MESOBLAST LIMITED (MSB)
Share Price Analysis and Chart

28/08/2026

1

Buy

$4.45

84.65%

Bell Potter retains its Buy rating on Mesoblast with an unchanged $4.45 target following an FY26 result broadly in line with expectations.

FY26 revenue of US$120.2m and the earnings (EBIT) loss of -US$49.9m were in line with the broker's forecasts, with Ryoncil sales reaching US$115m.

Ryoncil is a stem-cell therapy for treating steroid-refractory acute graft-versus-host disease (SR-aGvHD). It's expected revenue for this therapy will grow by at least double digits in FY27, supported by strong US insurance coverage.

The analysts' FY27 revenue forecasts fall by around -US$32m due to delayed recruitment for the adult graft-versus-host disease study.

Key catalysts, according to Bell Potter, include interim adult trial data and the planned heart failure regulatory submission for rexlemestrocel.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.12 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of 40.42 cents.

30/08/2026

1

Buy

$3.56

47.72%

Canaccord Genuity retains a Buy rating for Mesoblast with a $3.56 target price following an FY26 result featuring US$115.2m in net Ryoncil sales, meeting expectations.

The company reiterated its path towards cashflow breakeven, highlighted by a reduction in second-half operating cash outflows to -US$13.4m from -US$30.0m in the first half, despite funding an ongoing 350-patient CLBP trial.

While the analysts note breakeven is unlikely in the coming year, they forecast a sufficient capital runway, supported by an anticipated royalty or licensing deal ahead of rexlemestrocel-L's potential launch.

The standalone Ryoncil paediatric business is valued at $2.78 per share and has been assigned a risked pipeline value of $0.78 per share for the CLBP and HF indications.

The valuation methodology has been updated to assess Ryoncil via a single, combined DCF spanning both paediatric and adult populations.