Mallinckrodt (MNK) investor relations material

Executive summary

• Achieved strong double-digit top-line growth and significant adjusted EBITDA expansion in Q1 2026, driven by Acthar Gel and XIAFLEX, with record new patient starts and successful commercial execution.

• Completed merger with Endo and separation of Par Health in 2025; results reflect continuing operations and pro forma comparisons, excluding divested businesses.

• INOmax product line stabilized with strong U.S. EVOLVE placements and double-digit growth in Japan, though Q1 2026 net sales declined 6%.

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

• Loss from continuing operations was $114 million, reflecting non-cash expenses from fair value adjustments and merger-related costs.

Financial highlights

• Q1 2026 net sales reached $468 million, up 20% year-over-year, led by Acthar Gel and XIAFLEX; gross profit was $186.6 million.

• Adjusted EBITDA was $174 million, reflecting core brand growth, synergy contributions, and a 37% increase year-over-year.

• Acthar Gel net sales grew 47% to $170 million; XIAFLEX net sales rose 11% to $134 million.

• TERLIVAZ sales increased 42% year-over-year.

• Basic loss per share from continuing operations was $2.87.

Outlook and guidance

• Reaffirmed 2026 guidance: net sales of $1.94–$2 billion and adjusted EBITDA of $730–$760 million, including merger synergies.

• Acthar Gel net sales expected to grow mid-teens; XIAFLEX mid- to high-single digits.

• Guidance excludes potential acquisition or divestiture activity, including the possible sale of the PERCOCET business.

• On track to achieve $150 million annual pre-tax run rate synergies by third anniversary of merger.