What Iconovo does

Iconovo AB (publ) is a Swedish pharmaceutical technology company founded in 2013 and headquartered at Ideon Science Park in Lund. The company develops proprietary dry powder inhaler (DPI) platforms and integrated dry powder formulation capabilities for delivering respiratory and biologic medicines. Iconovo's product portfolio comprises five patented inhaler platforms: ICOcap (capsule-based, off-the-shelf via Stevanato), ICOpre (pre-metered multi-dose, Open-Inhale-Close operation, positioned as a generic substitute for GSK's Ellipta), ICOres (multi-dose reservoir with dual reservoirs and patient feedback, positioned for generic Symbicort Turbuhaler substitution), ICOone (single-dose disposable with ultra-low manufacturing cost, designed for biologics and vaccines), and ICOone Nasal (single-dose nasal DPI). Capabilities extend across pre-formulation, spray-dried formulation development (including biologics and large molecules), analytical services using cascade impaction and anatomical throat/nasal models, and clinical trial material manufacturing, all under an ISO 13485 and FDA QSR-aligned quality management system.

Iconovo's business model is B2B and asset-light. Revenue is generated through upfront payments when pharmaceutical partners license an inhaler platform, milestone payments during development (proof of concept, regulatory submissions, clinical phases), and royalty income once partnered products reach market. For interchangeable generic products, Iconovo licenses ex-Nordic rights to partners (e.g., Amneal for ICOres in the US and Europe; Intas for ICOres ex-Nordic; BNC Korea for ICOcap-based Ultibro Breezhaler generic in Asia) and retains Nordic direct sales rights through its wholly owned subsidiary Iconovo Pharma. For novel drug programs, Iconovo collaborates with biotech and academic partners (Monash University for oxytocin in postpartum hemorrhage, ISR for an inhaled COVID-19 vaccine, Kiox Pharma for interstitial lung disease) and entered a strategic collaboration with Lonza in June 2026 to develop spray-dried formulations for biologics and vaccines.

The company has been listed on Nasdaq First North Growth Market under ticker ICO since May 2018. As of Q1 2026, Iconovo operated with 12.3 average FTEs (down from 26.5 in Q1 2025 following a corporate reorganization) and reported Q1 2026 net sales of TSEK 675 against an FY2025 figure of TSEK 1,105. The board raised approximately SEK 49.6 million in Q1 2026 through a directed issue to principal owners Färna Invest AB and FSG Fund II AB and a rights issue to existing shareholders, securing at least 12 months of operational runway. Anders Månsson was appointed permanent CEO in April 2026 after serving as interim CEO since October 2025. First commercial product launch (Amneal/ICOres generic Symbicort) is targeted as early as 2029.

Name

Iconovo

Legal name

Iconovo AB (publ)

Website

https://iconovo.se

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Iconovo AB develops proprietary dry powder inhaler platforms (ICOcap, ICOpre, ICOres, ICOone, ICOone Nasal) and formulation services for pharmaceutical partners developing generic respiratory drugs and inhaled biologics, generating revenue through licensing, milestones, and royalties.

Ownership category

akta.pro rank

Product category

Inhalation Drug Delivery Devices

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Surgical & Medical Instruments & Apparatus (3841), Pharmaceutical Preparations (2834)

akta.pro primary industry

Inhalers (MDI/DPI/SMI) (HLAHAIAI)

akta.pro secondary industries

Respiratory & Allergy Pharmaceuticals (HLAIAAAH), Nasal Drug Delivery Devices (Sprays/Powder Devices) (HLAHAIAK)

Keywords

• Dry powder inhalers
• Inhalation drug delivery
• Generic respiratory therapeutics
• Inhaled biologics formulation
• Pharmaceutical device development

Headquarters

HQ city

Lund

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Upfront Payments: Payments received when pharmaceutical partners gain access to Iconovo's technology platforms and inhaler devices. These are one-time fees at the commencement of partnership agreements.
2. Milestone Payments: Payments triggered at specific development milestones during the product development phase (e.g., proof of concept, regulatory submissions, clinical trial phases). Revenue recognition occurs as milestones are achieved during development collaboration.
3. Royalty Income: Ongoing royalties based on product sales once partnered products reach market. This represents the long-term recurring revenue component of the business model, following upfront and milestone phases.
4. Nordic Direct Sales (Generics): For interchangeable generic products, Iconovo retains rights for direct sales in the Nordics as well as the mandate to manufacture and supply the inhalers. This provides a practical and economic solution for partners while providing a source of continuous income for Iconovo through direct pharmaceutical product sales in Nordic markets.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Iconovo develops and licenses proprietary dry powder inhaler (DPI) platforms combined with integrated dry powder formulation development for pharmaceutical partners. Its portfolio of five inhaler device platforms (ICOcap capsule-based, ICOpre pre-metered multi-dose, ICOres multi-dose reservoir, ICOone single-dose disposable, ICOone Nasal) supports both generic substitution of major respiratory brands and reformulation of novel drugs including biologics, peptides, and vaccines, with companion pharmaceutical analysis and stability capabilities.

Product overview

Iconovo offers five proprietary dry powder inhaler platforms combined with formulation development expertise for end-to-end inhalation product development. The portfolio includes ICOcap® (capsule-based, off-the-shelf), ICOpre® (pre-metered multi-dose for Ellipta substitution), ICOres® (reservoir multi-dose for Turbuhaler substitution), ICOone® (single-use disposable), and ICOone® Nasal (nasal delivery variant). These platforms serve both generic pharmaceutical applications and novel drug reformulation including biologics, with partnerships for manufacturing, licensing, and commercialization.

Differentiator

Problem solved

Functional benefit

Brands

• Iconovo Pharma: Subsidiary focused on Nordic drug sales for generic products including Symbicort.

Products and services

• ICOcap® capsule-based dry powder inhaler Uniquely designed capsule-based dry powder inhaler with an integrated mouthpiece cover and patented integrated hinge, offering low flow resistance and easy-of-use; standard size 3 capsules with customizability for larger sizes; available off-the-shelf and supplied by Stevanato Group so partners do not need to invest in device manufacturing equipment.
• ICOpre® pre-metered multi-dose dry powder inhaler Pre-metered dry powder inhaler with Open-Inhale-Close operation for once-daily treatment; contains 30 individually sealed doses; two-compartment system suitable for mono, duo, and triple combination products; exact dose counter; designed for both carrier-based and spray-dried formulations; ICOpre dose-delivery design patent declared for grant by EPO in January 2026.
• ICOres® flexible multi-dose reservoir dry powder inhaler Flexible multi-dose dry powder inhaler pre-filled with up to 180 doses, with two separate reservoirs for combination products, screw-on cover and integrated desiccant, visual inhalation feedback, exact dose counter, and intuitive handling; competitive cost designed for fully automatic assembly and low-cost manufacturing.
• ICOone® single-dose disposable dry powder inhaler Ultra-low cost, single-dose disposable dry powder inhaler with smart one-piece design, handling up to 50 mg powder formulations, simple Open-Inhale operation, aluminum pouched inhaler with desiccant for superior humidity protection, and optional second cavity for combination drugs; suited to biologics and vaccines.
• ICOone® Nasal single-dose nasal dry powder inhaler Single-dose dry powder inhaler adapted for nasal use, inspiratory-flow-driven with optimal nasal deposition, ultra-low cost manufacturing, high dose up to 50 mg per unit, optional two-cavity design for combination drugs, small and discreet, and superior humidity protection.
• Dry powder formulation development services Inhalation pharmaceutical development service including pre-formulation and biopharmaceutics studies, formulation for animal studies, feasibility for new inhalation APIs, ordered mixtures and spray-dried formulations, stability assessment ahead of clinical phase, and manufacturing of clinical trial material and finished goods, with a track record across more than 10 diverse APIs.
• Pharmaceutical analysis and in vitro inhalation testing services State-of-the-art analytical laboratory services for inhaled medicines: solid-state powder characterization, aerosol characterization by cascade impaction, delivered dose analysis, HPLC, dissolution profiling, lung dose prediction with anatomical throat or nasal models and patient inhalation profiles, in vivo prediction through advanced in vitro models, analytical method development, and climate-chamber stability studies.

Quantifiable outcome

• ICOres showed comparable in-vitro characteristics to Symbicort Turbuhaler across pilot pharmacokinetic studies, meeting criteria for demonstrating bioequivalence in a powered study.
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core, minor and secondary.

• LonzacoreStrategic or Co-development Partner · 22 June 2026Iconovo signed a strategic collaboration agreement with Lonza, one of the world's leading CDMOs, focused on spray-dried formulation capabilities. The agreement aims to establish a long-term partnership as an umbrella agreement for project-specific collaborations in the area of biologics, vaccines, and large molecules suitable for inhalation. Lonza brings spray-drying technology crucial for developing inhaled forms of biological drugs. Both parties aim to solidify their respective stakes in the growing field of inhalable biologics.
• Arcede Pharma ABminorStrategic or Co-development Partner · 31 March 2023Collaboration with Arcede Pharma AB and Lund University, funded by Swelife with over SEK 2 million, to develop a new inhalation treatment for COPD and severe asthma. Project involves creating a dry powder formulation and studying a drug candidate with dual bronchodilating and anti-inflammatory mechanism.
• Lund UniversityminorStrategic or Co-development Partner · 31 March 2023Collaboration with Arcede Pharma AB and Iconovo, funded by Swelife with over SEK 2 million, for a project developing a new inhalation treatment for COPD and severe asthma. Lund University contributes academic research expertise to the dry powder formulation development.
• SwelifeminorOthers · 31 March 2023Swedish life science innovation program providing over SEK 2 million in funding for a joint COPD and severe asthma inhalation treatment project involving Arcede Pharma AB, Iconovo, and Lund University.
• Amneal PharmaceuticalscoreGTM or Marketing PartnerLicensing agreement for ICOres (generic Symbicort Turbuhaler, budesonide/formoterol combination). Amneal holds licensing rights for Europe and the US, while Iconovo retains Nordic sales rights. Iconovo supports and advises Amneal in the development, with goal of scaling up and conducting a pivotal pharmacokinetic trial. First potential launch could be as early as 2029. Target market: approximately USD 3 billion annually.
• Intas PharmaceuticalscoreGTM or Marketing PartnerLicensed ICOres-based generic multi-dose inhaler product for treatment of asthma and COPD for territories outside the Nordic region. Product development finalized showing comparable in-vitro characteristics to reference product, ready to enter first pilot PK study.
• BNC KoreasecondaryGTM or Marketing PartnerLicensed ICOcap-based generic version of Novartis' Ultibro Breezhaler (indacaterol/glycopyrronium bronchodilator combination) for Asian territory. Product ready to enter first pilot PK study. Available for partnering in EU.
• Kiox PharmasecondaryStrategic or Co-development PartnerDevelopment partnership for inhalation product reformulated from an FDA-approved active pharmaceutical ingredient for interstitial lung disease, using Iconovo's ICOcap inhaler platform.
• Monash UniversitysecondaryStrategic or Co-development PartnerMonash University developed the oxytocin formulation for use in Iconovo's ICOone device for treatment of postpartum hemorrhage (PPH). Monash licensed the ICOone device for this use. The project is currently in clinical development. Supports UN Sustainable Development Goal 3 (Good health and well-being).
• ISR (Immunological Sciences Research)secondaryStrategic or Co-development PartnerCollaboration to develop an inhaled COVID-19 vaccine that can be distributed at room temperature and given without syringes by healthcare workers. Supports UN Sustainable Development Goal 3 by improving vaccine distribution.
• Stevanato GroupsecondaryChannel Partner/ Reseller/ DistributorStevanato Group serves as the commercial supplier for ICOcap, making the standard version of the inhaler available off-the-shelf and providing competitively priced supply for quick product launch. Iconovo does not manufacture ICOcap itself but supplies through Stevanato for rapid market access.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Vectura Group (Philip Morris International): Vectura is one of the leading independent developers of inhaled drug delivery devices and formulations, offering both DPI device platforms and formulation services. It is directly comparable to Iconovo in business model (device + formulation licensing) and target customers (generic and innovative pharma).
• Hovione: Hovione is a CDMO with deep inhalation expertise, providing particle engineering, spray-drying, and formulation services for inhaled therapeutics. Comparable to Iconovo in combining formulation development with device-relevant capabilities and serving both generic and innovator pharma customers.
• Kindeva Drug Delivery: Kindeva (formerly 3M Drug Delivery Systems) is a global CDMO specializing in inhalation drug delivery, including DPIs and MDIs. Directly comparable to Iconovo as an inhalation-focused contract developer serving branded and generic pharma customers.
• Nemera: Nemera develops and manufactures drug delivery devices including inhalers and nasal devices. Directly comparable to Iconovo as a device-focused inhalation specialist offering proprietary platforms to pharma partners.
• H&T Presspart: H&T Presspart manufactures inhaler components and DPI/MDI devices, including dose counters and canister systems. Comparable to Iconovo as an inhalation device specialist serving global pharma customers; the company is part of the larger Heitkamp & Thumann group.

Broad incumbents

• Aptar Pharma: Aptar Pharma is a major drug delivery device manufacturer with broad capabilities across inhalation, injectable, and nasal spray devices. Comparable to Iconovo on inhaler device platforms (notably nasal) but as a much larger established player with a wider portfolio across multiple routes of administration.
• Catalent: Catalent is a large global CDMO offering inhalation development and manufacturing services alongside softgel, biologics, and oral dose capabilities. Comparable to Iconovo on the formulation services side but operates at much larger scale across multiple drug delivery modalities.

Emerging players

• Medspray: Medspray is a Dutch company developing proprietary nasal spray technology for both consumer and pharmaceutical applications. Comparable to Iconovo's ICOone Nasal platform on nasal drug delivery but with a focus on liquid sprays rather than dry powder.

Others

• Lonza: Lonza is a leading global CDMO that Iconovo has a strategic collaboration agreement with for spray-dried biologics formulation. Comparable as an inhalation formulation partner/ecosystem player rather than a direct competitor.
• Stevanato Group: Stevanato Group is the commercial manufacturer of Iconovo's ICOcap inhaler platform. Comparable as an enabling device manufacturer and supply chain partner for Iconovo rather than a competitor.

Market position

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/iconovo-ab

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iconovo