Keenova Therapeutics Reports $1.43 Billion in Net Sales, Faces $457.5 Million Loss

**Keenova Therapeutics plc Reports Financial Results, Completes Strategic Transactions**

Keenova Therapeutics plc, formerly Mallinckrodt plc, has released its financial results, detailing a net sales figure of $1.43 billion for the year ended December 31, 2025. This represents a 32% increase compared to the $1.08 billion reported for the year ended December 27, 2024. However, the company reported a net loss from continuing operations of $457.5 million, a significant shift from the $344.3 million income reported in the previous year. The increase in net sales was primarily driven by the inclusion of $397.0 million in net sales from products acquired through the business combination with Endo, as well as a $191.8 million increase in Acthar Gel net sales, reflecting increased patient demand. These gains were partially offset by a $241.6 million reduction in Therakos net sales following its divestiture in November 2024.

The company's financial performance was significantly impacted by several strategic transactions completed during the year. Notably, Keenova finalized its business combination with Endo on July 31, 2025, and subsequently completed the separation of its generic pharmaceuticals and sterile injectables businesses into Par Health, Inc. on November 10, 2025. These transactions have reshaped Keenova into a more focused branded therapeutics company. The company's loss from continuing operations was primarily attributed to a non-recurring gain of $754.4 million on the Therakos divestiture in the prior period, increased selling, general and administrative expenses of $299.8 million, combination, integration and other related costs of $141.2 million, and research and development expenses of $1.4 million.

Key operational developments included the continued growth of Acthar Gel, supported by the launch of the SelfJect injector in August 2024. The company's sales force comprised over 300 representatives as of December 31, 2025, promoting products directly to physicians across key therapeutic areas. Research and development efforts are focused on expanding indications for existing products, such as Xiaflex, which is currently in Phase 3 trials for plantar fibromatosis with results expected in the third quarter of 2026, and a Phase 1/2 study for hammer toe was completed in February 2026. The company employed approximately 1,600 people as of December 31, 2025, with a significant portion working in manufacturing, distribution, and field-based roles.

Looking ahead, Keenova intends to exit its remaining opioid business through the divestiture of its Percocet business. The company's strategy remains centered on developing and commercializing branded therapeutics for rare or unaddressed diseases. The company also faces challenges, including competition from alternative treatments, pricing pressure on certain products, and the need to comply with complex regulations. The company's intellectual property portfolio includes patents for Acthar Gel, Xiaflex, and INOmax, with expiration dates ranging from 2028 to 2041. The company is also subject to a corporate integrity agreement with the Office of Inspector General within the Department of Health and Human Services, requiring ongoing compliance and monitoring.