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

Milestone Pharmaceuticals (NASDAQ:MIST) issued its earnings results on Wednesday. The company reported ($0.21) earnings per share (EPS) 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 Trading Down 9.1%

NASDAQ:MIST traded down $0.12 during mid-day trading on Wednesday, hitting $1.16. 4,964,319 shares of the stock traded hands, compared to its average volume of 1,890,346. The stock has a market capitalization of $143.80 million, a price-to-earnings ratio of -1.70 and a beta of 0.98. Milestone Pharmaceuticals has a 52 week low of $1.00 and a 52 week high of $3.06. The firm’s 50 day moving average is $1.24 and its two-hundred day moving average is $1.53. The company has a quick ratio of 9.09, a current ratio of 9.18 and a debt-to-equity ratio of 1.61.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Creative Planning grew its stake in shares of Milestone Pharmaceuticals by 74.6% during the second 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 last quarter. Raymond James Financial Inc. lifted its stake in shares of Milestone Pharmaceuticals by 30.1% during the 2nd 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 last quarter. UBS Group AG boosted its holdings in Milestone Pharmaceuticals by 23.2% during the 3rd 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 period. Pathstone Holdings LLC purchased a new position in Milestone Pharmaceuticals during the 3rd quarter valued at $2,000,000. Finally, Two Sigma Investments LP bought a new position in Milestone Pharmaceuticals in the 3rd quarter valued at $1,333,000. Hedge funds and other institutional investors own 86.18% of the company’s stock.

Analysts Set New Price Targets

MIST has been the subject of several research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Milestone Pharmaceuticals in a report on Tuesday, July 14th. Wells Fargo & Company dropped their price target on Milestone Pharmaceuticals from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Zacks Research raised Milestone Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Wall Street Zen cut Milestone Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Sunday, May 17th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.