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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (4), FCA NSM (6)
FY2026Next report expected 12 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueU.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 11AndRoyalty and milestone revenue from global licence partners
Royalty/milestone revenue $3.9M (2024: $2.9M), including $2.3M from Norgine FeRACCRU® sales in Europe (Germany 63%, UK 24%)
page 11What moved the marginheadwind45% 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 11AndtailwindRestructured, leaner sales organisation
SG&A fell to $31.6M (2024: $36.0M) due to restructuring of the ACCRUFeR® sales force announced in Q4 2024
page 11What management saidShield's 2025 performance represents the strongest year on record for ACCRUFeR®
page 3After the year endOn 30 January 2026, Chinese partner ASK agreed to pay a $7.9M development milestone following its planned Q1 2026 ACCRUFeR® China marketing authorisation submission; proceeds to be used to settle the AOP Milestone Monetisation Agreement in full and terminate it
page 44The dividendThe Directors do not recommend payment of a dividend in respect of the year ended 31 December 2025
page 23Going concern and the auditUnqualified ('true and fair') audit opinion from Crowe U.K. LLP (Senior Statutory Auditor Nick Jones); no material uncertainty identified regarding going concern; Key Audit Matters were revenue recognition, impairment of intangible assets, and impairment of investments/intercompany receivables (Parent only); going concern supported by cash of $11.6M at 31 Dec 2025 (unaudited $12.4M at 31 Mar 2026), cash flow forecasts to December 2027, and the extended $50M Runway Growth Capital facility plus $15M Sallyport receivables facility as mitigants
page 26The risks it names firstRead from C001188-AR-2025-nsm.
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