Keenova Therapeutics (NYSE:MNK) reported robust fourth-quarter and full-year 2025 financial results on Tuesday, marking its first full quarter as a combined branded therapeutics entity following the merger of Mallinckrodt and Endo.
The company posted fourth-quarter net sales from continuing operations of $543 million, driven by double-digit growth in its flagship autoimmune and specialty platforms.
The quarter’s performance was headlined by Acthar Gel, which generated $205.6 million in net sales, a 48% increase compared to the same period last year.
Management attributed this momentum to increased patient demand and the continued clinical uptake of the SelfJect delivery system.
XIAFLEX, a key asset added through the Endo merger, contributed $156.5 million to the quarterly total, supported by steady volume in its core indications and progress in its expanded clinical pipeline for hammer toe.
For the fourth quarter, Keenova reported an adjusted EBITDA from continuing operations between $210 million and $220 million.
Due to one-time transaction costs and restructuring charges related to the spin-off of its generics business, the company reported a loss from continuing operations in the range of $105 million to $115 million.
Looking ahead, Keenova issued optimistic guidance for fiscal year 2026, forecasting total net sales between $1.94 billion and $2 billion.
Full-year adjusted EBITDA is expected to land between $730 million and $760 million.
The company is also accelerating its efficiency programs, expecting to realize approximately $100 million in pre-tax merger synergies in 2026 as it works toward a long-term annual run-rate of $150 million.