Mesoblast Limited (AU:MSB)
ASX:MSB
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Mesoblast Limited
(Sydney:MSB)
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Rating:52Neutral
Price Target:
AU$2.00
▼(-5.66% Downside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by weak financial fundamentals (ongoing losses and negative operating cash flow) and bearish technicals, partially offset by a constructive earnings-call outlook featuring strong Ryoncil launch momentum, very high gross margins, reiterated revenue guidance, and near-term regulatory/clinical milestones. Valuation signals are not usable from the provided P/E and missing dividend yield, limiting valuation support.
Positive Factors
Commercial Launch & Revenue
A successful commercial launch with USD 49M in H1 demonstrates validated customer demand, payer acceptance and an initial sustainable revenue base. Durable commercialization capability and early adoption create a foundation for scaling sales, recurring product revenues and long-term market penetration if execution continues.
Negative Factors
Revenue Concentration
Near-term revenue is heavily reliant on a single product, leaving the company exposed to demand swings, payer policy shifts, or manufacturing disruptions. Durable revenue diversification is still pending and concentration increases operating risk if launch momentum stalls or competitive/regulatory hurdles arise.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Launch & Revenue
A successful commercial launch with USD 49M in H1 demonstrates validated customer demand, payer acceptance and an initial sustainable revenue base. Durable commercialization capability and early adoption create a foundation for scaling sales, recurring product revenues and long-term market penetration if execution continues.
Read all positive factors
Mesoblast Limited (MSB) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.74B
Dividend YieldN/A
Average Volume (3M)4.33M
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth198.58%
EPS Growth3.97%
CountryAU
Employees73
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.04
Shares Outstanding1,291,562,700
10 Day Avg. Volume4,518,407
30 Day Avg. Volume4,325,729
Financial Highlights & Ratios
PEG Ratio-27.18
Price to Book (P/B)2.09
Price to Sales (P/S)72.48
P/FCF Ratio-24.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.50Price Target Upside64.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.04
Revenue Forecast (FY)AU$125.80M
Mesoblast Limited Business Overview & Revenue Model
Company Description
Mesoblast Limited engages in the development of regenerative medicine products in Australia, the United States, Singapore, the United Kingdom, and Switzerland. The company offers products in the areas of cardiovascular, spine orthopedic disorder, ...
How the Company Makes Money
Mesoblast primarily makes money through (1) commercialization-related revenue if/when its cell-therapy products receive regulatory approval and are sold to hospitals/clinics (revenue would come from product sales and associated supply/logistics ar...
Mesoblast Limited Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call communicated strong commercial momentum from the Ryoncil launch (USD 49M H1 revenue), industry-leading gross margins (93%), broad payer coverage, rapid center onboarding and multiple near-term regulatory and clinical milestones (Revascor BLA next quarter; back pain enrollment completion and 2027 BLA). The company also strengthened its balance sheet with USD 130M cash and a USD 125M credit facility. Offsetting risks include a sharp increase in R&D and SG&A spending, reliance on Ryoncil for most revenues, ongoing manufacturing/CMC items ahead of filings, and near-term cash usage (USD 30.3M H1) with a tranche deadline in June 2026. Overall, the positive operational, clinical and financial developments materially outweigh the execution and expense risks.Positive Updates
Successful Ryoncil Launch and Revenue
Ryoncil launched April 2025 and generated net product revenues of USD 49.0M in H1 FY'26, driving total company revenues of USD 51.3M (Ryoncil ≈95.5% of revenues). Company projects full-year Ryoncil net revenues of USD 110M–120M for FY'26 (implying substantial H2 growth vs H1).
Negative Updates
Substantial Increase in R&D Spend
R&D expenses rose to USD 46.2M versus USD 5.1M reported prior-year (an increase of ~806%), though prior-year figures were skewed by a USD 23M inventory provision reversal (normalized prior-year R&D ≈USD 18.1M). Against the normalized base this represents a ~156% increase, driven by clinical programs (GVHD, back pain, LVAD) and BLA/manufacturing work.
Read all updates
Q2-2026 Updates
Positive
Negative
Successful Ryoncil Launch and Revenue
Ryoncil launched April 2025 and generated net product revenues of USD 49.0M in H1 FY'26, driving total company revenues of USD 51.3M (Ryoncil ≈95.5% of revenues). Company projects full-year Ryoncil net revenues of USD 110M–120M for FY'26 (implying substantial H2 growth vs H1).
Read all positive updates
Company Guidance
Management reiterated FY2026 guidance and laid out key metrics: H1 revenues were $51.3M with Ryoncil net product revenues of $49M and a 93% gross margin (gross margin excl. amortization ~$44.2M); direct selling costs $7.7M, R&D $46.2M, SG&A $28.5M, net loss $40.2M, and H1 operating cash use $30.3M. Cash was $130M at Dec 31 and Mesoblast has a $125M credit facility (first tranche $75M drawn, $50M available through June 2026); the subordinated royalty facility is expected to be fully repaid by mid‑2026 and operating cash use is expected to decline in H2. For Ryoncil they expect full‑year net revenues of $110–120M, target ~20% pediatric penetration by year‑end (based on a ~375‑patient base and a 40% peak‑share assumption), have onboarded 49 centers (30 with formulary listings; 13 using Optum Frontier), secured coverage for >280M lives with Medicaid in all states and J‑code J3402 effective Oct 1, and plan label expansion into adults (market ~3x pediatric). Pipeline milestones include rexlemestrocel‑L (404‑patient Phase III completed; confirmatory 300‑patient trial enrolling with enrollment expected by Mar/Apr and a 2027 data/BLA timeline) and Revascor (LVAD II: 159‑patient 2:1 RCT plus supportive 30‑patient study showing ~5‑fold reduction in major bleeding through 12 months and survival benefit) with a BLA filing for full approval planned next quarter.Mesoblast Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
40
Negative
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.20M | 5.90M | 7.50M | 10.21M | 7.46M |
| Gross Profit | 12.07M | -35.17M | -47.42M | -53.36M | -78.28M |
| EBITDA | -73.66M | -56.08M | -58.55M | -76.57M | -84.65M |
| Net Income | -102.14M | -87.96M | -81.89M | -91.35M | -98.81M |
Balance Sheet | |||||
| Total Assets | 784.68M | 669.15M | 669.41M | 662.14M | 744.72M |
| Cash, Cash Equivalents and Short-Term Investments | 161.16M | 62.56M | 70.92M | 60.03M | 136.88M |
| Total Debt | 128.16M | 118.92M | 116.50M | 106.91M | 105.50M |
| Total Liabilities | 187.24M | 188.80M | 167.58M | 165.10M | 163.32M |
| Stockholders Equity | 597.44M | 480.36M | 501.84M | 497.04M | 581.40M |
Cash Flow | |||||
| Free Cash Flow | -50.68M | -48.79M | -63.58M | -66.01M | -108.33M |
| Operating Cash Flow | -49.95M | -48.46M | -63.27M | -65.78M | -106.68M |
| Investing Cash Flow | 120.00K | -97.00K | -194.00K | -232.00K | -1.65M |
| Financing Cash Flow | 147.34M | 40.25M | 74.50M | -9.87M | 114.47M |
Mesoblast Limited Technical Analysis
Neutral
2.12
Price Trends
2.24
Negative
2.45
Negative
2.38
Negative
Market Momentum
-0.05
Negative
48.31
Neutral
32.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MSB, the sentiment is Neutral. The current price of 2.12 is above the 20-day moving average (MA) of 2.10, below the 50-day MA of 2.24, and below the 200-day MA of 2.38, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 32.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:MSB.
Mesoblast Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | AU$70.05M | -7.57 | -179.37% | ― | ― | 16.61% | |
52 Neutral | AU$2.74B | ― | -14.02% | ― | 198.58% | 3.97% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | AU$9.67M | -2.68 | -29.91% | ― | 178.06% | -2.49% | |
42 Neutral | AU$28.32M | -6.84 | -49.25% | ― | ― | ― | |
42 Neutral | AU$9.43M | -1.00 | -218.76% | ― | ― | ― | |
41 Neutral | AU$222.47M | -12.98 | -44.80% | ― | 42.05% | -0.84% |
* Healthcare Sector Average
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Mesoblast Limited Corporate Events
Mesoblast CEO Granted Additional Options Following Shareholder Approval
Mar 20, 2026
Mesoblast has disclosed a change in the securities held by Chief Executive Dr Silviu Itescu, reporting the issue of 2,025,600 additional options following shareholder approval at the company’s 2025 annual general meeting. The transaction lea...
Mesoblast Issues 3.25 Million Unquoted Options Under Employee Incentive Scheme
Mar 20, 2026
Mesoblast Limited has notified the market of the issue of 3,245,600 unquoted options under its employee incentive scheme, with various exercise prices and expiry dates, effective March 16, 2026. The move expands the company’s pool of equity-...
Mesoblast Sets Inaugural R&D Day to Showcase Strategy, Ryoncil and Pipeline
Mar 17, 2026
Mesoblast will host its inaugural RD Day in New York on April 8, 2026, featuring its senior leadership and external experts in a live webcast for investors and stakeholders. The event aims to showcase corporate strategy, the commercialization traj...
Mesoblast hires Regeneron veteran to lead clinical development and medical affairs
Mar 11, 2026
Mesoblast has created a new role of Head of Clinical Development and Medical Affairs and appointed oncologist and immunologist Dr. Teresa Montagut to the position, reporting to Chief Medical Officer Dr. Eric Rose. She will lead medical affairs, dr...
Mesoblast Director Gregory George Deepens Stake with US$16.4m Share Purchases
Mar 9, 2026
Mesoblast director Gregory George has significantly increased his stake in the company through a series of on-market purchases of ordinary shares and American Depositary Shares in early March 2026. The total consideration for these acquisitions wa...
Mesoblast Rides Ryoncil Launch to Revenue Surge and Advances Late-Stage Cell Therapy Pipeline
Feb 27, 2026
Mesoblast reported a sharp jump in first-half fiscal 2026 revenue to US$51.3 million, driven by the successful U.S. commercial launch of Ryoncil, which generated US$48.7 million in revenue and strong gross profit. While the company still posted a ...
Mesoblast Updates Investors on 2025 Results and Operational Outlook
Feb 26, 2026
Mesoblast released financial results and an operational update for the period ended December 31, 2025, outlining its performance and recent developments in the business. The company highlighted expectations around sales, regulatory progress, manuf...
Mesoblast Files Form 6-K Providing Interim Financial and Risk Disclosures
Feb 26, 2026
Mesoblast Limited has filed a Form 6-K with the U.S. Securities and Exchange Commission for the period ended December 31, 2025, as part of its obligations as a foreign private issuer. The filing package includes unaudited financial statements, man...
Mesoblast to Present Half-Year Results as It Expands Global Cell Therapy Portfolio
Feb 20, 2026
Mesoblast, a dual-listed biotech on the ASX and Nasdaq, has pioneered mesenchymal stromal cell therapies, including Ryoncil, the first FDA-approved MSC treatment for pediatric steroid-refractory acute graft versus host disease. The company is expa...
Mesoblast’s Ryoncil Shows Strong Early Survival in Real-World Use as U.S. Rollout Expands
Jan 27, 2026
Mesoblast reported early real-world commercial data showing that 84% of the first 25 pediatric patients with steroid-refractory acute graft-versus-host disease treated with its FDA-approved therapy Ryoncil survived and completed the initial 28-day...
JPMorgan Ceases to Be Substantial Holder in Mesoblast
Jan 26, 2026
JPMorgan Chase Co. and its affiliates have notified Mesoblast Limited that they have ceased to be a substantial holder in the company as of 22 January 2026, following a series of transactions involving securities lending, rehypothecation under pr...
FDA Feedback Boosts Mesoblast’s Rexlemestrocel‑L Bid in Chronic Low Back Pain
Jan 19, 2026
Mesoblast has received feedback from the U.S. Food and Drug Administration indicating that the agency acknowledges pain intensity outcomes favor its allogeneic cell therapy rexlemestrocel‑L over placebo in chronic discogenic low back pain, a...
Mesoblast Issues 6.9 Million New Shares Following Conversion of Unquoted Securities
Jan 13, 2026
Mesoblast Limited has issued 6,856,460 new ordinary fully paid shares following the exercise or conversion of previously unquoted options or other convertible securities, with an effective issue date of January 9, 2026. The move increases the comp...
Mesoblast Seeks ASX Quotation for 7.3 Million New Shares from Employee Scheme
Jan 13, 2026
Mesoblast Limited has applied for quotation on the ASX of 7,335,000 new fully paid ordinary shares, issued on 19 December 2025 under an employee incentive scheme. The move expands the company’s quoted share capital and reflects ongoing use o...
Mesoblast Director Eric Rose Increases Shareholding Through Option Exercise
Jan 13, 2026
Mesoblast has disclosed changes in the securities held by director Dr Eric Rose, who has adjusted his shareholding through the exercise of options and associated on-market trades. Between 6 and 9 January 2026, Rose exercised options approved at th...
Mesoblast Director Lyn Cobley Increases On-Market Shareholding
Jan 11, 2026
Mesoblast has disclosed a change in director Lyn Cobley’s shareholding, with the board member purchasing 30,000 ordinary shares on-market at A$3.20 per share, a total consideration of A$96,000. Following the transaction, Cobley holds 30,000 ...
Mesoblast Boosts Ryoncil Sales 60% and Secures Cheaper US$125m Financing
Jan 8, 2026
Mesoblast reported gross revenue of US$35.1 million from Ryoncil sales in the quarter ended 31 December 2025, a 60% increase over the prior quarter, underscoring rapid uptake of the first FDA-approved mesenchymal stromal cell therapy for pediatric...
Mesoblast Director’s Warrant Lapse Trims Derivative Exposure Without Dilution
Jan 6, 2026
Mesoblast has disclosed a change in director Gregory George’s interests following the lapse of 2.4 million warrants to acquire ordinary shares or ADSs, which expired on 6 January 2026 in line with their terms. The warrants lapsed at no value...
Mesoblast Warrants Lapse as Conditions for Conversion Go Unsatisfied
Jan 6, 2026
Mesoblast Limited has announced the cessation of 3,000,000 MSBAB warrants after the conditional rights attached to these securities lapsed because their conditions were not, or could no longer be, satisfied. The lapse reduces the company’s p...
Mesoblast Reshapes Board Leadership as It Deepens Commercial Focus
Jan 1, 2026
Mesoblast Limited has overhauled its board leadership as it transitions further into a revenue‑generating commercial phase following its first U.S. FDA approval and successful product launch. Long‑standing chair Jane Bell will step dow...
Mesoblast to Release 10.2 Million Shares From Voluntary Escrow
Dec 30, 2025
Mesoblast Limited has notified the market that 10,228,239 ordinary shares currently subject to voluntary escrow arrangements will be released on 8 January 2026, in line with ASX Listing Rule 3.10A disclosure requirements. The impending release of ...
Mesoblast Plans New Issue of 3.2 Million Warrants on ASX
Dec 29, 2025
Mesoblast Limited has notified the ASX of a proposed issue of up to 3,225,756 new warrants, to be created as a new class of securities, with a planned issue date of 23 December 2026. The warrant placement reflects an additional capital-raising ave...
Mesoblast Cuts Cost of Capital With New US$125m Non‑Dilutive Credit Line
Dec 29, 2025
Mesoblast has refinanced its balance sheet by fully retiring its senior secured loan from Oaktree Capital and partially repaying its subordinated royalty facility from NovaQuest, using US$75 million drawn from a new five‑year credit line pro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.