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Medexus Pharmaceuticals (MDP) investor relations material
Medexus Pharmaceuticals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Strong commercial progress for GRAFAPEX, with product-level performance exceeding pre-launch expectations and robust demand rebound in January 2026.
GRAFAPEX now ordered by 32% of U.S. transplant centers, with a 77% reorder rate among those institutions.
Net revenue and adjusted EBITDA declined year-over-year due to generic competition and loss of exclusivity for key products, partially offset by GRAFAPEX and Rasuvo growth.
Operational focus remains on scaling GRAFAPEX and stabilizing the broader product portfolio in the US and Canada.
Financial highlights
Fiscal Q3 2026 net revenue was $25.3 million, down from $30 million year-over-year; nine-month net revenue was $74.7 million, down 10.6% year-over-year.
Adjusted EBITDA for Q3 was $4.5 million, compared to $5.8 million in the prior year; nine-month adjusted EBITDA was $12.3 million.
Net income was $0.1 million for Q3 and $0.3 million for the nine months, both lower than prior year periods.
Gross margin improved to 53.6% for Q3 and 55.1% for the nine months; adjusted gross margin rose to 62.9% and 64.5% respectively.
Operating cash flow reached $7.8 million for Q3 and $15.1 million for the nine months.
Outlook and guidance
GRAFAPEX expected to be accretive to operating cash flows starting in fiscal Q4 2026.
Fiscal year 2026 GRAFAPEX product-level net revenue projected at $11–$12 million, with annual revenue expected to exceed $100 million within five years of launch.
Fiscal Q4 2026 GRAFAPEX net revenue anticipated between $3–$4 million, with underlying patient demand matching this range.
Management expects further improvement in operating cash flow as GRAFAPEX scales.
Continued positive impact on gross margin expected as GRAFAPEX grows and Gleolan revenue is absent.
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