Mesoblast Limited · ASX:MSB
Mesoblast — H1 FY26 Earnings Presentation
28 slides from Mesoblast's earnings presentation, Feb 27, 2026
Slide 1: Global Leader in Allogeneic Cellular Medicines for Inflammatory Diseases
Global Leader in Allogeneic Cellular Medicines for Inflammatory Diseases Financial Results and Operational Update for the period ended December 31, 2025 February 2026 ASX: MSB; Nasdaq: MESO
Slide 2: Cautionary Note Regarding Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This presentation includes forward-looking statements and forecasts that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of
Slide 3: Our Mission
Our Mission To be the world’s leading and most innovative cell therapy company, commercializing off-the-shelf allogeneic cellular medicines to treat serious and life-threatening inflammatory illnesses 3
Slide 4: Corporate Priorities 2026
Corporate Priorities 2026 • Continue strong growth in RYONCIL® sales driven by market adoption • Build strong cash flow, judicious use of funds for operations, and optimal capital structure • Culture transition to efficient commercial organization • Expand RYONCIL (remestemcel-L-rknd) label indicati
Slide 5: Successful Launch
Successful Launch • Received U.S. FDA approval RYONCIL December 2024 • RYONCIL is the first and only FDA-approved allogeneic mesenchymal stromal cell (MSC) product • Launched April 2025, with revenues growing quarter on quarter • Significant unmet need with continued uptake and increasing adoption •
Slide 6: Financial Update
Financial Update Six months ending December 31, 2025 (H1 FY26)
Slide 7: Income statement 1H FY26
Income statement 1H FY26 P&L for the half year ended December December US$ million 2025 2024 • Product revenue of US$49M Revenue: Product sales, net 48.7 - • Gross margin of 93% for RYONCIL Royalty revenue 2.7 3.2 Total revenues 51.3 3.2 Cost of revenues (7.6) - • R&D investment US$46M for our clini
Slide 8: RYONCIL Profitability to Fund Growth Pipeline
RYONCIL profitability to fund growth pipeline Successful U.S. commercial launch of RYONCIL • RYONCIL gross profit, excluding amortization expense, was US$44.2M. Direct selling costs were US$7.7M Strong operating performance in the period allowed us to invest in: • R&D, including to support the Phase
Slide 9: Strong Financial Position
Strong Financial Position Net operating cash usage for H1 FY26 was US$30.3M Cash Mesoblast expects to see reduction in net cash spend over the remainder of the fiscal period based on projected balance receipts from quarterly revenues US$130M Operating plan includes spend on Phase 3 programs, at Dec
Slide 10: Revenue Guidance FY2026
Revenue Guidance FY2026 Mesoblast anticipates full-year fiscal 2026 Ryoncil® net revenue to range between US$110 million and US$120 million 10
Slide 11: RYONCIL Update
RYONCIL Update ® Steroid-Refractory Acute Graft Versus Host Disease (SR-aGvHD)
Slide 12: Success of Commercial Launch
Success of Commercial Launch 49 centers onboarded 64 centers ≈ 94% of pediatric BMTs US$49M 280 million Net revenue US lives covered under insurance Dec half Specific HCPCS J-Code was assigned by CMS Patient hub established 12 BMT: bone marrow transplant | HCPCS: Healthcare Common Procedure Coding S
Slide 13: Three Strategic Commercial Priorities for Continued Growth
Three Strategic Commercial Priorities for Continued Growth Proactively identify Reinforce superior Empower caregivers to and prioritize patient outcomes demand Ryoncil® for appropriate in first-line their children patients 13
Slide 14: Label Expansion into Adults
Label Expansion into Adults RYONCIL in Pivotal study of RYONCIL as part of second-line treatment Adult aGvHD regimen in adults with severe SR-aGvHD Use of RYONCIL under EAP Approx. 50% adults with severe SR-aGvHD fail existing second- in patients aged 12 and line treatment, and these have 25% surviv
Slide 15: Extension Strategy for RYONCIL
Extension Strategy for RYONCIL Increase revenue growth to fund multiple label expansion opportunities in pediatric and adult inflammatory diseases Evaluating multiple indications to unlock value, including inflammatory bowel, neurodegenerative, and respiratory conditions Portfolio prioritized to max
Slide 16: Rexlemestrocel-L Update
Rexlemestrocel-L Update Discogenic Chronic Low Back Pain (CLBP)
Slide 17: Phase 3 CLBP Program Update
Phase 3 CLBP Program Update • First 404-patient randomized controlled Phase 3 trial completed including ~40% of patients who were opioid dependent • Mesoblast received positive feedback from FDA on potential filing of a BLA confirming that a clinically meaningful reduction in pain intensity in the a
Slide 18: Phase 3 CLBP Program Update
Phase 3 CLBP Program Update Actively recruiting a 300-patient confirmatory Phase 3 trial across 40 sites in the U.S., primary endpoint 12-month reduction in pain Enrollment expected to be completed March/April Data readout & BLA filing expected CY27 Commercial manufacturing to leverage existing capa
Slide 19: REVASCOR Update
REVASCOR Update ® (rexlemestrocel-L) Chronic Heart Failure with Reduced Ejection Fraction (HFrEF) and Persistent Inflammation • NYHA Class II/III HFrEF • End-stage HFrEF with LV assist device 19
Slide 20: End-stage HFrEF with LVAD
End-stage HFrEF with LVAD LVAD implantation improves overall survival in end-stage HFrEF However, underlying causes of heart failure (eg inflammation) persist and right ventricular pump function continues to deteriorate Progressive right heart failure occurs in 15-30% of patients and is the primary
Slide 21: REVASCOR in end-stage HFrEF with LVAD
REVASCOR in end-stage HFrEF with LVAD LVAD study II randomized 159 patients 2:1 and provided primary evidence of REVASCOR’s efficacy in reducing MMBE LVAD study I randomized 30 patients 2:1 and provided supportive evidence of REVASCOR’s efficacy in reducing MMBE Intramyocardial injections of either
Slide 22: REVASCOR reduces MMBE in LVAD
REVASCOR reduces MMBE in LVAD Rate of total number of MMBE per 100 subject-months within 6 months and 12 months by REVASCOR (MPC) compared to controls Treatment with REVASCOR resulted in a significantly reduced total number of MMBE HFrEF: heart failure with reduced ejection fraction | LVAD: left ven
Slide 23: REVASCOR reduces RHF hospitalizations
REVASCOR reduces RHF hospitalizations LVAD II: Ischemic controls have higher hospitalization rates from RHF than non- ischemic controls over 12 months REVASCOR (MPC) reduces these rates to levels in non-ischemics HFrEF: heart failure with reduced ejection fraction | LVAD: left ventricular assist dev
Slide 24: REVASCOR reduces RHF early deaths
REVASCOR reduces RHF early deaths LVAD II: Compared with the high risk of early death in ischemic controls with RHF (A), REVASCOR (MPC) reduced risk by >4-fold in ischemic patients with RHF (B) Controls REVASCOR (MPC) HFrEF: heart failure with reduced ejection fraction | LVAD: left ventricular assis
Slide 25: REVASCOR for treatment of RHF
REVASCOR for treatment of RHF Reduction in inflammatory cytokines protects at-risk right ventricular myocardium Strengthened right ventricle reduces ICU hospitalization rates from Right Heart Failure (RHF) and improves survival Strengthened right ventricle decreases risk of portal hypertension and G
Slide 26: CHF Program Update
CHF Program Update Filing for a full approval to improve RHF & reduce GI bleeding in end-stage HFrEF With the new data, existing Orphan Drug designation for treating this group of patients, and FDA’s stated preference for randomized controlled trials, Mesoblast is moving from filing for accelerated
Slide 27: Summary & Upcoming Milestones
Summary & Upcoming Milestones RYONCIL, first & only FDA approved MSC product ✓ Delivered net revenue US$49 million in H1 FY26 ✓ Onboarded 49 centers; 64 centers account for ~94% of U.S. pediatric BMTs ✓ Initiating label expansion to adult aGvHD; 3-4x larger market v. pediatric ✓ Prioritize portfolio
Slide 28: Thank You
“Jmesoblast Thank You