4QFY26: Net Ryoncil Sales Release

Research evidence excerpt

4QFY26: Net Ryoncil Sales Release

Australia | Biotechnology

Mesoblast EquityJulyResearch9, 2026

ESTIMATE CHANGE4QFY26: Net Ryoncil Sales Release

For 4QFY26, MSB reported net revenue of US$36.0m (vs JEF estimated net RATING BUY

revenue of US$32.4m) from sales of Ryoncil. This equates to c216 paid PRICE AUD2.02^

infusions. We estimate 34 patients have received treatment in this period PRICE TARGET | % TO PT AUD2.80 | +39%

with an estimated 20 patients having completed treatment. We update 52W HIGH-LOW AUD3.31 - AUD1.63

for 4QFY26 and now estimate 85 patients (from 82) completed therapy in FLOAT (%) | ADV MM (USD) 70.0% | 6.62

FY26E (23% of total US patients pa). MARKET CAP AUD2.4B | $1.7B

TICKER MSB AU

MSB’s Ryoncil (remestemcel-L-rknd) continues to be rolled out. This is an allogeneic (donor) ^Prior trading day's closing price unless otherwise noted.

bone marrow-derived mesenchymal stromal cell (MSC) therapy indicated for the treatment of

steroid-refractory acute graft-versus-host disease (SR-aGVHD) in paediatric patients 2 months

of age and older. The recommended dosage of Ryoncil is 2x106 MSC /kg body weight by FY (Jun) CHANGE TO JEFe JEF vs CONS

intravenous infusion given twice per week for 4 consecutive weeks. Response is assessed 28 2026 2027 2026 2027

± 2 days after the first dose and further treatment administered as appropriate. REV +3% +3% NA NA

EPS NA +20% NA NA

Market size is c375 paediatric patients per annum in the US. Approximately 10,000 patients

undergo an allogeneic bone marrow transplant in the United States each year, of whom 1,500

2026 ($) Q1 Q2A Q3 Q4 FY

are children. Approximately half of these patients develop aGvHD and c50% of those do not

EPS -- (0.03) -- 0.01 (0.02)

respond to steroids, the recognized first-line treatment.