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Endo (NDOI) investor relations material
Endo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Mallinckrodt and Endo Inc. completed their merger on July 31, 2025, forming a global, diversified therapeutics leader with enhanced scale and capabilities.
Cristiana Stamolis was appointed as the new President and CFO, bringing biotech, finance, and strategy expertise.
Integration plans are underway, targeting $150 million in annual pre-tax run-rate operating synergies by year three.
Second quarter results reflect strong execution, with Acthar/AXSAR Gel achieving its highest net sales growth in over a decade and XIAFLEX posting robust gains.
Progressing toward the planned spin-off of Par Health, the generics and sterile injectables business, targeted for Q4 2025.
Financial highlights
Mallinckrodt Q2 2025 net sales were $485.1 million, down 5.7% year-over-year; excluding Therakos divestiture, net sales grew 8.5%.
Net income for Mallinckrodt was $2.4 million, a turnaround from a $43.3 million net loss in Q2 2024.
Adjusted EBITDA for Mallinckrodt was $137.2 million, down from $174.0 million year-over-year.
Endo Q2 2025 revenues were $448 million, flat year-over-year; excluding the divested international segment, revenues grew 2%.
Endo reported a net loss of $59.6 million in Q2 2025, compared to a $6.4 billion net income in Q2 2024, which included one-time reorganization gains.
Outlook and guidance
2025 total company net sales expected between $3.57 billion and $3.62 billion; adjusted EBITDA between $1.1 billion and $1.13 billion.
Par Health net sales projected at $1.72–$1.75 billion, with adjusted EBITDA of $450–$470 million.
Acthar/AXSAR Gel 2025 net sales guidance raised to 20%-30% growth; XIAFLEX revenue growth reaffirmed in the high single digits.
Planned spin-off of Par Health in Q4 2025, subject to board and regulatory approval.
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