Milestone Pharmaceuticals

Q2 FY2026 EarningsQ2 FY26 missed consensus estimates on both top and bottom lines, with revenue of $0.56M coming in 31.5% below the expected $0.82M. Net loss was deeper than anticipated at -$28.6M, resulting in a GAAP EPS of -$0.21 compared to the -$0.19 consensus. The miss was primarily driven by an 155.6% YoY surge in SG&A expenses ($22.6M) associated with the CARDAMYST™ launch and high interest expenses from a newly activated royalty financing obligation ($3.7M). Management's focus remains on U.S. commercialization and Phase 3 AFib-RVR development, supported by a healthy $170.6M cash position.