Knight Therapeutics (GUD) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenues of CAD 148 million and record adjusted EBITDA of CAD 28 million, representing 68% and 130% year-over-year growth, respectively.

• Increased 2026 revenue guidance to CAD 510–525 million, reflecting strong operational performance, successful product launches, and favorable LATAM currency trends.

• Cash inflow from operations reached CAD 41 million, ending the quarter with over CAD 127 million in cash, cash equivalents, and marketable securities.

• Advanced pipeline with regulatory submissions for Niktimvo in Brazil and Minjuvi in Argentina and Mexico; obtained Brazilian approval for Minjuvi in follicular lymphoma.

• Executed four product launches in Q1 2026 across Brazil, Argentina, Paraguay, and Colombia.

Financial highlights

• Q1 2026 revenues were CAD 148.4 million, up 69% year-over-year; mature products contributed CAD 17 million, launch pipeline products CAD 13 million, and strategic products CAD 28 million.

• Adjusted gross margin was CAD 70.6 million (48% of revenues), up from CAD 40.9 million (47%) in Q1 2025.

• Operating income was CAD 10.6 million, reversing a CAD 5.5 million loss in Q1 2025.

• Adjusted EBITDA per share reached CAD 0.28, up 133% year-over-year.

• Net income rose to CAD 13.2 million from CAD 2.2 million year-over-year; net income per share increased to CAD 0.13 from CAD 0.02.

• Net loss of CAD 2.8 million, primarily from mark-to-market revaluations of strategic fund and equity investments.

• Generated operating cash inflows of CAD 41 million; ended Q1 with CAD 127 million in cash and marketable securities and CAD 58 million in debt.

• Net cash position improved to CAD 69 million from CAD 27 million at end of 2025.

• Debt to adjusted EBITDA leverage ratio under 0.7x at quarter end.

Outlook and guidance

• Fiscal 2026 revenue guidance raised to CAD 510–525 million, with adjusted EBITDA expected at approximately 15% of revenues.

• Guidance increase driven by strong promoted product performance and improved LATAM currency forecasts.

• FX improvements, especially in Brazil, contributed CAD 5–10 million to the raised outlook; remainder from product growth.

• Guidance assumes no material adverse events, supply interruptions, or significant regulatory or currency impacts.