Mabion in 2026: a Polish biotech producer of monoclonal antibodies, an mWIG40 issuer from Konstantynów Łódzki, the Novavax contract for COVID-19 antigen

Mabion in 2026: a Polish biotech since 2007, the Novavax CDMO contract for COVID-19 antigen, an mWIG40 issuer from Konstantynów Łódzki

Mabion S.A. - headquartered at ul. Gen. Mariana Langiewicza 60 in Konstantynów Łódzki (postcode 95-050), registered in the KRS under number 0000340462 - is a Polish biotech specialised in monoclonal antibody (mAb) production - the most technologically advanced category of biopharmaceutical drugs. The company has operated in its current legal form (joint-stock company under KRS 0000340462) since 29 October 2009, listed on the Warsaw exchange since August 2010 - among the first Polish biotech tickers on the WSE. The business roots go back to 2007, when Maciej Wieczorek (a known Polish biotech entrepreneur - also founder and owner of Celon Pharma) founded Mabion as a spin-off of research on rituximab biosimilars (an immunological drug used in lymphoma treatment).

A strategic pivot: in 2021 Mabion signed a multi-year CDMO (Contract Development and Manufacturing Organization) contract with US-based Novavax for the production of the COVID-19 vaccine antigen. The contract - initially worth tens of millions of USD, later expanded - became the company's main revenue source in 2022–2025, economically distancing the company from the original strategy of own biosimilars in favour of the CDMO model.

Mabion

KONSTANTYNÓW ŁÓDZKI · KRS 0000340462 · SPÓŁKA AKCYJNA

Revenue

n/a

Konstantynów Łódzki: a peripheral location on the Polish biotech map

The address ul. Gen. Mariana Langiewicza 60, 95-050 Konstantynów Łódzki, places Mabion's seat in a peri-Łódź commune in the Łódzkie voivodeship - about a dozen kilometres west of central Łódź. This is an unusual location for an mWIG40 issuer - most Polish biotechs have headquarters in metropolitan clusters (Warsaw, Kraków, Wrocław, Poznań). Konstantynów Łódzki is peripheral relative to those centres, but operationally functional: nearby Łódź provides access to graduates of the Łódź University of Technology and the University of Łódź, plus logistics infrastructure (A2 motorway / S14 expressway). Plus lower property costs than in Warsaw or Kraków.

The company has a registered electronic-delivery address (ADE: PL-16721-85010-DWWCR-09) and a website at mabion.eu (.eu rather than .pl reflects the global pharmaceutical-customer reach). Governance: a three-member management board (CEO plus two management-board members) and a five-member supervisory board. Under Polish PKD codes the principal activity codes include 72 (scientific research and development) - including 7211 (research and experimental development on biotechnology) - and 21 (manufacture of basic pharmaceutical products and pharmaceutical preparations) - reflecting the hybrid character of the business: R&D + contract manufacturing.

Polish biotech-pharma on the WSE: narrow but prestigious competition

The Polish stock-listed biotech-pharma sector has narrow representation on the Warsaw exchange - most Polish biotechs are off-exchange (controlled by venture / private equity funds), listed on NewConnect, or still in the pre-revenue phase. Mabion stands out as:

• One of two Polish biotech mWIG40 issuers - alongside Ryvu Therapeutics (Kraków, growth biotech in pre-commercial phase). Other Polish biotech issuers (Celon Pharma - controlled by the same founder as Mabion but listed separately; Selvita - contract CRO, biotech-tech) sit in sWIG80 or below.
• Combination of own technology with CDMO business - unlike pure CDMO contractors (e.g. US-based Lonza), Mabion has its own biosimilars pipeline. At the same time the Novavax contract gave the company a stable revenue stream that no other Polish biotech has.
• Liquid capital and market history - the 2010 IPO + subsequent issuances make Mabion one of the best-capitalised Polish biotechs - enabling long-term R&D investment and production capacity.

Three structural features of the Mabion model that explain its mWIG40 positioning:

• Novavax contract as anchor - in 2026 the Novavax contract, while less weighty than in 2022–2023 (when global COVID-19 vaccine demand peaked), still generates stable revenue. Every Novavax decision to extend, limit, or end the cooperation is a meaningful event for the ticker's valuation.
• Own biosimilars pipeline - the flagship MabionCD20 project (rituximab biosimilar) is in advanced development. Commercialisation of an own biosimilar would be a transformational event for the company - moving from the CDMO model to own drugs would multiply the operating margin several times over. But the regulatory path remains long and uncertain.
• Sector specifics - binary valuation - biotech companies on the exchange often record extreme moves: sharp rises on positive clinical-trial results, sharp falls on failures. Mabion, although less volatile than pure pre-revenue biotechs, inherits this characteristic.

Implication for the investment profile: dual-engine biotech, zero dividend, high risk

“Mabion is the only Polish mWIG40 biotech combining two profitability vectors: a stable CDMO contract business (Novavax) and a potentially transformational own-biosimilars pipeline (MabionCD20). A minority investor sees the ticker as exposure to Polish biotech with cushioned risk - the Novavax contract stabilises results, the own pipeline provides upside. Main risks: termination/limitation of the Novavax contract and regulatory failure of biosimilars.”

Three expected consequences for the company's 2026 investment profile:

• Zero dividend policy - Mabion has never paid a dividend - typical for biotech, where all cash flow returns to R&D, production capex, and pipeline financing. A minority investor earns purely on price appreciation, not payouts.
• Cyclical exposure to the Novavax contract - in 2026 the Novavax contract is in a mature phase, generating regular revenue but lower than at the COVID-19 peak (2022). Every change in global vaccination policy (COVID-19 return, new variants, regulatory decisions) affects demand for the Novavax antigen - and indirectly Mabion.
• Key: progress on MabionCD20 and other biosimilars - in 2026 further regulatory steps for Mabion's biosimilars are expected. Positive results = a meaningful price rebound; delays or failure = a strong drop. This makes the ticker more cyclical than classical Polish industrials.

For the Łódzkie voivodeship itself, Mabion is one of the two largest mWIG40 issuers in the region (alongside LPP, controlled from Gdańsk) - Łódź has not historically been a Polish biotech cluster (compared to Kraków or Wrocław), but Mabion has become the region's representative on the stock exchange in this segment.

What you'll find in the Mabion profile

The Mabion S.A. profile in our database carries the full picture of the company: composition of the three-member management board (CEO plus two management-board members), the five-member supervisory board, the KRS registration history from 29 October 2009 (with traces of the Novavax contract and subsequent share issuances), the registered address at ul. Gen. Mariana Langiewicza 60 in Konstantynów Łódzki, e-delivery status (ADE PL-16721-85010-DWWCR-09), website mabion.eu, and the assigned PKD codes classifying the activity as biotechnology and pharmaceutical production. The profile is also available in English - important for international biotech-fund investors, since Mabion is one of the two largest Polish biotech issuers on the WSE.

Data: Polish KRS Court Register (KRS 0000340462); Mabion S.A. - annual reports 2023–2025; PKD classification 72/21 (biotechnology and pharmaceutical production); company history - founded 2007 by Maciej Wieczorek, S.A. 2009, WSE IPO August 2010, Novavax contract 2021; editorial estimates for the position in the Polish biotech sector, as of 2026-05-02.