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Mallinckrodt (MNK) investor relations material
Mallinckrodt Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Completed the merger of Mallinckrodt and Endo on July 31, 2025, forming Keenova Therapeutics, and spun off generics and sterile injectables as Par Health, focusing Keenova on specialty brands and branded therapeutics.
Keenova now targets rare and unmet medical needs in several therapeutic areas, with new leadership appointments strengthening the executive team.
Fiscal year-end changed to December 31, resulting in five additional operating days in 2025.
Plans to pursue a NYSE listing and public offering in 2026.
Financial highlights
Q3 2025 net sales were $753.1M, up 49% year-over-year, driven by Acthar Gel growth and two months of Endo product sales post-merger.
Acthar Gel net sales grew 44% to $181M; XIAFLEX net sales rose 2% to $130M; INOmax net sales fell 8% to $59M.
Adjusted EBITDA for Q3 2025 was $111.3M, down from $160.6M in Q3 2024, impacted by $123.3M in merger compensation expenses.
Gross profit was $254.0M (33.7% of net sales), with gross margin down from 43.7% a year ago.
Cash and cash equivalents at quarter-end were $1,047.9M, with net debt of $2,657.0M.
Outlook and guidance
Full-year 2025 pro forma net sales expected between $1.87B and $1.89B; adjusted EBITDA between $505M and $515M, including $135M in merger-related compensation expenses.
Q4 2025 net sales expected at $485M–$505M; adjusted EBITDA at $155M–$165M.
Raised 2025 full-year net sales growth guidance for Acthar Gel to 30%–35%.
On track to realize $75M in pre-tax run-rate synergies in the first 12 months post-merger and at least $150M annually by year three.
Management expects continued integration costs and potential volatility as the business transitions post-separation.
How do merger costs affect synergy realization timeline?
XIAFLEX pipeline: How will it offset INOmax decline?
New CSO's plan to build robust pipeline
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Next Mallinckrodt earnings date
Q4 202512 Mar, 2026
Next Mallinckrodt earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Mallinckrodt plc is a specialty pharmaceutical company that focuses on developing, manufacturing, and commercializing treatments for autoimmune and rare diseases, as well as therapies for pain management and critical care. The company’s portfolio includes a range of branded and generic pharmaceuticals, with a strong emphasis on specialty therapies for conditions such as neurology, nephrology, rheumatology, and pulmonology. Mallinckrodt also offers imaging agents used in diagnostic procedures. Its products are primarily distributed to hospitals, physicians, and healthcare providers. The company is headquartered in Dublin, Ireland, and its shares are listed on the New York Stock Exchange.
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