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

Key Points

• Milestone Pharmaceuticals missed quarterly expectations: It reported a loss of $0.21 per share versus the $0.20 consensus estimate, while revenue of $0.56 million fell short of expectations of $0.82 million.
• CARDAMYST launch momentum is building: Second-quarter prescriptions surpassed 1,200, and commercial insurance coverage expanded to more than 50% of covered lives by early August. The company plans to increase patient and physician marketing in the second half of 2026.
• Higher launch costs widened losses, but funding remains adequate: Net loss grew to $28.6 million as SG&A rose to $22.6 million, although Milestone said its $170.6 million in cash and short-term investments should fund operations into the second half of 2027. Its Phase III RIVERA 301 trial for AFib-RVR is also approaching patient enrollment.

Milestone Pharmaceuticals (NASDAQ:MIST - Get Free Report) released 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 firm 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 MIST traded down $0.12 during trading hours on Wednesday, hitting $1.16. The stock had a trading volume of 4,964,319 shares, compared to its average volume of 1,890,346. The firm has a market capitalization of $143.80 million, a PE ratio of -1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 1.61, a current ratio of 9.18 and a quick ratio of 9.09. The stock has a fifty day moving average price of $1.24 and a 200 day moving average price of $1.53. Milestone Pharmaceuticals has a 12 month low of $1.00 and a 12 month high of $3.06.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MIST. Invesco Ltd. bought a new position in Milestone Pharmaceuticals in the 4th quarter worth $44,000. Engineers Gate Manager LP bought a new stake in Milestone Pharmaceuticals during the 4th quarter worth approximately $119,000. ADAR1 Capital Management LLC purchased a new position in Milestone Pharmaceuticals during the fourth quarter valued at approximately $202,000. Cetera Investment Advisers bought a new position in shares of Milestone Pharmaceuticals in the fourth quarter worth approximately $42,000. Finally, Guardian Wealth Advisors LLC NC raised its position in shares of Milestone Pharmaceuticals by 25.2% during the 4th quarter. Guardian Wealth Advisors LLC NC now owns 263,200 shares of the company's stock valued at $532,000 after purchasing an additional 53,000 shares during the period. Hedge funds and other institutional investors own 86.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wells Fargo & Company cut their price target on Milestone Pharmaceuticals from $8.00 to $7.00 and set an "overweight" rating on the stock in a research note on Thursday, May 14th. Wall Street Zen cut shares of Milestone Pharmaceuticals from a "hold" rating to a "strong sell" rating in a report on Sunday, May 17th. Zacks Research raised shares of Milestone Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Milestone Pharmaceuticals in a research note on Tuesday, July 14th. One 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 a consensus target price of $7.25.

About Milestone Pharmaceuticals

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.

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