MedinCell (MEDCL) H2 25/26 earnings summary

Executive summary

• Strong royalty growth from UZEDY® (risperidone LAI), with net sales by Teva reaching $250 million and royalties up 54% in USD (42% in EUR) year-over-year, supported by FDA label expansion into bipolar I disorder.

• Advanced three growth engines: UZEDY®, olanzapine LAI (anticipated US launch Q4 2026), and innovation partnerships including AbbVie, with a pipeline of 15 active programs.

• Transitioned toward a model with multiple commercialized products, recurring royalty revenues, and disciplined investment in pipeline expansion.

• Strengthened technology platform and governance, with new independent board members and continued innovation in proprietary drug delivery technologies.

• Continued investment phase with increased operating expenses to support future growth and innovation platform expansion.

Financial highlights

• Total income for the period was €24.3 million, down from €27.7 million year-over-year due to absence of milestone payments.

• UZEDY® royalties increased to $10.9 million (€9.3 million), up 54% in USD and 42% in EUR year-over-year.

• Operating expenses rose to €45.0 million from €38.5 million, mainly due to increased R&D and business development investments.

• Net loss totaled €31.3 million, compared to €18.4 million loss in the prior year, including a €5.4 million non-cash impact from EIB warrants.

• Liquidity position at €84.8 million, bolstered by a €48.2 million capital raise in March 2026.

Outlook and guidance

• UZEDY® expected to approach $300 million in sales for 2026, on track for blockbuster status by early 2030s.

• Olanzapine LAI anticipated to launch in Q4 2026 in the U.S., with meaningful revenues expected from H2 2027, pending regulatory approval.

• AbbVie program to enter clinical stage in 2027, with up to $315 million in milestones per program.

• Additional partnerships and licensing deals anticipated to drive future growth.

• Continued focus on expanding the product pipeline and recurring royalty streams to drive sustainable profitability.