Nasdaq CopenhagenIFRS · DKK

UNION therapeutics A/S

UNION therapeutics A/S is a Danish biopharmaceutical company focused on developing and commercializing small-molecule therapies for inflammatory and infectious skin diseases. Its main asset is orismilast, a PDE4B/D inhibitor being advanced for diseases such as atopic dermatitis and hidradenitis suppurativa, with global rights structured through selective out-licensing in Greater China.

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Revenue0.6m DKK
−73.0 %y/y
Operating profit (EBIT)-87.7m DKK
+45.2 %y/y
EBIT margin-14,126.6%
−7,165.2 ppy/y
Net income-98.9m DKK
+41.6 %y/y
Free cash flow-87.0m DKK
+45.7 %y/y

Fiscal year 2024 · change from previous year

Development 2020–2024

-200-1000100200m DKK2020: 0.00 m DKK2020: EBIT -64 m DKK20202021: 119 m DKK2021: EBIT -52 m DKK20212022: 34 m DKK2022: EBIT -184 m DKK20222023: 2.3 m DKK2023: EBIT -160 m DKK20232024: 0.62 m DKK2024: EBIT -88 m DKK20240.62-88
RevenueOperating profit (EBIT)
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Business

Share of revenue
Clinical-stage drug candidate80 %

Development of orismilast and related formulations for dermatology indications.

Licensing and regional rights20 %

Out-licensing and option agreements for regional commercialization rights.

Customers

The company’s direct counterparties are pharmaceutical and biotech partners that license regional rights or collaborate on development programs. Its eventual end customers are patients and physicians treating inflammatory skin diseases such as atopic dermatitis and hidradenitis suppurativa. Commercial value depends on demonstrating clinical efficacy, tolerability, and regulatory suitability across target markets.

Regional licensing partners

Licensees or option holders buying rights for specific territories and indications.

Clinical investigators and development collaborators

Research partners and trial sites advancing orismilast data packages.

Dermatology patients

Patients with atopic dermatitis, hidradenitis suppurativa and related conditions.

Prescribing physicians

Specialist physicians choosing therapies based on efficacy and safety.

Strategy

UNION therapeutics’ strategy centers on advancing orismilast through clinical development and expanding the evidence base needed for partnering and eventual commercialization. Regional licensing, especially the Greater China arrangement, is used to monetize non-core territories while retaining broader worldwide rights.

Clinical development of orismilastShort term

Clinical proof is the main driver of asset value and partnering leverage.

Regional partnering and licensingMedium term

Territory deals can monetize rights while preserving upside in other markets.

Broaden therapeutic and formulation optionsMedium term

Multiple indications and topical options can enlarge the addressable market.

Geography

UNION therapeutics is headquartered in Denmark and operates as a global development company with worldwide rights to its lead asset except for China, Hong Kong, Taiwan and Macau, which are licensed to Innovent Biologics. The business is therefore shaped by a global patent and partnering footprint rather than manufacturing geography, with regional commercialization rights split between UNION and its partner.

Risks

The company is exposed to clinical, regulatory, and partnering risk because value depends on successful development of a single lead asset. It also faces typical biotech financing and dilution risk, plus counterparty and territory concentration risk where a regional partner controls commercialization in Greater China.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Regulatory approval risk3Financing and dilution risk2Partner concentration and territorial dependence4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: Medium

    Orismilast is still a development-stage asset, so poor efficacy or safety data would impair value.

    Exposure: Lead program

  2. Financing and dilution riskImpact: HighLikelihood: High

    Clinical-stage biotech businesses typically rely on external capital before product revenue scales.

    Exposure: Development programs

  3. Regulatory approval riskImpact: HighLikelihood: Medium

    Even positive data may not translate into approval across target markets.

    Exposure: Dermatology indications

  4. Partner concentration and territorial dependenceImpact: MediumLikelihood: Medium

    Commercial rights in Greater China are controlled by a single partner, reducing direct control.

    ExposureChinaHong KongTaiwanMacau
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Accounting

Judgemental items
License revenue recognition

Management must assess whether performance obligations are satisfied at a point in time or over time.

Impact: Can shift timing of reported revenue between periods

Milestone and variable consideration

Revenue depends on whether milestone amounts are highly probable without reversal.

Impact: Affects recognition of partnering income

Level 3 fair value measurements

Warrants, put options and convertible debt are valued using unobservable inputs.

Impact: Can create significant non-cash gains or losses

Impairment of intangible assets

Development assets not yet available for use are tested for impairment.

Impact: Can materially affect asset carrying values and profit

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Last updated: 24/10/2026

UNION therapeutics A/S Revenue, Earnings & Financials 2024 – Clarifo