H1 2026 report
Przychody spadły o 17,4% r/r do 120,2 mln PLN, głównie przez przesunięcie rozliczenia przetargu na rynku malezyjskim między 2025 a 2026 rokiem — to efekt czasowy, nie strukturalny spadek popytu.
Sentiment
●●●●●●
BIO
H1 2026 report
Revenue
120.17 m PLN
— YoY
Net income
-14.31 m PLN
— YoY
EBITDA
0 m PLN
— YoY
Gross margin
36.39%
— YoY
Summary
Investment thesis
- Marża brutto na sprzedaży wzrosła z 27,6% do 36,4% dzięki korzystniejszej strukturze sprzedaży (wyższy udział rynku krajowego) i niższym kosztom jednostkowym.
- Strata operacyjna 14,4 mln PLN i strata netto 14,3 mln PLN to niemal w całości efekt jednorazowej rezerwy 17,455 mln PLN na spór arbitrażowy CIETAC/HLST — bez tej pozycji wynik operacyjny poprawiłby się r/r o 40,4% do 3,1 mln PLN.
- Środki pieniężne skurczyły się z 8,3 mln PLN do 1,3 mln PLN, a operacyjne przepływy pieniężne były ujemne (-0,5 mln PLN) — płynność jest napięta, choć spółka deklaruje zabezpieczenie finansowania.
- Po dniu bilansowym wszczęto postępowanie egzekucyjne wynikające z wyroku CIETAC, a spółka rozpoczęła refundowaną sprzedaż insuliny Semglee (od 1 lipca 2026) — oba zdarzenia będą kluczowe dla kolejnych kwartałów.
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Financials
BETA
BIO · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 71.06 | — | — | 120.17 | — | reported | — | 1.00 |
| Gross profit | 29.25 | — | — | 43.74 | — | reported | — | 1.00 |
| EBITDA | 0 | — | — | 0 | — | reported | — | 0.80 |
| EBIT | -10.35 | — | — | -14.39 | — | reported | — | 1.00 |
| EBT | -16.82 | — | — | -16.82 | — | reported | — | 1.00 |
| Net income | -9.16 | — | — | -14.31 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.11 | — | — | -0.17 | — | reported | — | 1.00 |
| D&A | 19.48 | — | — | 19.48 | — | reported | — | 1.00 |
| Interest expense | 2.57 | — | — | 2.57 | — | reported | — | 1.00 |
| Income tax | -2.51 | — | — | -2.51 | — | reported | — | 0.90 |
| Gross margin | 41.17% | — | — | 36.39% | — | derived | — | 0.95 |
| EBITDA margin | 0% | — | — | 0% | — | derived | — | 0.60 |
| EBIT margin | -14.57% | — | — | -11.98% | — | derived | — | 0.95 |
| EBT margin | -14% | — | — | -14% | — | derived | — | 0.95 |
| Net margin | -12.9% | — | — | -11.91% | — | derived | — | 0.95 |
| D&A margin | 16.21% | — | — | 16.21% | — | derived | — | 0.90 |
| Cash | 1.29 | — | — | — | — | reported | — | 1.00 |
| Total debt | 67.3 | — | — | — | — | reported | — | 0.90 |
| Net debt | 66.01 | — | — | — | — | derived | — | 0.90 |
| Equity | 579.54 | — | — | — | — | reported | — | 1.00 |
| Total assets | 771.93 | — | — | — | — | reported | — | 1.00 |
| Working capital | 30.97 | — | — | — | — | derived | — | 0.95 |
| Current assets | 161.31 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 130.34 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 62.05 | — | — | — | — | reported | — | 1.00 |
| Inventory | 109.98 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 42.33 | — | — | — | — | reported | — | 0.90 |
| Trade payables | 33.81 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 320.42 | — | — | — | — | reported | — | 0.90 |
| Tangible equity | 259.12 | — | — | — | — | derived | — | 0.90 |
| CFO | -0.53 | — | — | -0.53 | — | reported | — | 1.00 |
| CapEx | 9.58 | — | — | 9.58 | — | reported | — | 1.00 |
| FCF | -10.11 | — | — | -10.11 | — | derived | — | 0.95 |
| Current ratio | 1.24x | — | — | — | — | derived | — | 0.95 |
| Quick ratio | 0.39x | — | — | — | — | derived | — | 0.95 |
| Cash ratio | 0.01x | — | — | — | — | derived | — | 0.95 |
| Interest coverage | -5.59x | — | — | -5.59x | — | derived | — | 0.85 |
| Debt / equity | 0.12x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.09x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 0.11x | — | — | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -11.01% | — | — | -17.39% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -99.99% | — | — | -99.99% | — | derived | — | 0.50 |
| EBIT growth (YoY) | -263.87% | — | — | -759.83% | — | derived | — | 0.60 |
| Net income growth (YoY) | -382.81% | — | — | -457.62% | — | derived | — | 0.60 |
| EPS growth (YoY) | -457.53% | — | — | -457.53% | — | derived | — | 0.60 |
| FCF growth (YoY) | -213.24% | — | — | -213.24% | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 8.83 pp | — | — | 8.83 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -16.29 pp | — | — | -16.29 pp | — | derived | — | 0.60 |
| EBIT margin Δ (YoY) | -13.48 pp | — | — | -13.48 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -10.15 pp | — | — | -10.15 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
71.06
—
71.06
—
- H1 2025
- —
- YTD 2026
- 120.17
- Δ YoY
- —
Gross profit
29.25
—
29.25
—
- H1 2025
- —
- YTD 2026
- 43.74
- Δ YoY
- —
EBITDA
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
EBIT
-10.35
—
-10.35
—
- H1 2025
- —
- YTD 2026
- -14.39
- Δ YoY
- —
EBT
-16.82
—
-16.82
—
- H1 2025
- —
- YTD 2026
- -16.82
- Δ YoY
- —
Net income
-9.16
—
-9.16
—
- H1 2025
- —
- YTD 2026
- -14.31
- Δ YoY
- —
EPS (basic)
(PLN)
-0.11
—
-0.11
—
- H1 2025
- —
- YTD 2026
- -0.17
- Δ YoY
- —
D&A
19.48
—
19.48
—
- H1 2025
- —
- YTD 2026
- 19.48
- Δ YoY
- —
Interest expense
2.57
—
2.57
—
- H1 2025
- —
- YTD 2026
- 2.57
- Δ YoY
- —
Income tax
-2.51
—
-2.51
—
- H1 2025
- —
- YTD 2026
- -2.51
- Δ YoY
- —
Gross margin
41.17%
—
41.17%
—
- H1 2025
- —
- YTD 2026
- 36.39%
- Δ YoY
- —
EBITDA margin
0%
—
0%
—
- H1 2025
- —
- YTD 2026
- 0%
- Δ YoY
- —
EBIT margin
-14.57%
—
-14.57%
—
- H1 2025
- —
- YTD 2026
- -11.98%
- Δ YoY
- —
EBT margin
-14%
—
-14%
—
- H1 2025
- —
- YTD 2026
- -14%
- Δ YoY
- —
Net margin
-12.9%
—
-12.9%
—
- H1 2025
- —
- YTD 2026
- -11.91%
- Δ YoY
- —
D&A margin
16.21%
—
16.21%
—
- H1 2025
- —
- YTD 2026
- 16.21%
- Δ YoY
- —
Cash
1.29
—
1.29
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
67.3
—
67.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
66.01
—
66.01
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
579.54
—
579.54
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
771.93
—
771.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
30.97
—
30.97
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
161.31
—
161.31
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
130.34
—
130.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
62.05
—
62.05
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
109.98
—
109.98
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
42.33
—
42.33
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
33.81
—
33.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
320.42
—
320.42
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
259.12
—
259.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-0.53
—
-0.53
—
- H1 2025
- —
- YTD 2026
- -0.53
- Δ YoY
- —
CapEx
9.58
—
9.58
—
- H1 2025
- —
- YTD 2026
- 9.58
- Δ YoY
- —
FCF
-10.11
—
-10.11
—
- H1 2025
- —
- YTD 2026
- -10.11
- Δ YoY
- —
Current ratio
1.24x
—
1.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.39x
—
0.39x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.01x
—
0.01x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-5.59x
—
-5.59x
—
- H1 2025
- —
- YTD 2026
- -5.59x
- Δ YoY
- —
Debt / equity
0.12x
—
0.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.09x
—
0.09x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.11x
—
0.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-11.01%
—
-11.01%
—
- H1 2025
- —
- YTD 2026
- -17.39%
- Δ YoY
- —
EBITDA growth (YoY)
-99.99%
—
-99.99%
—
- H1 2025
- —
- YTD 2026
- -99.99%
- Δ YoY
- —
EBIT growth (YoY)
-263.87%
—
-263.87%
—
- H1 2025
- —
- YTD 2026
- -759.83%
- Δ YoY
- —
Net income growth (YoY)
-382.81%
—
-382.81%
—
- H1 2025
- —
- YTD 2026
- -457.62%
- Δ YoY
- —
EPS growth (YoY)
-457.53%
—
-457.53%
—
- H1 2025
- —
- YTD 2026
- -457.53%
- Δ YoY
- —
FCF growth (YoY)
-213.24%
—
-213.24%
—
- H1 2025
- —
- YTD 2026
- -213.24%
- Δ YoY
- —
Gross margin Δ (YoY)
8.83 pp
—
8.83 pp
—
- H1 2025
- —
- YTD 2026
- 8.83 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-16.29 pp
—
-16.29 pp
—
- H1 2025
- —
- YTD 2026
- -16.29 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-13.48 pp
—
-13.48 pp
—
- H1 2025
- —
- YTD 2026
- -13.48 pp
- Δ YoY
- —
Net margin Δ (YoY)
-10.15 pp
—
-10.15 pp
—
- H1 2025
- —
- YTD 2026
- -10.15 pp
- Δ YoY
- —