Biofrontera AG

0DOL.L

Medical - Pharmaceuticals · Healthcare

Price

2.50 GBp

+0.01 (+0.40%)

Market Cap

£111.4M

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count falling — buybacks

−89.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 56.5M (2021) → 6.1M (2025)

Winston Score History

The full picture

Biofrontera AG is a German specialty pharmaceutical company that develops and sells prescription drugs to treat skin conditions. Its main product is Ameluz, a gel used alongside a light-based treatment called photodynamic therapy to treat actinic keratosis, which are rough skin patches caused by sun damage that can turn into skin cancer. Dermatologists and skin clinics are the primary customers.

The company earns revenue by selling Ameluz directly to healthcare providers, mainly in the United States and Europe. Its high gross margin reflects the premium pricing typical of specialty drugs, but the company is not yet profitable at the operating level, meaning it spends more running the business than it earns. Biofrontera's key challenge is scaling its commercial operations fast enough to cover those costs, and it faces competition from other actinic keratosis treatments, including generic alternatives and different light-based therapies, which puts ongoing pressure on pricing and market share.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-35.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+227.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€2M/ year

↓ Declining (-58% vs prior year)

16.9% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

96.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€10M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Biofrontera AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

82.7%

Premium pricing power — 82.7% gross margin

Profit after running costs

Operating Margin

-7.8%

Losing money on operations — -7.8%

Return on the money invested

ROCE

-6.6%

Weak — -6.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-39.1%

Shrinking sales (-39.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-33.9%

Burning cash (-33.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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