# Vicore Pharma Holding > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/vicorepharmaholding). ## Overview 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. ## Products & services • Research and development of drug candidates for fibrotic diseases • Clinical development programs for severe fibrosis indications • Research collaboration agreements and related remuneration • Intra-group R&D and business support services • Business support services from the parent company - **Drug discovery and preclinical R&D** (0%) — Discovery-stage work and early research on therapies for fibrotic diseases. - **Clinical development** (0%) — Human clinical study programs advancing Vicore's fibrosis pipeline. - **Research collaborations** (100%) — Contract-based collaboration income tied to agreed research milestones and performance obligations. - **Intra-group services** (0%) — R&D and business support services provided within the Vicore group. - Research and development of drug candidates for fibrotic diseases - Clinical development programs for severe fibrosis indications - Research collaboration agreements and related remuneration - Intra-group R&D and business support services - Business support services from the parent company ## 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. - **Research collaboration partners** (primary) — Pharmaceutical or biotech partners that pay for or co-develop research programs under contract terms. - **Clinical development ecosystem** (primary) — Clinical sites, CROs, and trial partners that support patient recruitment, study execution, and data generation. - **Internal group entities** (secondary) — Vicore Pharma AB and Vicore Pharma US Inc. receive shared services and intra-group R&D support. - **Patients with fibrotic diseases** (primary) — The intended end users of Vicore's therapies, especially in severe fibrosis indications. - Pharmaceutical partners in research collaboration agreements - Clinical study partners and contract service providers - Internal group companies receiving R&D support - Patients as the ultimate end users of developed therapies - Patient advocacy and research stakeholders influencing development priorities ## 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. - Sweden is the main operating base for group R&D - United States hosts Vicore Pharma US Inc. and supporting functions - Foreign-currency exposure is material because agreements and costs are often non-SEK - Exchange-rate movements affect OCI and reported translation effects - Clinical and partner activity can span multiple countries through outsourced trials ## 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. - **Advance the fibrosis pipeline** (medium-term) — Clinical progress is the main driver of value creation in a development-stage biopharma model. - **Strengthen external collaborations** (short-term) — Partner agreements can provide funding, expertise, and development support. - **Rely on outsourced development capabilities** (medium-term) — Clinical trials, manufacturing, and supply are partly partner-dependent and require operational resilience. - Advance therapies for severe fibrotic diseases - Progress the pipeline through clinical development - Use research collaborations to support development work - Leverage partner networks for trials, manufacturing, and supply - Maintain a focused single-segment operating model ## 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 failure** [high] — Most drug candidates do not reach market due to efficacy, safety, or manufacturing issues. - **Patient recruitment and trial execution delays** [high] — Studies can be delayed by difficulty recruiting patients or retaining them through follow-up. - **Partner and supply-chain dependence** [high] — Vicore relies on third parties for trials, manufacturing, and supply, creating operational and quality risk. - **Intellectual property risk** [high] — Future value depends on patents and other exclusivity protections that may be limited or challenged. - **Foreign exchange and liquidity risk** [medium] — Costs and agreements are often denominated in foreign currencies and development is capital intensive. - Clinical trials may fail, delay, or produce insufficient efficacy - Patient recruitment and follow-up can slow development timelines - Partner dependence creates operational and supply-chain risk - IP protection is critical for future commercialization value - Foreign exchange and liquidity risk affect a capital-intensive model ## Accounting Vicore recognizes collaboration revenue over time as performance obligations are fulfilled, using costs incurred to measure progress. The group also records foreign-exchange translation effects from Vicore Pharma US Inc. in other comprehensive income, and it has significant tax loss carryforwards that are not recognized as deferred tax assets until taxable profits are sufficiently probable. - **Over-time revenue recognition for research collaborations** — Collaboration income - **Foreign currency translation** — Other comprehensive income and equity - **Tax loss carryforwards** — Deferred tax assets and equity - **IFRS 18 presentation changes** — Income statement presentation and comparability - Revenue from research collaborations is recognized over time - Progress is measured using costs incurred toward completion - Foreign-currency translation from US operations goes to OCI - Tax loss carryforwards are not recognized as deferred tax assets - IFRS 18 will change presentation and management performance disclosures --- *Last updated: 2026-08-11T04:04:56.880707+00:00*