Marinomed Biotech AG: First Berlin Equity Reiterates Buy Rating

First Berlin Equity Research has reaffirmed its Buy recommendation for Marinomed Biotech AG, maintaining the target price at EUR 50. This follows Marinomed's release of its H1 financial results, which closely matched expectations. Sales nearly tripled year-on-year to EUR 7.2 million, largely due to a EUR 5 million upfront payment from the sale of Marinomed's Carragelose business. EBITDA stood at EUR 21.1 million, benefiting from an EUR 18.9 million non-cash restructuring gain. Adjusted for this, Marinomed reported a positive AEBITDA of EUR 2.2 million, a significant improvement from a negative EUR 3.0 million in H1 2024.

To strengthen liquidity, Marinomed announced a EUR 1.1 million capital increase and will issue a EUR 2.5 million convertible bond following unanimous shareholder approval. These actions reinforce its position in negotiations for licensing its Budesolv compound, signaling potential licensing deals in the near future. Despite changes in the financial landscape, there remains an upside potential of 151% according to the updated DCF model.