Keenova Therapeutics (MNK) Q3 2026 earnings summary

Executive summary

• Q3 continuing-operations net sales were $549.5M, up 32.1% YoY; comparison was affected by Endo acquisition timing and a full quarter of XIAFLEX sales.

• Strong core-brand performance and merger synergies supported higher FY 2026 net sales and Adjusted EBITDA guidance.

Financial highlights

• Pro forma continuing-operations net sales were $544.1M versus $464.4M in Q3'25; Q3 reported sales were $549.5M.

• Q3 Adjusted EBITDA from continuing operations was $232.5M; loss from continuing operations narrowed to $96.1M from $242.0M.

• Nine-month continuing-operations net loss widened to $430.1M from $347.7M, reflecting impairment and divestiture losses.

• Q3 gross profit was $335.1M versus $172.4M; continuing-operations cash from operations for 9M was $290.0M versus $41.1M used in the prior-year period.

Outlook and guidance

• FY 2026 net sales guidance, excluding Percocet, increased to $2.00B–$2.025B; Adjusted EBITDA guidance rose to $750M–$770M.

• Acthar Gel growth guidance remained 20%–22%; XIAFLEX growth guidance increased to 10%–11%.

• Guidance includes anticipated 2026 merger synergies and excludes future M&A or divestitures.

• Plantar fibromatosis sBLA submission is targeted for Q1 2027; Phase III hammer toe study enrollment began in August 2026.

• Q4 comparisons face Acthar Gel shipping-day headwinds and reversal of XIAFLEX’s Q3 shipment-timing benefit.