Beijing Biostar Pharmaceuticals (2563) H1 2026 earnings summary

Executive summary

• H1 revenue rose 147.8% YoY to RMB36.6m, driven by Utidelone Injection sales; net loss narrowed 50.8% to RMB26.6m.

• Utidelone Injection and Capsules advanced across multiple cancer indications; the pipeline comprised one commercialized product and 19 R&D projects.

• Cash and other non-current financial assets totaled RMB505.4m at June 30; a post-period share subscription raised HK$100m gross.

Financial highlights

• Revenue was RMB36.6m, up 147.8% YoY; gross profit was RMB34.1m, up 147.9%, and gross margin held at 93%.

• Net loss narrowed to RMB26.6m from RMB54.0m; basic and diluted loss per share improved to RMB0.07 from RMB0.15.

• R&D expenses fell 53.9% to RMB19.1m; selling expenses decreased 18.6% to RMB15.9m.

• Administrative expenses rose 28.2% to RMB18.2m; finance costs were RMB6.8m versus income of RMB5.5m in H1 2025.

• Operating cash flow was positive RMB22.8m versus an outflow of RMB99.2m; cash and cash equivalents ended H1 at RMB446.9m.

Outlook and guidance

• Breast cancer neoadjuvant Phase III enrollment was nearly 90% complete; full enrollment is targeted by end-2026, with NDA submission planned for H1 2027.

• Capsule programs include Phase III TNBC adjuvant enrollment, planned Phase II/III advancement in gastric and platinum-resistant ovarian cancers, and a Phase II soft-tissue sarcoma study.

• ADC work targets preclinical candidate selection and IND-enabling studies in H2 2026; priorities include global partnering, pipeline development, cGMP upgrades and broader commercialization with Baheal Medical.