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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
Merger of Mallinckrodt and Endo completed July 31, 2025, creating a global, diversified pharmaceutical company with enhanced scale and specialty/generics portfolios.
New President and CFO, Christiana Stamolis, appointed to lead the combined organization.
Integration plans underway, focusing on operational synergies and leveraging complementary strengths.
Progressing toward the planned spin-off of Par Health, targeted for Q4 2025.
Second quarter results reflect strong execution, with Acthar Gel achieving its highest net sales growth in over a decade and XIAFLEX posting robust gains.
Financial highlights
Mallinckrodt Q2 2025 net sales were $485M (down 6% year-over-year); excluding Therakos, net sales grew 9%.
Endo Q2 2025 revenues were $448M, flat year-over-year; excluding divested international segment, revenues rose 2%.
Endo's adjusted EBITDA was $150M (down from $176M in Q2 2024); adjusted net income was $64M (down from $105M).
Mallinckrodt Q2 2025 net income was $2M, reversing a $43M loss in Q2 2024; adjusted EBITDA was $137M (down from $174M).
Combined company expects FY2025 net sales of $3.57B–$3.62B and adjusted EBITDA of $1.10B–$1.13B.
Outlook and guidance
Combined 2025 net sales expected between $3.57B and $3.62B; adjusted EBITDA between $1.1B and $1.13B.
Par Health net sales guidance: $1.72B–$1.75B; adjusted EBITDA: $450M–$470M.
Acthar Gel full-year net sales growth guidance raised to 20–30%; XIAFLEX revenue growth reaffirmed at high single digits.
Targeting at least $150M annual pretax run-rate operating synergies by year three post-merger.
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