Medicure Reports Financial Results for Quarter Ended September 30, 2025
Executive Summary
- Medicure reported Q3 2025 net revenue of C$8.2 M, up from C$5.2 M YoY, but posted a net loss of C$1.4 M ($0.13 per share).
- Adjusted EBITDA was negative C$597 K versus a negative C$467 K in Q3 2024, reflecting higher cost of goods sold and selling expenses despite revenue growth from Marley Drug, Gateway Pharmacy and West Olympia Pharmacy acquisitions.
- Unrestricted cash fell to C$4.1 M at quarter‑end, primarily due to investing outflows for the two pharmacy acquisitions and operating cash usage.
Key Details
- Revenue Breakdown (Q3 2025):
- Total net revenue: C$8.2 M (↑57% YoY)
- AGGRASTAT®: C$1.0 M (↓47%)
- Marley Drug total: C$3.3 M (↑22%) – includes ZYPITAMAG® sales of C$1.7 M and other pharmacy revenue of C$2.4 M
- ZYPITAMAG® overall: C$1.7 M (↑21%) – insured channel C$770 K, Marley Drug channel C$917 K
- Gateway Pharmacy: C$890 K (first‑year revenue)
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West Olympia Pharmacy: C$2.2 M (first‑year revenue)
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Cost & Expenses:
- Cost of goods sold: C$5.386 M (↑129% YoY)
- Selling expenses: C$2.199 M (↑12%)
- General & administrative: C$1.167 M (↓2%)
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Research & development: C$717 K (↓10%)
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Profitability:
- Adjusted EBITDA: ‑C$597 K (worse than ‑C$467 K YoY)
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Net loss: ‑C$1.396 M, or ‑C$0.13 per share (vs. net income of C$680 K in Q3 2024)
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Cash Position & Flows:
- Unrestricted cash at 30 Sep 2025: C$4.118 M (down from C$7.191 M on 31 Dec 2024)
- Cash used in operating activities: C$592 K (improved vs. C$932 K YoY)
- Cash used in investing activities: C$2.177 M, driven by acquisition of Gateway Pharmacy (C$542 K) and West Olympia Pharmacy (C$1.635 M)
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Cash used in financing activities: C$304 K for lease liability repayments
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Acquisitions:
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Completed purchases of Gateway Pharmacy (Portland, OR) and West Olympia Pharmacy (Olympia, WA) during FY 2025; both contributed new revenue streams in Q3 2025.
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R&D Update:
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Invested C$717 K in R&D, focusing on Phase 3 trial of investigational product MC‑1 for PNPO deficiency.
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Guidance / Outlook (Management Commentary):
- Management highlighted continued pricing pressure on AGGRASTAT® due to generic competition but noted stable hospital customer base.
- Expectation that pharmacy acquisitions will drive incremental revenue growth in upcoming quarters.
Notable Quotes
“Our diversified pharmacy platform and ongoing clinical programs position Medicure for sustainable long‑term value creation, even as we navigate short‑term pricing pressures,” – Dr. Albert D. Friesen, CEO.