Record Financial Performance in 2025
Full year revenues of $883.4M, up 44% year-over-year; adjusted non-GAAP EBITDA of $229.8M, up 47% YoY; adjusted non-GAAP diluted EPS $7.89 vs $5.20 prior year.
Exceptional Cortrophin Gel Growth
Cortrophin Gel net revenue of $347.8M for 2025, up 76% YoY; Q4 Cortrophin revenue $111.4M, up 88% YoY; company expects Cortrophin to grow 55%–65% in 2026 to $540M–$575M.
Strong Generics Performance and Cadence
Generics revenue $384.1M for 2025, up 28% YoY; Q4 generics $100.8M, up 28% YoY; company maintains cadence of 10–15 launches annually supporting continued cash generation.
Meaningful Top-Line Q4 Momentum
Fourth quarter total revenues $247.1M, up 30% YoY; Q4 adjusted non-GAAP EBITDA $65.4M, up 31% YoY; Q4 adjusted non-GAAP diluted EPS $2.33 vs $1.63 prior year.
Strong Cash Generation and Liquidity
Year-end unrestricted cash $285.6M (up $140.7M YoY); full year cash flow from operations $185.2M, providing capital for reinvestment and M&A optionality.
Clear 2026 Guidance with Continued Growth
2026 guidance of $1.055B–$1.115B revenue (≈19%–26% YoY growth), adjusted EBITDA $275M–$290M (≈20%–26% YoY), and adjusted EPS $8.83–$9.34 (≈12%–18% YoY) reflects confident outlook.
Strategic Focus on Rare Disease Transformation
Company prioritizes transforming into a leading rare disease company: Cortrophin commercialization expansion, 90-person organization dedicated to acute gout flares, ongoing Phase IV (150-patient) study and continued R&D investment.
Product and Commercial Enhancements
Launched Cortrophin prefilled syringe (April prior year) supporting patient convenience and adoption; ophthalmology volumes over 2x year-ago in Q4, reflecting commercial traction across specialties.
Improved Payer Coverage for ILUVIEN Indication
All 7 Medicare Administrative Contractors updated policies to cover ILUVIEN for both CIU/NIUPS and DME indications; top commercial payers with ILUVIEN-specific policies updated to reflect both indications.
Reduced Net Leverage
As of Dec 31, 2025 principal debt $629.1M; gross leverage 2.7x and net leverage 1.5x of 2025 adjusted EBITDA, reflecting deleveraging progress and capacity for disciplined capital deployment.