First Berlin Equity Research on 30.06.2025 initiated coverage on Marinomed Biotech AG (ISIN: ATMARINOMED6). Analyst Alexander Rihane placed a BUY rating on the stock, with a EUR 50.00 price target.

Abstract
Marinomed Biotech AG is an Austrian biotech company which enhances established drugs by improving the solubility of their active ingredients (APIs). Its patented Marinosolv(R) platform boosts the bioavailability of poorly soluble compounds, especially for inflammatory and respiratory diseases. Following successful financial and operational restructuring in H2/24 and early 2025, Marinomed is now pursuing a dual business model: (1) development of proprietary, Marinosolv-enhanced versions of proven molecules for out-licensing (e.g. Budesolv for allergic rhinitis, Tacrosolv for dry eye disease), and (2) Solv4U, a fee-based service offering API solubilisation for external partners. The company’s lead candidate, Budesolv, is an enhanced version of the corticosteroid budesonide nasal spray. Key advantages include faster symptom relief and a preservative-free formulation-meaningful upgrades in a mature, largely genericised market. While not revolutionary, these improvements mark real progress in a category lacking recent innovation. Following positive phase 3 results, Budesolv has already been licensed to a pharmaceutical partner in Switzerland, with dossier submission aimed for Q1/26 and regulatory approval from regulator Swissmedic expected in H1/27. We believe Marinomed’s turnaround marks an inflection point. Multiple near-term catalysts – especially Budesolv licensing deals and filings – support substantial upside from current depressed valuation levels. Based on our SOTP valuation model, we initiate coverage with a Buy rating and a price target of €50 (upside: 156%).