Liven Pharma swings to loss in 1HFY26

February 27, 2026 (MLN): Liven Pharma Limited (PSX:LIVEN) reported a net loss of Rs1.95m for the half year ended December 31, 2025, a stark reversal from the massive Rs119.23m net profit recorded in the same period last year.

The company's earnings plunged, resulting in a loss per share of Rs0.02, compared to an earnings per share (EPS) of Rs2.46 in the corresponding period of the previous year.

The company's core top-line struggled significantly, with revenue plunging 40% year-on-year to Rs63.38m from Rs106.04m.

Cost of sales decreased at a slightly faster pace of 42%, dropping to Rs41.45m from Rs71.74m.

Because of this proportional decline, the gross profit margin actually improved slightly to 34.6% from 32.3% last year.

However, the sheer drop in sales volume meant that absolute gross profit still fell 36% to Rs21.93m from Rs34.29m.

Operating expenses dealt a severe blow to the company's profitability.

While administrative and general expenses dropped 11% to Rs18.54m, selling and distribution expenses surged 3.4times to Rs9.40m from Rs2.77m.

Crucially, the company also booked a massive Other expenses charge of Rs24.78m, whereas there was no such charge in the prior period.

Dragged down by falling revenues and surging expenses, the company swung to an operating loss of Rs32.09m, a sharp contrast to the Rs10.64m operating profit recorded in H1 FY2025.

Below the operating line, the financials faced further pressure.

Other income plummeted 92% to Rs9.99m from a massive Rs119.30m last year (which had clearly acted as the primary engine for last year's profitability). Furthermore, finance costs skyrocketed to Rs1.31m from a mere Rs3,150.

However, the company received a massive lifeline in the form of a taxation credit (reversal) amounting to Rs21.02m, a sharp reversal from the Rs10.70m tax expense recorded last year.

This substantial tax credit essentially rescued the bottom line, absorbing nearly the entirety of the pre-tax deficit and limiting the final net loss to just Rs1.95m.

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