Milestone Pharmaceuticals (NASDAQ:MIST) Releases Earnings Results, Misses Estimates By $0.01 EPS

Milestone Pharmaceuticals (NASDAQ:MIST) issued its earnings results on Wednesday. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01), FiscalAI reports. The business had revenue of $0.56 million for the quarter, compared to analysts’ expectations of $0.82 million.

Here are the key takeaways from Milestone Pharmaceuticals’ conference call:

• Early CARDAMYST launch momentum: Second-quarter prescriptions exceeded 1,200, with more than 600 unique prescribers and over 1,000 patients receiving treatment, bringing first-half totals to more than 1,500 prescriptions, 800 prescribers, and 1,300 patients. Management said prescribing is broadening across electrophysiologists, cardiologists, and advanced practice providers, with repeat use beginning to emerge.
• Commercial coverage expanded materially: Formulary coverage increased from approximately 25% of commercially insured lives at the end of Q2 to more than 50% by early August, following wins at UnitedHealthcare and other insurers tied to major pharmacy benefit managers. The company expects broader coverage to improve patient access, prescription growth, and average selling prices by reducing copay assistance and denial conversions.
• Patient and physician marketing is set to scale: With coverage reaching a perceived critical mass, Milestone is initiating targeted digital patient activation through CARDAMYST.com, social media, search, and healthcare websites, while increasing sales-call frequency among receptive prescribers. Management believes patient requests and deeper engagement with early adopters can accelerate demand in the second half of 2026.
• AFib-RVR program advances: The pivotal Phase III RIVERA 301 trial has activated lead sites and is expected to enroll its first patients shortly, using the same 70 mg dose and repeat-dose regimen as CARDAMYST. A successful study could support a single-study supplemental NDA for a substantially larger estimated addressable population of 3 million to 4 million symptomatic AFib-RVR patients.
• Launch spending increased losses: Second-quarter selling, general and administrative expense rose to $22.6 million from $8.9 million a year earlier, contributing to a net loss of $28.6 million versus $13.0 million. Product revenue was $0.6 million for the quarter, although management said cash and short-term investments of $170.6 million should fund operations into the second half of 2027.

Milestone Pharmaceuticals Stock Performance

Shares of Milestone Pharmaceuticals stock traded down $0.03 during trading on Thursday, reaching $1.09. The company’s stock had a trading volume of 1,739,443 shares, compared to its average volume of 1,894,767. Milestone Pharmaceuticals has a fifty-two week low of $1.00 and a fifty-two week high of $3.06. The company has a current ratio of 9.18, a quick ratio of 9.09 and a debt-to-equity ratio of 1.61. The company has a 50-day moving average price of $1.24 and a two-hundred day moving average price of $1.53. The firm has a market cap of $136.33 million, a PE ratio of -1.61 and a beta of 0.98.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Creative Planning boosted its position in Milestone Pharmaceuticals by 74.6% during the 2nd quarter. Creative Planning now owns 23,410 shares of the company’s stock worth $45,000 after purchasing an additional 10,000 shares during the period. Raymond James Financial Inc. grew its position in Milestone Pharmaceuticals by 30.1% in the 2nd quarter. Raymond James Financial Inc. now owns 43,235 shares of the company’s stock worth $84,000 after purchasing an additional 10,000 shares during the last quarter. Bank of America Corp DE lifted its holdings in Milestone Pharmaceuticals by 200,550.0% in the third quarter. Bank of America Corp DE now owns 16,052 shares of the company’s stock worth $32,000 after purchasing an additional 16,044 shares during the period. Cetera Investment Advisers acquired a new position in Milestone Pharmaceuticals during the fourth quarter worth about $42,000. Finally, Invesco Ltd. bought a new stake in shares of Milestone Pharmaceuticals in the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 86.18% of the company’s stock.

Milestone Pharmaceuticals News Summary

Here are the key news stories impacting Milestone Pharmaceuticals this week:

• Positive Sentiment: Commercial access for CARDAMYST has expanded significantly: more than 50% of commercially insured U.S. lives now have coverage, up from approximately 25% earlier in the year. The company also reported more than 800 prescribers and 1,500 prescriptions filled through June 30. Milestone Pharmaceuticals Announces Second Quarter 2026 Financial Results and Provides Corporate Update
• Positive Sentiment: Milestone has opened sites for the Phase 3 ReVeRA-301 trial evaluating etripamil in atrial fibrillation with rapid ventricular rate, potentially expanding the drug into a larger cardiovascular market. Milestone Pharmaceuticals Reports Q2 2026 Results
• Positive Sentiment: Cash, cash equivalents and short-term investments totaled $170.6 million at quarter-end, which management expects will fund operations into the second half of 2027.
• Neutral Sentiment: European and Chinese regulatory reviews for CARDAMYST remain ongoing, with a potential European decision expected in the first half of 2027.
• Negative Sentiment: Second-quarter EPS was a loss of $0.21, missing the $0.20-loss consensus estimate, while revenue of $0.56 million fell short of the $0.82 million forecast. Milestone Pharmaceuticals Reports Q2 Loss, Lags Revenue Estimates
• Negative Sentiment: Net loss more than doubled year over year to $28.6 million, while selling, general and administrative expenses rose to $22.6 million from $8.9 million as the company invested in the CARDAMYST launch.
• Negative Sentiment: HC Wainwright lowered its FY2028 EPS forecast to $0.38 from $0.43, adding pressure to expectations for the company’s longer-term profitability.

Analysts Set New Price Targets

A number of brokerages have commented on MIST. Weiss Ratings reiterated a “sell (e+)” rating on shares of Milestone Pharmaceuticals in a research report on Tuesday, July 14th. Zacks Research raised shares of Milestone Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Wall Street Zen lowered Milestone Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Sunday, May 17th. Finally, Wells Fargo & Company reduced their price target on Milestone Pharmaceuticals from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Milestone Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $7.25.

Milestone Pharmaceuticals Company Profile

Milestone Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing innovative therapies for respiratory diseases. The company’s research emphasizes both biologic and small-molecule approaches designed to improve mucociliary clearance, reduce airway inflammation and address chronic and refractory cough. Milestone’s pipeline targets key underserved conditions such as cystic fibrosis, primary ciliary dyskinesia and severe asthma.

Milestone’s lead product candidates are delivered through inhalation or systemic administration, reflecting the company’s commitment to optimizing therapeutic delivery directly to the lungs.