Knight Therapeutics (GUD) Q3 2025 earnings summary

Executive summary

• Achieved record-high adjusted revenues of CAD 319 million for the nine months ended September 30, 2025, and record-high quarterly revenues of $121.5M in Q3, up 32%–34% year-over-year, driven by Paladin and Sumitomo transactions and organic growth in key promoted products.

• Adjusted EBITDA reached approximately CAD 49 million for the nine months and $21.0M for Q3, a 56% increase year-over-year, with per-share EBITDA up 62%.

• Net loss of CAD 4.6 million ($3.8M) in Q3, mainly due to mark-to-market revaluations and higher operating expenses.

• Cash inflow from operations was CAD 10 million ($10.2M) for Q3, despite an investment in working capital.

• Expanded oncology portfolio and launched three new products in multiple countries.

Financial highlights

• Q3 2025 revenues reached CAD 122.6 million ($121.5M), up 34% (32%) year-over-year; constant currency revenue growth was 31%.

• Adjusted gross margin rose to CAD 59.9 million (49% of adjusted revenues), up from 47% in Q3 2024; gross margin was $55.8M (46% of revenues).

• Adjusted EBITDA for Q3 2025 was CAD 21 million ($21.0M), a 56% increase year-over-year; Adjusted EBITDA per share was CAD 0.21, up 62%.

• Net loss of CAD 4.6 million ($3.8M) in Q3, mainly due to mark-to-market revaluations and higher expenses.

• Cash, cash equivalents, and marketable securities: $95.6M as of September 30, 2025.

Outlook and guidance

• Fiscal 2025 revenue guidance increased to CAD 430–440 million ($430–$440M), with Adjusted EBITDA expected at 13.5%–14.5% of revenues.

• Guidance assumes no material adjustment from hyperinflation accounting in Argentina and no major supply disruptions or new generic competition.

• Strong performance of promoted products and successful execution of Pan-American ex-U.S. strategy cited as drivers.