Suzhou Ribo Life Science (6938) H1 2026 earnings summary

Executive summary

• Revenue surged 304.3% year-over-year to RMB419.7 million for H1 2026, driven by licensing income from new global deals with Madrigal and Boehringer Ingelheim for siRNA therapeutics, especially in MASH.

• Gross profit rose 312.2% to RMB400.7 million, with gross margin improving to 95.5% due to high-margin licensing revenue.

• Net profit reached RMB23.4 million, reversing a loss of RMB97.8 million in H1 2025, due to strong licensing and milestone revenues.

• R&D expenses increased 53% to RMB197.6 million, reflecting pipeline advancement and more IND-stage candidates.

• Administrative expenses increased 20.9% to RMB63.0 million, mainly from listing-related professional fees.

Financial highlights

• Revenue: RMB419.7 million (H1 2026), up from RMB103.8 million (H1 2025).

• Gross profit: RMB400.7 million (H1 2026), gross margin 95.5%.

• Net profit: RMB23.4 million (H1 2026) vs. net loss RMB97.8 million (H1 2025).

• R&D expenses: RMB197.6 million, up from RMB129.1 million.

• Administrative expenses: RMB63.0 million, up 20.9%.

• Cash and cash equivalents: RMB2,242.3 million as of June 30, 2026.

• Gearing ratio decreased to 23.9% from 120.6% at year-end 2025.

Outlook and guidance

• Plans to advance 2–4 new clinical programs annually, leveraging proprietary delivery platforms for hepatic and extra-hepatic targets.

• Focus on global clinical development, especially for core product vortosiran and pipeline assets in cardiovascular, metabolic, renal, and liver diseases.

• Strategic focus on expanding extra-hepatic delivery platforms and advancing multiple clinical-stage and preclinical programs annually.

• Continued pursuit of global partnerships and dual commercialization strategy (in-house and external collaborations).