Coegin Pharma (COEGIN) Q2 2026 earnings summary

Executive summary

• Achieved first commercial sales of Follicopeptide® Gel Serum, marking transition from development to commercialization.

• Expanded commercial strategy with launch of own premium brand VEXIENNE® and new distribution agreements.

• Secured major retail partnership with LYKO and initiated international private label launches.

• Broadened product pipeline to include upcoming eyelash, eyebrow, and professional hair clinic products.

• Strengthened financial position with SEK 6.3 million directed share issue and SEK 16 million capital facility.

Financial highlights

• Net sales reached 62 TSEK in Q2 2026 (0 TSEK Q2 2025) and 354 TSEK for H1 2026 (0 TSEK H1 2025).

• Operating loss widened to -5,939 TSEK in Q2 2026 from -3,908 TSEK in Q2 2025; H1 2026 operating loss was -10,693 TSEK.

• Earnings per share after dilution were -0.21 SEK in Q2 2026 and -0.40 SEK for H1 2026.

• Cash and cash equivalents at period end were 2,481 TSEK, down from 12,336 TSEK a year earlier.

• Equity ratio declined to 74.76% from 87.81% year-over-year.

Outlook and guidance

• Focus for H2 2026 is on scaling VEXIENNE distribution, supporting partners, and launching new Follicopeptide products.

• NPP-4 product launch postponed to Q2 2027 to prioritize Follicopeptide commercialization.

• Production capacity to be scaled up to meet anticipated demand by end of 2026.

• Board assesses current financing enables operations into Q4 2027, even with slower revenue growth.