Bioxyne Limited has reported a remarkable half-year performance, with revenues soaring 149% to $31.3 million and net profit more than doubling to $7.3 million, driven by strong demand for medicinal cannabis, MDMA, and psilocybin products and expanding international operations.
- Revenue jumps 149% to $31.3 million in H1 FY26
- Net profit after tax rises 126% to $7.3 million
- Expanded manufacturing capacity and international market entry
- Dual listing completed on Frankfurt Stock Exchange
- Strategic inventory build-up leads to negative operating cash flow
Robust Financial Growth Amid Expanding Psychedelic and Cannabis Markets
Bioxyne Limited (ASX: BXN), an Australian pharmaceutical company specialising in medicinal cannabis and psychedelic therapeutics, has delivered a standout half-year financial result for the period ending 31 December 2025. The company reported revenues of $31.3 million, a 149% increase compared to the prior corresponding period, alongside a net profit after tax of $7.3 million, up 126%. This performance underscores Bioxyne’s successful scaling of manufacturing and distribution capabilities amid rising global demand.
The surge in revenue was primarily driven by Bioxyne’s subsidiary, Breathe Life Sciences (BLS), which manufactures and wholesales controlled substances including medicinal cannabis, MDMA, and psilocybin. The company’s ability to efficiently ramp up production capacity, now exceeding 8 million finished medicine products annually, has enabled it to meet growing domestic and international demand.
International Expansion and Strategic Partnerships
Bioxyne’s international footprint expanded significantly during the half, with initial shipments to Germany generating $2.7 million in revenue and promising growth prospects in the UK and Latin America. The company completed a dual listing on the Frankfurt Stock Exchange in October 2025, enhancing access to European capital markets and liquidity for investors. Additionally, Bioxyne secured non-dilutive funding from South of Scotland Enterprise to establish a GMP-certified manufacturing facility in Scotland, positioning itself for further European market penetration.
Strategic partnerships also played a key role, including exclusive Australian rights to the Que Medical Inhalation Device through Curaleaf International and distribution agreements in Central America. These moves signal Bioxyne’s intent to diversify its product offerings and geographic reach, particularly in emerging markets for alternative therapeutics.
Operational Highlights and Capacity Investments
Operationally, Bioxyne expanded its Australian manufacturing site in Meadowbrook, Queensland, doubling clean room capacity and tripling controlled drug storage. The company achieved a milestone with the commercial release of Australia’s first GMP-certified MDMA capsules, supplying clinical trials and authorised prescribers treating conditions such as treatment-resistant PTSD.
Inventory levels increased strategically to $11.7 million to support anticipated demand, contributing to a negative operating cash flow of $1.3 million for the half-year. Despite this, cash reserves remain healthy at $7.6 million, supported by capital expenditure investments in security and manufacturing infrastructure.
Outlook and Market Positioning
Bioxyne has reaffirmed its FY26 guidance, targeting revenue between $65 million and $75 million and EBITDA of $11.5 million to $13.5 million. The company’s focus remains on pharmaceutical manufacturing and wholesale distribution of cannabis, MDMA, and psilocybin products, with a growing portfolio including the Dr Watson® brand of consumer health products across Australia, Europe, and Japan.
Recognition of Bioxyne’s rapid growth came with its inclusion in the Deloitte Technology Fast 50 Australia 2025 program, highlighting a 452% revenue increase from FY22 to FY24. As regulatory landscapes evolve and clinical trials progress, Bioxyne is well-positioned to capitalise on expanding markets for alternative and investigational medicines.
Bottom Line?
Bioxyne’s strong half-year results and international expansion set the stage for accelerated growth, but investors will watch closely how inventory investments and regulatory developments unfold.
Questions in the middle?
- How will Bioxyne manage cash flow given the strategic inventory build-up?
- What regulatory hurdles remain for Bioxyne’s expansion into Latin America and Europe?
- How will clinical trial outcomes for MDMA and psilocybin products impact commercial rollout?