- Shield Therapeutics
- 01 May 2026 14:03:27
Source: Sharecast
The AIM-traded commercial-stage pharmaceutical company said unaudited group net revenue rose to $18m in the three months ended 31 March, from $7m a year earlier. EBIT was about $2.5m, compared with a $4.4m loss in the first quarter of 2025.
Shield said the improvement was primarily driven by a $7.9m development milestone payment from ASK in China and higher ACCRUFeR sales in the US.
ACCRUFeR net revenue increased 54% year on year to $9.9m from $6.4m.
The company said the performance reflected typical seasonal insurance dynamics, although it also noted reduced funding across federally subsidised state-level programmes.
Shield said New York’s Medicaid programme, which represents about 19% of ACCRUFeR sales, had introduced prior authorisation requirements for prescription approvals.
The company said it was too early to determine the impact, but it was actively shifting towards business driven by commercial plans to partly mitigate the effect.
Chief executive Anders Lundstrom said ACCRUFeR had delivered “strong year on year growth” in the quarter.
“Our global progress, including the NMPA MAA acceptance in China and EMA approval of FeRACCRU in children over 12yrs., reflects the breadth of this asset's value,” he said.
“I am pleased with the team's ability to rapidly pivot our sales efforts towards business driven by commercial plans in NY to offset some of the impact of the new Medicaid PA requirements.”
ACCRUFeR’s average net price was $190 in the quarter, compared with $187 a year earlier.
About 53,000 prescriptions were dispensed, up from 36,800 in the first quarter of 2025.
Shield said roughly 26% of prescriptions were consignment-based and dispensed at significantly subsidised prices to patients without reimbursement from payors, a proportion it expects to reduce during the year.
Cash and cash equivalents were $12.4m at 31 March, compared with $11.6m at the end of December, primarily reflecting working capital and cost management.
The company said the vast majority of the AOP loan payment was made in the first quarter after receipt of the ASK milestone payment.
Shield also reported regulatory progress, with China’s National Medical Products Administration accepting the marketing authorisation application for ACCRUFeR, while the European Medicines Agency approved an indication extension for FeRACCRU to include children aged over 12.
The company also announced a planned chief financial officer transition.
Santosh Shanbhag would step down on 1 June to pursue a new role, with Lundstrom appointed interim CFO while Shield searched for a permanent successor.
At 1327 BST, shares in Shield Therapeutics were down 13.69% at 7.55p.
Reporting by Josh White for Sharecast.com.
See latest RNS on Investegate