Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Medexus Pharmaceuticals Inc. (MDP) Halal?

PASS

Medexus Pharmaceuticals Inc. · TSX: MDP · Healthcare

The short answer

Medexus Pharmaceuticals Inc. (TSX: MDP) is a PASS. The business gate passes: the company licenses and commercializes specialty pharmaceutical products (GRAFAPEX, IXINITY, Rasuvo/Metoject, Rupall and others) in the US and Canada — a permissible activity with no prohibited segments. The debt gate passes: total interest-bearing debt of US$26.461M at June 30, 2026 (leases included) is about 23.4% of the ~US$113.3M market cap (31,425,983 shares × C$5.12, September 30, 2026, ~1.42 FX) — under the ~33% ceiling; cash of US$5.344M is about 4.7% of market cap — under the ~33% guideline. The income gate passes: the interim statements disclose no interest or finance income (financing costs are an expense line, not netted), effectively 0% of US$28.585M Q1 FY27 revenue — under the ~5% ceiling. Zoya, Musaffa, and ShariaPortfolio do not cover this ticker as of September 2026. This is a rules-based screening of published figures, not a religious ruling — consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

Medexus Pharmaceuticals Inc. is a specialty pharmaceutical company that licenses and commercializes pharmaceutical products in the United States and Canada, focused on rare and orphan diseases plus hematology, oncology, rheumatology and allergy. Its portfolio of 15 brands includes GRAFAPEX (treosulfan) and Trecondyv for allogeneic stem-cell transplant conditioning, IXINITY (recombinant factor IX) for hemophilia B, Rasuvo and Metoject (methotrexate) for rheumatoid arthritis, Rupall for allergy, Gleolan for glioma imaging, and Canadian commercialization rights to UM171 cell therapy. There are no alcohol, gambling, weapons, tobacco, cannabis, conventional-lending/insurance, or pork segments. The company graduated from the TSX Venture to the TSX main board on June 17, 2021 and remains listed. The business gate passes. Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

Total interest-bearing debt at June 30, 2026 was US$26.461M: long-term debt US$26.254M (current US$2.393M + non-current US$23.861M under the NBC credit agreement — Term loan US$19.4M, delayed-draw term loan US$2.0M, Revolver US$5.0M) plus lease liabilities US$0.207M (this site counts leases as debt), per the Q1 FY27 interim financial statements. Against a market cap of ~US$113.3M (31,425,983 shares outstanding × C$5.12, September 30, 2026, converted at ~1.42 CAD/USD), that is about 23.4% — under the ~33% ceiling. Cash and cash equivalents of US$5.344M are about 4.7% of market cap — under the ~33% guideline. Note: the separate US$27.7M balance payable for business combinations is contingent consideration measured at fair value, not interest-bearing debt, and is excluded from this ratio. Both measures pass.

Gate 3 — Non-compliant income: PASS

The interim statement of income discloses no interest or finance income line at all — financing costs (US$1.254M for the quarter: interest on long-term debt US$0.449M, accretion on the business-combinations payable US$0.801M, and lease interest US$0.004M) are an expense line only, so nothing is netted away. The separate Other (income) loss line (US$0.359M for the quarter) is a net loss from foreign exchange, with no interest-income component. Against Q1 FY27 net revenue of US$28.585M, non-compliant interest income is effectively 0% — well under the ~5% ceiling. The income gate passes.

Key figures used

Frequently asked questions

Is Medexus (MDP) stock halal?

Our September 2026 screen gives Medexus Pharmaceuticals Inc. (TSX: MDP) a PASS. All three gates pass: the specialty-pharma business has no prohibited segments, total interest-bearing debt (about US$26.5M including leases) is about 23.4% of the ~US$113.3M market cap (under the ~33% ceiling), cash of US$5.3M is about 4.7% of market cap (under the ~33% guideline), and no interest income is disclosed (0% of US$28.6M Q1 FY27 revenue, under the ~5% ceiling). This is a rules-based screening of published figures, not a religious ruling.

What does Medexus Pharmaceuticals do?

Medexus is a Canadian specialty pharmaceutical company. It does not develop drugs from scratch — it licenses and commercializes existing pharmaceutical products in the United States and Canada, with a focus on rare and orphan diseases plus hematology, oncology, rheumatology and allergy. Its portfolio of 15 brands includes GRAFAPEX (treosulfan) and Trecondyv for stem-cell transplant conditioning, IXINITY for hemophilia B, Rasuvo and Metoject (methotrexate) for rheumatoid arthritis, the allergy drug Rupall, the imaging agent Gleolan, and Canadian rights to UM171 cell therapy. None of these are prohibited business segments.

How much debt does Medexus have compared to its market value?

At June 30, 2026, Medexus carried total interest-bearing debt of about US$26.5M: US$26.254M under its NBC credit agreement (Term loan US$19.4M + delayed-draw term loan US$2.0M + Revolver US$5.0M, before deferred transaction costs) plus US$0.207M of lease obligations (leases are counted as debt in this screen). Against a ~US$113.3M market cap (31,425,983 shares at C$5.12 on September 30, 2026, converted at ~1.42 CAD/USD), that is about 23.4% — under the ~33% ceiling. The company also carries a separate US$27.7M contingent-consideration liability (balance payable for business combinations, measured at fair value) that is not interest-bearing debt and is excluded from this ratio.

Does Medexus earn any interest income?

No interest or finance income is disclosed in Medexus's Q1 FY27 interim financial statements — the income statement shows no such income line, while financing costs (US$1.254M for the quarter) are reported as an expense only and are not netted. The separate Other (income) loss line (US$0.359M for the quarter) is a net loss driven by foreign exchange, with no interest-income component. Non-compliant interest income is therefore effectively US$0 against Q1 FY27 net revenue of US$28.585M, or 0% — well under the ~5% ceiling.

Do Zoya, Musaffa, or ShariaPortfolio cover Medexus?

No. A September 2026 search of Zoya, Musaffa, and ShariaPortfolio found no screening page or rating for Medexus Pharmaceuticals (TSX: MDP) — none of the three services covers this ticker, so there is no third-party Shariah rating to report or corroborate. The result above is based solely on Medexus's published Q1 FY27 financial statements and MD&A.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.