MediWound's Burn Drug Is Gaining Speed. Its Next Target Could Be Much Bigger (NASDAQ: MDWD)

WSW, NY, November 12th, 2026, FinanceWire

Vericel reported both record NexoBrid commercial sales as well as initiation of procurement under its new federal contract. MediWound also has a Phase 3 chronic-wound candidate with estimated U.S. annual peak sales potential of $1.05 billion, according to a market assessment cited by the company.

MediWound (NASDAQ: MDWD) received a strong commercial signal from its North American partner. On November 5, Vericel (NASDAQ: VCEL) reported its highest quarterly commercial revenue since launching NexoBrid, the enzyme-based burn treatment developed by MediWound.

Commercial revenue reached $2.3 million, rising 54% from a year earlier and 46% from the previous quarter. Separately, Vericel recognized $3 million of procurement revenue under its new federal contract, bringing its total NexoBrid revenue to $5.3 million.

Vericel shares closed 13.85% higher at $51.78 on November 5 following its results and an increase in full-year revenue guidance to $344 million to $346 million.

The solid sales quarter is only a part of the story for MediWound. While it has an approved product which is building commercial traction, and federal procurement is adding revenue under a new contract, the company is also advancing another enzyme-based therapy into a potentially much larger chronic-wound opportunity.

Two Buyers, One Product

Severe burns leave behind dead tissue that must be removed as part of treatment, a process called debridement. NexoBrid uses enzymes to remove that tissue. The product is FDA-approved for eschar removal in deep partial-thickness and full-thickness thermal burns and marketed in the United States through Vericel, alongside commercial availability in Europe, Japan and other markets, MediWound says. Along with this commercial opportunity is its procurement for the U.S. Strategic National Stockpile for thermal burn injuries and for burn mass casualty events.

On the commercial side, driving the strong year-over-year and quarter-over-quarter numbers is an expanding customer base. On its November 5 earnings call, Vericel reported that more than 80 centers had ordered NexoBrid since launch, with approximately 70 having placed repeat orders. The company added more new ordering centers in the first nine months of 2026 than during all of 2025, and the third quarter set records for both ordering burn centers and hospital orders.

While the commercial growth is meaningful on its own, the additional $3 million procurement contribution gives the latest quarter two distinct sources of strength; hospital sales are accelerating alongside purchases for federal emergency preparedness.

Beyond procurement, the federal relationship also reaches into product development. MediWound disclosed a services agreement with Vericel under Vericel’s ten-year contract with the Biomedical Advanced Research and Development Authority (BARDA), valued at up to $197 million including options.

The Company Behind the Drug Shares in Its Growth

Under their agreement, MediWound supplies NexoBrid and receives tiered royalties on North American net sales, ranging from mid-to-high single digits to the mid-teens, subject to customary reductions. The contract also provides separate economics for certain BARDA purchases and potential sales milestones.

MediWound can therefore participate at several points in the same franchise: supplying the drug, earning royalties as its partner sells it, and performing paid development work. Vericel’s product sales and MediWound’s revenue follow separate economics and recognition schedules, but stronger end-market demand could expand the activity that supports those revenue streams.

Another potential expansion is being financed by the U.S. military. In September, MediWound announced an additional $3.3 million for a room-temperature-stable formulation of NexoBrid, bringing that program’s budget to $21.8 million. The work targets development through an investigational new drug submission.

Simpler storage could broaden the settings in which the treatment can be deployed, particularly where refrigeration and surgical resources are limited. That gives the existing burn-care franchise a further development path alongside its commercial rollout.

The Next Product Addresses a Much Bigger Ambition

The next opportunity reaches into chronic wounds, where removing dead tissue is an important step in preparing a wound for healing. MediWound’s investigational EscharEx is being tested in the Phase 3 VALUE trial in venous leg ulcers, with an interim sample-size reassessment and completion of enrollment expected by the end of the first quarter of 2027. In September, an independent safety board recommended continuing the study without modification after identifying no safety concerns in its periodic review.

The scale could be substantial. MediWound’s August update cited an independent consulting firm’s assessment estimating EscharEx’s U.S. annual peak sales potential at $1.05 billion, which includes the initial indication of venous leg ulcers, as well as the additional indications of diabetic foot and pressure ulcers, subject to further development and approval.

NexoBrid and EscharEx treat different wounds, and EscharEx must establish its own efficacy and win approval. Even so, the combination could give MediWound an unusual growth profile: a commercial burn-care franchise gathering momentum while a second product advances toward a potentially broader market.

MediWound heads toward those milestones with fresh capital in hand. Its November 5 offering raised $17.25 million in gross proceeds, adding financial flexibility as NexoBrid gains commercial traction and EscharEx advances through Phase 3.

Vericel’s results give the MediWound story a strengthening commercial foundation. The next milestones pair an expanding approved-drug franchise with the expected first-quarter 2027 EscharEx enrollment and sample-size assessment. The compelling possibility is a company building on its first commercial business while seeking approval for a second, much larger one with a billion-dollar stated peak sales estimate.

Recent News Highlights from MediWound (NASDAQ: MDWD)

MediWound Announces Closing of $17.25 Million Bought Deal Offering of Ordinary Shares

MediWound to Report Third Quarter 2026 Financial Results

MediWound Awarded Additional $3.3 Million from U.S. Department of War to Advance Room-Temperature-Stable Formulation of NexoBrid

Independent DSMB Recommends MediWound’s EscharEx Phase III VALUE Study Continue Without Modification

MediWound to Present at the H.C. Wainwright 28th Annual Global Investment Conference

MediWound Reports Second Quarter 2026 Financial Results and Provides Corporate Update

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MediWound to Report First Quarter 2026 Financial Results

Newly Published U.S. Expert Consensus Aligns with MediWound’s Strategy for Chronic Wound Debridement

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