Research

Bioporto (One-pager): Strong Partnerships, Clear Milestones, Global Potential

By HC Andersen Capital

Summary

BioPorto reported a 5% increase in NGAL RUO sales in H1 2025, with a notable 22% rise in U.S. sales year-over-year.
The company achieved a significant milestone with the first commercial order for ProNephro AKI from Roche, contributing to their full-year revenue guidance of DKK 45–50m.
We expect sales to be back-end loaded as BioPorto aims for DKK 80-125m in 2026 and DKK +700m by 2029, with cash flow positivity anticipated by the end of 2026.
Partnerships with Roche and Beckman Coulter are crucial, with Beckman FDA approval anticipated in 2026, and further partnerships may be pursued.

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In H1 2025, NGAL RUO sales rose 5%, with U.S. sales up 22% y/y, following a strong 2024 with 34% growth in the U.S. and 24% globally. A key 2025 milestone was the first commercial order for ProNephro AKI from Roche, contributing to full-year revenue guidance of DKK 45–50m. Sales are expected to be back-end loaded, as BioPorto ramps up to its ambitions of DKK 80-125m in 2026 (cash flow positive by end-2026) and DKK +700m (USD +100m) by 2029. Partnerships with Roche and Beckman Coulter remain central, with Beckman FDA approval expected in 2026. Additional partnerships may follow. Enrollment for the adult NGAL cut-off study is in its final phase with FDA submission exp. end-2026.

Disclaimer: HC Andersen Capital receives payment from Bioporto for a Digital IR subscription agreement. /Claus Thestrup 8:46 AM, 03/09/2025.

BioPorto is a Danish in-vitro diagnostics company with headquarters in Copenhagen, Denmark. The company was founded in 2000. BioPorto has one marketed product, the NGAL test, for early diagnosis of acute kidney injury (AKI), which is commercially available in Europe, Canada, Asia, and Israel. It has received breakthrough designation from the FDA for AKI in the pediatric indication, for which it is currently conducting data analysis following the completion of enrollment of patients for its Phase 3 study which will lead to an expected application to FDA. Future plans include further FDA submission for adult indication as well as other markets.