CorMedix Q4 Revenue Hits $128.6M, Achieves $35M Synergies with Melinta Deal
CorMedix reported Q4 net revenue of $128.6 million, up from $31.2 million a year earlier, driven by DefenCath sales of $91.2 million and Melinta portfolio revenue of $37.4 million. The company achieved $35 million in acquisition synergies and projected front-loaded 2026 DefenCath revenue with anticipated price erosion in H2.
1. Q4 Financial Results
In Q4 2025, CorMedix reported net revenue of $128.6 million versus $31.2 million in Q4 2024, led by DefenCath sales of $91.2 million and Melinta portfolio revenue of $37.4 million. Operating expenses rose to $48.2 million from $17.1 million due to merger-related costs and expanded investments, resulting in net income of $14 million and pre-tax income of $56.4 million.
2. Acquisition Synergies and 2026 Outlook
CorMedix closed the Melinta Therapeutics acquisition in Q3 2025 and met its $35 million synergy target in Q4. Management issued initial 2027 DefenCath guidance based on current utilization and selling prices, expects 2026 revenue to be front-loaded with price erosion in H2, and foresees higher Medicare reimbursements boosting net selling prices in 2027.
3. Pipeline and Product Highlights
The global Phase III ReSPECT trial for REZZAYO completed enrollment with top-line data expected in Q2 2026, while the Phase III Nutriguard TPN study is 30% enrolled and on track for early 2027 completion. Commercial products MINOCIN and VABOMERE delivered approximately $50 million and $30 million in sales respectively, with modest promotional support and low-single-digit growth projected for 2026.