What is the revenue and EPS growth rate for Milestone year over year?

Did Milestone beat or miss consensus estimates last quarter?

What were the key takeaways from Milestone’s earnings call?

What is Milestone's gross profit margin?

What were the key takeaways from Milestone's earnings call?

What factors drove the changes in Milestone's revenue and profit?

What is the market's earnings forecast for Milestone next quarter?

What does Milestone do and what are its main business segments?

- **FDA Approval Milestone**: CARDAMYST launched in January 2026, achieving 150 prescriptions within the first month, driven by new patient starts.
- **Financial Strength**: $200 million cash runway supports operations into late 2027, with $75 million from royalty sale and $10.9 million from ATM.
- **Commercial Momentum**: 60 sales reps targeting 10,000 prescribers, with early prescriber engagement across cardiology, electrophysiology, and APPs.
- **Reimbursement Focus**: 50-70% of scripts face prior auth delays; patient assistance programs and direct support are mitigating barriers.
- **Supply Assurance**: Manufacturing capacity meets demand, with routine production cadence in place.

**【Management Opening Remarks】**
- Milestone Pharmaceuticals reported a transformative year with the FDA approval of CARDAMYST (etripamil nasal spray) for PSVT in December 2025, marking the first new treatment option in 30 years for over 2 million patients.
- The company entered 2026 with a strengthened balance sheet of $200 million, providing an operating runway into late 2027, including $75 million from a royalty sale and $10.9 million from an ATM program.
- CARDAMYST launched in late January 2026, with 60 sales representatives targeting 10,000 prescribers and achieving 150 prescriptions filled within the first month, primarily by new patient starts.

**【CEO & Commercial Strategy】**
- CEO Joseph Oliveto emphasized CARDAMYST's potential to reduce emergency department visits and establish a durable commercial franchise. Early feedback highlights prescriber enthusiasm across cardiology, electrophysiology, and APPs, with 150 prescriptions filled and 100 unique prescribers in the first month.
- The commercial strategy focuses on: 
  1. **Accessibility**: Retail availability within 6 weeks of approval.
  2. **Affordability**: Patient assistance programs and co-pay support to navigate prior authorization delays.
  3. **Coverage**: Engaging payers for formulary placement, with Medicare and commercial contracts expected in 2026-2027.

**【CFO Financial Commentary】**
- **Revenue**: $1.5 million in milestone revenue from the CARDAMYST approval, with no comparable 2024 figure.
- **Expenses**: 
  - R&D: $18.1 million (2025) vs. $14.4 million (2024), driven by consulting costs.
  - G&A: $17.3 million (2025) vs. $16.7 million (2024), reflecting higher personnel and outside service costs.
  - Commercial: $28.3 million (2025) vs. $11 million (2024), due to launch preparations.
- **Net Loss**: $63.1 million (2025) vs. $41.5 million (2024), with a pro forma cash balance of $200 million post-royalty sale and ATM proceeds.

**【Q&A Highlights】**
- **Reimbursement Challenges**: 50-70% of prescriptions face prior authorization delays, requiring extensive paperwork verification. The company is leveraging patient assistance programs and direct sales force support to expedite approvals.
- **Supply Chain**: Manufacturing is well-positioned, with ample inventory from R&D batches and routine production cadence.
- **Market Adoption**: Early feedback indicates CARDAMYST is being used by patients with frequent PSVT episodes, with positive anecdotal reports of symptom relief.
- **Payer Strategy**: Targeting Medicare and commercial plans simultaneously, with Medicare contracts expected in 2027 and commercial coverage in 2026. Quantity limits (e.g., 5 uses/year) are anticipated to balance access and utilization.
- **Patient Mix**: Roughly 50% of prescriptions are expected to come from commercial plans, 50% from Medicare, reflecting the U.S. population distribution.

Actual				-0.67	-0.53	-0.4	-0.23	-0.3	0.02	-0.34	-0.4	-0.33	-0.39	-0.34	-0.31	-0.35	-0.37	-0.35	-0.32	-0.21	-0.14	-0.14	-0.19	-0.31	-0.2	-0.16
Forecast				-0.7425	-0.5075	-0.49	-0.406	-0.328	-0.26	-0.384	-0.364	-0.39	-0.36	-0.408	-0.335	-0.398	-0.386	-0.382	-0.3125	-0.26	-0.19	-0.1625	-0.156	-0.185	-0.1775	-0.1602
Surprise	0.00%	0.00%	0.00%	+9.76%	-4.43%	+18.37%	+43.35%	+8.54%	+107.69%	+11.46%	-9.89%	+15.38%	-8.33%	+16.67%	+7.46%	+12.06%	+4.15%	+8.38%	-2.40%	+19.23%	+26.32%	+13.85%	-21.79%	-67.57%	-12.68%	+0.12%

Actual	--	--	--	0	0	0	0	0	15.00M	0	0	0	0	1.50M	3.50M	1.00M	0	0	0	0	0	0	0	0	0	0
Forecast	--	--	--	0	0	0	0	0	5.00M	0	0	0	0	0	1.17M	0	0	0	0	0	0	0	0	0	0	0
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+200.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+200.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

MIST

MIST fundamentals

MIST Q4 2025 Earnings

Earnings Call

You can ask Aime

MIST

MIST fundamentals

MIST Q4 2025 Earnings

Earnings Call

MIST Earnings Call Summary for Q4/20258:30 AM on Mar 20, 2026

MIST Earnings Call Summary for Q2/20257:00 AM on Aug 12, 2025

MIST Earnings Call Summary for Q1/20257:00 AM on May 14, 2025

MIST Earnings Call Summary for Q4/2024 Apr 3, 2026

MIST Earnings Call Summary for Q3/2024 Apr 3, 2026

You can ask Aime