Medexus Announces Fiscal Year 2026 Results, Demonstrating Continued Momentum and Strong Product-Level Performance of GRAFAPEX (treosulfan) for Injection

• Medexus reported FY2026 net revenue of $99.3M (down 8.3% YoY) and Adjusted EBITDA of $16.5M (down 18.3% YoY).
• Declines are primarily driven by the termination of the US Gleolan license and generic competition on Rupall, partially offset by $11.6M in GRAFAPEX revenue.
• Q4 FY2026 net revenue was $24.7M (flat YoY), with Adjusted EBITDA of $4.3M (up 87% YoY).
• GRAFAPEX commercial momentum continues to accelerate: Q4 product-level net revenue of $3.4M, sequential 50% patient demand growth, and 74/180 US transplant centers now ordering.
• FY2027 GRAFAPEX revenue is guided at $30M-$32M. Long-term annual product-level revenue expected to exceed $100M.
• The company secured exclusive Canadian rights to UM171 Cell Therapy (Zemcelpro) for a $2M initial payment, amended its NBC Credit Agreement to improve liquidity, and announced the retirement of COO Richard Labelle.

• The news is Routine - Positive. The GRAFAPEX commercial execution is on plan, meeting guidance and providing a strong FY2027 guide. However, the stock had already run +43.8% into the print, meaning the market's positive expectations were largely telegraphed and priced in. The legacy revenue decline is structural but expected. No new transformative information beyond the steady ramp. The market reaction (visible from the chart up to the print) aligns with the underlying facts: steady execution justifies the run, but leaves limited immediate upside without a guide raise.

Medexus Pharmaceuticals is a specialty pharmaceutical company focused on hemato-oncology and rare diseases. Its portfolio includes GRAFAPEX (treosulfan) in the US, Rupall, Trecondyv, Rasuvo, IXINITY, and Metoject in Canada and the US. The company is transitioning from legacy generic/branded products to a new commercial launch of GRAFAPEX, while pursuing strategic licensing deals like UM171.