Shield Therapeutics (STX) H1 2026 earnings summary

Executive summary

• H1 2026 revenues reached $30.4 million, up 42% year-over-year, driven by strong US and ex-US performance.

• ACCRUFER® prescriptions in the US grew 21% to approximately 102,000, with a strategic pivot to commercially insured patients following Medicaid changes in New York.

• Operating profit of $0.2 million achieved, compared to a $5.8 million loss in H1 2025; net loss narrowed to $2.3 million from $9.5 million.

• Pediatric indication extensions secured in the US, Europe, and UK, expanding the addressable market.

• First GPO contract signed in the US, opening access to over 400 additional clinics.

Financial highlights

• Group revenues: $30.4 million (H1 2025: $21.4 million), a 42% increase.

• US ACCRUFER® revenue: $20.1 million (H1 2025: $19.2 million); ex-US revenue: $10.3 million (H1 2025: $2.2 million), including a $7.9 million milestone from ASK Pharma in China.

• Gross profit: $18.1 million (H1 2025: $10.6 million).

• Cash and cash equivalents: $8.3 million at 30 June 2026 (31 December 2025: $11.6 million).

• Net cash inflow from operations: $3.0 million (H1 2025: $1.7 million outflow).

Outlook and guidance

• On track for operating profitability in 2026, with continued growth in US prescriptions and ex-US milestones and royalties expected.

• Expansion into new markets anticipated, including launches in China and Korea in 2027.

• Management expects further improvement in financial metrics in H2 2026.