Medexus Pharmaceuticals (MDP) Q2 2026 earnings summary

Executive summary

• Graphopex (GRAFAPEX) launch exceeded expectations, with October 2025 marking the highest patient demand since launch and $3.1 million in Q2 net revenue, $6.2 million year-to-date.

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

• Fiscal Q2 2026 net revenue was $24.7 million, down 6.1% year-over-year, mainly due to generic competition for Rupall and the end of the US Gleolan Agreement, partially offset by Graphopex growth.

• Adjusted EBITDA for Q2 2026 was $4.4 million, down 26.7% year-over-year, reflecting launch investments and competition.

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

Financial highlights

• Gross margin improved to 55.7% in Q2 (from 53.7% last year); Adjusted Gross Margin rose to 65.2% (from 59.5%).

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

• Operating cash flow was $3.3 million, down from $6.9 million in fiscal Q2 2025.

• Available liquidity was $9.4 million at quarter-end, down from $24 million at March 31, 2025, mainly due to $16.6 million in debt repayments.

• Total long-term debt reduced to $21.1 million as of September 30, 2025.

Outlook and guidance

• Graphopex 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 Graphopex net revenue projected to exceed $100 million within five years of launch, subject to commercialization success.

• Anticipated acceleration in Graphopex adoption as adult reimbursement improves.

• Continued quarter-over-quarter growth is anticipated as Graphopex commercialization advances.