Shield Therapeutics plc
Shield Therapeutics plc is a UK-incorporated (AIM-listed), commercial-stage specialty pharmaceutical company that develops and commercialises ACCRUFeR®/FeRACCRU® (ferric maltol), a differentiated oral iron therapy for iron deficiency with or without anaemia. It sells directly in the U.S. (via a co-commercialisation agreement with Viatris) and out-licenses the product to partners in Europe (Norgine), Canada (Kye Pharmaceuticals), China (ASK Pharma), South Korea (Korea Pharma) and Japan (Medleap Pharma). The Group reached cash-flow positivity in Q4 2025 and is targeting operating profitability in 2026.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 8 Apr 2026 · 46 pages · FCA NSM
Shield Therapeutics sells ACCRUFeR, also known as FeRACCRU, an iron treatment taken by mouth. In 2025 its revenue rose to $49.7m from $32.2m the year before. It still made a loss after tax, but a smaller one: $17.7m, compared with $27.2m.
Most of the growth came from the US, where prescriptions increased and the average selling price went up. Selling and administrative costs also fell after the US sales team was restructured. One-off items did little to distort the result: the only one listed for the group was a small gain from changing a loan's terms.
The company ended the year with $11.6m in cash, up from $6.5m, helped by $12.0m raised from shareholders. Borrowings stood at $30.1m, and no dividend was recommended. Management expects strong growth in 2026 and says the company is positioned to become profitable and self-sustaining. The auditors' opinion was clean, with no material doubt raised about the company's ability to keep operating. The report's warnings include reliance on a single product, possibly needing more funding if revenue falls short, and US tariffs.
U.S. ACCRUFeR® net product revenue via Viatris co-commercialisation (prescription volume growth + net selling price increases)
U.S. prescriptions rose to c.199,000 (2024: c.150,000); average net selling price grew 21% to $223; net product revenue $45.8M (2024: $29.3M)
page 1145% revenue share payable to Viatris on U.S. sales plus 5% royalty to Vitra Pharmaceuticals
Cost of sales $26.7M (2024: $17.3M), including manufacturing/shipping costs and the Viatris revenue share and Vitra royalty
page 11Shield's 2025 performance represents the strongest year on record for ACCRUFeR®
page 3The Directors do not recommend payment of a dividend in respect of the year ended 31 December 2025
page 2311 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
62 figures restated in a later report
Every figure is read again from the following year’s report: 263 confirmed, 12 differ, 62 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
62 more figures were restated in FY2015 to FY2022, which a free account opens.