Sino Biopharmaceutical (1177) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 rose 10.6% year-over-year to RMB19.44 billion, driven by strong growth in innovative drugs and out-licensing sales, which increased 44.3% and accounted for 45.2% of total revenue.

• Profit attributable to owners of the parent increased 1.4% to RMB3.43 billion; underlying profit (non-HKFRS) rose 8.1% to RMB3.34 billion, and underlying profit excluding Sinovac LS dividend income surged 92.3%.

• The board declared an interim dividend of HK7 cents per share.

• Strategic collaborations and licensing deals with Sanofi, AstraZeneca, and GSK expanded the global footprint and diversified revenue streams.

Financial highlights

• Revenue: RMB19.44 billion (+10.6% YoY); innovative drugs and out-licensing: RMB8.79 billion (+44.3% YoY).

• Profit attributable to owners: RMB3.43 billion (+1.4% YoY); underlying profit: RMB3.34 billion (+8.1% YoY).

• Basic EPS: RMB19.10 cents (+1.5% YoY); underlying EPS: RMB18.57 cents (+8.2% YoY).

• Gross profit: RMB16.15 billion; gross margin stable.

• Strong liquidity: fund reserve RMB34.58 billion; net cash RMB17.41 billion.

Outlook and guidance

• Focus on internationalization, aiming for global leadership in innovative pharmaceuticals.

• Pipeline expects nearly 30 new national category 1 innovative drugs approved from 2026–2030, with multiple first-in-class or best-in-class candidates.

• Continued expansion in core therapeutic areas: oncology, liver/cardiometabolic, respiratory/autoimmune, and surgery/analgesia.