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BioArctic (BIOA) investor relations material
BioArctic Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record royalties and milestone payments in Q2 2025, driven by strong Leqembi sales growth and a major Novartis partnership, with approvals in nearly 50 countries and launches in Austria and Germany.
Advanced pipeline with exidavnamab progressing in Phase 2a for Parkinson’s and MSA, with orphan designation in US/EU and patent protection extended to 2041.
Launched 2030 ambitions focused on pipeline expansion, global partnerships, and sustainable profitability.
Strengthened position as a platform company with proprietary brain transporter technology and multiple partnerships, including a $30M upfront and up to $802M in milestones from Novartis.
European Commission granted Marketing Authorisation for Leqembi, triggering a EUR 20M milestone payment.
Financial highlights
Q2 2025 net revenues reached SEK 392 million, up from SEK 50 million year-over-year, with royalty revenue of SEK 162.5 million and a one-time stocking effect in China.
Operating profit for Q2 was SEK 179 million; net profit was SEK 97 million, compared to a loss in Q2 2024, impacted by currency effects and tax.
Cash and short-term investments at quarter-end totaled SEK 1.9 billion, bolstered by milestone and upfront payments.
Operating cash flow exceeded SEK 1.1 billion in Q2, driven by milestone and upfront payments.
Leqembi royalties increased 280% year-over-year and 60% sequentially from Q1 2025.
Outlook and guidance
Leqembi is on track to meet or exceed Eisai’s FY2025 sales forecast of JPY 76.5 billion, with strong momentum in all major markets.
Recurring revenue expected to increase in 2025, with further launches and regulatory milestones anticipated, and profitability expected from 2026 onwards.
Subcutaneous auto-injector for Leqembi anticipated to drive further growth upon approval, with US FDA decision expected soon.
European launches to roll out gradually through 2026, with early access in France and Spain and Nordic launches expected next year.
Operating expenses projected to rise due to commercial build-up and expanded R&D.
Next BioArctic earnings date

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