CANbridge Pharmaceuticals (1228) H1 2026 earnings summary

Executive summary

• Achieved 25.6% year-over-year revenue growth to RMB27.9 million, driven by increased sales of Hunterase and Livmarli, and expanded approvals and insurance coverage in China and Taiwan.

• Raised HK$200 million via strategic investment from WuXi Biologics, strengthening financial position and R&D funding.

• Transitioned to an exclusive CSO model with Baheal Zhihe for commercialization in China, Hong Kong, and Macau.

• Advanced global expansion, including Gaurunning’s entry into North Africa and new pipeline developments such as next-generation gene therapy and CNS-targeted ERT assets.

• Achieved significant progress in patient identification and insurance coverage for rare disease therapies.

Financial highlights

• Revenue rose to RMB27.9 million from RMB22.2 million year-over-year, mainly from Hunterase and Livmarli.

• Gross profit increased to RMB18.7 million, with gross margin at 66.8% (down from 69.3%).

• Other income and gains dropped sharply to RMB11.3 million from RMB104.1 million, due to a one-time US lease termination gain in the prior year.

• Selling and distribution expenses rose 36.3% to RMB30.9 million, reflecting new product launches and CSO transition.

• Administrative expenses increased 40.3% to RMB23.3 million, mainly from share-based payments and financing fees.

• R&D expenses decreased 30.5% to RMB12.5 million, reflecting lower costs after clinical trial completions.

• Net loss for the period was RMB37.1 million, compared to a profit of RMB59.2 million in the prior year, mainly due to the absence of one-off gains; adjusted loss narrowed to RMB28.2 million.

Outlook and guidance

• Plans to expand commercial sales of Hunterase, Livmarli, and Gaurunning in China and overseas, leveraging CSO partnership and new insurance coverage in Taiwan.

• Continued investment in R&D, global business development, and next-generation gene therapy platforms.

• Aims to accelerate value creation and deliver sustainable returns, supported by favorable policy and industry trends.