Medicure Inc. (TSXV:MPH, OTC:MCUJF) reported third‑quarter 2025 results that showed a 58% year‑over‑year increase in total net revenue to $8.2 million, driven largely by the performance of its Marley Drug platform and ZYPITAMAG sales. Revenue from the legacy AGGRASTAT product fell to $1.0 million from $1.9 million a year earlier, reflecting intensified generic competition for the Tirofiban hydrochloride formulation.
The Marley Drug platform generated $3.3 million in revenue, up $600,000 from $2.7 million in Q3 2024. This growth was led by $917,000 in ZYPITAMAG sales—$770,000 through insured channels and $917,000 via Marley Drug—while other pharmacy revenue contributed $2.4 million. The decline in AGGRASTAT revenue is attributed to market share erosion and pricing pressure from generic entrants, which have captured a larger share of the anticoagulant market.
Profitability slipped as adjusted EBITDA fell to a negative $597,000 from a negative $467,000 a year earlier. The widening loss is largely a result of the $900,000 drop in AGGRASTAT revenue and higher cost of goods for the Marley Drug segment, driven by increased inventory levels and supply‑chain cost pressures. R&D spending decreased to $717,000 from $795,000, a reduction that reflects the timing of research expenditures rather than a sustained cost‑cutting program.
Management highlighted the company’s strategic focus on expanding the Marley Drug platform and ZYPITAMAG distribution. CEO Dr. Albert Friesen said, “Our goal is to continue to build this business with a stable, long‑term outlook to generate value for our shareholders.” President and COO Dr. Neil Owens added, “Selling ZYPITAMAG through Marley Drug has proven to be an effective approach,” and noted that Medicure remains debt‑free.
The results underscore a mixed outlook: while top‑line growth is robust, profitability remains a challenge due to competitive pressures in legacy products and higher operating costs. The company’s continued investment in new product development, such as the Phase 3 trial of MC‑1 for PNPO deficiency, signals a long‑term growth strategy that seeks to diversify revenue streams beyond the current pharmacy and anticoagulant segments.
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