Medicure (MPH) Q4 2025 earnings summary

Executive summary

• Net revenue for 2025 was CAD 28.9 million, up from CAD 21.9 million in 2024, with quarterly revenue at CAD 8.5 million versus CAD 5.9 million year-over-year.

• Net loss for 2025 was CAD 7.1 million (CAD 0.68 per share), compared to a net loss of CAD 1 million in 2024, mainly due to a CMS rebate liability, higher R&D, and non-cash amortization expenses.

• Pharmacy segment revenue rose significantly, driven by acquisitions of Gateway Medical Pharmacy and West Olympia Pharmacy.

• Loss was driven by a CAD 2.1 million CMS rebate liability, CAD 3.2 million R&D investment, and CAD 2.6 million in amortization.

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

Financial highlights

• AGGRASTAT revenue declined to CAD 5.7 million from CAD 8.1 million due to increased generic competition and lower volume.

• ZYPITAMAG insurance channel revenue slightly decreased to CAD 2.8 million from CAD 3 million; Marley Drug ZYPITAMAG sales rose to CAD 3.7 million from CAD 3.2 million.

• Marley Drug revenue increased to CAD 12.8 million from CAD 10.8 million, driven by ZYPITAMAG and Brinavess.

• Gateway Medical Pharmacy and West Olympia Pharmacy contributed CAD 2.8 million and CAD 4.7 million in revenue, respectively, in their first year post-acquisition.

• Adjusted EBITDA was negative CAD 1.5 million, down from negative CAD 437 thousand in 2024.

Outlook and guidance

• Plans to leverage acquisitions for better purchasing power and improved gross margins.

• Continued focus on expanding ZYPITAMAG through Marley Drug and new pharmacy acquisitions, with plans to add more product offerings at Gateway and West Olympia Pharmacies throughout 2026.

• Ongoing phase III trial for MC-1 in PNPO deficiency, with Fast Track designation and potential for a priority review voucher.

• Targeting minimum enrollment for MC-1 trial by end of June 2026.