Cosmo Pharmaceuticals (COPN) H1 2026 earnings summary

Executive summary

• Achieved 38% year-over-year net revenue growth in H1 2026, with all business segments contributing and 14 new markets added, expanding presence to 23 countries.

• Transitioned to a multi-engine compounder with strong momentum in dermatology, Medtech AI, and Pharma CDMO, each advancing on or ahead of plan.

• Maintained a debt-free position with over €205 million in cash, cash equivalents, and investments, providing strategic flexibility.

• Advanced Clascoterone 5% topical solution to regulatory submission phase in the US and Europe, with positive Phase III data supporting chronic use.

• Strengthened leadership and governance to support growth and foster a culture of accountability and data-driven decision-making.

Financial highlights

• H1 2026 total revenues reached €50.2 million, with recurring revenues at €49.6 million, up 18% year-over-year; project-based revenue dropped to €0.7 million from €9.8 million due to a prior year software sale.

• WINLEVI revenues increased 38%, LIALDA grew 35%, and CDMO business delivered 14% growth; GI Genius revenue was lower due to timing of production scale-up.

• Operating expenses were €56.8 million, including cost of sales (€27.9 million, +9% YoY), R&D (€15.1 million, -16% YoY), and SG&A (€16.6 million, +22% YoY).

• EBITDA for H1 2026 was approximately break-even at €0.0 million, compared to €4.9 million in H1 2025.

• Cash, equivalents, and investments reached €205.1 million, up 54% year-over-year, after paying €36 million in dividends; remained debt-free.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: total revenues €105–110 million, recurring revenues €98–102 million, project-based revenues €7–8 million, EBITDA €10.5–13.5 million, and cash/investments around €200 million.

• Recurring revenue growth expected at 11–16% year-over-year; EBITDA guidance €10.5–13.5 million, up 10–42%.

• Anticipate revenue acceleration in H2, driven by recurring and project-based revenues, with operating expenses expected to moderate.

• Multiple value-driving milestones expected in H2 2026 across all business segments.

• Project to end 2026 with approximately €200 million in cash equivalents and investments, remaining debt-free.