Medexus Pharmaceuticals (MDP) Q3 2026 earnings summary

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.