Keenova Reports Q2 Losses Amid Strategic Portfolio Shifts

Net sales from continuing operations climbed to $517 million, bolstered by a 17% increase in Acthar Gel sales, which reached $205 million, and $150 million in contributions from XIAFLEX. The bottom-line loss was primarily driven by a $208 million pre-tax impairment charge tied to the divestiture of the Percocet business, alongside $95 million in non-cash expenses linked to inventory and intangible asset fair value adjustments following the company's merger with Endo LP.

Keenova is focusing on high-value branded therapeutics as it works through a $100 million annual synergy plan. CEO Siggi Olafsson noted that the company remains on track to list on the New York Stock Exchange in 2027. Pipeline progress continues to be a priority, with positive Phase 3 data for XIAFLEX in plantar fibromatosis fueling plans for a regulatory submission later this year, and a new Phase 3 trial for hammer toe set to begin enrollment in the third quarter.