Shield Therapeutics PLC (AIM:STX, OTCQB:SHIEF) told investors it remained profitable in the first half as a China milestone payment and higher royalties lifted revenue 41% to $30.4 million, with the company reiterating that it is on track for profitability in 2026.
The $7.9 million development payment from partner ASK offset softer second-quarter trading. Group revenue fell to $11.9 million from $14.3 million a year earlier, while ACCRUFeR net revenue declined to $10.3 million from $12.8 million.
Changes to prior-authorisation requirements for New York Medicaid prescriptions weighed on ACCRUFeR’s average net price, which dropped to $208 from $231. Shield shifted its focus toward commercial patients, helping that segment grow 27% during the half. Total prescriptions rose 21% to around 102,000.
Cash stood at $8.3 million at the end of June, down from $12.4 million three months earlier. Shield also secured its first group purchasing organisation contract, opening access to more than 400 clinics, and appointed Michael Jensen as chief financial officer from 1 September.
In London, Shield shares were down 20.5% on Thursday, changing hands at 4.57p.
