Medicure Inc.

Medicure reported total revenue of $21.9 million for 2024, versus $21.7 million in 2023. Net loss was approximately $1 million, or $0.10 per share, compared with a net loss of $922,000, or $0.09 per share, last year. Adjusted EBITDA was negative $437,000 versus positive $1.9 million in 2023. AGGRASTAT net revenue declined to $8.1 million from $9.7 million; ZYPITAMAG through the traditional insurance channel rose to $3 million from $2.4 million; and Marley Drug revenue increased to $10.8 million from $9.6 million. Cash at year-end was approximately $7.2 million, up from $6.4 million, with no debt on the books. For 2025, management said R&D should be roughly similar to 2024, around $3 million, and legal fees are expected to remain significant; no formal revenue or earnings guidance was provided.

Dr. Friesen framed 2024 as a year of steady revenue but important strategic progress, emphasizing the company’s five focus areas: AGGRASTAT, ZYPITAMAG, Marley Drug, MC-1 for PNPO deficiency, and a new chemical entity with larger market potential. He said the recent pharmacy acquisitions support diversification, growth, and a more stable long-term outlook, and he stressed that management is carefully investing to build future profitability. His tone was constructive and patient, with repeated emphasis on long-term value creation rather than near-term margin recovery.

Haaris Uddin walked through the year’s cost drivers in detail: AGGRASTAT revenue fell because of generics, ZYPITAMAG and Marley Drug grew, selling expenses declined to $8 million from $8.3 million, general and administrative expenses rose to $4.8 million from $4.1 million, and R&D increased to $3.1 million from $2.4 million, largely tied to MC-1. He also noted $1.9 million of other income from a legal settlement received in Q4 2024, finance income of $165,000, and a foreign exchange loss of $71,000. He highlighted a debt-free balance sheet and $7.2 million of cash, and said R&D for 2025 should be around $3 million while legal fees are likely to remain elevated.

The analyst focused on whether legal expenses would come down in 2025, and management said they do not expect a meaningful decline and still see significant legal fees ahead. On R&D, management said MC-1 spending should come down versus 2024, but investments in new intellectual property mean total R&D is likely to stay around $3 million. For MC-1, they said the study is a 12-month trial targeting 10 patients, with enrollment expected to be completed this year and an accelerated review period afterward. On the acquisitions, management said the key synergies are broader exposure to tens of thousands of patients and providers, better national branding for ZYPITAMAG, some cost-of-goods savings through purchasing power, and faster West Coast shipping plus redundancy.