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
Cautious
No guidance change
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 | 207.76 | −65.8% | 120.17 | −42.2% | reported | — | 1.00 |
| Gross profit | 29.25 | 64.84 | −54.9% | 43.74 | −32.5% | reported | — | 1.00 |
| EBITDA | 0 | — | — | 0 | — | reported | — | 0.80 |
| EBIT | -10.35 | -5.71 | −81.3% | -14.39 | −152.1% | reported | — | 1.00 |
| EBT | -16.82 | -11.88 | −41.6% | -16.82 | −41.6% | reported | — | 1.00 |
| Net income | -9.16 | -15.66 | +41.5% | -14.31 | +8.6% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.11 | 0.04 | — | -0.17 | — | reported | — | 1.00 |
| D&A | 19.48 | — | — | 19.48 | — | reported | — | 1.00 |
| Interest expense | 2.57 | 5.85 | −56% | 2.57 | −56% | reported | — | 1.00 |
| Income tax | -2.51 | 4.44 | −156.5% | -2.51 | −156.5% | reported | — | 0.90 |
| Gross margin | 41.17% | 31.21% | +10 pp | 36.39% | +5.2 pp | derived | — | 0.95 |
| EBITDA margin | 0% | — | — | 0% | — | derived | — | 0.60 |
| EBIT margin | -14.57% | -2.75% | −11.8 pp | -11.98% | −9.2 pp | derived | — | 0.95 |
| EBT margin | -14% | 2.77% | −16.8 pp | -14% | −16.8 pp | derived | — | 0.95 |
| Net margin | -12.9% | -7.54% | −5.4 pp | -11.91% | −4.4 pp | derived | — | 0.95 |
| D&A margin | 16.21% | — | — | 16.21% | — | derived | — | 0.90 |
| Cash | 1.29 | 8.28 | −84.4% | — | — | reported | — | 1.00 |
| Total debt | 67.3 | 39.43 | +70.7% | — | — | reported | — | 0.90 |
| Net debt | 66.01 | 31.14 | +111.9% | — | — | derived | — | 0.90 |
| Equity | 579.54 | 593.97 | −2.4% | — | — | reported | — | 1.00 |
| Total assets | 771.93 | 764.56 | +1% | — | — | reported | — | 1.00 |
| Working capital | 30.97 | — | — | — | — | derived | — | 0.95 |
| Current assets | 161.31 | 145.11 | +11.2% | — | — | reported | — | 1.00 |
| Current liabilities | 130.34 | 102.91 | +26.6% | — | — | reported | — | 1.00 |
| Non-current liabilities | 62.05 | 67.68 | −8.3% | — | — | reported | — | 1.00 |
| Inventory | 109.98 | 95.01 | +15.8% | — | — | reported | — | 1.00 |
| Trade receivables | 42.33 | 37.77 | +12.1% | — | — | reported | — | 0.90 |
| Trade payables | 33.81 | 32.37 | +4.5% | — | — | reported | — | 0.90 |
| Goodwill | 320.42 | 327.06 | −2% | — | — | reported | — | 0.90 |
| Tangible equity | 259.12 | — | — | — | — | derived | — | 0.90 |
| CFO | -0.53 | 36.33 | −101.5% | -0.53 | −101.5% | reported | — | 1.00 |
| CapEx | 9.58 | — | — | 9.58 | — | reported | — | 1.00 |
| FCF | -10.11 | — | — | -10.11 | — | derived | — | 0.95 |
| Current ratio | 1.24x | 1.41x | −0.17x | — | — | derived | — | 0.95 |
| Quick ratio | 0.39x | 0.49x | −0.1x | — | — | derived | — | 0.95 |
| Cash ratio | 0.01x | 0.08x | −0.07x | — | — | derived | — | 0.95 |
| Interest coverage | -5.59x | 2.28x | −7.87x | -5.59x | −7.87x | derived | — | 0.85 |
| Debt / equity | 0.12x | 0.07x | +0.05x | — | — | derived | — | 0.90 |
| Debt / assets | 0.09x | 0.05x | +0.04x | — | — | derived | — | 0.90 |
| Net debt / equity | 0.11x | 0.05x | +0.06x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -11.01% | 35.98% | — | -17.39% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -99.99% | — | — | -99.99% | — | derived | — | 0.50 |
| EBIT growth (YoY) | -263.87% | 333.4% | — | -759.83% | — | derived | — | 0.60 |
| Net income growth (YoY) | -382.81% | 121.68% | — | -457.62% | — | derived | — | 0.60 |
| EPS growth (YoY) | -457.53% | 121.66% | — | -457.53% | — | derived | — | 0.60 |
| FCF growth (YoY) | -213.24% | — | — | -213.24% | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 8.83 pp | 1.28 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 | 7.47 pp | — | -13.48 pp | — | derived | — | 0.85 |
| Net margin Δ (YoY) | -10.15 pp | 8.74 pp | — | -10.15 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
71.06
−65.8%
71.06
−65.8%
- H1 2025
- 207.76
- YTD 2026
- 120.17
- Δ YoY
- −42.2%
Gross profit
29.25
−54.9%
29.25
−54.9%
- H1 2025
- 64.84
- YTD 2026
- 43.74
- Δ YoY
- −32.5%
EBITDA
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
EBIT
-10.35
−81.3%
-10.35
−81.3%
- H1 2025
- -5.71
- YTD 2026
- -14.39
- Δ YoY
- −152.1%
EBT
-16.82
−41.6%
-16.82
−41.6%
- H1 2025
- -11.88
- YTD 2026
- -16.82
- Δ YoY
- −41.6%
Net income
-9.16
+41.5%
-9.16
+41.5%
- H1 2025
- -15.66
- YTD 2026
- -14.31
- Δ YoY
- +8.6%
EPS (basic)
(PLN)
-0.11
—
-0.11
—
- H1 2025
- 0.04
- YTD 2026
- -0.17
- Δ YoY
- —
D&A
19.48
—
19.48
—
- H1 2025
- —
- YTD 2026
- 19.48
- Δ YoY
- —
Interest expense
2.57
−56%
2.57
−56%
- H1 2025
- 5.85
- YTD 2026
- 2.57
- Δ YoY
- −56%
Income tax
-2.51
−156.5%
-2.51
−156.5%
- H1 2025
- 4.44
- YTD 2026
- -2.51
- Δ YoY
- −156.5%
Gross margin
41.17%
+10 pp
41.17%
+10 pp
- H1 2025
- 31.21%
- YTD 2026
- 36.39%
- Δ YoY
- +5.2 pp
EBITDA margin
0%
—
0%
—
- H1 2025
- —
- YTD 2026
- 0%
- Δ YoY
- —
EBIT margin
-14.57%
−11.8 pp
-14.57%
−11.8 pp
- H1 2025
- -2.75%
- YTD 2026
- -11.98%
- Δ YoY
- −9.2 pp
EBT margin
-14%
−16.8 pp
-14%
−16.8 pp
- H1 2025
- 2.77%
- YTD 2026
- -14%
- Δ YoY
- −16.8 pp
Net margin
-12.9%
−5.4 pp
-12.9%
−5.4 pp
- H1 2025
- -7.54%
- YTD 2026
- -11.91%
- Δ YoY
- −4.4 pp
D&A margin
16.21%
—
16.21%
—
- H1 2025
- —
- YTD 2026
- 16.21%
- Δ YoY
- —
Cash
1.29
−84.4%
1.29
−84.4%
- H1 2025
- 8.28
- YTD 2026
- —
- Δ YoY
- —
Total debt
67.3
+70.7%
67.3
+70.7%
- H1 2025
- 39.43
- YTD 2026
- —
- Δ YoY
- —
Net debt
66.01
+111.9%
66.01
+111.9%
- H1 2025
- 31.14
- YTD 2026
- —
- Δ YoY
- —
Equity
579.54
−2.4%
579.54
−2.4%
- H1 2025
- 593.97
- YTD 2026
- —
- Δ YoY
- —
Total assets
771.93
+1%
771.93
+1%
- H1 2025
- 764.56
- YTD 2026
- —
- Δ YoY
- —
Working capital
30.97
—
30.97
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
161.31
+11.2%
161.31
+11.2%
- H1 2025
- 145.11
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
130.34
+26.6%
130.34
+26.6%
- H1 2025
- 102.91
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
62.05
−8.3%
62.05
−8.3%
- H1 2025
- 67.68
- YTD 2026
- —
- Δ YoY
- —
Inventory
109.98
+15.8%
109.98
+15.8%
- H1 2025
- 95.01
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
42.33
+12.1%
42.33
+12.1%
- H1 2025
- 37.77
- YTD 2026
- —
- Δ YoY
- —
Trade payables
33.81
+4.5%
33.81
+4.5%
- H1 2025
- 32.37
- YTD 2026
- —
- Δ YoY
- —
Goodwill
320.42
−2%
320.42
−2%
- H1 2025
- 327.06
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
259.12
—
259.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-0.53
−101.5%
-0.53
−101.5%
- H1 2025
- 36.33
- YTD 2026
- -0.53
- Δ YoY
- −101.5%
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
−0.17x
1.24x
−0.17x
- H1 2025
- 1.41x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.39x
−0.1x
0.39x
−0.1x
- H1 2025
- 0.49x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.01x
−0.07x
0.01x
−0.07x
- H1 2025
- 0.08x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
-5.59x
−7.87x
-5.59x
−7.87x
- H1 2025
- 2.28x
- YTD 2026
- -5.59x
- Δ YoY
- −7.87x
Debt / equity
0.12x
+0.05x
0.12x
+0.05x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.09x
+0.04x
0.09x
+0.04x
- H1 2025
- 0.05x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.11x
+0.06x
0.11x
+0.06x
- H1 2025
- 0.05x
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-11.01%
—
-11.01%
—
- H1 2025
- 35.98%
- 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
- 333.4%
- YTD 2026
- -759.83%
- Δ YoY
- —
Net income growth (YoY)
-382.81%
—
-382.81%
—
- H1 2025
- 121.68%
- YTD 2026
- -457.62%
- Δ YoY
- —
EPS growth (YoY)
-457.53%
—
-457.53%
—
- H1 2025
- 121.66%
- 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
- 1.28 pp
- 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
- 7.47 pp
- YTD 2026
- -13.48 pp
- Δ YoY
- —
Net margin Δ (YoY)
-10.15 pp
—
-10.15 pp
—
- H1 2025
- 8.74 pp
- YTD 2026
- -10.15 pp
- Δ YoY
- —