Canada's Milestone Pharmaceuticals Q1 revenue misses estimates after CARDAMYST launch

Overview

• Canada-U.S. biopharma firm's Q1 revenue missed analyst expectations after CARDAMYST launch

• Net loss widened to $26.1 mln, reflecting higher commercial expenses for product launch

• Company ended Q1 with $184.2 mln in cash, providing runway into H2 2027

Outlook

• Company expects cash and investments to fund operations into H2 2027

• Milestone expects Phase 3 AFib-RVR trial to begin patient enrollment in H2 2026

• European decision on etripamil nasal spray approval expected by H1 2027

Result Drivers

• CARDAMYST LAUNCH - Initial U.S. sales driven by launch of CARDAMYST nasal spray for PSVT, with 600 prescriptions filled for 560 patients and 400 unique prescribers

• COMMERCIAL SPENDING - Higher commercial expenses due to CARDAMYST launch and expanded sales force

• PAYOR ACCESS - Express Scripts national formulary coverage secured, broadening patient access to CARDAMYST

Company press release: ID:nGNX9f5Wrr

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Milestone Pharmaceuticals Inc is $7.50, about 294.7% above its May 12 closing price of $1.90

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