Medexus Pharmaceuticals (MDP) Investor presentation summary

Strategic focus and business model

• Concentrates on innovative, commercial, and late-stage pharmaceutical products with strong market dynamics in North America.

• Growth driven by increased market performance, new product launches, and targeted development.

• Business model leverages a scalable North American infrastructure and salesforce.

• Pursues organic growth, business development, and product development to expand and enhance the portfolio.

Product portfolio and commercialization

• Portfolio includes 14 brands across hematology-oncology, rheumatology, and allergy/dermatology.

• GRAFAPEX™ (treosulfan) is the first and only FDA-approved conditioning regimen for allo-HSCT in AML or MDS, with $100M+ net revenue potential within 5 years and 80% gross margins.

• Trecondyv (treosulfan) launched in Canada in 2021, showing rapid growth and positive reimbursement developments.

• IXINITY® targets hemophilia B, with global rights, US patent protection through 2028, and recent pediatric indication approval.

• Rasuvo® is the only methotrexate autoinjector in the US after Otrexup’s discontinuation, experiencing a demand surge.

Financial performance and capital structure

• FY2025 net revenue reached $108.3M, with a 14% three-year CAGR and 73% of revenue from the US.

• Adjusted EBITDA for FY2025 was $20.2M, with operating cash flow of $24.0M.

• Trading at 0.79x EV/Net Revenue and 5.4x EV/Adj. EBITDA, with net debt/Adj. EBITDA below 1x and ~$15M cash on hand.

• $21M term loan facility, $5M revolving loan, $10M committed delayed draw, and $15M uncommitted accordion feature provide financial flexibility.