Medexus Pharmaceuticals (MDP) Q4 2026 earnings summary

Executive summary

• Fiscal year 2026 marked a transition, with GRAFAPEX contributing positively to operating cash flows and driving growth momentum, while portfolio evolution established a strong baseline for future GRAFAPEX growth.

• Net revenue for FY2026 was $99.3 million, down from $108.3 million in FY2025, mainly due to the loss of Gleolan in the U.S. and generic competition for Rupall in Canada, partially offset by GRAFAPEX and Rasuvo.

• Adjusted EBITDA for FY2026 was $16.5 million, compared to $20.2 million in FY2025, with Q4 Adjusted EBITDA rising 87% to $4.3 million due to increased demand for Rasuvo and IXINITY.

• Net loss for FY2026 was $2.4 million, compared to net income of $2.2 million in FY2025.

• The company remains focused on stable performance across its US and Canadian product portfolios and ongoing business development in allo-HSCT.

Financial highlights

• Q4 2026 net revenue was $24.7 million, nearly flat year-over-year.

• Gross margin improved to 54.8% for FY2026 from 52.2% in FY2025, with Adjusted Gross Margin at 64.3%, driven by GRAFAPEX and Rasuvo.

• Operating cash flow for FY2026 was $18.9 million, down from $24 million in FY2025, with available liquidity at year-end of $9.0 million.

• Q4 2026 adjusted EBITDA rose to $4.3 million from $2.3 million in Q4 2025.

• Q4 2026 net loss increased to $2.7 million from $0.6 million in Q4 2025, but operating income turned positive at $1.2 million versus a $1.2 million loss last year.

Outlook and guidance

• GRAFAPEX net revenue is projected at $30–$32 million for FY2027, with growth expected from increased order volumes at existing hospitals and new hospital adoption, and is expected to exceed $100 million annually within five years post-launch.

• Annual product-level Adjusted Gross Margin for GRAFAPEX projected at approximately 80%.

• Seasonality is expected, with slower summer and December quarters due to fewer procedures.

• Canadian and established portfolio revenues are expected to remain stable without significant growth or decline.

• SG&A and R&D expenses are expected to see modest and meaningful increases, respectively, in FY2027.