Santhera nears cash break-even as AGAMREE gains traction, Edison says

What Brokers Say Health Written by: Ian Lyall 15:04 Tue 18 Aug 2026 --> Proactive has a commercial relationship with Santhera Pharmaceuticals. This article was produced independently under Proactive's Editorial Standards Policy . Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Santhera Pharmaceuticals ( SIX:SANN OTC:SPHDF ) View Price & Profile Santhera nears cash break-even as AGAMREE gains traction, Edison says Published: 15:04 18 Aug 2026 BST Santhera Pharmaceuticals (SIX:SANN, OTC:SPHDF, FRA:S3F0) , the Swiss rare-disease drugmaker, is closing in on a financial turning point, according to research house Edison. In a QuickView note published on Tuesday, analysts Jyoti Prakash and Arron Aatkar said the company was on track to reach cash flow break-even in the third quarter, completing its shift into a self-funded business. Edison does not attach a formal rating or price target to its QuickView notes, which lean on consensus estimates. The investment case rests on AGAMREE, known generically as vamorolone, the first dissociative corticosteroid approved for Duchenne muscular dystrophy (DMD), a rare and progressive muscle-wasting condition. The drug has captured about 40% of corticosteroid-treated DMD patients in Germany and roughly 50% in Austria, with UK adoption tracking Germany's early trajectory. Unlike conventional steroids, AGAMREE is designed to preserve anti-inflammatory efficacy while limiting the side effects of long-term use. Edison pointed to data showing about 80% fewer vertebral fractures than deflazacort, a widely used alternative, as evidence of its differentiated profile. Planned launches in Spain and Italy during the second half of 2026 should provide the next growth catalyst. The analysts also flagged Santhera's hybrid commercial model, which pairs direct selling across Europe with regional licensing deals. Those partnerships include Catalyst in North America, Sperogenix in China and Nxera in Japan and the wider Asia-Pacific region. The approach lets Santhera keep the full economics of its core European markets while collecting milestone and royalty income elsewhere. A $40 million upfront payment from the January 2026 Nxera agreement underpins the path to break-even without further financing. Management is guiding to revenue of CHF80 million to CHF90 million for the 2026 financial year, and has set a €150 million revenue ambition for 2028. The forecasts follow a strong 2025, when revenue rose 97% to CHF77.2 million, comfortably ahead of guidance, though the company still posted a pre-tax loss of CHF49.1 million. Edison named the key risks as reliance on a single product, dependence on partners for international growth, and continued exposure to reimbursement decisions. The shares stood at CHF15.90, valuing the group at CHF252 million. Continue reading