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Monday 9 November 2026
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AC Immune
ACIUAC Immune’s revenue for fiscal 2025 (year ended December 2025) was $4.3 million, down 86.1% from fiscal 2024.
- Revenue
- +152.3%
- EPS
- +36.0%
- Free cash flow
- +4.66%
Quarter to September 2026, against a year earlier
2.23
0.12
+5.69%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 24 | 21 | 7 | 112 | 16 | — | 4 | 16 | 31 | 4 | 7 | (17.2%) | 23 | 109 | 131 | +212.3% | |
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | (7) | (27) | (52) | 46 | (66) | (80) | (74) | (60) | (58) | (85) | (68) | +31.6% | ||||||
| EBT margin, % | (30.57) | (130.39) | (708.25) | 40.93 | (401.28) | 0.00 | (1,797.71) | (366.35) | (186.43) | (1,971.65) | (962.17) | (1,941.1) pt | ||||||
| Net income | (7) | (27) | (52) | 46 | (66) | (80) | (74) | (60) | (58) | (85) | (80) | +31.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.47 | 0.36 | 0.12 | 1.58 | 0.23 | 0.00 | 0.05 | 0.19 | 0.31 | 0.04 | 0.10 | (23.4%) | |||||
| Earnings | (0.14) | (0.47) | (0.84) | 0.64 | (0.92) | (1.06) | (0.89) | (0.71) | (0.58) | (0.84) | (0.73) | +22.0% | ||||||
| Cash flow | (0.11) | (0.39) | (0.73) | 0.79 | (0.88) | (0.96) | (0.92) | (0.79) | 0.75 | (0.83) | 0.00 | +24.6% | ||||||
| Capex | (0.02) | (0.03) | (0.03) | (0.03) | (0.02) | (0.04) | (0.02) | (0.01) | (0.01) | (0.01) | 0.00 | (5.8%) | ||||||
| Free cash flow | (0.13) | (0.43) | (0.76) | 0.76 | (0.91) | (1.00) | (0.94) | (0.80) | 0.74 | (0.84) | 0.00 | +22.8% | ||||||
| Book value | 2.89 | 2.08 | 2.94 | 3.88 | 3.20 | 3.39 | 2.12 | 2.11 | 1.28 | 0.54 | 0.49 | (17.0%) | ||||||
| Shares, m | 50 | 57 | 62 | 71 | 72 | 75 | 84 | 85 | 100 | 101 | 92 | +8.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 37.17 | 0.00 | 0.00 | 12.72 | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.5 | |||||
| P/S | 0.00 | 37.02 | 79.45 | 5.38 | 22.59 | — | 28.75 | 61.84 | 8.66 | 73.36 | 21.29 | 35.2 | ||||||
| P/B | 4.30 | 6.42 | 3.22 | 2.19 | 1.62 | — | 1.04 | 2.22 | 2.11 | 5.84 | 4.52 | 3.2 | ||||||
| EV/Sales | 0.00 | 30.90 | 53.60 | 2.81 | 8.09 | — | 9.13 | 44.36 | 2.69 | 48.34 | 9.06 | 22.2 | ||||||
| EV/FCF | 12.52 | (26.19) | (8.39) | 5.84 | (2.04) | — | (0.75) | (4.18) | 1.13 | (2.46) | (0.76) | (2.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (6) | (22) | (45) | 56 | (63) | (72) | (77) | (67) | 75 | (84) | (82) | +34.7% | |||||
| Capex | (1) | (2) | (2) | (2) | (2) | (3) | (1) | (1) | (1) | (1) | (1) | +1.8% | ||||||
| Free cash flow | (7) | (24) | (47) | 54 | (65) | (75) | (78) | (68) | 74 | (85) | (84) | +32.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 147 | 122 | 184 | 277 | 232 | 200 | 122 | 124 | 81 | 2 | (19) | (36.6%) | |||||
| Net debt | (155) | (126) | (190) | (290) | (241) | (217) | (128) | (115) | (188) | (110) | (91) | (3.7%) | ||||||
| Shareholders’ equity | 145 | 119 | 182 | 274 | 230 | 254 | 177 | 179 | 128 | 54 | 33 | (10.3%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (5.96) | (18.34) | (31.09) | 18.22 | (23.76) | (29.54) | (30.84) | (30.32) | (24.83) | (37.92) | (33.75) | (32.0) pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (146.26) | (95.42) | (58.19) | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | (6.59) | (20.39) | (34.69) | 20.07 | (26.21) | (33.03) | (34.41) | (33.94) | (37.74) | (93.59) | (122.01) | (87.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 67 | 86 | 104 | 132 | 149 | 143 | 156 | 161 | 172 | 122 | — | +6.9% | |||||
| Revenue/emp, $m | 0.35 | 0.24 | 0.07 | 0.85 | 0.11 | 0.00 | 0.03 | 0.10 | 0.18 | 0.04 | — | (22.5%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
AC Immune vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CABA Cabaletta Bio, Inc. | $280.4M | — (loss-making) | — | — | n/m | −35.72% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| ABEO Abeona Therapeutics Inc. | $238.5M | — (loss-making) | — (loss-making) | +225.14% (above 0%: growing) | n/m | +17.11% (above 0%: growing) | 63.30% | (119.97%) | Compare |
| IMRX Immuneering Corporation | $238.3M | — (loss-making) | — (loss-making) | −99.74% (below 0%: shrinking) | n/m | −40.19% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| VNDA Vanda Pharmaceuticals Inc. | $231.0M | — (loss-making) | — (loss-making) | +24.10% (above 0%: growing) | n/m | +9.57% (above 0%: growing) | 94.05% | (33.69%) | Compare |
| ACIU AC Immune | $227.0M | — (loss-making) | — (loss-making) | +152.31% (above 0%: growing) | n/m | +4.66% (above 0%: growing) | 100.00% | (302.13%) | |
| FATE Fate Therapeutics, Inc. | $223.1M | — (loss-making) | — (loss-making) | +9.18% (above 0%: growing) | n/m | +8.96% (above 0%: growing) | 100.00% | (1,495.39%) | Compare |
| GLSI Greenwich LifeSciences, Inc. | $222.7M | — (loss-making) | — | — | n/m | +13.14% (above 0%: growing) | 0.00% | 0.00% | Compare |
| KRRO Korro Bio, Inc. | $202.5M | — (loss-making) | — (loss-making) | −86.28% (below 0%: shrinking) | n/m | +12.07% (above 0%: growing) | 100.00% | 0.00% | Compare |
| SLGL Sol-Gel Technologies Ltd. | $199.8M | — (loss-making) | — (loss-making) | −96.58% (below 0%: shrinking) | n/m | −8.76% (below 0%: shrinking) | 100.00% | (704.23%) | Compare |
| Median of peers | $227.0M | — | — | −38.55% | — | +9.27% | 78.68% | (16.84%) |