EQL Pharma (EQL) Q2 26/27 earnings summary

Executive summary

• Q2 net sales rose 82% YoY to SEK 157.2m; underlying sales were ~SEK 120m, up 39%, with ~SEK 37m from temporary competitor stock-outs and a Mellozzan milestone.

• Q2 was described as the first strong quarter since the difficult period began, but it was too early to conclude the downturn was over; Q3 and Q4 were expected to be fairly stable.

• H1 underlying growth was 17%; FY2026/27 sales growth guidance remains ~15%, while the 30% long-term growth target is under review.

Financial highlights

• Gross profit was SEK 56.2m and gross margin 36%, versus 38% YoY; SEK 15m of write-downs related to supplier claims and inventory scrapping.

• EBITDA was SEK 29.9m, EBIT SEK 22.4m and net income SEK 11.8m, versus a prior-year net loss of SEK 3.4m.

• H1 net sales rose 36% to SEK 264.1m; gross profit fell 6% to SEK 74.1m, EBIT was SEK 8.8m versus SEK 24.0m, and net loss was SEK 5.0m.

• Q2 operating expenses rose 17% to SEK 33.9m.

Outlook and guidance

• FY2026/27 sales growth guidance remains ~15%; H1 underlying growth was 17%, and guidance was not updated in the presentation.

• The 30% average annual sales growth target for FY2024/25–FY2028/29 is under review, with a conclusion expected during this financial year; long-term goals include EBITDA margin above 25% and leverage of 2.5x, capped at 4.0x.

• Four further launches are expected in H2, down from the prior target of eight; four delayed launches are expected next financial year, and the forecast remains uncertain.

• Delivery disruptions are expected to improve through year-end; sustained recovery depends on transformation results, stable supply and better launch execution.