Keenova Boosts Acthar Gel Guidance on Strong Q2 Sales
Event summary
- Keenova reported Q2 2026 net sales of $517 million, up 96% YoY, driven by Acthar Gel ($205M) and XIAFLEX ($150M).
- Acthar Gel sales grew 17% YoY; XIAFLEX sales were $150M in its first full quarter under Keenova.
- Company raised full-year Acthar Gel guidance to 20-22% growth and tightened XIAFLEX guidance to high single-digits.
- Positive Phase 3 data for XIAFLEX in plantar fibromatosis supports planned sBLA submission in Q4 2026.
The big picture
Keenova's strong Q2 performance reflects successful post-merger integration and strategic refocusing on core brands. The company's raised guidance for Acthar Gel and positive pipeline updates for XIAFLEX signal confidence in sustainable growth, though execution risks remain as it navigates regulatory hurdles and market dynamics.
What we're watching
- Pipeline Progress
- Whether the positive Phase 3 data for XIAFLEX in plantar fibromatosis will lead to successful regulatory submission and approval.
- Integration Execution
- The pace at which Keenova realizes $150 million of annual pre-tax synergies by the merger's three-year anniversary.
- Market Positioning
- How Keenova's focus on high-value branded therapeutics will position it against competitors in the specialty pharmaceutical space.
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