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Medicure Inc (TSE:MPH)
:MPH
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Medicure
(MPH)
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Rating:54Neutral
Price Target:
C$1.50
▲(22.95% Upside)
Medicure's overall stock score is primarily influenced by its financial performance and technical analysis. The company faces profitability and cash flow challenges, but the stock shows positive technical momentum. Valuation is weak due to negative earnings and lack of dividends.
Positive Factors
Revenue Growth
The modest revenue growth indicates a steady demand for Medicure's products, suggesting potential for market expansion and increased sales over time.
Product Portfolio
A strong product portfolio, particularly in cardiovascular therapies, positions Medicure well in a specialized market, offering opportunities for sustained revenue.
Low Leverage
The company's low leverage provides financial stability and flexibility, allowing it to invest in growth opportunities without significant debt burden.
Negative Factors
Profitability Challenges
Ongoing profitability issues, as indicated by negative margins, could hinder the company's ability to reinvest in its business and sustain long-term growth.
Cash Flow Weakness
Weak cash flow generation limits Medicure's ability to fund operations and growth initiatives, potentially affecting its competitive position and financial health.
Negative Return on Equity
Negative ROE indicates inefficiencies in using equity capital, which could impact investor confidence and the company's ability to attract future investment.
Medicure (MPH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$12.73M
Dividend YieldN/A
Average Volume (3M)1.72K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth24.30%
EPS Growth-68.60%
CountryCA
Employees25
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.13
Shares Outstanding10,436,313
10 Day Avg. Volume717
30 Day Avg. Volume1,717
Financial Highlights & Ratios
PEG Ratio-0.83
Price to Book (P/B)0.44
Price to Sales (P/S)0.42
P/FCF Ratio14.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Medicure Business Overview & Revenue Model
Company DescriptionMedicure Inc., a biopharmaceutical company, engages in the research, development, and commercialization of human therapies for the cardiovascular market in Canada and the United States. The company markets and distributes AGGRASTAT injection, a glycoprotein GP IIb/IIIa receptor antagonist for the treatment of acute coronary syndrome, including unstable angina and non-Q-wave myocardial infarction. It also offers ZYPITAMAG to treat patients with primary hyperlipidemia or mixed dyslipidemia. In addition, the company offers ReDS, a non-invasive medical device that offers measurement of lung fluid for the management of congestive heart failure. Further, the company offers Sodium Nitroprusside injection for the reduction of blood pressure for adult and pediatric patients in hypertensive crisis, as well as for producing controlled hypotension to reduce bleeding during surgery, and for the treatment of acute congestive heart failure. It offers products through retail pharmacies, as well as online. The company was incorporated in 1997 and is headquartered in Winnipeg, Canada.
How the Company Makes MoneyMedicure generates revenue primarily through the sales of its pharmaceutical products, including Aggrastat, which is marketed to hospitals and healthcare providers. The company earns income from product sales, which are driven by prescription volume and market demand. Additionally, Medicure may engage in strategic partnerships and licensing agreements with other pharmaceutical companies to co-develop or market products, contributing to its revenue through upfront payments, milestone payments, and royalties on sales. These partnerships are crucial for expanding its market reach and enhancing its product portfolio, thereby increasing potential earnings.
Medicure Earnings Call Summary
Earnings Call Date:Apr 25, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed performance with growth in certain product lines and strategic acquisitions aimed at expansion. However, these were offset by significant challenges such as decreased AGGRASTAT revenue, increased costs, and a resulting negative EBITDA and net loss. The positive aspects of strategic growth were balanced by financial challenges.Q4-2024 Updates
Positive Updates
Increased ZYPITAMAG Revenue
ZYPITAMAG sales through Marley Drug grew by 23% from $2.6 million in 2023 to $3.2 million in 2024. Revenue through insured channels also grew by 25% from $2.4 million in 2023 to $3 million in 2024.
Marley Drug Revenue Growth
Net revenue for Marley Drug grew by 12.5% from $9.6 million in 2023 to $10.8 million in 2024.
Strategic Acquisitions
Medicure acquired Gateway Medical and signed an agreement to acquire West Olympia Pharmacy, expanding its Retail Pharmacy segment and creating synergies with Marley Drug.
Legal Settlement Income
The company recorded $1.9 million in other income due to a legal settlement with its contract development and manufacturing organization.
Cash Position
As of December 31, 2024, Medicure had cash totaling approximately $7.2 million, an increase from $6.4 million as of December 31, 2023. The company remains debt-free.
Negative Updates
Decreased AGGRASTAT Revenue
Net revenue from AGGRASTAT decreased from $9.7 million in 2023 to $8.1 million in 2024 due to pricing pressures from generic competition.
Increased Costs and Expenses
Higher Marley Drug cost of goods, increased R&D expenses to $3.1 million, and higher general and administrative expenses primarily due to legal fees.
Negative EBITDA
Adjusted EBITDA for 2024 was negative $437,000, compared to an adjusted EBITDA of $1.9 million in 2023.
Net Loss
The company recorded a net loss of approximately $1 million in 2024, compared to a net loss of $922,000 in 2023.
Company Guidance
During the conference call, Medicure provided guidance on its financial performance for the year ended December 31, 2024, highlighting several key metrics. The company reported net revenue of $21.9 million, a slight increase from $21.7 million in the previous year, but experienced a net loss of approximately $1 million or $0.10 per share, compared to a net loss of $922,000 or $0.09 per share in the prior year. AGGRASTAT revenue decreased to $8.1 million from $9.7 million due to pricing pressures from generics, while ZYPITAMAG revenue through traditional insurance increased to $3 million from $2.4 million, attributed to greater utilization through insurance formularies. Marley Drug's net revenue rose to $10.8 million from $9.6 million, driven by changes in product mix and increased ZYPITAMAG sales. Despite these increases, adjusted EBITDA was negative $437,000, down from $1.9 million the previous year, due to higher costs of goods and R&D expenses totaling $3.1 million primarily for the MC-1 PNPO clinical trial. The company also highlighted strategic acquisitions of Gateway Medical and West Olympia Pharmacy, aiming to expand its Retail Pharmacy operating segment and create synergies with Marley Drug. Additionally, Medicure remains focused on developing new products, including a novel drug related to MC-1, with significant market potential.Medicure Financial Statement Overview
Summary
Medicure's financial performance is mixed, with modest revenue growth but challenges in profitability and cash flow. The income statement shows negative net profit and EBIT margins, while the balance sheet is stable with low leverage. Cash flow generation is weak, with a significant decline in free cash flow growth.Income Statement
Medicure's income statement shows a mixed performance. The company has seen a modest revenue growth rate of 6.93% in the TTM period, but it is struggling with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin remains relatively healthy at 53.95%, indicating some efficiency in production. However, the negative net profit margin of -5.83% highlights ongoing challenges in managing costs and achieving profitability.45
Neutral
Balance Sheet
The balance sheet reflects a stable financial position with a low debt-to-equity ratio of 0.06, suggesting conservative leverage. However, the return on equity is negative at -6.84%, indicating that the company is not generating sufficient returns on shareholders' equity. The equity ratio is strong, showing a solid capital structure, but the negative ROE points to inefficiencies in utilizing equity capital.60
Neutral
Cash Flow
Cash flow analysis reveals challenges in cash generation, with a significant decline in free cash flow growth by -39.33% in the TTM period. The operating cash flow to net income ratio is positive at 0.15, indicating some ability to convert income into cash. However, the free cash flow to net income ratio of 0.63 suggests limited cash flow relative to net income, which could impact future investments and debt servicing.50
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.21M | 21.91M | 21.69M | 23.07M | 21.74M | 11.61M |
| Gross Profit | 12.49M | 13.09M | 13.99M | 16.07M | 12.71M | 5.13M |
| EBITDA | 1.38M | 1.54M | 1.27M | 3.44M | 2.39M | -4.04M |
| Net Income | -3.43M | -1.04M | -922.00K | 1.36M | -727.00K | -6.84M |
Balance Sheet | ||||||
| Total Assets | 26.72M | 29.68M | 28.06M | 29.90M | 28.41M | 34.05M |
| Cash, Cash Equivalents and Short-Term Investments | 4.12M | 7.19M | 6.37M | 4.86M | 3.69M | 2.72M |
| Total Debt | 1.00M | 874.00K | 544.00K | 849.00K | 1.17M | 1.45M |
| Total Liabilities | 9.41M | 8.90M | 8.16M | 8.89M | 10.00M | 14.91M |
| Stockholders Equity | 17.31M | 20.78M | 19.90M | 21.00M | 18.41M | 19.15M |
Cash Flow | ||||||
| Free Cash Flow | 1.27M | 638.00K | 1.81M | 1.52M | 3.17M | -2.24M |
| Operating Cash Flow | 1.72M | 1.38M | 2.08M | 1.83M | 3.99M | -2.24M |
| Investing Cash Flow | -2.63M | -739.00K | -270.00K | -310.00K | -2.69M | -7.24M |
| Financing Cash Flow | -424.00K | -370.00K | -297.00K | -355.00K | -316.00K | -766.00K |
Medicure Technical Analysis
Positive
1.22
Price Trends
1.18
Positive
1.15
Positive
1.07
Positive
Market Momentum
>-0.01
Positive
50.69
Neutral
36.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MPH, the sentiment is Positive. The current price of 1.22 is below the 20-day moving average (MA) of 1.22, above the 50-day MA of 1.18, and above the 200-day MA of 1.07, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 50.69 is Neutral, neither overbought nor oversold. The STOCH value of 36.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MPH.
Medicure Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | C$85.91M | 123.15 | 0.87% | ― | 2.14% | -83.06% | |
54 Neutral | C$12.73M | -3.71 | -18.39% | ― | 24.30% | -68.60% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | C$420.72K | -0.31 | ― | ― | ― | ― | |
35 Underperform | C$5.29M | -0.71 | -148.48% | ― | -46.59% | 8.26% | |
29 Underperform | C$1.62M | -6.52 | ― | ― | ― | 98.93% | |
21 Underperform | C$663.17K | -2.04 | ― | ― | 122.30% | 75.74% |
* Healthcare Sector Average
TSE:MPH
Medicure
1.22
0.28
29.79%
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Medicure Corporate Events
Business Operations and StrategyFinancial Disclosures
Medicure Sees Revenue Growth Amidst Challenges in Q3 2025
Neutral
Nov 19, 2025
Medicure reported a significant increase in total net revenue for the quarter ended September 30, 2025, reaching $8.2 million compared to $5.2 million in the same period the previous year. Despite a decrease in AGGRASTAT® sales due to generic competition, the company saw growth in its Marley Drug business and new acquisitions like Gateway and West Olympia Pharmacies. However, the quarter ended with a net loss of $1.4 million, attributed to increased R&D investments and pricing pressures, impacting its overall financial performance.
Financial Disclosures
Medicure Inc. to Announce Q3 2025 Financial Results
Neutral
Nov 13, 2025
Medicure Inc. announced it will present its financial results for the quarter ended September 30, 2025, via a conference call on November 20, 2025. This announcement is significant for stakeholders as it provides insights into the company’s financial health and operational performance, potentially impacting its market positioning and investor confidence.
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.
Disclaimer
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.