Knight Therapeutics (GUD) Q2 2026 earnings summary

Executive summary

• Achieved record H1 2026 performance 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 adjusted EBITDA of CAD 24 million (USD 24.6 million), reflecting strong commercial execution and portfolio expansion.

• Promoted portfolio delivered nearly CAD 200 million in revenues, up 36% year-over-year on a constant currency basis, with six launches in Canada and eleven in Latin America; further launches planned for H2 2026.

• Net loss narrowed to USD 3.4 million in Q2, with net loss per share improving to USD 0.03.

Financial highlights

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

• Launch pipeline portfolio generated CAD 18 million in Q2, up 297% year-over-year on a constant currency basis.

• Adjusted gross margin in Q2 was 49% of revenues, up from 46% in Q2 2025.

• Operating income was USD 9 million, reversing a prior-year operating loss of USD 3.7 million.

• 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 the 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% EBITDA growth over 2025.

• Guidance assumes no material hyperinflation adjustment in Argentina, includes anticipated pricing impacts in Colombia, and no major supply or regulatory disruptions.