Medicure Reports Financial Results for Quarter Ended March 31, 2025 and Annual General Meeting Director Election Results

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Medicure (MCUJF) reported its Q1 2025 financial results, showing mixed performance across its pharmaceutical portfolio. Total net revenue reached $5.5 million, down from $5.7 million in Q1 2024. The company's Marley Drug business showed growth with revenue of $3.1 million (up from $2.7 million), while AGGRASTAT sales declined to $1.7 million (from $2.3 million). ZYPITAMAG insured sales decreased to $519,000 (from $777,000). The newly acquired Gateway Pharmacy contributed $175,000 in revenue. The company reported a net loss of $694,000 ($0.07 per share) compared to net income of $51,000 in Q1 2024. Adjusted EBITDA decreased to $28,000 from $359,000. Cash position improved to $7.2 million from $6.1 million year-over-year, with positive operating cash flow of $656,000.

Positive

• Marley Drug business revenue increased 14.8% to $3.1 million
• Cash position strengthened to $7.2 million from $6.1 million YoY
• Positive operating cash flow of $656,000 vs -$132,000 in Q1 2024
• New revenue stream from Gateway Pharmacy acquisition ($175,000)

Negative

• Net loss of $694,000 compared to net income of $51,000 in Q1 2024
• Total revenue declined 3.5% to $5.5 million
• AGGRASTAT revenue dropped 26% due to generic competition
• ZYPITAMAG insured sales decreased 33% due to lower Medicare Part D utilization
• Adjusted EBITDA declined 92% to $28,000

WINNIPEG, MB / ACCESS Newswire / May 21, 2025 / Medicure Inc. ("Medicure" or the "Company") (TSXV:MPH)(OTC Pink:MCUJF), a company focused on the development and commercialization of pharmaceuticals and healthcare products for patients and prescribers in the United States market, today reported its results from operations for the quarter ended March 31, 2025.

The Company is also pleased to announce the voting results for the election of directors at its annual meeting of shareholders held earlier today (the "Meeting"). Each of the five nominees listed in Company's management information circular dated April 4, 2025, namely Dr. Albert Friesen, Dr. Arnold Naimark, James Kinley, Brent Fawkes and Peter Quick, was elected as a director of Medicure to hold office until the next annual meeting of shareholders or until their successor is duly elected. Each director received votes for totalling greater than 99%.

Quarter Ended March 31, 2025 Highlights:

• Recorded total net revenue of $5.5 million during the quarter ended March 31, 2025 compared to $5.7 million for the quarter ended March 31, 2024 and;

• Recorded total net revenue from the sale of AGGRASTAT^® of $1.7 million during the quarter ended March 31, 2025 compared to $2.3 million for the quarter ended March 31, 2024 and;

• Recorded total net revenue from the Marley Drug business of $3.1 million ($900,000 from sales of ZYPITAMAG^®, and $2.2 million from other pharmacy revenue) during the quarter ended March 31, 2025 compared to $2.7 million ($770,000 from sales of ZYPITAMAGand $1.9 million from other pharmacy revenue) for the quarter ended March 31, 2024 and;

• Recorded total net revenue from the sale of ZYPITAMAG of $519,000 during the quarter ended March 31, 2025 compared to $777,000 through insured business for the quarter ended March 31, 2024 and;

• Recorded total net revenue from the Gateway Pharmacy business of $175,000 during the quarter ended March 31, 2025 compared to nil for the quarter ended March 31, 2024 and;

• Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA¹) for the quarter ended March 31, 2025 was $28,000 compared to adjusted EBITDA of $359,000 for the quarter ended March 31, 2024 and;

• Net loss for the quarter ended March 31, 2025 was $694,000 or $0.07 per share compared to net income of $51,000 or $0.00 per share for the quarter ended March 31, 2024.

Financial Results

The decrease in AGGRASTAT revenues when compared to the same period in the previous year, as described above, is the result of an increase in pricing competition from generic tirofiban hydrochloride in 2025 when compared to 2024.

The Marley Drug business contributed $3.1 million of revenue for the quarter ended March 31, 2025 compared to $2.7 million for the quarter ended March 31, 2024. Marley Drug is a US pharmacy licensed to ship medications to all 50 states, Washington D.C. and Puerto Rico. The increase in revenue is due to a higher volume of product sold, including increased sales of ZYPITAMAG^® and BRENZAVVY^®, offset by lower sales of generic pharmaceutical products through both the online e-commerce platform and the legacy mail-order business.

ZYPITAMAG through insured channels contributed $519,000 of revenue for the quarter ended March 31, 2025 compared to $777,000 through insured channels for the quarter ended March 31, 2024. The decrease in revenues in 2024 can be attributed to a decrease in utilization of the product through insurance formularies, specifically Medicare Part D.

Net revenue through Gateway Pharmacy during the quarter ended March 31, 2025 was $175,000, compared to nil during the quarter ended March 31, 2024. Gateway Pharmacy was acquired by the Company on March 11, 2025; as a result, the revenue recorded during the current period was only related to product sales between March 11, 2025 to March 31, 2025. The Company intends on offering ZYPITAMAG through the pharmacy in subsequent quarters in addition to other product offerings which have increased revenue at Marley Drug.

Adjusted EBITDA for the quarter ended March 31, 2025 was $28,000 compared to $359,000 for the quarter ended March 31, 2024. Similar adjusted EBITDA for the quarter ended March 31, 2025 resulted from a decrease in AGGRASTAT revenue, a decrease revenue of ZYPITAMAG through the traditional insured channel, and higher cost of goods sold through the Marley Drug business, offset by a decrease in selling expenses, a decrease general and administrative expenses, a decrease research and development expenses, and an increase revenue through Marley Drug.

Net loss for the quarter ended March 31, 2025 was $694,000 or $0.07 per share compared to net income of $51,000 or $0.00 per share for the quarter ended March 31, 2024. The main factors contributing to the decrease in net income recorded for the quarter ended March 31, 2025 were lower AGGRASTAT revenue, a decrease revenue of ZYPITAMAG through the traditional insured channel, and higher cost of goods sold through the Marley Drug business, offset by a decrease in selling expenses, a decrease general and administrative expenses, a decrease research and development expenses, and an increase revenue through Marley Drug.

At March 31, 2025, the Company had unrestricted cash totaling $7.2 million, an increase from $6.1 million of unrestricted cash held as of March 31, 2024. Cash flows from operating activities for the quarter ended March 31, 2025 was $656,000 compared to cash used in operating activities of $132,000 for the period ended March 31, 2024.

All amounts referenced herein are in Canadian dollars unless otherwise noted.

The full financial statements are available at www.sedar.com and on the Company's website at www.medicure.com.

Notes

⁽¹⁾ The Company defines EBITDA as "earnings before interest, taxes, depreciation and amortization" and Adjusted EBITDA as "EBITDA adjusted for non cash and non-recurring items". The terms "EBITDA" and "Adjusted EBITDA", as it relates to the three month period ended March 31, 2025 and 2024 results prepared using IFRS, do not have any standardized meaning according to IFRS.

Conference Call Info:

Topic: Medicure's Q1 2025 Results

Call date: Thursday, May 22, 2025

Time: 7:30 AM Central Time (8:30 AM Eastern Time)

Toll Free: 1 (888) 506-0062

International: 1 (973) 528-0011

Participant Access Code: 725560

Webcast: This conference call will be webcast live over the internet at the following link: https://www.webcaster4.com/Webcast/Page/2965/52511

You may request international country-specific access information by e-mailing the Company in advance. Management will accept and answer questions related to the financial results and operations during the question-and-answer period at the end of the conference call. A recording of the call will be available following the event at the Company's website.

About Medicure Inc.

Medicure is a company focused on the development and commercialization of pharmaceuticals and healthcare products for patients and prescribers in the United States market. The present focus of the Company is the marketing and distribution of AGGRASTAT^® (tirofiban hydrochloride) injection and ZYPITAMAG^® (pitavastatin) tablets in the United States, where they are sold through the Company's U.S. subsidiary, Medicure Pharma Inc. Medicure also operates Marley Drug Inc. ("Marley Drug"), a pharmacy subsidiary servicing all 50 states, Washington D.C. and Puerto Rico. Marley Drug^® is committed to improving access to medications for all Americans together with exceptional customer service and free home delivery. Medicure also operates Gateway Medical Pharmacy ("Gateway"), located in Portland, Oregon in a medical office building near major transportation lines and multiple healthcare clinics and centers. In addition to regular customers, the pharmacy services multiple long-term care facilities and provides non-sterile compounding services. For more information visit www.marleydrug.com. For more information about Medicure please visit www.medicure.com. For additional information about AGGRASTAT^®, please visit www.aggrastat.com or refer to the full Prescribing Information. For additional information about ZYPITAMAG^®, please visit www.zypitamag.com or refer to the full Prescribing Information.

To be added to Medicure's e-mail list, please visit:
http://medicure.mediaroom.com/alerts

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information: Statements contained in this press release that are not statements of historical fact, including, without limitation, statements containing the words "believes", "may", "plans", "will", "estimates", "continues", "anticipates", "intends", "expects" and similar expressions, may constitute "forward-looking information" within the meaning of applicable Canadian and U.S. federal securities laws (such forward-looking information and forward-looking statements are hereinafter collectively referred to as "forward-looking statements"). Forward-looking statements, include estimates, analysis and opinions of management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors which the Company believes to be relevant and reasonable in the circumstances. Inherent in forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to predict or control that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements, and as such, readers are cautioned not to place undue reliance on forward-looking statements. Such risk factors include, among others, the Company's future product revenues, expected results, including future revenue from P5P, the likelihood of receiving a priority review voucher from the United State Food and Drug Administration, expected future growth in revenues, stage of development, additional capital requirements, risks associated with the completion and timing of clinical trials and obtaining regulatory approval to market the Company's products, the ability to protect its intellectual property, dependence upon collaborative partners, changes in government regulation or regulatory approval processes, and rapid technological change in the industry. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: general business and economic conditions; the impact of changes in Canadian-US dollar and other foreign exchange rates on the Company's revenues, costs and results; the timing of the receipt of regulatory and governmental approvals for the Company's research and development projects; the availability of financing for the Company's commercial operations and/or research and development projects, or the availability of financing on reasonable terms; results of current and future clinical trials; the uncertainties associated with the acceptance and demand for new products and market competition. The foregoing list of important factors and assumptions is not exhaustive. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, other than as may be required by applicable legislation. Additional discussion regarding the risks and uncertainties relating to the Company and its business can be found in the Company's other filings with the applicable Canadian securities regulatory authorities or the US Securities and Exchange Commission, and in the "Risk Factors" section of its current Form 20F.

AGGRASTAT^® (tirofiban hydrochloride) injection, ZYPITAMAG^® (pitavastatin) tablets, and Marley Drug^® are registered trademarks.

For more information, please contact:

Dr. Albert D. Friesen
Chief Executive Officer
Tel. 888-435-2220
Fax 204-488-9823
E-mail: info@medicure.com
www.medicure.com

Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars, except per share amounts)

		March 31, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents		$	7,216			$	7,191
Accounts receivable			4,461				5,298
Inventories			3,911				3,282
Prepaid expenses			194				126
Total current assets			15,782				15,897
Non-current assets:
Property and equipment			1,000				955
Intangible assets			8,964				9,354
Goodwill			3,934				3,375
Other assets			98				98
Total non-current assets			13,996				13,782
Total assets		$	29,778			$	29,679
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities		$	8,346			$	7,932
Income taxes payable			78				95
Current portion of lease obligations			430				368
Acquisition payable			382				-
Total current liabilities			9,236				8,395
Non-current liabilities
Lease obligations			446				506
Total non-current liabilities			446				506
Total liabilities			9,682				8,901
Equity:
Share capital			81,014				81,014
Contributed surplus			10,955				10,919
Accumulated other comprehensive loss			(4,289	)			(4,264	)
Deficit			(67,585	)			(66,891	)
Total equity			20,095				20,778
Total liabilities and equity		$	29,778			$	29,679

Consolidated Statements of Net Income and Comprehensive Income
(expressed in thousands of Canadian dollars, except per share amounts)

For the three months ended March 31		2025				2024
Revenue, net		$	5,484			$	5,694
Cost of goods sold			2,641				1,797
Gross profit			2,843				3,897
Expenses
Selling			1,829				1,974
General and administrative			1,099				1,209
Research and development			570				676
			3,498				3,859
Finance costs:
Finance income, net			(34	)			(51	)
Foreign exchange loss, net			35				7
			1				(44	)
Net income (loss) before income taxes		$	(656	)		$	82
Income tax expense (recovery)			38				(31	)
Net income (loss)		$	(694	)		$	51
Other comprehensive income (loss):
Item that may be reclassified to profit or loss
Exchange differences on translation of foreign subsidiaries			(25	)			499
Other comprehensive income (loss), net of tax			(25	)			499
Comprehensive income (loss)		$	(694	)		$	550
Income (loss) per share
Basic		$	(0.07	)		$	0.00
Diluted		$	(0.07	)		$	0.00

Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars, except per share amounts)

For the three months ended March 31		2025				2024
Cash (used in) provided by:
Operating activities:
Net income (loss) for the period		$	(694	)		$	51
Adjustments for:
Current income tax expense			38				31
Amortization of property, plant and equipment			114				104
Amortization of intangible assets			533				440
Share-based compensation			36				58
Finance income, net			(34	)			(51	)
Unrealized foreign exchange loss			35				7
Change in the following:
Accounts receivable			837				(479	)
Inventories			(585	)			(357	)
Prepaid expenses			(47	)			(58	)
Accounts payable and accrued liabilities			415				86
Interest received, net			57				63
Income taxes paid			(49	)			(27	)
Cash flows from (used in) operating activities			656				(132	)
Investing activities:
Acquisition of intangible assets			-				(87	)
Acquisition of Gateway Pharmacy			(542	)			-
Cash used in investing activities			(542	)			(87	)
Financing activities:
Repayment of lease liability			(89	)			(76	)
Cash used in financing activities			(89	)			(76	)
Increase (Decrease) in cash and cash equivalents			25				(295	)
Cash and cash equivalents, beginning of period			7,191				6,369
Cash and cash equivalents, end of period		$	7,216			$	6,074

SOURCE: Medicure, Inc.

View the original press release on ACCESS Newswire

FAQ

What were Medicure's (MCUJF) Q1 2025 earnings results?

Medicure reported a net loss of $694,000 ($0.07 per share) on revenue of $5.5 million, compared to net income of $51,000 on revenue of $5.7 million in Q1 2024.

How did Medicure's Marley Drug business perform in Q1 2025?

Marley Drug revenue grew to $3.1 million in Q1 2025, up from $2.7 million in Q1 2024, driven by higher sales volume including increased ZYPITAMAG and BRENZAVVY sales.

Why did MCUJF's AGGRASTAT sales decline in Q1 2025?

AGGRASTAT sales fell to $1.7 million from $2.3 million due to increased pricing competition from generic tirofiban hydrochloride in 2025.

What was Medicure's cash position as of March 31, 2025?

Medicure held $7.2 million in unrestricted cash as of March 31, 2025, an increase from $6.1 million year-over-year.

How much revenue did Gateway Pharmacy contribute to MCUJF in Q1 2025?

Gateway Pharmacy, acquired on March 11, 2025, contributed $175,000 in revenue for the partial quarter period from March 11-31, 2025.