Keenova Therapeutics Announces Strong Q4 2025 Results, Exceeding Expectations

Company Completes Transition to Branded Therapeutics, Provides Upbeat 2026 Guidance

Mar. 31, 2026 at 12:29pm

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A photorealistic studio still life featuring polished medical devices and vials, symbolizing Keenova's focus on branded therapeutics for rare and specialty conditions.Keenova's branded therapeutics portfolio, including its flagship products Acthar Gel and XIAFLEX, positions the company for continued growth in rare and specialty disease areas.NYC Today

Keenova Therapeutics today announced unaudited financial results for the fourth quarter of 2025, reporting robust performance driven by strength in Acthar Gel and XIAFLEX. The company's financial and operational results exceeded expectations as it completed its transition into a branded therapeutics company, with net sales from continuing operations of $543 million and adjusted EBITDA from continuing operations between $210-$220 million.

Why it matters

Keenova's strong Q4 results and upbeat 2026 guidance demonstrate the company's successful transformation into a purpose-driven branded therapeutics player, with its rare disease capabilities and diversified portfolio of specialty products positioning it for sustainable growth. The company's performance also highlights the positive momentum in key products like Acthar Gel and XIAFLEX, as well as the realization of merger-related synergies.

The details

Keenova reported Acthar Gel net sales of $205.6 million, up 48% year-over-year, driven by higher demand and continued momentum in the SelfJect auto-injector. XIAFLEX net sales were $156.5 million. The company expects to realize $100 million in pre-tax merger synergies in 2026 as it remains on track to achieve $150 million in annual pre-tax, run-rate synergies by the merger's three-year anniversary. Keenova also announced positive topline data from a proof-of-concept study for its XIAFLEX hammer toe program, enabling progression into a Phase 3 registrational study.

  • On July 31, 2025, the company completed its merger with Endo LP.
  • On November 10, 2025, the company completed the separation of Par Health.

The players

Siggi Olafsson

President and Chief Executive Officer of Keenova Therapeutics.

Keenova Therapeutics plc

A leading U.S.-focused branded therapeutics company that helps patients with rare or unaddressed conditions live happier and healthier lives.

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What they’re saying

“2025 was a transformational year for Keenova. We completed our evolution into a purpose-driven branded therapeutics company and delivered financial results above our expectations. We also began executing on our synergy plans and remain on track to meet our targets.”

— Siggi Olafsson, President and Chief Executive Officer

What’s next

An FDA end-of-Phase 2 meeting for Keenova's XIAFLEX hammer toe program is planned for the second quarter of 2026, with the start of the Phase 3 study expected in the fourth quarter of 2026.

The takeaway

Keenova's strong Q4 performance and upbeat 2026 guidance demonstrate the company's successful transformation into a leading branded therapeutics player, with its rare disease capabilities and diversified portfolio positioning it for sustainable growth as it prepares to pursue a NYSE listing in the second half of 2026.