Biofrontera AG

0DOL.L

Medical - Pharmaceuticals · Healthcare

Price

2.36 GBp

-0.07 (-2.88%)

Market Cap

£105.2M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−89.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 56.5M (2021) → 6.1M (2025)

Biofrontera AG is a German specialty pharmaceutical company that develops and sells prescription drugs to treat skin conditions. Its main product is Ameluz, a gel used alongside a light-based treatment called photodynamic therapy to treat actinic keratosis, which are rough skin patches caused by sun damage that can turn into skin cancer. Dermatologists and skin clinics are the primary customers.

The company earns revenue by selling Ameluz directly to healthcare providers, mainly in the United States and Europe. Its high gross margin reflects the premium pricing typical of specialty drugs, but the company is not yet profitable at the operating level, meaning it spends more running the business than it earns. Biofrontera's key challenge is scaling its commercial operations fast enough to cover those costs, and it faces competition from other actinic keratosis treatments, including generic alternatives and different light-based therapies, which puts ongoing pressure on pricing and market share.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-35.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+227.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2M/ year

↓ Declining (-58% vs prior year)

16.9% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

96.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$10M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Biofrontera AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

80.9%

Premium pricing power — 80.9% gross margin

Operating Margin

0.2%

Thin — 0.2% operating margin

ROCE

0.1%

Weak — 0.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

N/A

Data not available

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

0.1x

Attractive valuation — P/E 0.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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