PDF
Arctic Bioscience - Strong revenue growth and new data on HRO350 complementing the HeROPA trial results
Highlights H1 2026:
- Strong sales revenue growth, up 35,2 % compared to last year
- Positive revenue outlook for the remainder of 2026
- Improved adjusted EBITDA year to date in 2026, NOK -12,1 million (NOK -13,6 million)
- Clinical and pre-clinical data on HRO350 published in several peer-reviewed journals and at international conferences
- Positive dialogues with several potential HRO350 partners conducted, focus on next steps
- New long-term financing of NOK 15 million secured in H1-2026
In the first half of 2026, sales development for Arctic Bioscience's nutraceutical products was very positive. Strong order intake towards the end of 2025 and during the first quarter of 2026 resulted in a very positive start to the year, and this momentum continued through the remainder of the first half year. Sales revenues for the first half of 2026 were 35,2 % higher than in the corresponding period of 2025.
Revenue growth was achieved despite certain supplier-related delivery delays towards the end of the reporting period, which resulted in a portion of planned shipments being postponed until July 2026. The postponed deliveries were completed in the early part of the third quarter and do not affect the Company's assessment of the underlying market demand and business outlook.
"The development we have seen in the nutraceutical business in 2026 reflects the long-term and focused work we have carried out over recent years. We have established customers who have been with us for a long time and continue to demand our products. At the same time, we have built new customer relationships in new markets through targeted efforts, and we are now seeing the results of this work. The sales outlook for the remainder of 2026 is also positive", says CEO Christer L. Valderhaug.
During 2026, Arctic Bioscience has continued its work on analyses from the HeROPA study. Several publications on HRO350 have been released in internationally recognized peer-reviewed scientific journals, and the HeROPA data has been presented at major scientific congresses, including the European Academy of Dermatology and Venereology Symposium in Athens. Further publications are being prepared.
"We see that the results from the HeROPA trial are being well received by the scientific community, which supports our belief in the potential of HRO350. Going forward, we will publish additional results from the study, continue the Phase III planning work and actively use feedback from potential partners to position the asset for the next development phase", concludes Christer L. Valderhaug.
Financials
Key figures - Q2 2026:
- Revenues from sales: NOK 11,4 million (NOK 10,6 million)
- Other income: NOK 1,1 million (NOK 0,6 million)
- Gross profit: NOK 2,9 million (NOK 4,0 million)
- Gross margin: 25,1 % (37,4 %)
- Adjusted EBITDA: NOK -5,6 million (NOK -4,5 million)
Comparable figures for Q2 2025 in brackets.
Key figures - H1 2026:
- Revenues from sales: NOK 23,3 million (NOK 17,2 million)
- Other income: NOK 1,7 million (NOK 1,5 million)
- Gross profit: NOK 6,9 million (NOK 5,8 million)
- Gross margin: 29,8 % (33,4 %)
- Adjusted EBITDA: NOK -12,1 million (NOK -13,6 million)
- Available liquidity end of period: NOK 1,2 million (NOK 5,5 million)
Comparable figures end of H1 2025 in brackets.
Revenues from sales in H1 2026 amounted to NOK 23,3 million, compared to NOK 17,2 million in the same period in 2025. The American market had a very positive development in the first half year, with a revenue of NOK 9,7 million compared to NOK 5,2 million in first half of 2025. This represents a year-over-year growth of 87 %. This market has the largest market share with 41,8 % of the total sales revenues. The European market, ex. Norway, amounted for 29 % of the total sales revenues, APAC 16,5 %, and the Norwegian nutraceutical market 12,7 %.
Other income in H1 2026 was slightly higher than in the same period in 2025, with NOK 1,7 million compared to NOK 1,5 million. The other income is related to sale of services from and recognized public grants in Arctic Algae.
Gross profit in H1 2026 was NOK 6,9 million, representing a gross margin of 29,8 %. Corresponding figures for H1 2025 was NOK 5,8 million and 33,4 %. The gross margin development has been positive compared to full year 2025 and has increased with 2,3 percentage points compared to 2025 in total.
Adjusted EBITDA amounted to NOK -12,1 million in H1 2026, compared to NOK -13,6 million in H1 2025. Personnel expenses for the first half year totaled NOK 11,9 million (NOK 10,7 million). During 2026 personnel expenses have not been capitalized on development projects in the same amount as previous years. Other operating expenses amounted to NOK 8,9 million (NOK 10,1 million). The year-to-date other operating expenses are in line with budget. The last years these expenses have gone significantly down due to cost-reduction initiatives.
Available liquidity at end of the period was NOK 1,2 million.
Outlook
The first half of 2026 has provided a strong foundation for Arctic Bioscience's nutraceutical business. A robust order pipeline, combined with recurring revenues from long-term customer relationships, supports expectations for positive revenue growth in 2026 compared with the previous year.
Additional data from the HeROPA trial in mild-to-moderate psoriasis is expected to be published in scientific journals during the second half of 2026, further increasing the visibility and reach of the study results. Based on the published data and insights from the draft development plan including planning of a phase III clinical trial, the Company will maintain a strong focus on partnership discussions going forward. Management continues to believe that HRO350 has significant market potential in the treatment of mild-to-moderate psoriasis and will actively pursue partnership opportunities to support its further development.
The liquidity position continues to be monitored closely. During the first half of 2026, a number of liquidity-enhancing measures were implemented with support from existing shareholders. The Board continues to evaluate additional financing initiatives beyond those already implemented, while maintaining a constructive and ongoing dialogue with financing partners. Future development activities within the pharmaceutical portfolio are expected to be financed separately.
Webcast
Arctic Bioscience will host a webcast and Q&A-session today at 10:00 to present the highlights from the H1 update. The presentation can be accessed through the following link:
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.