Immuron posts record A$7.7m FY26 sales as CDI asset heads to partner
Immuron Limited has reported preliminary results for the financial year ending 30 June 2026, posting record net sales of A$7.7 million, up 6% on the prior comparative period. The ASX- and NASDAQ-listed biopharmaceutical company said the result exceeded the projections it set out in February 2026 when it announced a strategic reset, and that net profit improved by A$1.4 million compared with FY25.
Cash on hand increased by A$6.2 million to A$9.0 million at year end, a material strengthening of the balance sheet for a company of Immuron's size. The improvement reflects both top-line momentum and the first revenue received under a US Department of Defense sub-award, which was booked in May 2026 following a research agreement with the Naval Medical Research Command and Walter Reed Army Institute of Research signed in December 2025.
Commercial performance
The Australian market delivered double-digit growth of 10%, despite a one-off drag from Chemist Warehouse and Sigma reducing Travelan inventory as part of supply chain rationalisation. US sales grew 13% in US dollar terms (7% in Australian dollar terms), supported by a series of marketing initiatives, while Canada recovered strongly in the second half, with sales more than doubling on the prior comparative period after a softer first half.
Travelan, Immuron's orally administered hyperimmune bovine colostrum product indicated for the prevention of travellers' diarrhoea, remains the primary revenue driver. The product is registered in Australia, licensed as a natural health product in Canada, and sold as a dietary supplement in the United States, where it has not obtained prescription drug status.
Pipeline and partnering
The more strategically significant narrative in the FY26 results concerns Immuron's two clinical assets. IMM-124E, the active pharmaceutical ingredient underlying Travelan, is eligible for an end-of-Phase 2 meeting with the US FDA in the travellers' diarrhoea indication. An independent commercial assessment by Lumanity placed peak US sales at US$102 million. IMM-529, which targets Clostridioides difficile infection (CDI) and received FDA IND approval in November 2025, carries a Lumanity peak US sales estimate of US$400 million. The company said in February 2026 that it intends to partner both assets rather than fund late-stage development independently, and in July 2026 it engaged Pullan Consulting to support the IMM-529 partnering process.
CDI is a crowded but commercially validated space. Ferring's faecal microbiota product Rebyota and Seres Therapeutics' SER-109 (Vowst) have both received FDA approval in the recurrence prevention setting, establishing regulatory and commercial precedent that could aid Immuron's partnering conversations. IMM-529's oral, antibody-based mechanism is differentiated from both approved products and from monoclonal antibody approaches such as Merck's bezlotoxumab, though the absence of Phase 2 human data means meaningful clinical differentiation remains to be demonstrated. The Lumanity peak-sales figures are projections, not guidance, and carry the standard uncertainties of pre-Phase-2 commercial modelling.
For FY27, the company said it plans to invest in North American growth while extending the geographic footprint in other markets. Stated milestones include progress on IMM-529 partnering in the third quarter and portfolio expansion in the second quarter, though neither milestone was defined in detail in the preliminary results release.
Investors will be watching for a named IMM-529 partner and, separately, data from the Uniformed Services University IMM-124E trial, topline results from which were reported in December 2025 but have not yet been published in full.