Coegin Pharma (COEGIN) Q1 2026 earnings summary

Executive summary

• Transitioned from initial launch to commercial scale-up, generating first commercial revenues from Follicopeptide Gel Serum and expanding the product portfolio with a new scalp serum.

• Strengthened liquidity through a directed share issue of approximately SEK 12.1 million in February 2026.

• Focus remains on disciplined execution, scalable growth, and long-term value creation.

Financial highlights

• Net sales reached 292 TSEK in Q1 2026, compared to 0 TSEK in Q1 2025.

• Operating profit improved to -4,754 TSEK from -5,629 TSEK year-over-year.

• Earnings per share before and after dilution were -0.19 SEK, up from -0.23 SEK in Q1 2025.

• Cash and cash equivalents at period end were 9,266 TSEK, down from 15,564 TSEK a year earlier.

• Equity ratio stood at 84.26% at the end of Q1 2026.

Outlook and guidance

• Production capacity will be increased stepwise, with additional distribution partnerships and product portfolio expansion planned for 2026.

• Targeting balanced cash flow in the second half of 2026, supported by product revenues from Follicopeptide Gel Serum.

• NPP-4 skin toning product expected to launch by end of 2026.