Grand Pharmaceutical Group (512) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was HK$6,388.91 million, up 3.2% year-over-year, with innovative and barrier products contributing about 50% of total revenue.

• Profit attributable to owners was HK$1,061.54 million, down from HK$1,193.17 million in H1 2025; adjusted operating net profit (excluding Telix investment impact) was HK$972.76 million.

• Major product launches and regulatory milestones achieved in nuclear medicine, cerebro-cardiovascular, and pharmaceutical technology segments.

• Strategic partnership established with the University of Hong Kong for anti-infection drug R&D.

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

Financial highlights

• Revenue: HK$6,388.91 million (H1 2026), up 3.2% year-over-year.

• Net profit attributable to owners: HK$1,061.54 million, down from HK$1,193.17 million in H1 2025.

• Adjusted operating net profit: HK$972.76 million, down from HK$1,041.44 million year-over-year.

• Gross profit: HK$3,367.67 million, gross margin at 52.7%.

• Earnings per share: 30.31 HK cents, down from 34.07 HK cents.

• No interim dividend declared for H1 2026.

Outlook and guidance

• Continued focus on innovation, global expansion, and dual-cycle operation, with a concentration of R&D milestones anticipated in 2027-2028.

• Ongoing investment in R&D with HK$764 million spent in H1 2026.

• Expansion of product pipeline and commercialization of innovative drugs expected to drive future growth.

• Strategic focus on nuclear medicine, anti-infective therapies, and mRNA medicines.