Cipher Pharmaceuticals Q3 2026 results show a specialty drugmaker leaning on Epuris® in Canada and Natroba™ in the United States, with net revenue of $12.7 million and net income of $10.9 million for the three months ended September 30, 2026. Cipher Pharmaceuticals Inc. (TSX: CPH; OTCQX: CPHRF), based in Mississauga, Ontario, announced the figures on November 12, 2026. All amounts below are in U.S. dollars.
Net revenue slipped 1% from $12.8 million in the third quarter of 2025 but rose 5% from $12.1 million in the second quarter of 2026. Net income grew 98% from $5.5 million, although that figure includes $4.9 million of non-recurring income, cost recoveries and interest tied to a court-confirmed arbitration award. Basic earnings per share were $0.43, compared with $0.22 a year earlier.
Excluding the arbitration items, Adjusted EBITDA was $7.2 million, down 1% from $7.3 million a year earlier. Year to date, Adjusted EBITDA reached $21.8 million, up 3%. Cipher closed the quarter with $15.3 million in cash and no long-term debt, and says cash rose to about $20.0 million after October collections. Adjusted EBITDA is a non-IFRS measure, as the company notes.
Cipher Pharmaceuticals Q3 2026 Results: Revenue and Earnings Breakdown
In the Cipher Pharmaceuticals Q3 2026 results, the Canadian portfolio generated $4.3 million, up 8% from $4.0 million, driven by Epuris® revenue of $3.9 million, a 15% gain. Natroba™ revenue was $7.1 million, up 14% from $6.3 million in the second quarter but down 12% from $8.1 million a year earlier, as lower Medicaid volumes reflected fewer covered lives. Licensing revenue rose 62% to $1.2 million on higher shipments to licensing partners.
Total gross profit was $10.4 million versus $10.5 million, and gross margin held at 82%. Selling, general and administrative expenses fell 68% to $1.2 million from $3.7 million, mainly because of a legal-cost recovery from the arbitration award. Without that recovery, the expense line was $3.3 million, a 10% decline.
For the nine months covered by the Cipher Pharmaceuticals Q3 2026 results, net revenue was $37.3 million, down 3% from $38.2 million. Gross margin improved to 81% from 80%, which the company attributes to non-cash fair value adjustments on acquired inventory in the prior-year period. Year-to-date net income was $21.1 million, or $0.83 per share, versus $14.0 million, or $0.55.
Q3 2026 Financial Metrics (USD)
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Net revenue | $12.7M | $12.8M | -1% |
| Canadian portfolio revenue | $4.3M | $4.0M | +8% |
| Epuris® revenue | $3.9M | Not disclosed | +15% |
| Natroba™ revenue | $7.1M | $8.1M | -12% (Q2 2026: $6.3M, +14% sequential) |
| Licensing revenue | $1.2M | $0.8M | +62% |
| Gross profit | $10.4M | $10.5M | -1% |
| Gross margin | 82% | 82% | Consistent |
| SG&A expenses | $1.2M | $3.7M | -68% ($3.3M excluding legal-cost recovery, -10%) |
| Net income | $10.9M | $5.5M | +98% |
| Basic EPS | $0.43 | $0.22 | +95% |
| Adjusted EBITDA | $7.2M | $7.3M | -1% |
| Adjusted EBITDA per share | $0.28 | $0.29 | -3% |
| Operating cash flow | $8.5M | $10.8M | -21% |
Year-to-Date Q3 2026 Financial Metrics (USD)
| Metric | YTD Q3 2026 | YTD Q3 2025 | Change |
|---|---|---|---|
| Net revenue | $37.3M | $38.2M | -3% |
| Gross profit | $30.4M | $30.5M | -1% |
| Gross margin | 81% | 80% | +1 percentage point |
| SG&A expenses | $7.5M | $12.8M | -41% |
| Net income | $21.1M | $14.0M | Not stated in release |
| Basic EPS | $0.83 | $0.55 | Not stated in release |
| Adjusted EBITDA | $21.8M | $21.1M | +3% |
| Adjusted EBITDA per share | $0.86 | $0.83 | +4% |
Cipher Pharmaceuticals Q3 2026 Results: Epuris Market Share and Canadian Reimbursement
Epuris® (isotretinoin) held 48.7% of the Canadian isotretinoin market at September 30, 2026, up 2.9% since December 31, 2025, according to IQVIA data cited by Cipher. The company expects expanded public coverage to support further share gains, a forward-looking statement that depends on successful execution of reimbursement agreements.
On July 6, 2026, Cipher announced a Letter of Intent with the pan-Canadian Pharmaceutical Alliance (pCPA) for Epuris®. Product Listing Agreements followed, and public reimbursement took effect in British Columbia on August 17, Québec on August 27 and Alberta on October 1, 2026. Cipher says these listings widen patient access in three key provinces, among other jurisdictions.
Interim CEO Craig Mull described Natroba™ as showing a “meaningful improvement in the third quarter,” crediting awareness campaigns and broader retail pharmacy availability. During the quarter, Cipher put in place a stocking program so Natroba™ or its authorized generic Spinosad is available at all Walmart pharmacy locations across the U.S. Mull said the company is still working through the effect of lower Medicaid enrollment.
