9-months YTD-25 Adjusted EBITDA up 90% over the prior year, at $3.1 million
Secured Health Canada approval for 6 eye-drops to be launched in 2026
Expanded the CMO Segment with the acquisition of Du-Var Laboratory Inc., a Quebec-based CMO
Completed a $2.3 million private placement
Redeemed $3.3 million publicly listed convertible debentures
BOUCHERVILLE, QC, Nov. 20, 2025 /CNW/ - LSL PHARMA GROUP INC. (TSXV:LSL) (the "Corporation" or "LSL Pharma"), a Canadian integrated pharmaceutical company, today reported its fourth consecutive record quarterly revenues and financial results for the third quarter of its 2025 fiscal year, ended September 30, 2025 ("Q3 2025" and "Year-to-date 2025"). All amounts are presented in thousands of Canadian dollars.
Q3 & YTD 2025 FINANCIAL HIGHLIGHTS (comparisons are to the respective 2024 periods)
Revenues were $7.6M and $21.4M for Q3 and YTD 2025, compared to $4.0M and $12.4M, representing increases of 89% and 73% respectively;
CMO revenues increased 179% and 201% respectively for Q3 and YTD 2025 reflecting the impact of the Virage Santé and Dermolab Pharma acquisitions;
Adjusted EBITDA was $1.2M and $3.1M for Q3 and YTD 2025, compared to $0.5M and $1.6M, representing increases of 153% and 90% respectively;
Net loss was $1.8M and $1.7M for Q3 and YTD 2025, compared to $0.4M and $1.2M for the prior year periods.
Q3 2025 AND SUBSEQUENT CORPORATE HIGHLIGHTS
Closed a non-brokered private placement for gross proceeds of $2.3M.
Announced the appointment of Mr. Louis Laflamme, as independent Chairman of the Board and the appointment of Mr. Noureddine Mokaddem as a new member of the board of directors.
Secured Health Canada approval for six (6) sterile ophthalmic solutions for the treatment of glaucoma and allergies. The commercial launch of these products is expected to begin in the second quarter of 2026.
Secured the remaining $1.6M portion of the Secured BDC loan-2 and Secured Desjardins loan.
Expanded its CMO operations with the aquisition of Du-Var Laboratory Inc. Du-Var adds 30,000 s.f. of manufacturing capacity to the CMO segment and is expected to increase the CMO revenues by more than 25%. The total consideration was $2.9M representing the financial debt of Du-Var. For the 12-month period ended on August 31, 2025, Du-Var generated a net loss of $2.1M and Adjusted EBITDA of $0.5M respectively, from $4.4M of revenues. As at August 31, 2025, Du-Var had total assets of $6.9M, and liabilities of $5.1M including bank/third party loans totaling $3.0M.
"We achieved record revenues in Q3-25 for the fourth consecutive quarter reflecting the contribution of Dermolab aquired late last year. By acquiring Du-Var Laboratory, we can already project good growth of our CMO segment for the next year", mentioned Francois Roberge, President and CEO of LSL Pharma. "With the first 6 eye-drops now approved by health Canada we are well positionned to execute our strategic plan for 2026, as we approach the FDA decision regarding the certification of our Steri-Med site to manufacture Avaclyr and other products for the US market", added Mr. Roberge.
"Once again we have been able to aquire another CMO asset while committing nominal cash ressources. The integration of Du-Var Laboratory has begun and we look forward to leveraging Du-Var's capabilities, and generate synergies to contribute to the profitability of LSL Pharma " said Luc Mainville, Executive Vice-president and CFO of LSL Pharma.
Q3 & YTD 2025 FINANCIAL REVIEW
The Company's Management's Discussion and Analysis and Consolidated Financial Statements for the three and nine months ended September 30, 2025, are available at the Company's website and on SEDAR+.
Financial Statements of net income (loss)
Change
Change
Q3-25
Q3-24
$
%
YTD-25
YTD-24
$
%
Revenues
CMO
6 581
2 357
4 224
179
18 792
6 236
12 556
201
Eye-Care
995
1 652
(657)
-40
2 627
6 127
(3 500)
-57
Total Revenues
7 576
4 009
3 567
89
21 419
12 363
9 056
73
Gross profit
2 331
1 194
1 137
95
6 498
3 876
2 622
68
Adjusted Gross Profit
2 884
1 548
1 336
86
8 122
4 910
3 212
65
SG&A expenses
1 849
1 109
740
67
5 229
3 352
1 877
56
Share-based Compensation
88
-
88
100
138
402
(264)
-66
Operating Profit
482
85
397
467
1 269
524
745
142
Financial Expenses
817
478
339
71
2 098
1 351
747
55
Loss on debt settlement
757
-
757
100
757
-
757
100
Gain on acquisition
-
7
(7)
-100
