Keenova Therapeutics plc
Keenova Therapeutics filed its Q3 FY2026 10-Q. Net sales rose 32.1% YoY to $549.5M, with gross profit of $335.1M versus $172.4M a year earlier. The quarter swung to a $96.1M net loss ($2.43/share) from a $291.1M loss a year ago, driven by a $150.6M loss on the Percocet/Endo divestiture and a $207.7M non-cash impairment recorded in the nine-month period. Operating income was $75.4M versus a $241.4M loss a year earlier.
- Q3 net sales of $549.5M, up 32.1% YoY from $416.1M.
- XIAFLEX revenue rose 81.7% YoY; Acthar Gel up 24.9% to $226.5M.
- Nine-month non-cash impairment charge of $207.7M and $150.7M divestiture loss drove losses.
- Total debt of $2,526.7M at quarter-end; cash and equivalents of $1,085.6M.
- Nine-month operating cash flow of $290.0M versus a $41.1M use a year earlier.
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Strong top-line growth is being offset by one-time divestiture and impairment charges, leaving investors to weigh core profitability against portfolio-transition costs.
Keenova's rare-disease portfolio (Acthar Gel, XIAFLEX) shows strong growth, but integration and divestiture costs from the Endo combination continue to weigh on reported results.
The $207.7M non-cash impairment and $150.6M divestiture loss signal asset-value and portfolio-transition risk; $2.5B+ debt load carries 7.65%-8.50% interest rates.