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Santhera Pharmaceuticals Holding AG

SANN.SW
31
Biotechnology · Healthcare
Also trades as: 0QN1.L GBP 0.14 (-0.28%)
Price
CHF 14.52
+0.24 (+1.68%)
Market Cap
CHF 215.4M
Exchange
SIX Swiss Exchange
Winston Score
31
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
4/30
Growth
Good
12/20
Cash Flow
Weak
1/10
Stability
Weak
2/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

29 of 95 counted points = Winston Score 31. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+280.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.4M (2021) → 13.0M (2025)

§Winston Score History

The full picture

Santhera Pharmaceuticals is a small Swiss biotech company that focuses on rare diseases affecting muscles and the heart. Its main product is Vamorolone, sold under the brand name Agamree, which is approved to treat Duchenne muscular dystrophy (DMD) — a severe genetic muscle disease that mainly affects young boys. Santhera sells primarily to hospitals and specialist physicians in the United States and Europe.

The company earns revenue through drug sales, though it is still in the early commercial stage and currently spends far more than it earns, reflected in its deeply negative operating margin. Santhera operates mainly in Switzerland and the US, and its competitive position rests on Agamree being a newer steroid alternative with a potentially better side-effect profile than older DMD treatments. The key growth driver is expanding Agamree's commercial uptake and patient reach, but the main risk is that the company may need to raise additional capital to fund operations before it reaches profitability.

Growth Profile

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

Revenue Growth

+101.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+50.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

CHF 22M/ year

↓ Declining (-16% vs prior year)

28.8% of revenue

1.6x the sector average (18%)

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

Insider Activity

24.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 42M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Santhera Pharmaceuticals Holding AG is growing revenue at 101% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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
37.1%
Modest — 37.1% gross margin
Profit after running costs
Operating Margin
-13.9%
Losing money on operations — -13.9%
Return on the money invested
ROCE
-19.1%
Weak — -19.1% 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
+107.1%
Fast-growing sales (+107.1% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
0.6%
Thin free cash flow (0.6%)

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
1.49
Elevated debt (1.49)
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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