HLS Therapeutics (HLS) Q4 2025 earnings summary

Executive summary

• Achieved revenue of $55.5 million in 2025, with product sales up 1% year-over-year excluding FX and royalty declines.

• Adjusted EBITDA grew 18% to $19.6 million, with cash from operations up 114% to $17.1 million.

• Vascepa unit demand rose 23% year-over-year, delivering its first full-year positive adjusted EBITDA contribution.

• Net debt declined to $38.3 million, down 23–24% from 2024, and net loss narrowed to $12.4 million.

• NILEMDO launched in Canada with commercial rollout set for April 2026; NEXLIZET launch expected in H1 2027.

Financial highlights

• Q4 2025 revenue was $15.2 million (down 2% YoY); full year revenue was $55.5 million (down 2%).

• Canadian product sales grew 1.5% to CAD 59.2 million; U.S. Clozaril sales declined 1.6% to $12.4 million.

• Q4 Adjusted EBITDA was $5.7 million (+3% YoY); full year Adjusted EBITDA was $19.6 million (+18% YoY).

• Cash from operations in 2025 was $17.1 million, up 114% from 2024.

• Operating expenses fell 17% year-over-year to $25.8 million, improving margins and cash flow.

Outlook and guidance

• 2026 revenue guidance: $56–$60 million (mid-single digit % growth); Adjusted EBITDA: $18.5–$21 million (flat to 2025).

• Growth expected to accelerate in 2027 with expanded payer access and NEXLIZET launch.

• Vascepa expected to grow in the teens; Clozaril expected flat to low single-digit % decline, stabilizing after H1.

• NILEMDO launch to drive incremental growth, with significant ramp expected as public reimbursement is secured in 2027.

• Quarterly seasonality in adjusted EBITDA anticipated to continue in 2026.