The European landscape of listed biotech companies: 2018 review (Part 5)

2018 Fact Sheet

  • 150 European biotech companies in our universe, from 13 European countries, and listed on stock markets from 8 operators
  • 1 company out of 5 in our selection with at least one product generating revenues, 38% in “late-stage”, 27% in “early-stage”, rest at preclinical stage
  • 341 unique product candidates in active clinical development (57 in phase 3), 76 unique commercial products, 624 R&D programs in active clinical development (105 in phase 3)
  • 43.8 bEUR of total market capitalization, and median market cap of 71.7 mEUR at the end of 2018, versus 391 bUSD of total market capitalization for a selection of US biotech listed on Nasdaq, with a median market cap of 194.2 mUSD
  • Nasdaq OMX and Euronext as the main stock markets at the end of 2018, each representing one third of the total valuations, LSE/AIM clearly lagging
  • 8 European companies with market cap ≥1 bEUR at the end of 2018 (9 in USD), 84 out of 503 selected companies on Nasdaq with a market cap ≥1 bEUR (89 in USD)
  • -17% average and -29% median for the stock performance of 155 European biotech companies (of which 5 de-listed) in 2018, roughly -50% for UK biotech stocks (average and median)
  • 244 mEUR daily average turnover on the biotech sector in Europe, 84.3% of the turnovers concentrated into the 3 main European markets by total market cap (Euronext, Nasdaq OMX, XETRA)
  • Approximately 15500 employees or FTEs among our 150 European listed bios at the end of 2018
  • 3.62 bEUR raised from financing activities in 2018 (-15% year-over-year), including 2.3 bEUR (+37% y-o-y) from “offering”-like financing, median amount raised of 8.9 mEUR from offerings/issue of equity in Europe versus 17.5 bUSD (~14.8 bEUR) in the US for “Follow-On Public Offerings”
  • 4.6 bEUR of cash collected in 2018 including 0.97 bEUR from extra sources of cash (sources outside financing activities, including licensing deals mainly)
  • 72% decline in amounts from US IPOs (dual listings), 67% decline from European IPOs
  • A tremendous gap in IPO dynamics between the EU and the US in 2018
  • 3.29 bEUR of total cash burn
  • 35% of the companies with less than 12 months of cash runway at the end of 2018, 65% with more than 12 months, one third with more than 24mo of cash runway
  • Median of 75% of the total operating expenses allocated to R&D
  • 52 out-licensing deals, including 886 mEUR of cash upfront payments, for a total value of 13.1 bEUR - 1.16 bEUR of cash collected and total deal value of more than 13.4 bEUR, all deal category included
  • Median Upfront Amount/Total Deal Value ratio of 7.7% out of 26 out-licensing deals with all the contributions disclosed, of which 5 (19%) including an equity investment, for a global amount of 255 mEUR
  • Median cash upfront of 13.2 mEUR out of 33 out-licensing deal with disclosed data, for a median total deal value of 193 mEUR
  • A potential deal megatrend initiated between Europe and China/Greater China

A vast majority of the company level data consolidated in this review are available on our intelligence service (subscription service for pro only). We provide small granularity data, and insights on the main items of biotech investing, for more than 150 companies listed on the main European markets. Disclaimer: we do not provide any investment recommendation on our service. This review is not aimed at supporting an investment decision on any company, any country, or any stock market mentioned in this report. See more details on
P.S. Many thanks to V.G. for his help, and thanks a lot to all those sending positive feedbacks!
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