Knight Therapeutics (GUD) Q2 2026 earnings summary

Executive summary

• Achieved record performance in H1 2026 with revenues of CAD 293 million (USD 293 million), adjusted EBITDA of CAD 52 million (USD 52 million), and operating cash flow of CAD 70 million, driven by promoted portfolio and 17 product launches over 2.5 years.

• Q2 2026 revenues reached CAD 144 million (USD 144.2 million), up 34% year-over-year, with constant currency revenue growth of 22%.

• Adjusted EBITDA for Q2 2026 was over CAD 24 million (USD 24.6 million), up 58% year-over-year, with adjusted EBITDA per share at CAD 0.25 (USD 0.25), up 61%.

• Net loss narrowed to CAD 12 million (USD 3.4 million) in Q2, mainly due to mark-to-market revaluations and improved operating performance.

• Six launches in Canada and eleven in Latin America, with further launches planned for H2 2026.

Financial highlights

• Gross margin improved to 48%–49% of revenues in Q2 2026, up from 42%–46% in Q2 2025.

• Operating income was CAD 9 million (USD 9 million), reversing a prior-year operating loss.

• Operating expenses (excluding amortization) were CAD 47 million, up 25% year-over-year, reflecting support for launches and portfolio expansion.

• Generated CAD 29.5 million (USD 29.5 million) in operating cash flow for Q2 2026.

• Ended Q2 with CAD 110 million (USD 109.6 million) in cash and marketable securities, net cash position of CAD 87 million, and CAD 280 million available under credit facility.

Outlook and guidance

• 2026 revenue guidance raised to CAD 540–560 million (USD 540–560 million), representing at least 20% growth over 2025.

• 2026 adjusted EBITDA expected to be at least 15% of revenues, with at least 10% growth over 2025.

• Guidance assumes no material hyperinflation adjustment in Argentina and incorporates anticipated pricing and generic competition impacts.

• Guidance is subject to risks including supply chain disruptions, regulatory changes, currency volatility, and generic competition.