Grand Pharmaceutical Group (512) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 was HK$6,388.91 million, up 3.2% year-over-year; innovative and barrier products contributed about 50% of total revenue.

• Profit attributable to owners was HK$1,061.54 million, down from HK$1,193.17 million year-over-year; adjusted net operating profit (excluding Telix investment impact) was HK$972.76 million.

• Nuclear medicine anti-tumor diagnosis and treatment segment revenue surged 55.4% year-over-year to HK$655.24 million, driven by strong clinical demand and new product launches.

• The Group continued to expand its innovation pipeline, with 34 projects in various stages and significant R&D investments.

Financial highlights

• Gross profit for the period was HK$3,367.67 million, with a gross margin of 52.7%.

• Distribution costs and administrative expenses decreased to HK$1,582.34 million and HK$668.10 million, respectively, due to organizational optimization.

• Finance costs fell to HK$76.76 million, reflecting lower interest rates from loan replacement.

• Earnings per share were HK 30.31 cents, compared to 34.07 cents in the prior year.

• No interim dividend declared for the period.

Outlook and guidance

• The Group expects continued growth momentum from its robust innovation pipeline, with a concentration of R&D milestones anticipated in 2027-2028.

• Strategic focus remains on innovation-driven and global expansion strategies, particularly in nuclear medicine, anti-infective therapies, and mRNA medicines.