Highlights

• Mesoblast delivered a major increase in FY26 revenue as Ryoncil’s first full commercial year drove product sales.
• The annual net loss narrowed materially, while operating cash expenditure improved and year-end liquidity remained above US$100 million.
• Clinical development advanced across adult SR-aGvHD and chronic low back pain, creating important potential growth pathways.

Ryoncil Drives FY26 Revenue Growth

Mesoblast Limited (ASX: MSB) announced its FY26 financial results and operational update on 27 August 2026 in Australia, covering the year ended 30 June 2026. The cellular medicines developer reported sharply higher revenue following the U.S. commercial rollout of Ryoncil, alongside progress across several late-stage clinical programs.

Total revenue increased to US$120.3 million, compared to US$17.2 million in FY25. Ryoncil generated net product revenue of US$115.2 million, while reported gross profit reached US$103.6 million. Excluding amortisation, gross profit was US$109.7 million, compared to US$16.0 million in the previous year.

Loss Narrows as Commercial Scale Builds

Mesoblast reduced its reported net loss by 44% to US$57.5 million, compared to US$102.1 million a year earlier. Net operating cash expenditure improved to US$43.8 million from US$50.0 million, while the company ended FY26 with approximately US$103 million in cash.

The balance sheet was also reshaped through a US$125 million five-year non-dilutive credit facility, which replaced two higher-cost funding arrangements.

Ryoncil Adoption Broadens

Ryoncil has now been introduced at more than 50 U.S. treatment sites, including 14 of the 15 largest pediatric transplant centres. Reimbursement access expanded to more than 280 million covered lives, while the median period from patient identification to treatment initiation fell from 29 days to eight days.

Mesoblast is also pursuing Ryoncil expansion into adults with severe steroid-refractory acute graft-versus-host disease, with a registrational study already enrolling patients.

Outlook

Development momentum remains centred on label expansion and rexlemestrocel-L. Treatment of 350 patients has been completed in the pivotal Phase 3 chronic low back pain trial, with top-line results expected in mid-CY2027. The outcome, together with further Ryoncil adoption, will be important in determining Mesoblast’s next stage of commercial and clinical growth.

Note- All data presented is based on information available at the time of writing.

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