Endo (NDOI) Q2 2025 earnings summary

Executive summary

• Mallinckrodt and Endo Inc. completed their merger on July 31, 2025, forming a larger, more diversified pharmaceutical company.

• Cristiana Stamolis was appointed as the new President and CFO, bringing biotech, finance, and strategy expertise.

• Integration plans are underway, targeting $150 million in annual pre-tax run-rate operating synergies by year three.

Financial highlights

• Legacy Endo's Q2 2025 revenues were $448 million, flat year-over-year; adjusted EBITDA was $150 million, down from $176 million.

• Excluding the divested international segment, Endo's revenues grew 2% year-over-year.

• Legacy Mallinckrodt's Q2 2025 net sales were $485 million, down 6% year-over-year; net income was $2 million, up from a $43 million loss.

• Mallinckrodt's adjusted EBITDA was $137 million, down from $174 million year-over-year.

Outlook and guidance

• 2025 total company net sales expected between $3.57 billion and $3.62 billion; adjusted EBITDA between $1.1 billion and $1.13 billion.

• Par Health net sales projected at $1.72–$1.75 billion, with adjusted EBITDA of $450–$470 million.

• AXSAR Gel 2025 net sales guidance raised to 20%-30% growth; XIAFLEX revenue growth reaffirmed in the high single digits.

• Planned spin-off of Par Health in Q4 2025, subject to board approval.