Acthar Gel and XIAFLEX drive Keenova’s Q1 net sales to $468M

Keenova Therapeutics (NYSE:MNK) posted first-quarter 2026 net sales from continuing operations of $468 million.

The performance was anchored by Acthar Gel, which generated $170 million in net sales—a 47% increase year-over-year—fueled by the successful commercial uptake of its SelfJect autoinjector.

XIAFLEX, a key addition from the company’s merger with Endo, contributed $134 million in net sales, supported by steady demand in urology and orthopedics.

The company reported a net loss from continuing operations of $114 million, primarily reflecting non-cash fair value adjustments and expenses related to the Endo integration.

However, adjusted EBITDA reached $174 million, benefiting from the realization of $23 million in pre-tax merger synergies during the quarter.

Keenova remains on track to achieve $100 million in total synergies for the full fiscal year.

Beyond financial metrics, Keenova confirmed that its XIAFLEX clinical program remains on schedule.

The company is nearing a Phase 3 readout for its plantar fibromatosis study, expected in the third quarter of 2026, and recently completed an end-of-Phase 2 meeting with the FDA regarding its hammer toe development program.

Additionally, the company is evaluating the potential divestiture of its non-core PERCOCET business to further streamline its focus on high-growth branded therapeutics.

Looking ahead, management reaffirmed its full-year 2026 financial guidance.

While net sales is expected to range from $1.94 billion to $2 billion, adjusted EBITDA is expected to come in between $730 million to $760 million.