Medicure (MPH) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was CAD 7.9 million, up from CAD 5.5 million (or $5.4 million) in Q1 2025, driven by growth in ZYPITAMAG and pharmacy acquisitions.

• Net loss narrowed to CAD 406,000 (CAD 0.04/share) from CAD 694,000 (CAD 0.07/share) year-over-year, mainly due to non-cash amortization and increased R&D investment.

• Adjusted EBITDA improved to CAD 280,000 from CAD 28,000, reflecting higher revenues and operational efficiencies.

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

Financial highlights

• Total revenue rose to CAD 7.9 million from CAD 5.5 million year-over-year.

• ZYPITAMAG sales reached CAD 2.3 million, up from CAD 1.4 million, with CAD 1.3 million via insured channels and CAD 1.0 million through Marley Drug.

• Pharmacy segment revenue grew to CAD 5.7 million, up from CAD 3.3 million, reflecting acquisitions of Gateway and West Olympia Pharmacies.

• R&D expenses increased to CAD 865,000 from CAD 570,000, primarily for MC-1 clinical development.

• Gross profit was CAD 4.4 million, up from CAD 2.6 million year-over-year.

Outlook and guidance

• Targeting completion of MC-1 phase III enrollment by end of June 2026, aiming for FDA approval and potential priority review voucher.

• Marley Drug aims to expand ZYPITAMAG sales and exclusive product offerings through new partnerships.

• Continued focus on revenue diversification through acquisitions and R&D investment for long-term growth.