Mallinckrodt (MNK) Q4 2025 earnings summary

Executive summary

• Completed merger with Endo and spin-off of Par Health in 2025, transitioning to a branded therapeutics company focused on high unmet need and rare disease areas.

• Financial and operational performance exceeded expectations, with robust Q4 and FY 2025 net sales and adjusted EBITDA growth.

• Preparing for a potential NYSE listing in the second half of 2026, pending board and regulatory approvals.

• Hammer Toe clinical trial met primary safety and secondary efficacy endpoints, advancing to Phase 3.

Financial highlights

• Q4 2025 net sales reached $543 million, up 104% year-over-year, with Acthar Gel and XIAFLEX driving growth.

• FY 2025 net sales were $1.93 billion, up 11% from 2024; adjusted EBITDA from continuing operations was $732 million, up 17%.

• Acthar Gel net sales grew 39% to $677 million in 2025; XIAFLEX net sales rose 6% to $546 million.

• Adjusted EBITDA margin improved significantly year-over-year.

Outlook and guidance

• 2026 net sales expected between $1.94 billion and $2 billion; adjusted EBITDA guidance is $730–$760 million, incorporating anticipated merger synergies.

• Acthar Gel net sales projected to grow in the mid-teens percent; XIAFLEX in the mid- to high-single digits.

• $100 million in pre-tax synergies expected in 2026, with $150 million annual run rate by year three post-merger.

• Guidance excludes potential acquisitions or divestitures, including a possible PERCOCET sale.