Keenova Therapeutics Reports Strong Q1 2026 on Acthar Gel and XIAFLEX Growth
Event summary
- Acthar Gel net sales reached $170 million, up 47% year-over-year.
- XIAFLEX net sales were $134 million, driven by increased demand and price.
- Net sales from continuing operations totaled $468 million, up $261 million from Q1 2025.
- Loss from continuing operations was $114 million, impacted by $158 million in non-cash expenses.
- Adjusted EBITDA from continuing operations was $174 million, reflecting merger synergies.
The big picture
Keenova Therapeutics' strong Q1 2026 performance highlights the strategic benefits of its merger with Endo LP, particularly through the growth of its core brands Acthar Gel and XIAFLEX. The company's focus on rare disease therapeutics positions it in a niche market with significant unmet needs. The anticipated NYSE listing and continued synergy realization will be key factors in sustaining its momentum in the competitive pharmaceutical landscape.
What we're watching
- Pipeline Progress
- Topline results for the Phase 3 study of XIAFLEX for Plantar Fibromatosis are expected in July 2026, with regulatory submission targeted for Q4 2026.
- Synergy Realization
- Keenova is on track to realize $100 million in pre-tax merger synergies in 2026 and $150 million annually by the merger's three-year anniversary.
- Market Expansion
- The company's potential NYSE listing in the second half of 2026 could facilitate further growth and market visibility.
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