Bioxyne's Cannabis Manufacturing Boom Reshapes Into BLS Pharmaceuticals

Rapid international expansion and doubling revenue turned a micro-cap medicinal cannabis maker into a broader controlled-substances pharmaceutical business.

30 Sep 2026 · 4 min read

Bioxyne, since renamed BLS Pharmaceuticals, delivered one of the standout ASX micro-cap results of the reporting season, more than doubling revenue and upgrading FY26 EBITDA guidance by around 50 percent, as Australia's leading medicinal cannabis manufacturer expanded rapidly into Europe, the US and Latin America before a share consolidation and rebrand reflected its transformation into a broader controlled-substances pharmaceutical business.

A standout micro-cap result

Cyan Investment Management said Bioxyne was its biggest winner, up 54 percent, after first-half revenue more than doubled to $31.3 million on increased demand for its cannabis products in European and domestic markets, prompting an upgrade to FY26 adjusted EBITDA guidance to $16.5 million to $19.0 million, leaving material price upside given a market cap of just $120 million. DMX Asset Management called it the standout ASX micro-cap result of the reporting season, with net profit after tax of $7.3 million, up 121 percent, and the roughly 50 percent EBITDA guidance upgrade putting the stock, at the midpoint of new guidance implying around $16 million of FY26 net profit, on a price to earnings ratio of about 8 times, with margins improving through cost efficiencies alongside strong revenue growth.

At the midpoint of its new guidance, BXN should generate an FY26 NPAT of ~$16m, putting BXN on a PE of ~8x. With strong revenue growth, BXN's margins are improving through cost efficiencies.

— DMX Asset Management, Monthly Report, February 2026

Record sales, new deals, and a temporary slump

Cyan Investment Management said the company reported record quarterly sales of $21 million, separately signed a manufacturing deal with Aurora Cannabis, and saw a mid-month boost from the US government's reclassification of marijuana products, yet still ended the month 8 percent lower, a slump Cyan expected to prove temporary given the confluence of tailwinds the company was experiencing both domestically and abroad. DMX Asset Management confirmed FY26 EBITDA guidance of $16.5 million to $19 million, with the midpoint of $17.8 million implying annual EBITDA growth of 230 percent against FY25 EBITDA of $5.4 million.

International expansion accelerates

Cyan Investment Management said the company secured a $50 million exclusive German supply agreement, alongside expanding its footprint into Latin America with a supply agreement for medicinal cannabis flower to Costa Rica. Tamim Funds Management described the business, ahead of its rename to BLS Pharma, as a GMP-licensed pharmaceutical manufacturer focused on finished-dose medicines containing medicinal cannabis, MDMA and psilocybin, cash flow positive and profitable, growing around 132 percent year on year with FY26 revenue guidance at a midpoint of A$70 million and around 25 percent EBITDA margins, holding $8 million net cash, founder-led with the founder as the largest shareholder, leveraging a hard-to-replicate regulatory stack to supply clinics.

BXN leverages a hard to replicate regulatory stack to supply clinics with finished dose medicines containing medicinal cannabis, MDMA and psilocybin.

— Tamim Funds Management, Monthly Report, May 2026

A rebrand and consolidation reflect the transformation

Cyan Investment Management said the only real change in June was a name change from Bioxyne to BLS Pharmaceuticals and a 1-for-10 share consolidation, with the business continuing to generate growing investor interest as revenues expand. DMX Asset Management said the portfolio benefited from a 16 percent increase in the shares as the company stepped up shareholder engagement, with a team site visit to the Brisbane facility leaving it impressed by operations with significant capacity for continued growth.

A strong result at the top of guidance, with more to come

DMX Asset Management said BLS Pharmaceuticals delivered a strong result at the top end of its guidance, with revenue of $74.2 million, up 161 percent, adjusted EBITDA of $19 million at a 25.6 percent margin, and net profit of $15.4 million. FY27 guidance of $105 million to $115 million in revenue with an EBITDA margin of 23 to 26 percent suggests another strong year, implying 42 percent growth in EBITDA to $27 million at the midpoint, with potential for further upgrades as the company builds out its UK and German opportunities.

FY27 guidance of $105m to $115m revenue with an EBITDA margin of 23% to 26% suggests another strong year for BLS (42% growth in EBITDA to $27m at the midpoint) with the potential for upgrades as BLS build out its UK and German opportunities.

— DMX Asset Management, Monthly Report, August 2026

What fund managers say they are watching next is continued build-out of the UK and German market opportunities that could drive further upgrades, delivery on FY27 guidance of $105 million to $115 million in revenue, expansion into Latin America and other new markets, and whether the multi-substance regulatory stack spanning cannabis, MDMA and psilocybin continues supporting rapid international growth.