Viskase Holdings Reports Improved Net Loss of $5.1 Million in Q2 2026

Viskase Holdings, Inc., formerly known as Enzon Pharmaceuticals, reported its financial results for the second quarter of 2026, revealing a net loss of $5.1 million, a significant improvement from a net loss of $20.3 million in the same period last year. The company’s net sales for the quarter totaled $90.1 million, down 7.3% from $97.3 million in the prior year, primarily due to a decrease in sales volume. Cost of sales also decreased to $79.0 million from $85.6 million, leading to a gross margin of $11.1 million, compared to $11.6 million in the previous year.

For the first half of 2026, Viskase reported a net loss of $11.9 million, an improvement from a loss of $33.9 million in the same period of 2025. Total net sales for the six months ended June 30, 2026, were $176.7 million, down from $191.5 million in 2025. The decrease in sales was attributed to volume-related declines, partially offset by favorable pricing and foreign currency impacts. The company’s gross margin for the first half of 2026 was $20.1 million, down from $26.0 million in the prior year, reflecting the challenges in sales volume and production capacity.

Viskase's operational metrics showed a notable reduction in selling, general, and administrative expenses, which decreased to $12.1 million for the second quarter of 2026 from $12.9 million in the same quarter of 2025. The company also recorded a restructuring expense of $0.2 million in the latest quarter, down from $0.9 million a year earlier. The restructuring plan, which included the closure of the Osceola, Arkansas facility, is expected to yield long-term cost savings, although it has temporarily impacted production capacity.

The company’s balance sheet as of June 30, 2026, showed total assets of $424.5 million, an increase from $402.1 million at the end of 2025. Current liabilities significantly decreased to $123.6 million from $214.5 million, primarily due to a reduction in short-term debt. Viskase's cash and cash equivalents stood at $7.9 million, down from $9.2 million at the end of 2025. The company is currently focused on refinancing its Senior Credit Facility, which is due to mature in August 2027, and is optimistic about securing the necessary funds.

Looking ahead, Viskase anticipates continued challenges in the market, including inflationary pressures and potential disruptions in supply chains. The company remains committed to improving operational efficiencies and expanding its market presence, particularly in high-growth regions. Viskase's management is focused on leveraging its production capabilities and enhancing product quality to meet evolving consumer demands in the processed meat industry.