Medicure (MPH) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 was CAD 7.4 million, up from CAD 6.7 million in Q2 2025, driven by increased ZYPITAMAG sales and pharmacy acquisitions.

• Net loss widened to CAD 1.4 million (CAD 0.14/share) from CAD 786,000, mainly due to a CAD 864,000 rebate liability related to CMS assessment and higher non-cash amortization expenses.

• Adjusted EBITDA improved to CAD 172,000 from -CAD 28,000 year-over-year, reflecting higher ZYPITAMAG and pharmacy revenues.

• Continued investment in R&D, especially for MC-1 targeting PNPO deficiency, with CAD 608,000 spent in the quarter.

• Focus areas include AGGRASTAT, ZYPITAMAG, Marley Drug, MC-1 development, and a new chemical entity.

Financial highlights

• Gross profit for the quarter was CAD 3.2 million, down from CAD 3.4 million year-over-year.

• Cost of goods sold increased to CAD 4.2 million from CAD 3.2 million year-over-year, mainly due to pharmacy segment growth.

• Cash balance as of June 30, 2026 was CAD 1.8 million, down from CAD 3.8 million at year-end 2025, due to working capital and acquisition payments.

• No debt outstanding as of quarter-end.

• R&D expenses decreased to CAD 608,000 from CAD 741,000, reflecting timing of expenditures.

Outlook and guidance

• Ongoing enrollment and data collection for MC-1 phase III trial, aiming for FDA approval and potential Priority Review voucher.

• Continued focus on growing ZYPITAMAG through both insured and direct channels, and leveraging pharmacy acquisitions for revenue diversification.

• Marley Drug aims to expand exclusive product offerings and partnerships.

• Preclinical development underway for new chemical entities, with long-term value potential.

• Continued investment in clinical development, including MC-1 for PNPO deficiency.