Emmaus Life Sciences Inc

emmausmedical.com

What Do They Do?

Sells Endari, a prescription L-glutamine powder for sickle cell disease, through distributors and specialty pharmacies serving patients.

How Do They Make Money?

Most revenue comes from U.S. Endari sales to distributors and specialty pharmacy providers; product sales earn revenue when the product is delivered. Under the NIT license, Emmaus also receives an upfront payment and royalties on NIT sales, and supplies NIT with product at a cost-based price plus a margin.

revenue

Segment	Share	How money arrives
Endari - US Sold outright	73%	Sold outright
Endari - International Sold outright	26%	Sold outright
Other	1.8% FY2022: 2.9%

Who Are Their Customers?

Endari is sold through nonexclusive U.S. distributors and exclusive local distributors in the Middle East and North Africa; distributors resell it to pharmacies, health care providers, hospitals and clinics. The company also has arrangements with specialty pharmacies and physician groups.

Customers above 10% of revenue, FY2025

of revenue from four customers (13%, 23%, 14%, 12%)

FY2024: 71% from four customers

Do Revenues Turn Into Profits?

No. It lost $7.5M in FY2025.

Operating income, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$1.9M, −11%)

Net income, FY2025

−60% of revenue

▲ +16% (Loss) vs FY2024 (−$6.5M, −39%)

Free cash flow, FY2025

0% of revenue

▼ −99% (Loss) vs FY2024 (−$2.3M, −14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +124%; vs $2.8M in Q2 FY2025
Net income: ▲ Now profitable; vs −$1.1M in Q2 FY2025

Endari - U.S. share of revenue vs 82.5% in Q2 FY2025

Aug 14, 2026 NIT's exclusive U.S. and Canada license took effect Emmaus granted NIT rights to market and sell Endari and generic equivalents in the territory, in return for an upfront payment and royalties.

Shrinking. Revenue fell 40% in 4 years, from $20.6M in FY2021 to $12.5M in FY2025, about 12% a year.

U.S. sales channel The older report said Emmaus marketed and sold Endari through its internal U.S. sales team; the latest describes nonexclusive U.S. distributors and exclusive local distributors in the Middle East and North Africa.

Research and development The older report described work on diverticulosis, cancer and cell-sheet treatments; the latest says substantially all research and development has been suspended while the company seeks to restructure or refinance debt.

Revenue over time

Endari - US Endari - International Other Endari

$50M$25M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Bristol-Myers Squibb, Pfizer, Novartis, Addmedica, ANI Pharmaceuticals, bluebird bio, Vertex Pharmaceuticals, CRISPR Therapeutics, and Genetix Biotherapeutics

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