ERMANasdaq StockholmDrug Manufacturers - Specialty & GenericIFRS · SEK

Enorama Pharma

Enorama Pharma is a Swedish pharmaceutical company focused on developing, manufacturing, and commercializing oral nicotine products. Its business centers on tobacco-free white nicotine pouches and nicotine replacement therapy products, sold under the NIC-S® brand and through private-label arrangements, with operations anchored in Sweden and a wholly owned U.S. subsidiary in Florida.

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Revenue15.8m SEK
+1,061.1 %y/y
Operating profit (EBIT)-47.5m SEK
−12.8 %y/y
EBIT margin-301.3%
+2,800.8 ppy/y
Net income-43.8m SEK
+1.8 %y/y

Fiscal year 2024 · change from previous year

Development 2020–2024

-60-40-20020m SEK2020: 0.00 m SEK20202021: 0.01 m SEK20212022: 11 m SEK2022: EBIT -27 m SEK20222023: 1.4 m SEK2023: EBIT -42 m SEK20232024: 16 m SEK2024: EBIT -48 m SEK202416-48
RevenueOperating profit (EBIT)
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Business

Share of revenue
Tobacco-free white nicotine pouches70 %

Oral nicotine pouch products sold under NIC-S® and private-label formats.

Licensing and other product-related income10 %

License fees and related income tied to product commercialization and agreements.

Nicotine replacement therapy (NRT)15 %

Medical nicotine gum and related cessation products.

Product development and formulation services5 %

Development work, formulations, and commercialization support for nicotine products.

Customers

Enorama sells primarily B2B to distributors, retail partners, and brand owners that want oral nicotine products under their own label or under NIC-S®. The company also serves customers in the nicotine replacement therapy channel, where buyers seek regulated cessation products rather than consumer lifestyle products. Its U.S. focus makes American distributors and retail channels especially important to commercialization.

U.S. distributors and retail channel partners

They buy nicotine pouches for resale in the U.S. market and matter because U.S. commercialization is the strategic priority.

Private-label brand owners

They source nicotine pouch products under their own branding, using Enorama's formulation and manufacturing platform.

NIC-S® consumers through channel partners

End demand for the company's own brand, typically accessed through distributors and retail partners.

NRT channel buyers

They purchase nicotine gum and related cessation products for regulated pharmacy or consumer health channels.

Licensing and collaboration partners

They pay for access to formulations, product rights, or commercialization arrangements.

Strategy

Enorama's strategy is to concentrate on tobacco-free white nicotine pouches, with NIC-S® as the core brand and private-label production as a second route to market. The company is building around U.S. commercialization, strategic partnerships, and regulatory progress under the PMTA process, because market access is central to scaling the business. It also seeks to broaden product reach through formulation development, licensing, and channel relationships.

U.S. market access and commercializationShort term

The U.S. is the most important market for nicotine pouches, so regulatory clearance and distribution access drive scale.

Grow NIC-S® and private-label pouch salesMedium term

A proprietary brand and private-label model create two commercialization paths and reduce dependence on a single route to market.

Broaden product and partnership platformMedium term

Partnerships and formulation development support market entry, manufacturing scale, and customer-specific offerings.

Geography

Enorama is headquartered in Sweden, with product development activity tied to Malmö and a smaller office in Stockholm. The company also has a wholly owned subsidiary in Florida, which supports its U.S. commercialization efforts; the U.S. is the most important market for its nicotine pouch business. The geographic footprint matters because regulatory approval, distribution access, and market adoption are all especially important in the United States.

Risks

The main company-specific risk is regulatory dependence in the U.S., where nicotine pouch sales rely on PMTA-related approvals and ongoing FDA compliance. Enorama also faces financing, going-concern, and related-party funding risk typical of small commercialization-stage biotech/pharma companies, alongside execution risk in building distribution, supply chain, and brand adoption. More broadly, the business is exposed to competition, changing nicotine regulation, and customer concentration in a narrow product category.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →PMTA and FDA regulatory risk1Customer and channel concentration2Regulatory and competitive market risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. PMTA and FDA regulatory riskImpact: CriticalLikelihood: High

    U.S. nicotine pouch sales depend on regulatory acceptance and continued compliance with FDA requirements.

    Exposure: U.S. nicotine pouch business

  2. Customer and channel concentrationImpact: HighLikelihood: Medium

    Commercialization depends on a limited number of distributors, retail partners, and private-label relationships.

    Exposure: NIC-S® and private-label sales

  3. Financing and liquidity dependenceImpact: High

    The company has relied on shareholder and related-party funding to support operations and product development.

    Exposure: Corporate funding and subsidiary support

  4. Regulatory and competitive market riskImpact: MediumLikelihood: High

    Nicotine products face changing rules, marketing constraints, and strong competition from established players.

    Exposure: Global oral nicotine market

  5. Supply-chain and manufacturing executionImpact: Medium

    The business relies on external partners and a flexible production network to deliver products consistently.

    Exposure: Product manufacturing and fulfillment

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Accounting

Judgemental items
Revenue recognition for product, private-label, and license income

Different contract types may trigger revenue at shipment, delivery, or contract milestones.

Impact: Affects quarterly comparability and reported top-line mix

Capitalized development and intangible asset impairment

Product development costs and acquired/intangible rights require judgment on future benefit.

Impact: Can materially change asset values and amortization expense

Related-party transactions and owner financing

The company has disclosed loans, bridge financing, and services from related parties.

Impact: Affects financing costs, disclosures, and governance scrutiny

Intercompany loans and foreign exchange

Funding the U.S. subsidiary creates translation and recoverability considerations.

Impact: Can affect financial income/expense and balance-sheet carrying values

Deferred tax assets on loss carryforwards

Tax assets depend on future taxable profits, which may be uncertain for a development-stage company.

Impact: Can materially affect equity and tax expense

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Last updated: 24/09/2026