Medexus Pharmaceuticals Stock Earnings Reports

Medexus reported a solid first fiscal quarter 2026 driven by the early commercial launch of GRAFAPEX. Product-level net revenue from GRAFAPEX was $3.0M in the quarter, with guidance of $3.0M–$3.5M for fiscal Q2 '26. Early commercial traction includes positive formulary decisions from several large commercial payers and institutions, and a CMS NTAP approval (starting Oct 1, 2025) that provides up to $21,411 in additional reimbursement for eligible Medicare inpatient cases. Management expects GRAFAPEX to begin contributing positively to quarterly operating cash flow by calendar Q4 2025 (Medexus fiscal Q3 '26) and to be a meaningful longer-term growth driver. Company-level results reflect portfolio transitions: total revenue was $24.6M (down YoY), adjusted EBITDA was $3.4M (down YoY), and net income remained positive at $0.5M — marking the fifth consecutive profitable quarter. Rupall experienced expected erosion after loss of exclusivity and generic entry; other product trends: Trecondyv demand up in Canada, IXINITY relatively stable, and modest declines for Rasuvo/Metoject. Cash on hand was $9.3M after a $15.5M repayment under the senior secured credit agreement that materially reduced outstanding principal; net debt was $12.6M and leverage sits near ~1x adjusted EBITDA. Management expects GRAFAPEX-driven gross margin improvement over time, anticipates GRAFAPEX payer coverage and hospital adoption to continue expanding, and preliminarily expects an announced 15% tariff on EU-to-US branded pharma imports to be applied to COGS and not to have a material impact on product performance.