Shanghai Henlius Biotech (2696) H1 2026 earnings summary

Executive summary

• 2026 H1 revenue reached RMB 3.59B, up 27.3% year-over-year, driven by drug sales, R&D services, and licensing income.

• Net profit for 2026 H1 was RMB 430.4M, a 10.3% increase year-over-year; non-IFRS profit at RMB 572.3M and EBITDA at RMB 904.1M.

• Over 1,100,000 patients benefited globally; 10 products (41 indications) approved in 60+ countries/regions.

• Major product launches and regulatory milestones achieved in China, US, EU, Korea, and other regions, including HANSIZHUANG and HLX11.

Financial highlights

• Gross profit for 2026 H1 was RMB 2.77B, up 25.9% year-over-year.

• Ex-China/overseas product revenue surged 159.4% year-over-year to RMB 110M; overseas profit grew over fourfold.

• R&D expenditure increased 45.8% year-over-year to RMB 1.45B, supporting innovation and pipeline expansion.

• Cash and bank balances at RMB 818.4M as of June 30, 2026; operating cash inflow was RMB 559M.

• BD and other revenue grew 167.3% year-over-year to RMB 702M.

Outlook and guidance

• More than 10 new products expected to launch globally in the next few years, driven by a robust biosimilar and innovative pipeline.

• Plans to submit BLAs for HANSIZHUANG and HANBEITAI in the US and EU in 2026.

• Continued focus on international expansion, with strategic partnerships and in-licensing to maximize commercial synergies.

• Multiple IND applications and clinical milestones expected for innovative assets in H2 2026 and 2027.

• Focus on leveraging AI in R&D and deepening global market presence.