Shield Therapeutics (AIM:STX), the commercial-stage pharmaceutical company focused on iron deficiency treatments, reported unaudited first-half 2026 revenues of $30.4m, up from $21.5m in the first half of 2025.
Second-quarter Group net revenues came in at $11.9m, down from $14.3m a year earlier, with ACCRUFeR sales of $10.3m in the quarter against $12.8m in Q2 2025.
The company said the first-half growth was driven by a $7.9m development milestone payment from Chinese partner ASK and higher partner royalties, which kept it profitable during the period.
Prescriptions dispensed grew 21% in the first half to approximately 102,000, from around 84,000 a year earlier, after Shield pivoted its commercial focus away from New York's Medicaid program following changes to prior authorisation requirements there.
The average net price per prescription fell to $208 from $231, reflecting that shift, while cash and cash equivalents stood at $8.3m at the end of June, down from $12.4m at the end of March, reflecting working capital and cost management.
Shield signed its first group purchasing organisation contract, opening access to market ACCRUFeR to more than 400 clinics.
Chief executive Anders Lundstrom said the company was "pleased with the significant growth in our largest business segment, commercial, which represents two-thirds of total revenue, alongside strong overall prescription growth."
The company also announced Michael Jensen, previously CFO at StimLabs, Synlogic and Intrinsic Therapeutics, will join as Chief Financial Officer on 1 September.
News Intelligence what this means for the company
Shield Therapeutics reported H1 2026 revenues of $30.4m, up 41% year-over-year, driven by a $7.9m milestone payment from Chinese partner ASK and higher royalties rather than core product growth. Underlying ACCRUFeR sales fell 19% in Q2 to $10.3m, and the company's cash position declined to $8.3m by end-June, though it reaffirmed its path to 2026 profitability. The growth masks a strategic retreat from New York Medicaid following prior authorization changes, offset by a 21% rise in prescriptions dispensed and a new group purchasing organization contract.
The headline growth is largely non-recurring (milestone payment and royalties), while core ACCRUFeR revenue contracted and cash burn accelerated in Q2. The company's profitability claim for 2026 depends on sustaining the commercial pivot and partner contributions, not on organic product momentum.
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