BOUCHERVILLE, QC — November 20, 2025 — Leads & Copy — LSL Pharma Group Inc. (TSXV: LSL) reported its fourth consecutive record quarterly revenues and financial results for the third quarter of its 2025 fiscal year, ended September 30, 2025.
The Canadian integrated pharmaceutical company announced its 9-months YTD-25 consolidated revenues were up 73% over the prior year, reaching $21.4 million. Adjusted EBITDA for the same period increased by 90% to $3.1 million.
LSL Pharma secured Health Canada approval for six eye-drops, with a planned launch in 2026. The company also expanded its CMO Segment through the acquisition of Du-Var Laboratory Inc., a Quebec-based CMO.
The Corporation completed a $2.3 million private placement and redeemed $3.3 million publicly listed convertible debentures.
Key financial highlights for Q3 and YTD 2025, with comparisons to the respective 2024 periods, include:
- Revenues of $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.
Corporate highlights for Q3 2025 and subsequent periods include:
- Closing a non-brokered private placement for gross proceeds of $2.3M.
- The appointment of Mr. Louis Laflamme as independent Chairman of the Board and Mr. Noureddine Mokaddem as a new board member.
- Health Canada approval for six sterile ophthalmic solutions for treating glaucoma and allergies, with a commercial launch expected in the second quarter of 2026.
- Securing the remaining $1.6M portion of the Secured BDC loan-2 and Secured Desjardins loan.
- Expansion of CMO operations with the acquisition of Du-Var Laboratory Inc., adding 30,000 s.f. of manufacturing capacity. This acquisition is expected to increase CMO revenues by more than 25%. The total consideration was $2.9M, representing Du-Var’s financial debt. For the 12-month period ended August 31, 2025, Du-Var generated a net loss of $2.1M and Adjusted EBITDA of $0.5M from $4.4M of revenues. As of August 31, 2025, Du-Var had total assets of $6.9M and liabilities of $5.1M, including bank/third-party loans totaling $3.0M.
Francois Roberge, President and CEO of LSL Pharma, stated that the company achieved record revenues for the fourth consecutive quarter in Q3-25, reflecting the contribution of Dermolab acquired late last year. The acquisition of Du-Var Laboratory is projected to drive growth in the CMO segment for the next year. With the first six eye-drops now approved by Health Canada, the company is well-positioned to execute its strategic plan for 2026.
Mr. Roberge added that LSL Pharma is approaching the FDA decision regarding the certification of its Steri-Med site to manufacture Avaclyr and other products for the US market.
Luc Mainville, Executive Vice-president and CFO of LSL Pharma, commented that the integration of Du-Var Laboratory has begun, and the company looks forward to leveraging Du-Var’s capabilities and generating synergies to contribute to the profitability of LSL Pharma.
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+.
Contact: Francois Roberge, President and CEO, LSL Pharma Group Inc.
Source: LSL Pharma Group Inc.
