Vicore Pharma Holding
Vicore Pharma Holding AB is a Swedish biopharmaceutical group focused on developing therapies for severe fibrotic diseases. The group operates through Vicore Pharma AB and Vicore Pharma US Inc., with research and development centered in Sweden and supporting activities in the United States.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDiscovery-stage work and early research on therapies for fibrotic diseases.
Human clinical study programs advancing Vicore's fibrosis pipeline.
Contract-based collaboration income tied to agreed research milestones and performance obligations.
R&D and business support services provided within the Vicore group.
Customers
Vicore's external counterparties are primarily pharmaceutical partners and research collaborators that fund or participate in development agreements. The company also serves internal group entities through intercompany R&D and business support arrangements, while the ultimate end beneficiaries are patients with severe fibrotic diseases.
Pharmaceutical or biotech partners that pay for or co-develop research programs under contract terms.
Clinical sites, CROs, and trial partners that support patient recruitment, study execution, and data generation.
Vicore Pharma AB and Vicore Pharma US Inc. receive shared services and intra-group R&D support.
The intended end users of Vicore's therapies, especially in severe fibrosis indications.
Strategy
Vicore's strategy is centered on advancing a pipeline for severe fibrotic diseases through research, clinical development, and external collaborations. The company also relies on partner-enabled development and support functions to extend its capabilities while keeping the organization focused on its core therapeutic programs.
Clinical progress is the main driver of value creation in a development-stage biopharma model.
Partner agreements can provide funding, expertise, and development support.
Clinical trials, manufacturing, and supply are partly partner-dependent and require operational resilience.
Geography
Vicore is headquartered in Sweden and conducts core research and development primarily through Vicore Pharma AB. The group also has Vicore Pharma US Inc. in the United States, which supports R&D and business functions and introduces foreign-currency exposure through its assets and liabilities.
Risks
Vicore is exposed to the typical risks of a development-stage biopharmaceutical company: clinical failure, patient recruitment delays, manufacturing issues, and regulatory uncertainty. It also faces partner concentration, supply-chain, foreign-exchange, liquidity, and intellectual-property risks because value depends on successful development and protection of future therapies.
- Clinical development failureImpact: HighLikelihood: High
Most drug candidates do not reach market due to efficacy, safety, or manufacturing issues.
Exposure: Pipeline value and future commercialization prospects
- Patient recruitment and trial execution delaysImpact: HighLikelihood: Medium
Studies can be delayed by difficulty recruiting patients or retaining them through follow-up.
Exposure: Clinical timelines and development costs
- Intellectual property riskImpact: HighLikelihood: Medium
Future value depends on patents and other exclusivity protections that may be limited or challenged.
Exposure: Commercialization and competitive moat
- Partner and supply-chain dependenceImpact: High
Vicore relies on third parties for trials, manufacturing, and supply, creating operational and quality risk.
Exposure: Clinical operations and product readiness
- Foreign exchange and liquidity riskImpact: MediumLikelihood: Medium
Costs and agreements are often denominated in foreign currencies and development is capital intensive.
Exposure: Cash planning and reported translation effects
Accounting
Judgemental itemsRevenue depends on contract terms and degree of completion, which affects timing and comparability.
Impact: Collaboration income
US subsidiary assets, equity, and liabilities are translated into SEK, creating OCI volatility.
Impact: Other comprehensive income and equity
Large accumulated losses are not recognized as deferred tax assets until future taxable profits are expected.
Impact: Deferred tax assets and equity
New operating/investing/financing categories and MPM disclosures will change statement presentation.
Impact: Income statement presentation and comparability
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Last updated: 24/09/2026