Keenova Therapeutics Posts Strong Q4 2025 on Acthar Gel and XIAFLEX Growth
Event summary
- Keenova Therapeutics reported Q4 2025 net sales of $543.0 million, up 104% YoY, driven by Acthar Gel ($205.6 million) and XIAFLEX ($156.5 million).
- The company expects a net loss of $105.0–$115.0 million for Q4 2025, compared to a $566.4 million income in Q4 2024, due to merger-related costs.
- Keenova realized $13 million in pre-tax merger synergies in Q4 2025 and expects $100 million in 2026.
- The company plans to list on the NYSE in the second half of 2026 and is exploring divestitures, including a potential sale of the PERCOCET business.
The big picture
Keenova Therapeutics is solidifying its position as a branded therapeutics company focused on rare and unaddressed conditions. The strong Q4 2025 performance reflects the success of its merger with Endo LP and the integration of XIAFLEX into its portfolio. The company's strategic shift towards organic growth and targeted R&D, coupled with potential divestitures, underscores its focus on long-term sustainability and value creation in the competitive pharmaceutical landscape.
What we're watching
- Execution Risk
- Whether Keenova can sustain double-digit growth in Acthar Gel and mid-to-high single-digit growth in XIAFLEX amid increasing competition.
- Regulatory Dynamics
- The outcome of the FDA end-of-Phase 2 meeting for XIAFLEX's hammer toe program and the timing of the Phase 3 study start.
- Portfolio Strategy
- The impact of potential divestitures, such as the sale of the PERCOCET business, on Keenova's financial flexibility and strategic focus.
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