Shield Therapeutics loss shrinks as milestone, royalty receipts grow

(Alliance News) - Shield Therapeutics PLC on Thursday said it remains on track for operating profitability in 2026 after reporting higher half-year sales, despite some challenges in the US.

In response, shares in the company jumped 13% to 4.97 pence each in London on Thursday morning.

The Gateshead Quays, England-based commercial-stage pharmaceutical company said its pretax loss narrowed to USD2.1 million in the six months ended June 30 from USD9.4 million the year prior, as sales rose 42% to USD30.4 million from USD21.4 million.

Sales of iron deficiency treatment Accrufer grew 4.7% to USD20.1 million from USD19.2 million a year ago.

Ex-US sales, including milestones and royalties from global partners in China, Europe, Canada and Japan ballooned to USD10.3 million from USD2.2 million.

This comprised a USD7.9 million development milestone payment from Beijing Aosaikang Pharmaceutical Co Ltd in China, USD2.1 million of royalty income from Norgine BV in Europe and USD300,000 in royalty from Kye Pharmaceuticals Inc in Canada. No income was recognised from Japan in the period, down from USD300,000 the year prior.

Accrufer total prescriptions grew to 102,000 in the half-year, up 21% from 84,000 the year prior. Average net selling price in was USD199, down from USD214, in part reflecting changes in New York's Medicaid programme.

In New York, changes to prior authorisation requirements for prescription approvals in the Medicaid programme led to an around 95% decrease in approved prescriptions in that State starting in May. In response, Shield Therapeutics said it has pivoted its focus to commercially insured patients.

Chief Executive Anders Lundstrom said: "Our earlier experience in Texas, where we successfully shifted from Medicaid to commercially insured patients, gives us continued confidence in applying the same strategy in New York and in sustaining Accrufer's growth."

Moving into the second half of 2026, the firm expects to achieve continued growth in Accrufer prescriptions in the US along with further improvement of other financial metrics. Additionally, ex-US partnerships continue to progress, adding to revenues through both milestones and royalties, it said.

Shield said the Group remains on track for operating profitability in 2026.

By Jeremy Cutler, Alliance News reporter

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