Medexus Announces Fiscal Q3 2026 Results, Driven by Continued Strong Year-To-Date Product-Level Performance of GRAFAPEX (treosulfan) for Injection

Core Insights - Medexus Pharmaceuticals reported its operating and financial results for the third fiscal quarter ended December 31, 2025, highlighting the positive market response to GRAFAPEX and its expected contribution to future revenues [1][2][7]. Financial Performance - For fiscal Q3 2026, Medexus achieved net revenue of $25.3 million, a decrease of 15.7% year-over-year, primarily due to reduced sales of Rupall and the termination of the Gleolan license agreement [6]. - Adjusted EBITDA for the same period was $4.5 million, reflecting a decrease of 22.4% compared to the prior year, attributed to generic competition and the Gleolan agreement termination [6]. - Operating income was reported at $1.7 million, down 55.3% year-over-year, marking the third consecutive quarter of operating income growth since GRAFAPEX's launch [6]. GRAFAPEX Performance - GRAFAPEX generated product-level net revenue of $2.0 million and $8.2 million for the three- and nine-month periods ended December 31, 2025, with expectations of exceeding $100 million in annual revenue within five years [2][8]. - There was a 30% sequential increase in underlying patient demand for GRAFAPEX in fiscal Q3 2026 compared to fiscal Q2 2026, with a notable 56% increase in demand from adult hospitals [3][8]. - As of December 31, 2025, 32% of US transplant centers had ordered GRAFAPEX, with 77% of those institutions placing repeat orders [3][9]. Operational Highlights - The company has invested $8.5 million in GRAFAPEX's launch, which has significantly impacted its market performance [3][5]. - Medexus anticipates that GRAFAPEX will contribute positively to quarterly operating cash flows starting in fiscal Q4 2026, with expected product-level Adjusted Gross Margin of approximately 80% [8][9]. Corporate Developments - Medexus entered into a new credit agreement with the National Bank of Canada, providing a $21.0 million term loan facility and a $5.0 million revolving loan facility, enhancing its financial stability [12]. - The company has repurchased 191,900 common shares under its normal course issuer bid, reflecting its commitment to returning value to shareholders [12].