Keenova Therapeutics (MNK) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 reached $517 million, up 96% year-over-year, driven by Acthar Gel and XIAFLEX performance and the Endo acquisition.

• Acthar Gel net sales grew 17% to $205 million, while XIAFLEX contributed $150 million; both brands saw strong demand and category expansion.

• Adjusted EBITDA from continuing operations was $206 million, reflecting merger synergies, while a $208 million impairment charge from the Percocet divestiture led to a $221 million loss from continuing operations.

• Completed the divestiture of Percocet and Endocet, fully exiting the opioid business and refining the portfolio.

• Advanced XIAFLEX pipeline with positive Phase 3 results in plantar fibromatosis and plans for sBLA submission in Q4 2026; Phase 3 enrollment for hammer toe to begin in Q3 2026.

Financial highlights

• Q2 2026 net sales from continuing operations: $517 million, up from $264 million in Q2 2025.

• Acthar Gel net sales: $205 million (+17% YoY); XIAFLEX: $150 million (+8% YoY); INOmax: $58.9 million (down 5% YoY).

• Adjusted EBITDA from continuing operations: $206 million, up from $86.5 million in Q2 2025.

• Gross profit for Q2 2026: $282 million; operating loss: $203 million.

• Cash and cash equivalents at June 30, 2026: $963.7 million; total debt: $2.47 billion.

Outlook and guidance

• Full-year Acthar Gel net sales growth guidance raised to 20–22% year-over-year.

• XIAFLEX full-year net sales growth expected in the high single digits.

• Pro forma net sales guidance for 2026: $1.94–$2.00 billion; pro forma Adjusted EBITDA: $715–$745 million.

• Management expects continued positive cash flow from operations and sufficient liquidity for the next twelve months and beyond.