Canada's Milestone Pharmaceuticals posts Q3 product revenue after nasal spray launch

Overview

• Canada biopharma posts Q3 product revenue of $963,000

• Company to cut operating expenses by about 30% and extend cash runway into late 2028

• Net loss widened on higher expenses related to CARDAMYST launch

Outlook

• Company expects cash runway to extend into late 2028, more than one year beyond prior guidance

• Milestone targets a 30% reduction in operating expenses, with measures to complete by Q1 2027

• Topline data from Phase 3 AFib-RVR trial expected in second half of 2028

Result Drivers

• CARDAMYST LAUNCH - Q3 revenue driven by steady prescription growth and new prescriber expansion for CARDAMYST nasal spray

• HIGHER LAUNCH COSTS - Increase in selling, general and administrative expenses primarily due to additional personnel costs, professional costs, and other operational expenses related to the launch of CARDAMYST

• COST CUTTING INITIATIVES - Co said it is reducing operating expenses by about 30% through workforce reductions, internalizing sales force, and focusing on more productive marketing and support programs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "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 $7.00, about 968.4% above its November 12 closing price of $0.66

Reuters Recommended Reads

• Nov 12 - Canada's HLS Therapeutics Q3 revenue growth misses estimates

• Nov 12 - Canada's Cipher Pharma Q3 adjusted EBITDA misses estimates

• Nov 12 - Sutro Biopharma Q3 revenue misses estimates on Astellas collaboration

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)