Opening a new thread for an interesting Swedish biotech company that currently appears to be emerging as a potential turnaround case. Let’s start by saying that I am no expert in the field, but I came across the company years ago, on the Avanza forums if I recall correctly, in connection with Genovis, and I have followed the company more or less periodically since then. The company’s development has been quite a rollercoaster, but the performance in 2025 would provide indications of a possible turnaround.
“What does this do?”
Bio-Works’ business concept is to develop, manufacture, and market chromatography resins (WorkBeads™) for the purification of biomolecules. The company helps biotech and pharmaceutical companies implement efficient and sustainable solutions in drug development and production – from laboratory scale to commercial bioprocessing.
The company’s product portfolio focuses particularly on affinity chromatography and the rapidly growing purification of oligonucleotides (such as RNA-based drugs). The solutions help customers remove production bottlenecks and improve final product quality. Production and R&D are located in Uppsala, and sales are conducted globally through both direct sales and distributors in Europe, North America, and Asia (most recently a strategic partnership in South Korea).
The recently published 2025 financial statement report (Q4) showed that the company appears to be making a strong commercial breakthrough.
A few highlights from the report:
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Order intake 2025: A massive 94.5 MSEK (growth of 244% compared to 27.5 MSEK in 2024).
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Revenue Q4: 23.7 MSEK (compared to 2.6 MSEK in the prior-year period). Full-year revenue more than doubled to 62.5 million SEK.
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Scalability: Despite the massive revenue growth, personnel and external costs for the full year grew by only 1.6%.
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Profitability: The Q4 operating result (-0.9 MSEK) was already nearing break-even.
Of course, there are risks. The company’s operating cash flow is still negative, and the cash position is approximately 35 MSEK. Additionally, in biotech, sales can historically be very “lumpy” between quarters. It remains to be seen whether 2025 was just an exception in this regard.
Hopefully, there are others here who understand pharmaceutical supply chains or the numbers better and have time to dissect the case.