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

Milestone Pharmaceuticals (NASDAQ:MIST) released its quarterly earnings results on Wednesday. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01), FiscalAI reports. The company had revenue of $0.56 million during the quarter, compared to the consensus estimate 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 Down 0.5%

Milestone Pharmaceuticals stock traded down $0.01 during trading hours on Friday, hitting $1.06. The stock had a trading volume of 613,848 shares, compared to its average volume of 1,892,635. The company has a quick ratio of 9.09, a current ratio of 9.18 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $132.59 million, a P/E ratio of -1.54 and a beta of 0.98. Milestone Pharmaceuticals has a 12-month low of $1.00 and a 12-month high of $3.06. The stock’s 50-day moving average price is $1.23 and its 200-day moving average price is $1.52.

Milestone Pharmaceuticals News Roundup

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

• Positive Sentiment: Milestone said its cash runway is expected to extend into the second half of 2027, while commercial coverage for CARDAMYST has reached 50%. The combination may reduce near-term financing risk and support continued commercialization. Milestone expects cash runway into second half of 2027 as CARDAMYST commercial coverage reaches 50%
• Neutral Sentiment: HC Wainwright continues to model a transition to profitability, with projected EPS of $0.38 in 2028, $1.01 in 2029 and $1.69 in 2030. However, the firm lowered each of those estimates, indicating a more cautious outlook on the pace of growth. Milestone Pharmaceuticals analyst estimates
• Negative Sentiment: HC Wainwright reduced its EPS forecasts for the third and fourth quarters of 2026 to losses of $0.22 and $0.23, respectively. Its full-year 2026 estimate fell to a loss of $0.86 from $0.78, while the 2027 estimate declined to a loss of $0.82 from $0.79. The revisions suggest higher-than-expected near-term losses and weaker earnings momentum. HC Wainwright lowers Milestone Pharmaceuticals earnings estimates
• Negative Sentiment: The company’s second-quarter results missed expectations: EPS was a loss of $0.21 versus the $0.20 consensus loss, while revenue was $0.56 million versus estimates of $0.82 million. The disappointing results prompted a sharp reaction in the stock and likely remain the main reason for investor weakness. Milestone Pharmaceuticals shares tumble after Q2 earnings miss

Institutional Investors Weigh In On Milestone Pharmaceuticals

Several large investors have recently bought and sold shares of MIST. Creative Planning lifted its holdings in shares of Milestone Pharmaceuticals by 74.6% during the 2nd quarter. Creative Planning now owns 23,410 shares of the company’s stock valued at $45,000 after buying an additional 10,000 shares during the period. Raymond James Financial Inc. grew its holdings in shares of Milestone Pharmaceuticals by 30.1% in the second quarter. Raymond James Financial Inc. now owns 43,235 shares of the company’s stock worth $84,000 after acquiring an additional 10,000 shares during the period. UBS Group AG increased its position in Milestone Pharmaceuticals by 23.2% during the third quarter. UBS Group AG now owns 397,534 shares of the company’s stock valued at $795,000 after acquiring an additional 74,886 shares during the last quarter. Pathstone Holdings LLC purchased a new position in Milestone Pharmaceuticals in the third quarter worth about $2,000,000. Finally, Two Sigma Investments LP bought a new stake in shares of Milestone Pharmaceuticals during the 3rd quarter valued at about $1,333,000. 86.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Milestone Pharmaceuticals in a research report on Tuesday, July 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 note on Monday, July 13th. Finally, Wells Fargo & Company dropped their price target on Milestone Pharmaceuticals from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.