VISEN Pharmaceuticals (2561) H1 2026 earnings summary

Executive summary

• NMPA approval of lonapegsomatropin in Jan 2026 launched commercialization; first commercial revenue was recognized in June, with the first prescription issued in July.

• H1 revenue was RMB34.5m and loss narrowed 12% YoY to RMB104.1m; cash and cash equivalents were RMB505.8m at June 30.

Financial highlights

• H1 2026 revenue of RMB34.5m versus nil in H1 2025; gross profit was RMB18.1m, with a reported gross margin of ~52%.

• Net loss was RMB104.1m versus RMB118.0m; basic and diluted loss per share improved to RMB0.95 from RMB1.18.

• R&D costs fell 20% YoY to RMB37.4m and administrative expenses fell 44% to RMB33.6m; selling and marketing expenses were RMB35.8m as commercialization ramped.

• Net other losses rose to RMB18.4m from RMB7.1m, primarily due to foreign-exchange losses; finance costs increased to RMB2.0m from RMB39,000.

• Total assets were RMB887.2m, total liabilities RMB215.9m and total equity RMB671.2m at June 30, 2026.

Outlook and guidance

• Expected NDA submission for palopegteriparatide in H2 2026, following completion of the China Phase 3 OLE analysis and final clinical study report in July.

• Priorities include scaling lonapegsomatropin commercialization, securing localized manufacturing, advancing pipeline candidates and expanding endocrine and metabolic discovery programs.

• Lonapegsomatropin localization is in scale-up; Chengdu facility equipment installation and qualification work is progressing, with commercial supply currently sourced from Ascendis Pharma.

• Operating cash outflows are expected to remain affected by R&D, localization, administration and commercialization; liquidity may require debt, operating cash or equity financing.