Cosmo Pharmaceuticals (COPN) H1 2026 earnings summary

Executive summary

• Achieved 38% year-over-year net revenue growth and expanded into 14 new markets, now present in 23 countries, with strong performance in Winlevi®, Lialda®, and CDMO segments.

• Transitioned to a multi-engine compounder with advances in dermatology, GI pipeline, Medtech AI, and Pharma CDMO, and maintained a debt-free balance sheet with over €205 million in cash and investments.

• Advanced Clascoterone 5% topical solution to regulatory submission phase in the US and Europe, with positive Phase III data supporting chronic use.

• Strengthened leadership, governance, and capital allocation to support growth and foster a culture of accountability and data-driven decision-making.

• Reaffirmed full-year 2026 guidance and operational execution plan.

Financial highlights

• H1 2026 total revenues reached €50.2 million, with €49.6 million (99%) from recurring sources, up 18% year-over-year.

• WINLEVI revenues increased 38% year-over-year, LIALDA up 35%, and CDMO business grew 14%.

• Operating loss widened to €6.6 million (H1 2025: €1.4 million); EBITDA was approximately break-even at €0.0 million.

• Cash, equivalents, and investments reached €205.1 million, up 54% year-over-year, after €36 million dividend payout.

• Net loss after taxes for H1 2026 was €4.73 million, compared to €2.03 million loss in H1 2025.

Outlook and guidance

• Reaffirmed 2026 guidance: total revenues €105–110 million, recurring revenues €98–102 million, project-based €7–8 million, EBITDA €10.5–13.5 million, and cash/investments around €200 million.

• Expect revenue acceleration in H2, driven by recurring and project-based revenues, with double-digit growth in GI Genius™, Winlevi®, and steady growth in Gastro and CDMO.

• Operating expenses anticipated to decline modestly in H2 2026 as prior investments normalize.

• Multiple value-driving milestones expected before year-end across all business engines.

• Pipeline execution, digital/AI platform scaling, and disciplined capital allocation remain top priorities.