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Medexus Pharmaceuticals (MDP) investor relations material

Medexus Pharmaceuticals Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary13 Nov, 2025

Executive summary

  • Graphopex/GRAFAPEX launch exceeded pre-launch expectations, with October 2025 marking the highest patient demand since launch in February 2025.

  • 83% of U.S. transplant centers engaged; 29% have ordered Graphopex/GRAFAPEX, and 69% of those have reordered.

  • Company expects Graphopex/GRAFAPEX to be accretive to operating cash flows by fiscal Q3 2026.

  • Focus remains on advancing Graphopex/GRAFAPEX in the U.S. and maintaining strong performance across the product portfolio.

Financial highlights

  • Fiscal Q2 2026 net revenue was $24.7 million, down from $26.3 million year-over-year, with $3.1 million from Graphopex/GRAFAPEX.

  • Adjusted EBITDA for Q2 2026 was $4.4 million, down from $6 million year-over-year, reflecting launch investments and competition.

  • Gross margin improved to 55.7% for Q2, with Adjusted Gross Margin at 65.2% and product-level margin for Graphopex/GRAFAPEX at 87.8%.

  • Net loss of $0.3 million for Q2, compared to net income of $0.1 million last year.

  • Available liquidity was $9.4 million as of September 30, 2025, down from $24 million at March 31, 2025, mainly due to $16.6 million in debt repayments.

Outlook and guidance

  • Graphopex/GRAFAPEX expected to contribute positively to operating cash flows by fiscal Q3 2026.

  • Fiscal Q3 2026 Graphopex product-level net revenue guidance: $2.5 million–$3.5 million; demand sales guidance: $3 million–$4 million.

  • Annual product-level net revenue from Graphopex/GRAFAPEX expected to exceed $100 million within five years of launch, subject to execution.

  • Anticipated acceleration in Graphopex/GRAFAPEX adoption as adult reimbursement improves and NTAP program supports access.

  • July 2025 US tariffs on EU pharmaceutical imports will apply to Graphopex/GRAFAPEX and Rasuvo at 15%, but impact is not expected to be material.

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Frequently asked questions

Medexus Pharmaceuticals Inc. operates as a specialty pharmaceutical company in Canada and the United States. It focuses on the specialty areas of rheumatoid arthritis, asthma/allergy, psoriasis/dermatology, and gastrointestinal disorders through its sales and marketing activities and an expanding network of professional relationships. The company markets its products through sales representatives.

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