Medincell released its results for the first half of the fiscal year 2025-2026, reporting operating income of 14.1 million euros, a 50% increase from the previous year, according to the company's statement. The revenue amounted to 11.6 million euros, showing a 35% increase. However, the company recorded a negative operating result of 6.6 million euros, despite a 13% improvement from the previous year. Operational expenses amounted to 20.8 million euros, up by 22%, including 13.3 million euros in R&D expenses.
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Medincell continues its strategic development with the anticipated launch of Olanzapine LAI next year, which is expected to be a major growth driver, the company indicates. Partner Teva has filed a marketing authorization application for this treatment with the FDA. The company is also expanding its portfolio through collaborations, including with AbbVie for a program with a regulatory filing planned for 2026. Additionally, Medincell has invested in several global health projects, supported by funding such as that from the Gates Foundation for programs against malaria and tuberculosis.
Cash Position and Financial Investments
Medincell's cash and cash equivalents totaled 49.8 million euros at the end of the semester, with 3.7 million euros in low-risk financial investments. The net cash flow from investment activities was primarily influenced by the divestment of 9.1 million euros in investments. The company notes that the weakness of the dollar against the euro has impacted its financial results. Medincell anticipates that, should this situation persist, operational profitability might be delayed beyond the fiscal year 2026-2027.
We are pleased with the company’s growth and momentum.
Total income €14,1 million; Revenues €11,6 million (+35 %); UZEDY® royalties €4,2 million; Operating result €(6,6) million (improved 13 % year-over-year); Net result €(16 078) thousand; Cash and low-risk financial investments €53,5 million (incl. €49,8 million cash and €3,7 million low-risk investments); Net financial debt €17 629 thousand; NDA for Olanzapine LAI submitted to FDA on December 9, 2025; AbbVie partnership advancing with regulatory package expected in 2026.
Risks mentioned
Foreign exchange risk: weakness of USD vs EUR impacted revenues and generated ~€1 million FX losses
Dependency on partner commercialization (Teva) for UZEDY® royalties and sales forecasts
Regulatory risk: approvals (e.g., Olanzapine LAI) and acceptance for review uncertain
Financial volatility linked to fair value revaluation of EIB BSA warrants (non-cash €6,8 million impact)
Opportunities identified
Olanzapine LAI: NDA submitted and potential launch could be a major growth catalyst
UZEDY®: upward revision of 2025 net sales forecast by Teva (from $160 million to $190-200 million)
AbbVie partnership: first program advancing toward first-in-human trials (regulatory package expected 2026)
Gates Foundation financing: new $3 million envelope to advance mdc-STM malaria program
Expanded geographic approvals (Canada, South Korea) supporting broader commercialization
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