Bioton S.a.

BIO.WA

Biotechnology · Healthcare

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

Bioton S.A. is a Polish biotechnology company that makes insulin and other medicines used to treat diabetes. Its main products are human insulin and insulin analogues, which are sold to hospitals, pharmacies, and healthcare systems. Bioton is one of the larger insulin producers in Central and Eastern Europe and also exports to markets in Asia, the Middle East, and Africa.

The company earns money by manufacturing and selling its pharmaceutical products, primarily through supply contracts with healthcare distributors and government health programs. Bioton operates mainly out of Poland but has a notable presence in international markets, including a significant business in Russia and Asia through partnerships and subsidiaries. Its low ROIC of under 1% signals thin profitability, and the key risk it faces is intense price competition from global insulin giants like Novo Nordisk and Sanofi, which have far greater scale and resources.

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

-25.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+11.2% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

59.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

3M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Bioton S.a. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

32.8%

Modest — 32.8% gross margin

Profit after running costs

Operating Margin

-11.0%

Losing money on operations — -11.0%

Return on the money invested

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+12.8%

Fast-growing sales (+12.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

322%

Turns 322% of profit into real cash

Spare cash per sale

FCF Margin

0.3%

Thin free cash flow (0.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.07

Conservative — low debt load (0.07)

Covers its interest

Interest Cover

2.60x

Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

80.7x

no trend

Expensive — P/E 80.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+53.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (80.7 → 26.9)

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Dividends

Not applicable for this business.

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