Keenova Therapeutics Reports 126% Revenue Growth to $468.3 Million in Q1 2026

Keenova Therapeutics plc reported significant financial results for the first quarter of 2026, with net sales reaching $468.3 million, a substantial increase from $207.2 million in the same period last year. This 126% growth was primarily driven by the inclusion of products acquired from Endo, which contributed $206.4 million to the revenue, alongside a $54.1 million increase in sales of Acthar Gel due to heightened patient demand. However, the company also reported a net loss of $113.5 million, compared to a loss of $27.7 million in the prior year, reflecting a 310% increase in losses attributed to higher operating expenses, particularly in selling, general, and administrative (SG&A) costs.

The financial performance was impacted by a notable rise in SG&A expenses, which surged by 83.3% to $210.6 million, largely due to increased compensation costs and higher advertising expenditures following the Business Combination with Endo. Additionally, research and development expenses rose by 51.6% to $23.2 million as the company invested in advancing its product pipeline. The overall operating loss for the quarter was $67.0 million, up from $36.6 million a year earlier, driven by increased costs associated with the integration of Endo's operations.

Keenova's operational metrics indicate a strategic shift following the Business Combination completed on July 31, 2025, which has expanded its product portfolio significantly. The company reported that Acthar Gel sales increased by 46.9%, while new products from the Endo acquisition, such as Xiaflex, generated $134.4 million in sales. The company also noted a decline in INOmax sales, which fell by 5.9% due to competitive pressures in the U.S. market. The company’s total assets decreased to $5.47 billion from $5.63 billion at the end of 2025, with cash and cash equivalents slightly increasing to $824.9 million.

Looking ahead, Keenova anticipates that the integration of Endo will yield operational efficiencies and enhance cash flow generation, although it acknowledges the challenges posed by increased debt levels and ongoing litigation matters. The company has expressed confidence in its liquidity position, supported by a $400 million revolving credit facility that remains undrawn. Keenova's management remains focused on leveraging its expanded product offerings to drive future growth while navigating the complexities of the pharmaceutical market, including regulatory scrutiny and competitive dynamics.