Biotage AB

Latest Results (21.01.2026):

Biotage AB — reporting for the quarter October–December 2024 (Q4 2024) and full-year 2024: Q4 net sales fell to SEK 582m (643), a -9.5% reported decline (‑11.0% organic), while full‑year net sales rose to SEK 2,056m (1,862), +10.5% reported (+1.0% organic). The company delivered stronger margins, higher EBITDA and improved annual cash generation, though Q4 adjusted EBITDA and adjusted operating cash flow were lower versus the prior-year quarter. Year‑end net cash was SEK 184m (335) and the Board intends to propose a dividend of SEK 1.65 (1.60) per share.

Q4 2024 — sales and margins

Net sales: SEK 582m vs SEK 643m in Q4 2023 (‑9.5%; organic ‑11.0%). Gross margin improved to 61.8% (61.1). EBITDA was SEK 223m (189) with an EBITDA margin of 38.3% (29.3). Adjusted EBITDA was SEK 167m (194) and adjusted EBITDA margin 28.6% (30.2). Operating profit was SEK 175m (143) and operating margin 30.0% (22.2). Profit after tax: SEK 159m (131). EPS: SEK 1.98 (1.64).

Full‑year 2024 — growth and profitability

Net sales: SEK 2,056m vs SEK 1,862m in 2023 (+10.5%; organic +1.0%). EBITDA: SEK 568m (463) with a margin of 27.6% (24.9). Adjusted EBITDA: SEK 547m (518), adjusted margin 26.6% (27.8). Operating profit: SEK 383m (314), operating margin 18.6% (16.9). Profit after tax: SEK 284m (246). EPS: SEK 3.55 (3.34).

Cash flow and balance sheet

Q4 cash flow from operating activities: SEK 162m (154). Adjusted cash flow from operations in Q4 decreased to SEK 181m (186). Full‑year cash flow from operating activities increased to SEK 413m (284) and adjusted operating cash flow rose to SEK 579m (435). Cash & cash equivalents at 31 Dec 2024: SEK 434m (594); net cash (cash less borrowings & leases) SEK 184m (335).

Non‑recurring items and Astrea impact

The quarter included a SEK 61m positive revaluation of acquisition‑related additional considerations (treated as non‑recurring). Management notes Astrea revenue volatility (Q4 2023 was unusually strong) and continued integration actions; Astrea and other acquisition-related effects influenced quarter‑to‑quarter comparatives.

Dividend and outlook

The Board intends to propose a dividend of SEK 1.65 per share for 2024 (1.60 prior year). Management commentary highlights a focus on profitability, synergy realization (Astrea integration), operational discipline and cautious optimism for 2025 given regional and customer volatility.