number of oncology drugs, with a negative operating margin and falling revenues reflecting uncertainty about the return on R&D investment.
Context and risks
Pharma Mar is a Spanish biopharmaceutical company with a high-risk business model: it depends on the approval and commercialization of a small number of oncology drugs (Zepsyre, Aplidin) and on collaboration with external partners. Its operating margin is negative, reflecting R&D investment without return yet. The governance risk in Spain, with a, adds to the inherent regulatory exposure of the pharmaceutical sector, where prices and approvals are subject to political decisions and regulatory agencies. The combination of a concentrated pipeline and dependence on regulatory approvals justifies a negative adjustment to the base risk.
Is Pharma Mar stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 27% above the Healthcare median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 23.2 | 26.7 | −13% |
| EV / EBITDA | 24.2 | 14.5 | +67% |
| Price / book | 4.8 | 4.1 | +17% |
| Price / sales | 5.5 | 3.4 | +61% |
Sector: median of the 217 Healthcare companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.0 out of 10 (median for Healthcare: 4.7).
Average analyst target: 102.94 EUR, +47.6% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 6.0 (sector 5.5), Growth 1.4 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Healthcare medianValuation
- P/E
- 23.2
- Forward P/E
- 10.6
- EV / EBITDA
- 24.2
- Price / book
- 4.8
- Price / sales
- 5.5
- PEG
- 0.31
- Market cap
- 1.2B EUR
- Enterprise value
- 1.1B EUR
Profitability
- ROE
- 24.8%
- ROA
- 6.5%
- ROIC (approx.)
- −2.1%
- Gross margin
- 93.4%
- Operating margin
- −2.8%
- Net margin
- 25.7%
- Free cash flow
- 41.0M EUR
- FCF yield
- 3.4%
- Cash conversion
- 91%
Solvency
- Total debt
- 45.8M EUR
- Net debt
- −123.0M EUR
- Cash
- 168.9M EUR
- EBITDA
- 44.8M EUR
- Net debt / EBITDA
- −2.74
- Debt / equity
- 18.28
- Current ratio
- 2.85
- Quick ratio
- 2.20
Growth
- Revenue growth
- −12.0%
- EPS (TTM)
- 3.01 EUR
- EPS (forward)
- 6.56 EUR
Dividend
- Dividend yield
- 1.4%
- Payout
- 0.0%
Risk and market
- Beta
- 0.47
- Analyst consensus
- Buy (8)
- Target price
- 102.94 EUR
- 52-week range
- 64.00 – 105.20
Recent news
All PHM.MC news →Compare it with its sector
All 217 in Healthcare →Frequently asked questions about Pharma Mar
Is Pharma Mar stock cheap or expensive?
On P/E and EV / EBITDA, it trades 27% above the Healthcare median on average. Valuation score: 6.0 out of 10 (median for Healthcare: 4.7). Average analyst target: 102.94 EUR, +47.6% versus the price. This is not investment advice.
What score does Pharma Mar get on MeridIAn Screener?
It scores 5.0 out of 10, rank 1,709 of 2,130 (better than 19% of the companies analysed). Its strongest category is Financial health (6.7) and its weakest, Growth (1.4). Analysis of 08/10/2026.
What is Pharma Mar's P/E ratio?
Its P/E is 23.2: the share price equals 23.2 times earnings per share over the last 12 months. The Healthcare median is 26.7. Based on the earnings analysts expect, the forward P/E is 10.6.
How much is Pharma Mar worth on the stock market?
Its market capitalisation is 1.2B EUR and its enterprise value, debt included, is 1.1B EUR.
How much debt does Pharma Mar have?
It has more cash than debt: net cash of 123.0M EUR.
Does Pharma Mar pay a dividend?
Yes: its dividend yield is 1.43%.
How has Pharma Mar stock performed over the last year?
It has fallen 17.5% over the last year, excluding dividends. Over the last 52 weeks it has traded between 64.00 and 105.20 EUR. Past performance does not guarantee future results.
What do analysts think of Pharma Mar?
8 analysts cover it; their average recommendation is “Buy” and their average target is 102.94 EUR (+47.6% versus the price). It is an estimate, not market data.