MEDICURE INC. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>MEDICURE INC. has submitted its 20-F annual report detailing its fiscal year 2023 performance and operations.</b>

AI Summary

MEDICURE INC (MCUJF) filed a Foreign Annual Report (20-F) with the SEC on April 9, 2024. MEDICURE INC. filed its annual 20-F report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 1250 Waverley Street, Winnipeg, Manitoba. MEDICURE INC. operates in the Pharmaceutical Preparations industry (SIC 2834). The filing was made on April 9, 2024.

Why It Matters

For investors and stakeholders tracking MEDICURE INC, this filing contains several important signals. This 20-F filing provides a comprehensive overview of MEDICURE INC.'s financial health, business operations, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's standing. The detailed information within the filing, including financial statements and business descriptions, is essential for understanding the company's strategic direction and potential future performance in the pharmaceutical sector.

Risk Assessment

Risk Level: medium — MEDICURE INC shows moderate risk based on this filing. The company operates in the pharmaceutical preparations industry, which is subject to significant regulatory oversight and market competition, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to understand MEDICURE INC.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period)
• 2024-04-09 — Filing Date (Date the 20-F report was filed)
• 103 — Public Document Count (Number of documents included in the filing)
• 001-31995 — SEC File Number (SEC file number associated with the filer)

Key Players & Entities

• MEDICURE INC (company) — Filer of the 20-F report
• Winnipeg (location) — City of the company's business address
• 2024-04-09 (date) — Filing date of the 20-F report
• 2023-12-31 (date) — Conformed period of report
• 2834 (industry_code) — Standard Industrial Classification code for Pharmaceutical Preparations

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates in a highly regulated industry, subject to stringent rules and oversight from various health authorities.
• Market Competition [medium — market]: The pharmaceutical market is intensely competitive, with numerous players vying for market share and facing pricing pressures.

Industry Context

MEDICURE INC. operates within the pharmaceutical preparations sector, a segment characterized by research and development, manufacturing, and distribution of medicinal products.

Regulatory Implications

The pharmaceutical industry is subject to extensive regulation by bodies such as Health Canada and the U.S. Food and Drug Administration (FDA), impacting product approval, manufacturing standards, and marketing practices.

What Investors Should Do

1. Review MEDICURE INC.'s detailed financial statements for FY 2023.
2. Analyze the risk factors section for potential business challenges.
3. Assess the company's operational segments and geographic presence.

Key Dates

• 2024-04-09: Filing of 20-F Report — Official submission of annual financial and operational data for FY 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.

Year-Over-Year Comparison

This is the initial 20-F filing for the fiscal year ending December 31, 2023, providing a baseline for future comparisons.

Key Financial Figures

• $1.00 — 3, the rate for Canadian dollars was US $1.00 for CND $1.3226. See also Item 3 – Key
• $1.3226 — r Canadian dollars was US $1.00 for CND $1.3226. See also Item 3 – Key Information for
• $5.0 million — dus received an upfront payment of U.S. $5.0 million and U.S. $2.0 million in deferred payme
• $2.0 million — t payment of U.S. $5.0 million and U.S. $2.0 million in deferred payments to be made over fo
• $5 million — ients. ZYPITAMAG contributed revenue of $5 million ($2.4 million through the traditional i
• $2.4 million — AMAG contributed revenue of $5 million ($2.4 million through the traditional insured channel
• $2.6 million — nal insured channels, and an additional $2.6 million through Marley Drug) to the Company for
• $3.5 million — G provided total revenue of $5 million ($3.5 million through the traditional insured channel
• $1.5 million — nal insured channels, and an additional $1.5 million through Marley Drug) to the Company dur

Filing Documents

• med_20f.htm (20-F) — 2050KB
• med_ex81.htm (EX-8.1) — 6KB
• med_ex121.htm (EX-12.1) — 12KB
• med_ex122.htm (EX-12.2) — 12KB
• med_ex131.htm (EX-13.1) — 7KB
• med_ex231.htm (EX-23.1) — 2KB
• med_20fimg4.jpg (GRAPHIC) — 5KB
• med_20fimg5.jpg (GRAPHIC) — 3KB
• 0001654954-24-004370.txt (&nbsp;) — 7877KB
• mph-20231231.xsd (EX-101.SCH) — 86KB
• mph-20231231_lab.xml (EX-101.LAB) — 425KB
• mph-20231231_cal.xml (EX-101.CAL) — 64KB
• mph-20231231_pre.xml (EX-101.PRE) — 344KB
• mph-20231231_def.xml (EX-101.DEF) — 202KB
• med_20f_htm.xml (XML) — 1374KB

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS 2 PART I 4

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 4 A. Directors and Senior Management 4 B. Advisers 4 C. Auditors 4

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 4

KEY INFORMATION

ITEM 3. KEY INFORMATION 4 A. Reserved 4 B. Capitalization and Indebtedness 4 C. Reasons for the Offer and Use of Proceeds 4 D.

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 22 A. History and Development of the Company 22 B. Business Overview 27 C. Organizational Structure 32 D. Property, Plant and Equipment 33

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 33

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 33 A. Operating Results 33 B. Liquidity and Capital Resources 40 C. Research and Development, Patents and Licenses, Etc 40 D. Trend Information. 43 E. Critical Accounting Estimates 44 F. Contractual Obligations 51

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 53 A. Directors and Senior Management 53 B. Compensation 56 C. Board Practices 57 D. Employees 68 E. Share Ownership 69

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 71 A. Major Shareholders 71 B. Related Party Transactions 72 C. Interests of Experts and Counsel 73

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 73 A. Consolidated Statements or Other Financial Information 73 B. Significant Changes 74 74

THE OFFERING AND LISTING

ITEM 9. THE OFFERING AND LISTING 74 A. Listing Details 74 B. Plan of Distribution 74 C. Markets 74 D. Selling Shareholders 74 E.

Dilution

Dilution 74 F. Expenses of the Issue 74 i Table of Contents

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 75 A. Share Capital 75 B. Memorandum and Articles of Association 75 C. Material Contracts 79 D. Exchange Controls 79 E. Taxation 80 F. Dividends and Paying Agents 86 G. 86 H. Documents on Display 86 I. Subsidiary Information 86 J. Annual Report to Security Holders 86

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 87

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 87 PART II 88

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 88

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 88

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 88

RESERVED

ITEM 16. RESERVED 90

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 90

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 90

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 90

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 91

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 91

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 91

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 91

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 92

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 92

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 92

CYBERSECURITY

ITEM 16K. CYBERSECURITY 92 PART III 93

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 93

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 93

EXHIBITS

ITEM 19. EXHIBITS 136 ii Table of Contents GENERAL As used in this Annual Report, the "Corporation" or "Company" refers to Medicure Inc., a Canadian public company existing under the Canada Business Corporations Act . The Company uses the Canadian dollar as its reporting currency. Unless otherwise indicated, all references to dollar amounts in this Annual Report are to Canadian dollars. As of December 31, 2023, the rate for Canadian dollars was US $1.00 for CND $1.3226. See also Item 3 – Key Information for more detailed currency and conversion information. Except as noted, the information set forth in this Annual Report is as of April 8, 2024 and all information included in this document should only be considered correct as of such date. GLOSSARY OF TERMS The following words and phrases shall have the meanings set forth below: " 2014 Apicore Transaction " means the transaction occurring on July 3, 2014, whereby the Company acquired a minority interest in Apicore. " 2016 Apicore Transaction " means the transaction occurring on December 1, 2016, whereby the Company acquired a majority interest in Apicore. " 2017 Apicore Transaction " means the transaction occurring on July 12, 2017, whereby the Company acquired additional interests in Apicore. "angioplasty" means a surgical procedure to repair a damaged blood vessel or unblock an artery; " ANDA " means abbreviated new drug application, which is submitted to the FDA; "Apicore" means any one or more of Apicore LLC, Apicore US LLC, Apicore Inc., Apigen Investments Limited, and Apicore Pharmaceuticals PVT Ltd., including any of their affiliates and subsidiaries, and if the context requires, the pharmaceutical manufacturing business carried on by this group of companies; " Apicore Sale Transaction " means the transaction occurring on October 2, 2017, whereby the Company sold its interests in the Apicore business. " DEA " means the United States Drug Enforcement Administration; " DMF " means drug mast

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS Medicure Inc. cautions readers that certain important factors (including without limitation those set forth in this Form 20-F) may affect the Company's actual results in the future and could cause such results to differ materially from any forward-looking statements that may be deemed to have been made in this Form 20-F annual report, or that are otherwise made by or on behalf of the Company. This Annual Report contains forward-looking statements and information which may not be based on historical fact, which may be identified by the words "believes," "may," "plan," "will," "estimate," "continue," "anticipates," "intends," "expects," and similar expressions and the negative of such expressions. Such forward-looking statements include, without limitation, statements regarding: the Company's intention to sell and market its acute care cardiovascular drug, AGGRASTAT , in the United States and its territories through its U.S. subsidiary, Medicure Pharma Inc.; the Company's intention to sell and market its cardiovascular drug, ZYPITAMAG , in the United States and its territories through its U.S. subsidiary, Medicure Pharma Inc.; the Company's intention to sell and market its pharmaceutical products in the United States and its territories through its newly acquired U.S. subsidiary, Marley Drug, Inc. (" Marley Drug "); the Company's intention to develop and implement clinical, regulatory and other plans to generate an increase in the value of AGGRASTAT ; the Company's intention to expand or otherwise improve the approved indications and/or dosing information contained within AGGRASTAT 's approved prescribing information; the Company's intention to increase sales of AGGRASTAT and ZYPITAMAG ; the Company's intention to increase sales through Marley Drug; the Company's intention to develop MC-1 for the treatment of pyridox(am)ine 5'-phosphate oxidase (" PNPO ") deficiency; the likelihood of the Company to receive a priority revi

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS A. Directors and Senior Management Not applicable B. Advisers Not applicable C. Auditors Not applicable

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable C. Reasons for the Offer and Use of Proceeds Not applicable D. Risk Factors An investment in the Company's common shares is highly speculative and subject to a number of risks. Only those persons who can bear the risk of the entire loss of their investment should participate. An investor should carefully consider the risks described below and the other information that the Company furnishes to, or files with, the Securities and Exchange Commission and with Canadian securities regulators before investing in the Company's common shares. Uncertainties and risks include, but are not limited to, the risk that the Company may face with respect to importing raw materials, increased competition, acquisitions, contract manufacturing arrangements, delays or failure in obtaining product approvals from the FDA, general business and economic conditions, market trends, product development, regulatory, and other approvals and marketing. The following are significant factors known to us that could materially harm our business, financial position, or operating results or could cause our actual results to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statement made in this report. The risks described are not the only risks facing us. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may adversely affect our business, financial position, and operating results. If any of these risks occur, our business, financial position, and operating results could suffer significantly. As a result, the market price of our common stock could decline, and investors could lose all or part of their investment. 4 Table of contents The fact that the Company currently derives a significant portion of its revenue from a single product, AGGRASTAT , exposes the Company t

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