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BioGaia AB (publ)

BIOG-B.ST

Drug Manufacturers - Specialty & Generic · Healthcare

Price

kr 124.50

+0.30 (+0.24%)

Market Cap

kr 12.26B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

BioGaia is a Swedish health company that makes probiotic products — supplements containing live bacteria that are meant to support gut health and digestion. Its most well-known product is Protectis, a probiotic drop widely used for babies with colic, and it also sells products for adults and older children. The company licenses its probiotic strains and sells finished products to pharmacies, healthcare providers, and parents in over 100 countries.

BioGaia earns money through two main channels: selling its own branded probiotic products and licensing its patented bacterial strains to other companies that make their own health products. It is headquartered in Stockholm, Sweden, and generates most of its revenue in Europe and Asia. Its core competitive advantage is its proprietary Lactobacillus reuteri bacterial strains, which are protected by patents and backed by a large body of clinical research — but as key patents expire over time, competition from cheaper generic probiotic makers is a growing risk.

Winston Score History

Growth Profile

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Revenue Growth

+1.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-1.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$116M/ year

↓ Declining (-26% vs prior year)

7.5% of revenue

Below sector average (18%)

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

Insider Activity

12.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$872M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

BioGaia AB (publ) is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

71.6%

Premium pricing power — 71.6% gross margin

Operating Margin

27.2%

Excellent — 27.2% operating margin

ROCE

7.2%

Weak — 7.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+8.8%

Steady sales growth (8.8% YoY)

EPS YoY

+7.2%

Modest earnings growth (7.2% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

103%

Turns 103% of profit into real cash

FCF Margin

21.8%

Converts sales into free cash efficiently (21.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

50.45x

Comfortably covers interest (50.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio

35.5x

Pricey — P/E 35.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+5.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (35.5 → 30.5)

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Dividends

Dividend Yield

3.28%

Moderate income — 3.28% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-35.5%

Dividend cut (-35.5% YoY) — warning sign

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