---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-022200"
form_type: "8-K"
ticker: null
cik: "0001567892"
company_name: "Keenova Therapeutics plc"
filed_at: "2026-03-31T23:59:59+00:00"
generated_at: "2026-05-15T08:09:45.745271+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001628280-26-022200
- form_type: 8-K
- cik: 0001567892
- company_name: Keenova Therapeutics plc
- filed_at: 2026-03-31T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1567892/000162828026022200/0001628280-26-022200-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1567892/000162828026022200/mnk-20260331.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-022200
- JSON: https://secwatch.observer/filing/0001628280-26-022200.json
- Plain text: https://secwatch.observer/filing/0001628280-26-022200.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1567892/000162828026022200/0001628280-26-022200-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.