Genus has reported a strong 1H26 update, with 1H adj. PBT now expected at c. £55.6m (SCMe midpoint, £41.4m). The material beat reflects a £5.6m milestone payment from BCA following approval of the porcine JV in China, alongside better than expected PIC trading, particularly in China and Brazil. Accordingly, we lift FY26E revenues by 2% to £726m and FY26E adj. PBT by 13% to £94m. We do note Management’s cautiousness around one-off performance benefits and thus leave our FY27 forecasts unchanged. Nevertheless, with such a strong 1H performance and continued upside risk from PRP, we reiterate our BUY and 2910p TP.
