In H1 2026, PolyPeptide generated EUR 236.6 million in revenue, driven mainly by metabolic therapeutics and representing a 41.6% increase versus H1 2025 or a 43.7% growth at constant currency rates. Commercial revenue increased by 35.8%, reflecting the high level of utilization of the new large-scale capacity in Braine-l’Alleud, Belgium, as well as favorable market trends across PolyPeptide’s broad portfolio. Revenue from metabolic therapeutics grew 72.7% versus H1 2025, reaching 68.4% of total revenue. Development revenue increased by 52.3% versus H1 2025 based on strong demand from late-stage clinical programs.
PolyPeptide continues to maintain a diversified pipeline of active custom projects, reflecting its reputation and development capabilities with a strong exposure to metabolic therapeutics (including GLP-1 receptor agonist drugs), oncology and neurology.
PolyPeptide’s gross profit and EBITDA improved significantly in H1 2026. Gross profit in H1 2026 was EUR 63.7 million versus EUR 14.3 million in H1 2025 and EBITDA was EUR 49.1 million versus EUR 4.4 million in H1 2025.
The increase in EBITDA was driven by higher sales (EUR +45.0 million), which was partially offset by investments in FTEs to support our growth (EUR -5.9 million, of which EUR -1.1 million were ERP related FTEs), mostly from the increase in average full-time equivalents (+6.9%) compared to H1 2025. Exceptional items included the sale of intangible assets (EUR +9.2 million) and total ERP-related investments (EUR -4.8 million).
The operating result (EBIT) in H1 2026 was EUR 22.0 million (including a one-time unfavorable impact from the impairment of previously capitalized costs related to the discontinued Manufacturing Execution System (MES) implementation project following a reassessment of the solution – also in the context of the new ERP implementation – and future business requirements) versus EUR -13.7 million in H1 2025. The financial result was EUR -7.8 million versus EUR -17.3 million in H1 2025, driven mainly by favorable foreign exchange movements, which were partially offset by increased interest expenses compared to H1 2025.
The income tax expense was EUR -5.1 million in H1 2026 versus EUR +4.5 million in H1 2025, bringing the result for the period for H1 2026 to EUR +9.1 million versus EUR -26.5 million in H1 2025.
Net cash flows from operating activities reached EUR 25.2 million in H1 2026 versus EUR 49.7 million in H1 2025, mainly reflecting higher receivables balances due to revenue phasing. Further prepayments received from customers contributed net inflows of EUR 11.2 million in H1 2026.
Net cash flows from investing activities were EUR -45.8 million versus EUR -50.8 million in H1 2025, bringing the free cash flow to EUR -19.1 million. Cash and cash equivalents at the end of H1 2026 reached EUR 59.0 million versus EUR 76.7 million at the end of H1 2025 and EUR 74.6 million at the end of 2025. PolyPeptide announced a further expansion of its existing credit facilities in March 2026. As at the end of H1 2026, EUR 100 million of the committed EUR 200 million were drawn from the revolving credit facility.
During H1 2026, PolyPeptide continued to execute its capacity expansion strategy across the site network through the deployment of proprietary technology and an integrated engineering approach incorporating enhanced automation and process control, supporting productivity, safety, and sustainability. Overall, capital expenditures were mainly driven by the ongoing expansions in Malmö and Strasbourg, reaching EUR 41.3 million or 17.5% of revenue (27.6% in H1 2025).
In H1 2026, commercial production at the new large-scale SPPS capacity in Braine-l’Alleud, Belgium progressed according to plan running at its target utilization rate. Further, PolyPeptide, advanced its global capacity expansions, with the planned doubling of solid-phase peptide synthesis (SPPS) capacity at its manufacturing site in Malmö, Sweden, which completed construction and is undergoing commissioning. The newly added SPPS capacity at the site in Strasbourg, France, is expected to ramp up production in H2 2026, while the expansion in Ambernath, India, and the downstream capacity expansion in Torrance, USA, continue to progress according to plan.
The implementation of the new ERP system previously announced continued according to plan. To mobilize the program, technical experts were hired in H1 2026 to drive the ERP implementation to support a seamless rollout across all sites.
With the growth of its commercial business and continued importance of large-pharma customers, PolyPeptide maintains its focus on the execution of its talent agenda to support its growth strategy.
In H1 2026, PolyPeptide enhanced its capabilities in supply chain management, procurement, operational excellence, engineering, development alongside the strengthening of its commercial organization, further deepening its CDMO and peptide manufacturing expertise at global and local level.
On the back of the operational progress made in H1 2026 and robust customer demand, PolyPeptide revises its guidance for the full-year 2026 as follows:
Guidance for 2026
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Previous |
New* |
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Revenue growth in % vs 2025 (at constant currency rates) |
20-25% |
25-30% |
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EBITDA margin |
Mid- to high-teens |
High-teens |
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Capital expenditures |
15-20% of revenue |
15-20% of revenue |
The revised guidance for 2026 assumes that revenue in H2 2026 will exceed revenue in H1 2026 and that the new large-scale asset in Braine-l’Alleud, Belgium, continues to run at its target utilization rate. PolyPeptide’s priorities for 2026 remain to meet increasing demand, especially in metabolic therapeutics, execute its capacity expansions in Malmö, Sweden, and Torrance, USA, ramp up in Strasbourg, France and Ambernath, India and advance negotiations for large commercial agreements to support growth beyond 2028.
According to Global Data (accessed July 2026), the global peptide therapeutics market has been valued at approximately USD 94 billion in 2025 and is projected to reach approximately USD 200 billion by 2031 with strong growth expected to continue.
PolyPeptide believes that the main growth driver is the increasing demand for peptide-based therapies for metabolic disorders, in particular for the treatment of diabetes, obesity, and other co-morbidities. The advancement of hundreds of pre-clinical and clinical development projects in other therapeutic areas, including oncology, central nervous system, infectious disease, cardiovascular, immunology, gastrointestinal applications, is expected to complement the growth beyond metabolic disorders. PolyPeptide observed that the global drug development landscape remains focused on synthetic peptides with complex molecular structures, including longer sequences, chemical modifications, and the incorporation of non-natural amino acids, alongside novel formulation technologies such as oral peptides.
PolyPeptide believes that its specialized CDMO capabilities and its multi-site network across the US, Europe, and Asia remain relevant in customer outsourcing considerations, particularly in the context of more regionalized supply chain strategies driven by the current macro‑economic environment. With a history of over 70 years and a strong manufacturing track record with over 1,000 distinct therapeutic peptides manufactured for customers, PolyPeptide is well positioned to successfully compete in this market.
In H1 2026, PolyPeptide continued to focus on the execution of its growth strategy across its global multi-site network. PolyPeptide’s vision is to be the most innovative peptide CDMO by shaping the future of peptide drug manufacturing and contributing to the health of millions of patients across the world. Polypeptide’s strategy aims to strengthen both its foundations and competitive advantages:
We believe the execution of this strategy will enable PolyPeptide to offer its customers a distinctive value proposition that further differentiates it from the competition. The Group’s strategy includes transformational elements to adapt to evolving customer needs and to enhance its industrial-scale capabilities. As a result, PolyPeptide strives to advance its peptide manufacturing practices through efficient and sustainable ways of working and new proprietary technologies.
PolyPeptide confirms its target to double revenue reported for 2023 by 2028. Revenue growth projections are supported by commitments and supply forecasts of existing customers.
Profitability is expected to approach an EBITDA margin of 25% by 2028, driven by growth initiatives, improving profitability in the existing base business with higher asset utilization and efficiency, as well as operating leverage.
Over the mid-term horizon and on average, PolyPeptide expects capital expenditures of 15% to 20% of revenue to ensure capacity also beyond 2028. Large capacity expansions are expected to be made in close collaboration with the Group’s customers and including long-term commitments through financing support (prepayments or other structures). Investment phasing may lead to capital expenditures above the indicated range in a given year, depending on the opportunities that arise.
PolyPeptide’s guidance and mid-term outlook assumes no unexpected adverse events.