Knight Therapeutics (GUD) Q4 2025 earnings summary

Executive summary

• Achieved record revenue in 2025, reaching CAD 452 million (up 24% year-over-year), with record adjusted EBITDA of CAD 73 million and cash flow from operations of CAD 69 million, driven by Paladin and Sumitomo acquisitions and growth in key products.

• Expanded product portfolio with over 50 new assets, including major launches and regulatory approvals across Canada and Latin America.

• Growth driven by promoted products (12% growth constant currency) and incremental revenues from Paladin and Sumitomo portfolios, including Xcopri, Orgovyx, Myfembree, and Invarsys.

• Expanded Canadian infrastructure and portfolio, positioning Canada as a major contributor to future revenue and profitability.

Financial highlights

• Q4 2025 revenues reached CAD 133.2 million (up 42% year-over-year), with adjusted EBITDA of CAD 24.4 million (up 63%).

• Full-year 2025 revenues grew by CAD 87 million (24%) to CAD 452 million; adjusted EBITDA rose by CAD 15 million (26%) to CAD 73 million.

• Adjusted revenues (excluding hyperinflation) were $452.4 million, up 24% year-over-year or 24% at constant currency.

• Oncology/hematology revenues: CAD 147.5 million (+7%); infectious disease: CAD 161 million (+8%); neurology: CAD 85.5 million (+61%); other specialty: CAD 58.2 million (+129%).

• Adjusted gross margin improved to 51% in Q4 2025 (from 47% in Q4 2024) and 48% for the year (from 47% in 2024).

Outlook and guidance

• 2026 revenue guidance: CAD 490–510 million, with adjusted EBITDA expected at approximately 15% of revenues.

• At least 10 new product launches planned for 2026, continuing investment in brands and pipeline.

• Guidance assumes no material adjustment from hyperinflation accounting in Argentina and no major supply, regulatory, or geopolitical disruptions.