Knight Therapeutics (GUD) Q3 2026 earnings summary

Executive summary

• Record nine-month revenue reached CAD 430.3M, up 36% YoY, and Adjusted EBITDA was CAD 76.3M, up 57% YoY.

• FY26 guidance was raised, and peak annual revenue potential for pipeline and launched pipeline products increased to over CAD 300M.

Financial highlights

• Q3 revenue was CAD 137.7M, up 13% reported; Adjusted Revenue excluding IAS 29 was CAD 136.7M, with 4% constant-currency growth.

• Q3 Adjusted EBITDA was CAD 23.8M, up 13% YoY; nine-month Adjusted EBITDA was CAD 76.3M, up 57%.

• Q3 IFRS gross margin was CAD 68.4M versus CAD 55.8M; operating loss was CAD 6.6M versus operating income of CAD 0.6M, and net loss narrowed to CAD 2.7M from CAD 3.8M.

• Nine-month IFRS net income was CAD 7.1M versus a CAD 14.2M net loss in the prior-year period.

Outlook and guidance

• FY26 revenue guidance increased to CAD 560M–CAD 570M from CAD 540M–CAD 560M; Adjusted EBITDA is expected at ~17.5% of revenue, up from at least 15%.

• Peak annual revenue potential for pipeline and launched pipeline products rose to over CAD 300M from over CAD 200M, reflecting product performance and Poteligeo; more than 75 products are covered, with 22 launched.

• Guidance assumes successful launch uptake and commercial listings, no key-brand generic entrants or supply interruptions, and no material adverse pricing, FX, inflation, tariff or geopolitical changes.

• Management expects margins to remain near current levels for the next couple of years and then expand as launches contribute; 2024–25 launches are expected to reach peak sales in 4–5 years.