BioArctic AB Series B vs Suzhou Zelgen Biopharmaceuticals: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

BioArctic AB Series B (0RV2.LSE)

Q3 202622 Jun – 26 Aug 2026

▲3

Lilly deal, Leqembi at-home approval and 43% royalty growth lift BioArctic

Lilly BrainTransporter deal brings $30M upfront and up to $770M milestones BioArctic signed a research deal with Eli Lilly combining its BrainTransporter brain-delivery technology with a Lilly neurodegeneration drug. It gets $30 million cash now and could receive up to $770 million more if milestones are met, plus royalties on future sales. This is the fourth such partnership, showing the technology is valued by big drugmakers.
New cash and validation of the BrainTransporter platform directly improve BioArctic's finances and future earnings potential.
FDA approves at-home Leqembi autoinjector as starting dose US regulators approved a once-weekly under-the-skin Leqembi injection, given at home with an autoinjector, as a starting treatment for early Alzheimer's. Patients no longer need clinic infusions to begin therapy. Easier use should widen the number of patients who start and stay on the drug, lifting BioArctic's royalties.
Broader and simpler access to Leqembi is the main long-term driver of BioArctic's royalty income.
Leqembi royalties up about 43% excluding one-off China stockpiling Leqembi global sales were 29.3 billion yen in Q2 2026, paying BioArctic 179 million Swedish kronor in royalties. That is about 10% higher than a year earlier, but last year included a one-time China stockpiling boost; stripping that out, royalties grew roughly 43%. Underlying demand for the drug is clearly rising.
Royalty income is BioArctic's recurring revenue base, so its underlying growth rate is central to the investment case.
Q2 results show growing royalties but still a small operating loss BioArctic's Q2 revenue was 247.5 million kronor, mostly Leqembi royalties, but it still posted a small operating loss of 6.5 million kronor and a loss per share of 0.13 kronor. It also began an oncology collaboration with Mesenkia on a glioblastoma antibody treatment. Cash from Lilly and rising royalties fund research, but profits have not yet arrived.
It shows the real counterweight: strong deal and royalty momentum, yet the company is not yet profitable.

July 202622 Jun – 26 Aug 2026

▲3

Lilly deal, Leqembi at-home approval and 43% royalty growth lift BioArctic

Lilly BrainTransporter deal brings $30M upfront and up to $770M milestones BioArctic signed a research deal with Eli Lilly combining its BrainTransporter brain-delivery technology with a Lilly neurodegeneration drug. It gets $30 million cash now and could receive up to $770 million more if milestones are met, plus royalties on future sales. This is the fourth such partnership, showing the technology is valued by big drugmakers.
New cash and validation of the BrainTransporter platform directly improve BioArctic's finances and future earnings potential.
FDA approves at-home Leqembi autoinjector as starting dose US regulators approved a once-weekly under-the-skin Leqembi injection, given at home with an autoinjector, as a starting treatment for early Alzheimer's. Patients no longer need clinic infusions to begin therapy. Easier use should widen the number of patients who start and stay on the drug, lifting BioArctic's royalties.
Broader and simpler access to Leqembi is the main long-term driver of BioArctic's royalty income.
Leqembi royalties up about 43% excluding one-off China stockpiling Leqembi global sales were 29.3 billion yen in Q2 2026, paying BioArctic 179 million Swedish kronor in royalties. That is about 10% higher than a year earlier, but last year included a one-time China stockpiling boost; stripping that out, royalties grew roughly 43%. Underlying demand for the drug is clearly rising.
Royalty income is BioArctic's recurring revenue base, so its underlying growth rate is central to the investment case.
Q2 results show growing royalties but still a small operating loss BioArctic's Q2 revenue was 247.5 million kronor, mostly Leqembi royalties, but it still posted a small operating loss of 6.5 million kronor and a loss per share of 0.13 kronor. It also began an oncology collaboration with Mesenkia on a glioblastoma antibody treatment. Cash from Lilly and rising royalties fund research, but profits have not yet arrived.
It shows the real counterweight: strong deal and royalty momentum, yet the company is not yet profitable.

Latest22 Jun – 26 Aug 2026

▲3

Lilly deal, Leqembi at-home approval and 43% royalty growth lift BioArctic

Lilly BrainTransporter deal brings $30M upfront and up to $770M milestones BioArctic signed a research deal with Eli Lilly combining its BrainTransporter brain-delivery technology with a Lilly neurodegeneration drug. It gets $30 million cash now and could receive up to $770 million more if milestones are met, plus royalties on future sales. This is the fourth such partnership, showing the technology is valued by big drugmakers.
New cash and validation of the BrainTransporter platform directly improve BioArctic's finances and future earnings potential.
FDA approves at-home Leqembi autoinjector as starting dose US regulators approved a once-weekly under-the-skin Leqembi injection, given at home with an autoinjector, as a starting treatment for early Alzheimer's. Patients no longer need clinic infusions to begin therapy. Easier use should widen the number of patients who start and stay on the drug, lifting BioArctic's royalties.
Broader and simpler access to Leqembi is the main long-term driver of BioArctic's royalty income.
Leqembi royalties up about 43% excluding one-off China stockpiling Leqembi global sales were 29.3 billion yen in Q2 2026, paying BioArctic 179 million Swedish kronor in royalties. That is about 10% higher than a year earlier, but last year included a one-time China stockpiling boost; stripping that out, royalties grew roughly 43%. Underlying demand for the drug is clearly rising.
Royalty income is BioArctic's recurring revenue base, so its underlying growth rate is central to the investment case.
Q2 results show growing royalties but still a small operating loss BioArctic's Q2 revenue was 247.5 million kronor, mostly Leqembi royalties, but it still posted a small operating loss of 6.5 million kronor and a loss per share of 0.13 kronor. It also began an oncology collaboration with Mesenkia on a glioblastoma antibody treatment. Cash from Lilly and rising royalties fund research, but profits have not yet arrived.
It shows the real counterweight: strong deal and royalty momentum, yet the company is not yet profitable.

Suzhou Zelgen Biopharmaceuticals Co Ltd (688266.CG)

Q3 202621 Jul – 21 Sep 2026

▲4

Zelgen turns profitable, lands AbbVie deal and new drug filings

First-ever half-year profit on 1.2 billion yuan revenue Zelgen reported about 640 million yuan first-half net profit, its first half-year profit ever, on revenue up 220.88% to 1.205 billion yuan. Most came from licensing payments, but product sales also rose 44.3% as insurance-covered drugs sold more. Profitability supports the share price.
The profit turnaround is the core fundamental change behind the stock's re-rating.
AbbVie overseas licensing partnership Zelgen signed a strategic partnership with global drugmaker AbbVie for overseas licensing of its products. A big foreign partner can bring cash, validation and access to overseas markets, which raises expectations for future revenue and supports the stock.
A major global partnership is a new growth catalyst that directly lifts investor expectations.
New indication filing accepted by NMPA China's drug regulator accepted Zelgen's marketing application for a new use of injectable human thyrotropin beta (Zesuning), for thyroid cancer patients after surgery. Acceptance moves the product closer to approval, adding a future sales stream and helping the stock.
Regulatory progress on an existing product is a concrete new pipeline milestone.
Fund buying and friendlier innovative-drug rules Star manager Zhu Shaoxing's fund added Zelgen to its top ten holdings, a sign of rising institutional demand. Separately, the NMPA is strengthening pre-guidance and market exclusivity for innovative drugs, and Zelgen rose with a sector ETF. Both support the price.
Institutional buying and supportive regulation are fresh demand and policy tailwinds.

August 202621 Jul – 21 Sep 2026

▲4

Zelgen turns profitable, lands AbbVie deal and new drug filings

First-ever half-year profit on 1.2 billion yuan revenue Zelgen reported about 640 million yuan first-half net profit, its first half-year profit ever, on revenue up 220.88% to 1.205 billion yuan. Most came from licensing payments, but product sales also rose 44.3% as insurance-covered drugs sold more. Profitability supports the share price.
The profit turnaround is the core fundamental change behind the stock's re-rating.
AbbVie overseas licensing partnership Zelgen signed a strategic partnership with global drugmaker AbbVie for overseas licensing of its products. A big foreign partner can bring cash, validation and access to overseas markets, which raises expectations for future revenue and supports the stock.
A major global partnership is a new growth catalyst that directly lifts investor expectations.
New indication filing accepted by NMPA China's drug regulator accepted Zelgen's marketing application for a new use of injectable human thyrotropin beta (Zesuning), for thyroid cancer patients after surgery. Acceptance moves the product closer to approval, adding a future sales stream and helping the stock.
Regulatory progress on an existing product is a concrete new pipeline milestone.
Fund buying and friendlier innovative-drug rules Star manager Zhu Shaoxing's fund added Zelgen to its top ten holdings, a sign of rising institutional demand. Separately, the NMPA is strengthening pre-guidance and market exclusivity for innovative drugs, and Zelgen rose with a sector ETF. Both support the price.
Institutional buying and supportive regulation are fresh demand and policy tailwinds.

Latest21 Jul – 21 Sep 2026

▲4

Zelgen turns profitable, lands AbbVie deal and new drug filings

First-ever half-year profit on 1.2 billion yuan revenue Zelgen reported about 640 million yuan first-half net profit, its first half-year profit ever, on revenue up 220.88% to 1.205 billion yuan. Most came from licensing payments, but product sales also rose 44.3% as insurance-covered drugs sold more. Profitability supports the share price.
The profit turnaround is the core fundamental change behind the stock's re-rating.
AbbVie overseas licensing partnership Zelgen signed a strategic partnership with global drugmaker AbbVie for overseas licensing of its products. A big foreign partner can bring cash, validation and access to overseas markets, which raises expectations for future revenue and supports the stock.
A major global partnership is a new growth catalyst that directly lifts investor expectations.
New indication filing accepted by NMPA China's drug regulator accepted Zelgen's marketing application for a new use of injectable human thyrotropin beta (Zesuning), for thyroid cancer patients after surgery. Acceptance moves the product closer to approval, adding a future sales stream and helping the stock.
Regulatory progress on an existing product is a concrete new pipeline milestone.
Fund buying and friendlier innovative-drug rules Star manager Zhu Shaoxing's fund added Zelgen to its top ten holdings, a sign of rising institutional demand. Separately, the NMPA is strengthening pre-guidance and market exclusivity for innovative drugs, and Zelgen rose with a sector ETF. Both support the price.
Institutional buying and supportive regulation are fresh demand and policy tailwinds.