Medicure (MPH) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenue was CAD 5.5 million, down from CAD 5.7 million in Q1 2024, due to lower AGGRASTAT and ZYPITAMAG revenues, partially offset by Marley Drug and Gateway Pharmacy growth.

• Net loss was CAD 694,000 (CAD 0.07 per share) versus net income of CAD 51,000 last year, mainly from higher R&D and cost of goods sold.

• Adjusted EBITDA was CAD 28,000, down from CAD 359,000 in Q1 2024.

• The company remains debt free with CAD 7.2 million in cash as of March 31, 2025.

• All five director nominees were re-elected with over 99% support at the annual general meeting.

Financial highlights

• AGGRASTAT net revenue fell to CAD 1.7 million from CAD 2.3 million year-over-year due to increased generic competition.

• Marley Drug revenue increased to CAD 3.1 million from CAD 2.7 million, driven by higher product volumes and new offerings.

• ZYPITAMAG revenue through insured channels dropped to CAD 519,000 from CAD 777,000, while Marley Drug ZYPITAMAG sales rose to CAD 918,000 from CAD 567,000.

• Gateway Pharmacy contributed CAD 175,000 in revenue post-acquisition.

• Gross profit for Q1 2025 was CAD 2.8 million, down from CAD 3.9 million in Q1 2024.

Outlook and guidance

• Focus remains on growing ZYPITAMAG and Marley Drug, maintaining AGGRASTAT sales, and advancing R&D, especially MC-1 for PNPO deficiency.

• Short-term goals include seeking MC-1 approval and leveraging new pharmacy acquisitions for revenue growth.

• Long-term strategy centers on developing new chemical entities with large market potential.