Medexus Pharmaceuticals (MDP) Q2 2026 earnings summary

Executive summary

• Graphopex/GRAFAPEX launch exceeded pre-launch expectations, with October 2025 marking the highest patient demand since launch in February 2025.

• 83% of U.S. transplant centers engaged; 29% have ordered Graphopex/GRAFAPEX, and 69% of those have reordered.

• Company expects Graphopex/GRAFAPEX to be accretive to operating cash flows by fiscal Q3 2026.

• Focus remains on advancing Graphopex/GRAFAPEX in the U.S. and maintaining strong performance across the product portfolio.

Financial highlights

• Fiscal Q2 2026 net revenue was $24.7 million, down from $26.3 million year-over-year, with $3.1 million from Graphopex/GRAFAPEX.

• Adjusted EBITDA for Q2 2026 was $4.4 million, down from $6 million year-over-year, reflecting launch investments and competition.

• Gross margin improved to 55.7% for Q2, with Adjusted Gross Margin at 65.2% and product-level margin for Graphopex/GRAFAPEX at 87.8%.

• Net loss of $0.3 million for Q2, compared to net income of $0.1 million last year.

• Available liquidity was $9.4 million as of September 30, 2025, down from $24 million at March 31, 2025, mainly due to $16.6 million in debt repayments.

Outlook and guidance

• Graphopex/GRAFAPEX expected to contribute positively to operating cash flows by fiscal Q3 2026.

• Fiscal Q3 2026 Graphopex product-level net revenue guidance: $2.5 million–$3.5 million; demand sales guidance: $3 million–$4 million.

• Annual product-level net revenue from Graphopex/GRAFAPEX expected to exceed $100 million within five years of launch, subject to execution.

• Anticipated acceleration in Graphopex/GRAFAPEX adoption as adult reimbursement improves and NTAP program supports access.

• July 2025 US tariffs on EU pharmaceutical imports will apply to Graphopex/GRAFAPEX and Rasuvo at 15%, but impact is not expected to be material.