Keenova reports Q4 results above expectations but warns of potential debt defaults due to 10-K delay

Keenova Therapeutics plc

Q4 continuing ops net sales $543M; Acthar Gel $205.6M, XIAFLEX $156.5M; adjusted EBITDA $210-220M.
2026 guidance: net sales $1.94-2.00B, adjusted EBITDA $730-760M; pursuing NYSE listing in H2 2026.
Delay in 2025 10-K filing due to merger/spin-off accounting; will file by April 15, 2026.
Covenant defaults triggered under $1.48B term loan and $1.0B notes if audited statements not delivered within grace periods.
Exploring sale of Percocet opioid business (~$65M sales, $64M adjusted EBITDA in 2026).

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Keenova Therapeutics plc reported the fourth quarter ended December 31, 2025 results: revenue $543.0 million.

Period: the fourth quarter ended December 31, 2025
Revenue: $543.0 million
Result: reported results

Exact text from the filing

Today at 8:00 a.m. ET Fourth Quarter 2025 Highlights 3 • Acthar Gel net sales of $205.6 million • XIAFLEX net sales of $156.5 million • Net sales from continuing operations of $543.0 million • Loss from continuing operations expected to be between $105.0 million and $115.0 million. • Adjusted EBITDA from continuing operations expected to be between $210.0 million and

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Source: SEC EDGAR

accession 0001628280-26-022200

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