MedinCell S.A.

For fiscal 2025/2026, total income was EUR 24.3 million, down from EUR 27.7 million last year. UZEDY drove the revenue base: Teva net sales reached $250 million versus $141 million in the prior fiscal year, and Medincell royalties increased to EUR 9.3 million from EUR 6.4 million, or up 42% in euros and 54% in U.S. dollars. Operating expenses increased to EUR 45 million from EUR 38.5 million, leading to an operating loss of EUR 20.8 million, financial loss of EUR 10.6 million, and total annual net loss of EUR 31.3 million. Cash and financial deposits ended at EUR 80.8 million, with net cash of EUR 15.3 million after debt. Forward guidance/comments: Teva’s initial 2026 UZEDY guidance was $250 million-$280 million, with $63 million already delivered in Q1; management said UZEDY sales are expected to be close to $300 million in 2026. Olanzapine LAI is expected to launch in the U.S. in Q4 2026 subject to approval, with first royalties expected as early as Q4 2026 and meaningful revenue from the second half of 2027. Management also said AbbVie number one should start clinical development in 2027, and mdc-CWM phase III initiation is still expected in 2026.

Christophe Douat emphasized that Medincell is in the middle of a strategic transformation built around three growth engines: UZEDY, olanzapine LAI, and AbbVie plus the broader pipeline/platform. His tone was confident and upbeat, stressing that execution is broad-based rather than tied to one product. He highlighted UZEDY’s traction, olanzapine’s clear regulatory path, and the company’s expanding technology platform, including progress on more complex molecules and higher-dose formulations.

Stéphane Postic focused on the shift toward a recurring royalty model and the financial implications of that transition. He pointed to EUR 24.3 million in total income, EUR 45 million in operating expenses, an operating loss of EUR 20.8 million, and EUR 80.8 million in cash and financial deposits, with EUR 15.3 million net cash after debt. He stressed that the higher expenses were a deliberate and disciplined investment in R&D, business development, and G&A, and noted that the EUR 5.4 million non-cash financial loss from EIB warrant revaluation should disappear once revised terms are approved.

Analysts pressed on why Teva’s UZEDY guidance has been conservative, how quickly olanzapine LAI could be launched, and whether Medincell can hedge USD exposure. Management said Teva has a pattern of underguiding, noted that Teva said it would launch olanzapine right away upon approval, and explained that USD exposure is hard to hedge because royalties are denominated in USD while a meaningful share of costs are in euros. Other questions covered AbbVie timing, a delayed contraceptive program, and platform technical limits; management said AbbVie number one should enter clinic in 2027, declined to comment on the regulatory-path change for mdc-WWM, and said the key technical challenge is expanding beyond small hydrophilic molecules into larger hydrophilic compounds like GLP-1s and into higher-dose formulations.