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Develops cell therapies from mesenchymal stem cells, including an approved treatment for graft-versus-host disease.
Develops cell therapies from mesenchymal stem cells, including an approved treatment for graft-versus-host disease.
Until Ryoncil's approval in late 2024 it lived on investor funding and licensing fees; since the 2025 US launch it earns product sales through transplant centers treating children, while its heart-failure and back-pain programmes are paid for from capital raised. The company is Melbourne-based, with an ADR listing in the US.
In one line: A small-cap cell-therapy biotech, like a mini Bluebird Bio.
Moat: narrow (IP / patents). Patented mesenchymal stem cell platform and a rare FDA-approved cell therapy product.
Headquarters: Melbourne, Australia · Founded: 2004 · Employees: 108
Size Mesoblast (MSB.AX) is an Australia Health Care company (Biotechnology) with a market value of $1.83B, the 124th largest of 316 Australia companies the cockpit tracks. Shares closed at A$2.03 on 6 Nov 2026.
Performance Over six months the shares was unchanged, against +6.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 555.7% over the last twelve months (peer median +15.8%); the operating margin is -43.2% (peer median -21.1%).
Valuation It trades at 15.2× enterprise value to sales against a peer median of 13.3× (8th most expensive of 18).
Capital Return on invested capital runs 19.3 points below its cost of capital (13.0% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$176M | A$177M | A$26.6M | A$9.01M | A$11.2M |
| Revenue growth | — | +568% | +195% | -19% | — |
| Gross profit | A$148M | A$149M | A$8.75M | -A$15.0M | -A$30.1M |
| EBITDA | -A$63.5M | -A$63.0M | -A$86.7M | -A$82.6M | -A$102M |
| Net income | -A$86.0M | -A$84.9M | -A$158M | -A$134M | -A$122M |
| Free cash flow | -A$96.5M | -A$100M | -A$88.4M | -A$85.5M | -A$103M |
| Capital expenditure | A$1.28M | A$1.33M | A$1.13M | A$505,054 | A$466,773 |
| Total debt | n/a | A$184M | A$196M | A$178M | A$175M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Mesoblast MSB.AX | $1.83B | 0% | +556% | -43% | 15.2× | n/a |
| Vericel VCEL | $2.80B | +63% | +23% | 6% | 8.9× | 50.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSB.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | -6.7% | 7th highest of 20 |
| 6-month return | 0.0% | +6.6% | 10th lowest of 20 |
| Distance from 52-week high | -38.7% | -31.5% | 7th lowest of 20 |
| Revenue growth (TTM) | +555.7% | +15.8% | 2nd highest of 19 |
| Operating margin | -43.2% | -21.1% | 8th lowest of 19 |
| EV / Sales | 15.2× | 13.3× | 8th most expensive of 18 |
| ROIC minus cost of capital | -19.3 pp | -9.7 pp | 4th lowest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mesoblast MSB.AX | Australia | $1.83B | 0% | +556% | -43% | 15.2× | n/a | n/a |
| Zenas BioPharma ZBIO | United States | $1.84B | +44% | -93% | -27,390% | 1,588.4× | n/a | n/a |
| Novavax NVAX | United States | $1.78B | +7% | -62% | -29% | 3.3× | n/a | n/a |
| Alvotech ALVO | United States | $1.90B | +49% | -12% | 9% | 6.5× | n/a | n/a |
| Zhejiang Hengtong 600226.SS | China | $1.76B | -23% | +71% | 0% | 4.5× | n/a | n/a |
| Lycia Therapeutics LYCA | United States | $1.76B | n/a | -55% | -593% | n/a | n/a | n/a |
| Absci ABSI | United States | $1.75B | +72% | -62% | -8,411% | 991.7× | n/a | n/a |
| Stoke Therapeutics STOK | United States | $1.74B | -19% | -86% | -913% | 50.3× | n/a | n/a |
| CanSino Biologics 688185.SS | China | $1.73B | +21% | +30% | -4% | 8.5× | n/a | n/a |
| Nanjing Vazyme Biotech 688105.SS | China | $1.72B | +45% | +16% | -5% | 6.2× | 45.1% | -2.5% |
| Alamar Biosciences ALMR | United States | $1.95B | +17% | +195% | -42% | 23.6× | n/a | n/a |
| Chengdu Olymvax Biopharmaceuticals 688319.SS | China | $1.71B | -9% | +12% | 8% | 14.8× | n/a | n/a |
| Maravai Lifesciences MRVI | United States | $1.95B | +108% | -3% | -13% | 9.3× | n/a | n/a |
| BioCryst Pharmaceuticals BCRX | United States | $1.97B | -11% | +60% | 42% | 2.5× | -10.6% | +117.9% |
| Kailera Therapeutics KLRA | United States | $1.68B | -40% | n/a | n/a | n/a | n/a | n/a |
| Generate Biomedicines GENB | United States | $1.68B | -4% | +56% | -737% | 40.2× | n/a | n/a |
| Nurix Therapeutics NRIX | United States | $1.67B | -7% | +739% | 41% | 1.0× | -19.0% | +36.4% |
| Peptron 087010.KS | South Korea | $1.67B | -63% | +16% | -427% | 369.5× | n/a | n/a |
| GemPharmatech 688046.SS | China | $2.01B | +59% | +25% | 22% | 13.3× | 35.7% | +24.8% |
| First Tracks Biotherapeutics TRAX | United States | $2.01B | +145% | n/a | n/a | n/a | n/a | n/a |
| Wuhan Healthgen Biotechnology 688765.SS | China | $1.64B | -44% | +90% | -297% | 231.2× | n/a | n/a |