The drug is leaving the index this Monday after underperforming expectations, making room for Logista, a longtime player reinvented for the Amazon era to stay competitive.
PharmaMar and Logista headline a key market move in Spain as this week closes. The drug exits the Ibex 35 on Monday while Logista, a logistics specialist, remains publicly listed and climbs to a higher tier among listed companies. This adjustment temporarily reshapes the Madrid Stock Exchange into a purer Ibex 34, since Siemens Gamesa also departs this week following Siemens Energy’s takeover bid to merge the two businesses.
Logista’s ascent contrasts with PharmaMar’s departure. PharmaMar had been among Spain’s most valuable listed firms for a bit over two years, having entered the index in September 2020 in place of Ence. “This was the moment of an announced exit,” notes Darío García, capturing the sentiment in literary terms. In recent reviews by the Technical Advisory Committee, the index director had signaled potential expulsion for PharmaMar, but it was clear that PharmaMar held the strongest votes at year’s end. The company would leave the selective index, García adds.
PharmaMar’s market capitalization stands at about 1.2 billion euros, which fails to meet a principal technical criterion that requires hovering above 0.30 of the index’s average market value. The stock trades around 65 euros.
“Investors were unconvinced by the company’s arguments,” García explains, referring to the delay in drug Aplidin. This treatment, touted as a potential option against COVID-19 for elderly patients, has its trial pushed back to late 2023. Investors may be willing to wait, according to an XTB analyst.
Additionally, the pandemic’s noticeable decline, aided by vaccines, has reduced hospital admissions, limiting the number of patients available for ongoing trials. García highlights this challenge as a factor in the decision process.
At the request of PharmaMar, the company chose not to comment on its status or on Ibex 35 changes. As a listed firm, it does not comment on Technical Committee decisions, share prices, market values or trends. Even without a place on the main selector, PharmaMar will continue to trade on the market, according to company sources.
Paradoxically, PharmaMar exits Ibex while remaining one of only three pharmaceutical stocks—alongside Rovi and Grifols—that avoided stock market declines. In fact, PharmaMar’s shares have risen nearly 20% this year. The company also earned 9.5 million euros from Janssen for transferring the U.S. license of the cancer drug Yondelis, which is used in more than 70 countries to treat soft tissue sarcoma and, in some places, ovarian cancer.
For the period to September, PharmaMar reported a net profit of 48 million euros, with turnover aided by oncology rights but still lower than the previous year’s figure. Yondelis sales reached 52.2 million euros during the period.
The end of the pandemic era prompted PharmaMar to sharpen its oncology focus. A notable move was the sale of its diagnostic subsidiary Genómica, a transaction disclosed to the CNMV last September. The group had previously exited the chemical sector with the 2018 sale of Xylazel.
Traditional business adapting to modern times
Logista is a company with a market capitalization around 3.132 billion euros and annual revenue near 153 million euros. Founded in 1999 for parcel delivery, Logista is renowned for its traditional approach that has successfully adapted to evolving markets. Its well-developed facilities in Spain underpin a robust network. As noted by XTB analyst Darío García, North American distribution giant Amazon relies on Logista’s warehouses to distribute its products within Europe and beyond.
Logista has cleared a key technical hurdle by meeting the threshold that exceeds 0.30% of Ibex 35’s average market capitalization. The company is positioned to become the first in its sector to join Spain’s elective index. Its shares trade around 23 euros, with a year-to-date gain approaching 43%. For the upcoming fiscal period, Logista forecasts a semiannual dividend of 0.95 euros per share for the first half of the year, representing roughly a 14.5% increase.
Logista has traded on the market since 2014, marking a return after a five-year absence on the floor. It previously listed in 2000–2008, and upon delisting carried a value near 2.3 billion euros.