Shield Therapeutics on Tuesday told investors it now expects to report a single-digit US dollar million loss for the full year to 31 December, abandoning previous guidance for operating profitability, as the London-listed pharmaceutical company absorbs the costs of taking full US commercial control of its iron deficiency drug ACCRUFeR.
The guidance reversal came alongside an unaudited trading update for the third quarter, in which group net revenue rose 2% quarter-on-quarter to $11.5 million, excluding a one-off milestone payment booked in the prior quarter.
Shield Therapeutics, which develops and sells ferric maltol under the brand names ACCRUFeR in the US and FeRACCRU in Europe for iron deficiency anaemia, said US ACCRUFeR net revenue climbed 5% to $10.8 million in the quarter, with average net revenue per prescription up 4% to $217.
Ex-US revenue fell to $0.7 million from $1.0 million in the second quarter, while cash stood at $6.8 million at quarter end.
Prescription volumes stable
Dispensed prescriptions held stable at around 49,000, with the payer mix continuing to shift toward commercially insured patients following the introduction of prior authorisation requirements in the New York Medicaid programme, a headwind the company first flagged in its first-quarter update.
Commercial prescriptions rose 17% between the first and third quarters, offsetting a 56% drop in Medicaid prescriptions over the same period, and for the nine months to 30 September, commercial prescriptions grew 19% year-on-year against a 22% fall in Medicaid volumes, leaving total prescriptions up 3%.
The company said the third quarter marks the final period affected by the New York Medicaid mandate introduced in April.
Now holds the reins
Shield took over full commercial responsibility for ACCRUFeR in the US from 1 October, absorbing the entire sales force of 80 territories from its former partner, a transaction it said materially improves gross margins and revenue retention through a lower royalty rate.
Read more about Shield Therapeutics
- 27/08/26Shield Therapeutics takes full US control of ACCRUFeR
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- 30/07/26Shield Therapeutics grows H1 revenue 41% on commercial pivot
"We are positioned to realise the full economic benefits of the US transaction, with an expanded proven commercial organisation, improving prescription mix, strong product positioning and customer focus which we believe will support long-term shareholder value creation", said chief executive Anders Lundstrom.
The additional commercial costs tied to the expanded US sales force are the primary driver of the revised full-year loss guidance, the company said, while it maintained that full US control, continued commercial growth and cost discipline underpin its progress toward eventual operating profitability.
Shield will provide 2027 guidance alongside its fourth-quarter and full-year 2026 results.