MNK Company Report

Analyst Coverage

Research analysts covering MNK.

Recent press releases and 8-K filings for MNK.

Mallinckrodt Completes Merger and Spinoff, Introduces Kenova Therapeutics, and Updates Guidance

MNK

M&A

Guidance Update

Earnings

Mallinckrodt completed its merger with Endo on July 31, 2025, and subsequently spun off its generics and sterile injectable businesses into a new private company called Power Health. The remaining specialty brand segment will now operate as Kenova Therapeutics.
For Q3 2025, Kenova Therapeutics reported pro forma net sales of $480 million, marking a 10% increase compared to the prior year quarter, primarily driven by the strong performance of AstraZeneca. Pro forma adjusted EBITDA for Kenova in Q3 2025 was $62 million.
The company updated its full-year 2025 guidance for Kenova, projecting pro forma net sales to be between $1.87 billion and $1.89 billion and pro forma adjusted EBITDA to be between $505 million and $515 million.
Mallinckrodt is on track to realize approximately $75 million of pre-tax run-rate synergies in the first 12 months post-merger and at least $150 million of annual pre-tax run-rate synergies by year three post-merger.

Nov 10, 2025, 1:00 PM

Kenova Therapeutics Announces Q3 2025 Results and Strategic Updates

MNK

Earnings

Guidance Update

M&A

Mallinckrodt completed its merger with Endo on July 31, 2025, and subsequently spun off its generics and sterile injectable businesses as Power Health, establishing the new company Kenova Therapeutics.
For Q3 2025, Kenova Therapeutics reported pro forma net sales of $480 million, representing a 10% increase compared to Q3 2024, primarily driven by AstraZeneca's strong performance. Pro forma adjusted EBITDA for Kenova was $62 million.
The company updated its full-year 2025 guidance for Kenova, projecting pro forma net sales between $1.87 billion and $1.89 billion and pro forma adjusted EBITDA between $505 million and $515 million.
Mallinckrodt expects to realize approximately $75 million in pre-tax run-rate synergies in the first 12 months post-merger, increasing to at least $150 million annually by year three.

Nov 10, 2025, 1:00 PM

Keenova Therapeutics Reports Q3 2025 Results and Completes Spinoff

MNK

Earnings

M&A

Guidance Update

Keenova Therapeutics (formerly Mallinckrodt) reported Q3 2025 pro forma net sales of $480 million, marking a 10% increase over Q3 2024, primarily driven by strong Acthar Gel performance.
The company completed the spinoff of its generics and sterile injectable businesses into Par Health on November 10, 2025, with Keenova now focused exclusively on specialty brands.
Q3 2025 pro forma adjusted EBITDA for Keenova was $62 million, impacted by $123 million in merger-related compensation expenses; excluding these, adjusted EBITDA increased by $25 million.
Keenova raised its full-year 2025 pro forma net sales guidance to $1.87 billion-$1.89 billion and adjusted EBITDA guidance to $505 million-$515 million, while also confirming it is on track for $75 million in pre-tax run-rate synergies within the first 12 months post-merger.