HBM Holdings Limited reported a 20.9% year-on-year jump in first-half 2026 revenue to USD 122.49 million, driven primarily by USD 113.08 million from molecule licence and alliance income. Net profit for the six months ended 30 June 2026 reached USD 64.85 million, compared with USD 73.00 million a year earlier, reflecting higher R&D and administrative spending.
Gross profit climbed to USD 116.64 million, while the gross margin stood at 95.2%. Research and development expenses rose 64.7% to USD 29.60 million, as the company accelerated several mid- to late-stage programmes, including batoclimab (HBM9161) and HBM9378. Administrative costs more than doubled to USD 16.67 million, weighed by higher personnel, litigation and intellectual-property expenses.
Cash and cash equivalents totalled USD 359.16 million at period end, down from USD 403.06 million at 31 December 2025, as HBM increased investments in pipeline progression and strategic equity stakes. Total assets expanded to USD 533.34 million, with total equity improving to USD 417.82 million.
Pipeline milestones in H1 2026 included: • Batoclimab: Biologics License Application for generalized myasthenia gravis accepted by China’s NMPA in July 2024 and under review. • HBM9378: Positive Phase I data confirmed favourable safety and extended half-life; partner Windward Bio initiated Phase II/III POLARIS asthma trial and Phase II SIRIUS COPD study. • Porustobart (HBM4003): Out-licensing to Solstice Oncology for markets outside Greater China, with upfront consideration exceeding USD 105 million and potential milestones of about USD 1.10 billion. • HBM7575/SKB575: NMPA cleared INDs for atopic dermatitis (March 2026) and asthma (July 2026); first participant dosed in Phase I. • HBM2001, HBM7020 and HBM7004 advanced with multiple IND clearances and imminent Phase I initiations. • LET003, a next-generation obesity antibody, progressed to IND-enabling stage with submission targeted for Q3 2026.
Business development highlights featured a multi-year collaboration with Bristol Myers Squibb worth up to USD 1.13 billion in potential payments, an equity and licence deal with Spruce Biosciences, participation in Windward Bio’s USD 165 million financing, and strategic technology alliances with Lonza and BioMap.
HBM recorded a USD 20.20 million jury award in a U.S. patent infringement case against Amgen and Teneobio, underscoring the strength of its Harbour Mice® transgenic antibody platform.
On capital management, the company repurchased 16.47 million shares during the period for HKD 195.48 million (USD 24.93 million). Basic and diluted earnings per share were both USD 0.08. No interim dividend was declared.
Looking ahead, HBM reiterated its Phase 3.0 strategy of maximising late-stage assets through Harbour Therapeutics, scaling AI-enabled discovery via Nona Biosciences, and deepening global partnerships, while maintaining a cash runway supported by USD 359.16 million in cash and deposits.