Santhera Pharmaceuticals (SANN) H1 2026 earnings summary

Executive summary

• AGAMREE launched in four of five major EU markets, with rapid uptake in Germany and further access gains across Europe; the Nxera deal extends licensing rights to Japan, South Korea, Australia and New Zealand.

• Long-term data reinforced AGAMREE’s efficacy and safety profile, supporting adoption and label expansion to patients from age two.

• Orlando Oliveira became CEO, Marc Clausse joined as CCO, and Dr. Srishti Gupta joined the Board.

Financial highlights

• H1 revenue rose 101% year over year to CHF 48.3 million; product sales increased 48% to CHF 17.2 million.

• Royalties and milestones totaled CHF 29.1 million, primarily including Nxera’s USD 30 million upfront payment and royalties from Catalyst and Sperogenix.

• Operating expenses fell 8.4% to CHF 25.0 million, narrowing operating loss to CHF 6.6 million from CHF 35.4 million.

• Net loss improved to CHF 21.5 million from CHF 38.8 million; cash and cash equivalents were CHF 41.8 million at June 30, 2026, versus CHF 22.4 million at year-end 2025.

Outlook and guidance

• FY 2026 revenue guidance remains CHF 80–90 million; product sales are expected to grow >50%, and operating expenses are projected at CHF 50–55 million.

• Royalty income is expected to increase, though US royalties will lag sales growth due to contractual rate step-downs; H2 supply revenue is expected above H1, mainly from Q3 sales to Sperogenix.

• Cash is expected to remain broadly stable through year-end, decline temporarily in H1 2027 due to inventory purchases and the German price reduction, then return to cash generation in H2 2027; no additional funding is expected.

• Revenue targets are CHF 140 million for 2028 and CHF 250 million for 2030.

• Planned catalysts include GUARDIAN long-term data in Q2 2027, a Japanese filing target in H2 2027 and continued pursuit of a Latin American distribution partner.