Knight Therapeutics (GUD) investor relations material

Executive summary

• Achieved record high adjusted revenues of $197M for H1 2025, with 15% organic growth on a constant currency basis, driven by innovative promoted products.

• Added over 50 products through Paladin and Sumitomo transactions, including five pipeline and early launch assets, strengthening the Canadian business.

• Expanded partnerships, relaunched Onasit in Brazil and Mexico, and secured exclusive LATAM rights to two oncology pipeline products from Incyte.

• Net loss widened to $12.6M from $1.9M year-over-year, mainly from mark-to-market revaluations and higher costs.

• Major acquisitions and licensing deals expanded the product portfolio and drove growth in Canada and LATAM.

Financial highlights

• Q2 2025 revenues reached $108.5M, up 15% year-over-year; constant currency growth was 21%.

• Oncology/hematology portfolio delivered $35.5M; infectious disease $45M (+20%); other specialty therapeutics $28M (+34%).

• Gross margin was $49M (46% of adjusted revenue), down from 48% last year due to product mix and hyperinflation accounting.

• Adjusted EBITDA for Q2 was $15.5M ($0.16/share), relatively unchanged year-over-year.

• Cash inflow from operations was $20M in Q2, aided by $13M working capital reduction.

Outlook and guidance

• Fiscal 2025 revenue guidance raised to $410M–$420M (from $390M–$405M), with EBITDA expected at ~13% of revenues.

• Improved outlook driven by strong H1 performance and incremental revenues from Sumitomo and Paladin transactions.

• Guidance assumes no material impact from hyperinflation in Argentina, no major supply disruptions, and successful product launches.

• Anticipates stepwise EBITDA margin increases in 2026–2028 as new product launches scale.