Consolidated Revenue and Profitability Growth (2025)
Full-year 2025 revenue of $3.0B, up 8% year-over-year; full-year adjusted EBITDA of $688M, up 10%; full-year adjusted EPS $0.83, up 43%.
Strong Q4 2025 Results
Q4 2025 revenue of $814M, up 11% YoY; Q4 adjusted EBITDA $175M, up 13% YoY; Q4 adjusted EPS $0.21, up 75% YoY.
Segment Strength — Specialty
Specialty revenues grew 19% for the full year and 38% in Q4 to $167M, driven by branded products including Krexone (Crexone/Trexon) and initial sales of the new auto-injector.
Balance Sheet and Cash Flow Improvements
Operating cash flow of $340M in 2025; net leverage reduced to 3.5x (from 7.4x in 2019); weighted average cost of debt reduced from ~10% in 2024 to ~6.8% in 2026; interest expense down to $217M in 2025 from $256M in 2024; debt maturities extended to 2032.
2026 Financial Guidance (Growth with Margin Expansion)
2026 guidance: revenue $3.05B–$3.15B (up 1%–4%); adjusted EBITDA $720M–$760M (up 5%–10%); adjusted EPS $0.93–$1.03 (up 12%–20%); adjusted gross margin expected >44% (≈+100 bps).
Pipeline & Complex Launch Cadence
High launch activity: company expects to file 10–15 key complex programs in 2026; 59 ANDAs pending (64% classified as complex) and 52 more products in development (94% complex). Annual target of 20–30 new Affordable Medicines launches.
Biosimilars and GLP‑1 Strategic Progress
Biosimilars momentum: approvals for two additional biosimilars (fourth and fifth), ZOLAR in review, on track for six U.S. biosimilars by 2027; Xolair identified as a large upcoming opportunity (~$4B U.S. market). GLP‑1 collaboration with Pfizer progressing and two GLP‑1 manufacturing facilities are on target.
Commercial Traction for New Specialty Products
Krexone one-year post-launch: ~23,000 patients on therapy (~>3% market share) with interim Phase 4 showing +3.13 hours of 'good on' time for converted IR patients; management expects to double market share and more than double revenue in 2026. Launched a first‑of‑kind auto-injector for severe migraine/cluster headache (early uptake described as beyond expectations).