Estados financieros detallados de Biohaven Ltd. (BHVN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | $4.1M |
| Beneficio Bruto | 0 | 0 | 0 | 0 | 0 | 0 | -$4.1M |
| I+D | $344.7M | $98.5M | $181.5M | $437.1M | $373.3M | $795.9M | $635.1M |
| Generales y Administrativos | $134.4M | $16.0M | $37.4M | $130.9M | $62.8M | $89.2M | $106.2M |
| Gastos Operativos | $479.1M | $114.5M | $218.9M | $567.9M | $436.1M | $885.1M | $741.2M |
| Beneficio Operativo | -$479.1M | -$114.5M | -$218.9M | -$567.9M | -$436.1M | -$885.1M | -$745.4M |
| EBITDA | -$479.1M | -$114.4M | -$211.0M | -$568.5M | -$402.6M | -$837.8M | -$727.5M |
| Gastos por Intereses | -$12.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$528.4M | -$118.7M | -$212.4M | -$569.8M | -$409.6M | -$845.7M | -$737.4M |
| Impuestos | $419000 | 0 | $1.4M | $438000 | -$1.4M | $735000 | $1.4M |
| Beneficio Neto | -$528.8M | -$118.7M | -$213.8M | -$570.3M | -$408.2M | -$846.4M | -$738.8M |
| BPA | $-10.91 | $-3.31 | $-5.97 | $-12.75 | $-5.73 | $-9.28 | $-6.86 |
| BPA Diluido | $-10.91 | $-3.31 | $-5.97 | $-12.75 | $-5.73 | $-9.28 | $-6.86 |
| Acciones en Circulación (Diluidas) | $48.5M | $35.8M | $35.8M | $44.7M | $71.2M | $91.2M | $107.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$1.1M | -$960000 | 0 | 0 |
| Beneficio Operativo | -$169.4M | -$142.7M | -$130.4M | -$124.9M |
| EBITDA | -$172.1M | -$142.6M | -$127.9M | -$132.3M |
| Beneficio Neto | -$173.4M | -$145.6M | -$130.5M | -$137.3M |
| BPA | $-1.64 | $-1.21 | $-0.88 | $-0.91 |
| BPA Diluido | $-1.64 | $-1.21 | $-0.88 | $-0.91 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $131.5M | $264.2M | $316.7M | $82.5M | $76.1M | $204.9M | $248.4M | $99.1M | $230.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | $260.5M | $133.4M | $386.9M | $89.2M |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | $9.9M | $46.1M | $13.3M | $2.6M | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $136.7M | $272.3M | $328.3M | $89.8M | $94.8M | $587.0M | $442.4M | $538.5M | $368.3M |
| Inmovilizado Material | $2.3M | $6.2M | $8.2M | $13.6M | $18.2M | $52.4M | $48.6M | $53.7M | $16.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Activos Intangibles | 0 | 0 | 0 | 0 | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M |
| Activos Totales | $146.9M | $290.0M | $344.3M | $111.5M | $142.1M | $661.8M | $513.2M | $615.1M | $451.4M |
| Cuentas por Pagar | $4.7M | $10.8M | $14.1M | $2.8M | $4.8M | $10.7M | $15.6M | $18.0M | $11.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $9.4M | $19.5M | $66.2M | $29.9M | $41.9M | $90.0M | $55.4M | $154.2M | $115.9M |
| Deuda a Largo | 0 | $117.5M | 0 | 0 | 0 | 0 | 0 | 0 | $238.9M |
| Pasivos Totales | $14.9M | $139.1M | $351.7M | $34.7M | $47.4M | $123.0M | $85.2M | $191.7M | $399.4M |
| Reservas | -$202.6M | -$443.6M | -$972.4M | 0 | 0 | -$91.1M | -$499.3M | -$1.35B | -$2.08B |
| Patrimonio Neto | $132.0M | $150.9M | -$7.4M | $16.8M | $34.7M | $538.8M | $428.0M | $423.4M | $52.1M |
| Deuda Total | 0 | $117.5M | 0 | $3.6M | $2.8M | $33.6M | $30.9M | $36.6M | $284.6M |
| Deuda Neta | -$131.5M | -$146.7M | -$316.7M | -$78.9M | -$73.3M | -$431.7M | -$350.9M | -$449.4M | -$34.5M |
| Capital Circulante | $127.2M | $252.8M | $262.1M | $59.9M | $52.9M | $496.9M | $387.0M | $384.2M | $252.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $184.8M | $230.0M | $273.1M | $238.0M |
| Activos Totales | $409.1M | $451.4M | $466.4M | $370.7M |
| Pasivos Totales | $426.3M | $399.4M | $336.9M | $358.5M |
| Patrimonio Neto | -$17.2M | $52.1M | $129.5M | $12.2M |
| Deuda Total | $314.2M | $284.6M | $286.2M | $297.0M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$127.2M | -$240.9M | -$528.8M | -$118.7M | -$213.8M | -$570.3M | -$408.2M | -$846.4M | -$738.8M |
| Amortizaciones | 0 | 0 | 0 | $72000 | $1.4M | $1.4M | $6.9M | $7.9M | $9.9M |
| Compensación en Acciones | $13.2M | $16.9M | $55.0M | $29.5M | $65.6M | $193.6M | $28.8M | $72.0M | $112.4M |
| Cambio en Capital Circulante | $4.0M | $5.4M | $3.3M | $9.0M | $1.7M | -$28.6M | $24.6M | $16.8M | $1.4M |
| Flujo de Caja Operativo | -$94.8M | -$197.1M | -$377.3M | -$76.0M | -$145.8M | -$297.7M | -$331.7M | -$582.5M | -$609.4M |
| Inversiones (CapEx) | -$541000 | -$4.2M | -$2.5M | -$2.7M | -$938000 | -$41.1M | -$3.0M | -$4.0M | -$715000 |
| Adquisiciones | 0 | 0 | 0 | 0 | $1.9M | 0 | 0 | $391000 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$95.4M | -$201.3M | -$379.9M | -$78.7M | -$146.8M | -$338.8M | -$334.8M | -$586.5M | -$610.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$145.7M | -$130.7M | -$149.9M | -$85.1M |
| Inversiones (CapEx) | -$13000 | -$8000 | 0 | -$454000 |
| Flujo de Caja Libre | -$145.7M | -$130.7M | -$149.9M | -$85.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $21.5M | $17.0M | $28.3M | $19.2M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | +77.6% | -80.2% | -166.7% | +28.4% | -107.4% | +12.7% |
| Crecimiento BPA (anual) | | +69.7% | -80.4% | -113.6% | +55.1% | -62.0% | +26.1% |
| Cambio en Acciones (anual) | | -26.1% | +0.0% | +24.9% | +59.1% | +28.1% | +18.0% |
| Crecimiento FCF (anual) | | -111.1% | -88.7% | +79.3% | -86.6% | -130.8% | +1.2% | -75.2% | -4.0% |
| Tasa Impositiva Efectiva | -0.1% | -0.0% | -0.6% | -0.1% | 0.3% | -0.1% | -0.2% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-7.83 | $-2.20 | $-4.10 | $-7.57 | $-4.70 | $-6.43 | $-5.67 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $48.5M | $35.8M | $35.8M | $44.7M | $71.2M | $91.2M | $107.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 24.30 |
| Ratio corriente | 4.73 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 0.00 | -0.67 | -2.21 | -1.22 | -1.09 | -7.47 | -4.02 | -1.65 |
| P/VC | 0.00 | 0.00 | -47.68 | 15.58 | 7.54 | 1.15 | 7.12 | 8.05 | 23.33 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |