MESOBLAST LIMITED (MSB)
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MSB

MSB - MESOBLAST LIMITED

FNArena Sector : Pharmaceuticals & Biotech/Lifesciences
Year End: June
GICS Industry Group : Pharmaceuticals, Biotechnology & Life Sciences
Debt/EBITDA: -2.26
Index: ASX200 | ASX300 | ALL-ORDS

Mesoblast is a Melbourne-headquartered medical research company investigating stem cell treatments and allogenic cellular medicines. The company was founded and listed in 2004.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.30

17 Sep
2025

-0.040

OPEN

$2.32

-1.71%

HIGH

$2.36

2,736,150

LOW

$2.30

TARGET
$3.50 52.2% upside
Franking for last dividend paid out: 0%
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FNARENA'S MARKET CONSENSUS FORECASTS
MSB: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) - 5.4 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio N/A xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-13.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx26.6 M
Book Value Per Share xxxxxxxxxxxxxxx71.2
Net Operating Cash Flow xxxxxxxxxxxxxxx-87.3 M
Net Profit Margin xxxxxxxxxxxxxxx-593.92 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-19.34 %
Return on Invested Capital xxxxxxxxxxxxxxx-16.66 %
Return on Assets xxxxxxxxxxxxxxx-14.34 %
Return on Equity xxxxxxxxxxxxxxx-19.34 %
Return on Total Capital xxxxxxxxxxxxxxx-9.63 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-88.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx87 M
Long Term Debt xxxxxxxxxxxxxxx109 M
Total Debt xxxxxxxxxxxxxxx196 M
Goodwill - Gross xxxxxxxxxxxxxxx205 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx247 M
Price To Book Value xxxxxxxxxxxxxxx2.32

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1.1 M
Capex % of Sales xxxxxxxxxxxxxxx4.24 %
Cost of Goods Sold xxxxxxxxxxxxxxx18 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx105 M
Research & Development xxxxxxxxxxxxxxx54 M
Investments - Total xxxxxxxxxxxxxxx2 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

01/09/2025

1

Speculative Buy

$3.50

52.17%

Mesoblast's FY25 revenue of US$17.2m was generated in 4Q and included US$11.3m from Ryoncil. The gross to net discount of -14% was in line with guidance and expected to remain stable.

Bell Potter notes the focus is on Ryoncil label expansion with adult trial recruitment for GvHD (Graft vs Host Disease) starting in the current quarter. Trial design is also currently in progress for Crohn's disease and Ulcerative Colitis.

Trial recruitment is nearing completion for chronic back pain, though no readout is expected before 2027. Heart failure remains the largest addressable market for the company, and BLA submission is expected by the end of 2025.

The broker notes the company has multiple options at better terms for debt refinance due in the coming months.

Speculative Buy. Target unchanged at $3.50.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.43 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 19.85 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

07/09/2025

1

Buy

$3.04

32.17%

Mesoblast's FY25 result broadly met Canaccord Genuity's expectations, with the miss at the net profit line due to share-based payments and not indicative of operational weakness.

The broker notes the Ryoncil launch momentum has been encouraging, especially given the rarity of paediatric indications. Pipeline expansion (colitis + adult SR-aGvHD) broadens the addressable market but brings design/reimbursement uncertainties, in the broker's view.

Next catalyst is the clinical read-out of the back pain study, which is expected to finish recruiting in the December quarter or early 2026.

Buy. Target rises to $3.04 from $2.97.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -8.07 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -7.91 cents.
Access Extra Coverage Research History >

MSB STOCK CHART

FNArena News on MSB

1
Australian Broker Call *Extra* Edition – Sep 08, 2025

Sep 08 2025 - Daily Market Reports
2
FNArena Corporate Results Monitor – 01-09-2025

Sep 01 2025 - Australia
3
Australian Broker Call *Extra* Edition – Aug 07, 2025

Aug 07 2025 - Daily Market Reports
4
July In Review: Rotation Into A New All-Time High

Aug 06 2025 - Australia
5
FNArena Corporate Results Monitor – 28-02-2025

Feb 28 2025 - Australia

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