Medexus Pharmaceuticals (MDP) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 revenue reached $108.3 million, with record net income of $2.2 million and operating income of $8.2 million, driven by financial discipline and a stable base business.

• Adjusted EBITDA hit a record $20.2 million, up 3.6% year-over-year, despite $5.2 million in GRAFAPEX launch investments.

• GRAFAPEX launched in the US in February 2025, with strong initial uptake, positive physician feedback, and expanding formulary inclusion, especially in pediatric patients.

• Available liquidity increased to $24 million, aided by a public offering and strong operating cash flow.

• GRAFAPEX generated $0.6 million in Q4 2025 and over $2.5 million in Q1 2026, with expectations for continued sequential growth and accretive contribution by Q4 2026.

Financial highlights

• Fiscal Q4 2025 net revenue was $24.8 million, down from $26 million year-over-year; full-year net revenue was $108.3 million, down from $113.1 million.

• Adjusted EBITDA for FY2025 was $20.2 million (18.6% margin), up from $19.5 million (17.3% margin) in FY2024.

• Net income for FY2025 was $2.2 million, reversing a $0.2 million loss in FY2024.

• Gross profit for Q4 and full year were $12.4 million and $56.6 million, with gross margins of 50.2% and 52.2%, respectively.

• Cash on hand at March 31, 2025, was $24 million, up from $5.3 million a year earlier, mainly due to a public offering.

Outlook and guidance

• GRAFAPEX expected to be accretive to operating cash flows by Q4 2026, with revenue run rate already exceeding initial expectations.

• GRAFAPEX projected to generate over $100 million in annual revenue within five years of launch.

• Annual product-level adjusted gross margin for GRAFAPEX expected to be approximately 80%.

• Investments in GRAFAPEX commercialization expected to stabilize at $3-4 million per quarter.

• Base franchises (Rasuvo, IXINITY, Rupall) expected to remain flat or decline slightly (5%-10%) in fiscal 2026.