Q2 2025 Mallinckrodt PLC Earnings Call

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I will now turn the call Uber, So Gerard mute shneur to cover forward looking statements. Please go ahead.

Thank you and welcome everyone before we begin let me remind that we will make forward looking statements on this call.

Possible that actual results could be materially different from our stated expectations.

Please note. These forward looking statements are made as of today and we assume no obligation to update them.

Even in the advent of new information or actual results or future expectations change materially except as required by law.

We encourage you to refer to the cautionary statements contained in our SEC filings for a more in depth explanation of the inherent limitations of such forward looking statements.

We will also provide selected non-GAAP adjusted measures related to our financial performance on this call.

A reconciliation of these non.

As included in our earnings release, which can be found on our website and then K dash Endo Dot com.

We use our website as a channel to distribute important and time critical company information.

You should look to the Investor relations page of Mmk Dash and the Dot com all this information.

As noted in our earnings release.

<unk> quarter for legacy Mallinckrodt ended on June 27, 25.

In the second quarter for legacy Endo ended on June 30.

Additionally, unless otherwise specified for legacy Mallinckrodt results the.

Net sales percentage changes, we discussed will be on a constant currency basis.

I'll now turn the call over to Siggi.

Thanks, Kara and.

Good morning, everyone.

Last week, we completed the merger of Mallinckrodt and Andrew.

And we are very excited to be speaking with you for the first time as a combined company.

Today, we will cover the financial results of each legacy business for the second quarter of 2025, which ended a few weeks before completion of the merger.

I'm joined by the legacy Cfos of each business Bryan reasons for Mallinckrodt.

Promptly for rental.

They will walk you through the numbers and performance highlights from both Standalone companies and then I will share our outlook for the combined company.

Before we dive into the numbers I'd like to stop there is an update on two subjects.

Our merger.

And the announcement this morning of our new President and CFO Cristiano some modest.

As we announced this morning.

As I mentioned.

We were very pleased to announce the successful completion of a combination of mallinckrodt and handle on July 31.

When we first announced the merger in March.

So an extraordinary opportunity to combine two highly complementary pharmaceutical organizations and our excitement about what mylan Continental can accomplish together has only grown since then.

Over the past few months, we have obtained.

Our team dedicated to developing a comprehensive integration plan and preparing for our future as one organization.

Through these efforts.

Have seen how well our teams work together and how closely our coaches align.

And we are starting this new chapter ready to hit the ground running.

I'd like to thank the employees and leaders from both companies for their extraordinary efforts.

We are now focused on executing on our vision for the future of our combined company.

In that regard I'm excited to announce that we have recruited cristiano stockholders.

As our new President and CFO.

Building, a new organization requires not only bringing together the existing talent of both companies, but also bringing in new talent with experiences and ideas different from our own.

Speaker #1: This new chapter ready to hit the ground running. I'd like to thank the employees and leaders from both companies for their extraordinary efforts. We are now focused on executing on our vision for the future of our combined company, and in that regard, I'm excited to announce that we have recruited Christiana Stamolis as our new president and CFO.

Sigurdur Olafsson: This new chapter is ready to hit the ground running. I would like to thank the employees and leaders from both companies for their extraordinary efforts. We are now focused on executing on our vision for the future of our combined company. In that regard, I am excited to announce that we have recruited Christiana Stamolis as our new President and CFO. Building a new organization requires not only bringing together the existing talent of both companies, but also bringing in new talent with experiences and ideas different from our own. In that regard, we are really excited to have Christiana on board. She is an exceptional talent with deep experience in biotech, finance, and strategy, and we are looking forward to the contributions she will make to forging our new future.

In that regard we are really excited to have Cristiano on board.

He is an exceptional talent with deep experience in biotech financing strategy.

We are looking forward to the contributions <unk> B C will make 2014, our new future.

The new modern crop combines two organizations with rich legacy of innovation committed to accelerating the value creation, we can deliver to our stakeholders.

Speaker #1: Building a new organization requires not only bringing together the existing talent of both companies, but also bringing in a new talent with experiences and ideas different from our own.

Our specialty brands portfolio spans a wide range of therapeutic areas of significant unmet need.

Speaker #1: In that regard, we are really excited to have Christiana on board. She is an exceptional talent with deep experience in biotech finance and strategy, and we are looking forward to the contributions she will be she will make to forging our new future.

Durable on market products, we are well positioned for growth.

We also have a strong balance sheet and meaningful financial flexibility to invest in innovation and business development.

Our combined generics on sterile Injectables business, which operates under the power health name features a broad product portfolio.

Speaker #1: The new Mallinckrodt combines two organizations with rich legacies of innovation, committed to accelerating the value creation we can deliver to our stakeholders. Our specialty brand portfolio spans a wide range of therapeutic areas of significant unmet need, and with durable on-market products, we are well positioned for growth.

Sigurdur Olafsson: The new Mallinckrodt plc combines two organizations with rich legacies of innovation committed to accelerating the value creation we can deliver to our stakeholders. Our specialty brands portfolio spans a wide range of therapeutic areas of significant unmet need, and with durable on-market products, we are well positioned for growth. We also have a strong balance sheet and meaningful financial flexibility to invest in innovation and business development. Our combined generics and sterile injectables business, which operates under the FarHealth name, features a broad product portfolio, a leading controlled substances franchise, and best-in-class capabilities across the value chain. With financing secured for the merger, and I should acknowledge the effort of our financing bankers led by Avapor, we are all well positioned to move forward with our planned spin-off in the fourth quarter of 2025, subject to our board's approval and other conditions.

Leaping controlled substances franchise and best in class capabilities across the value chain.

With financing secured for the merger and I should acknowledge the effort of our financing bankers led by Evercore. We are all well positioned to move forward with our planned spinoff in the fourth quarter of 2025 subject to our board's approval and other conditions.

Speaker #1: We also have a strong balance sheet and meaningful financial flexibility to invest in innovation and business development. Our combined generics and sterile injectable business, which operates under the par health name, features a broad product portfolio.

We are moving forward with urgency.

Entity to unlock unlock our full potential as a law.

Larger and more diversified company.

Speaker #1: Our leading controlled substance is franchised, and best-in-class capabilities across the value chain. With financing secured for the merger, and I should acknowledge the effort of our financing bankers, led by Avicor, we are all well positioned to move forward with our plans spin-off in the fourth quarter of 2025.

And while we are in early days of executing our integration plan, we remain on track to achieve our affinity targets of generating at least $150 million of annual pre tax run rate operating synergies by year, three and approximately $75 million.

Pre tax run rate synergies in the first 12 months post merger.

Speaker #1: Subject to our board's approval and other conditions. We are moving forward with urgency and energy to unlock our full potential as a larger and more diversified company.

Before turning.

Over the call I want to emphasize that our strong financial results. We are sharing today only began for US my confidence in this combination.

Sigurdur Olafsson: We are moving forward with urgency and energy to unlock our full potential as a larger and more diversified company. While we are in early days of executing our integration plans, we remain on track to achieve our synergy targets of generating at least $150 million of annual pre-tax run-rate operating synergies by year three and approximately $75 million of pre-tax run-rate synergies in the first 12 months post-merger. Before turning over the call, I want to emphasize that the strong financial results we are sharing today only reinforce my confidence in this combination and what we can achieve as one organization. On that note, I will flip the call over to Mark, who will discuss legacy Endo's financial results for the second quarter.

Speaker #1: And while we are in early days of executing our integration plans, we remain on track to achieve our affinity targets of generating at least $150 million of annual pre-tax run rate operating affinities by year three and approximately $75 million of pre-tax run rate affinities in the first 12 months post-merger.

What we can achieve as one organization.

On that note I'll flip the call over to Mark who will discuss in legacy <unk> financial results for the second quarter.

Thank you Siggi on behalf of the entire Endo team I Echo your remarks about our combination and how excited we are to move forward as one company.

Turning to end of the second quarter 2025 results. We are pleased to share that the company performed in line with vendors expectations for the quarter, which reflected a meaningful sequential increase from the first quarter of 2025.

Speaker #1: Before turning the over the call, I want to emphasize that a strong financial result we are sharing today only reinforce my confidence in this combination.

Second quarter 2025, total revenues were $448 million flat compared to $446 million in the second quarter of 2024.

Speaker #1: And what we can achieve as one organization. On that note, I'll flip the call over to Mark, who will discuss the legacy endos financial results for the second quarter.

However, excluding the international segment, which was divested in the second quarter total revenues increased by approximately 2% in the second quarter of 2025 compared to the second quarter of 2024.

Speaker #2: Thank you, Sugi. On behalf of the entire endo team, I echo your remarks about our combination and how excited we are to move forward as one company.

Mark: Thank you, Siggy. On behalf of the entire Endo team, I echo your remarks about our combination and how excited we are to move forward as one company. Turning to Endo's second quarter 2025 results, we are pleased to share that the company performed in line with Endo's expectations for the quarter, which reflected a meaningful sequential increase from the first quarter of 2025. Second quarter 2025 total revenues were $448 million, flat compared to $446 million in the second quarter of 2024. However, excluding the international segment, which was divested in the second quarter, total revenues increased by approximately 2% in the second quarter of 2025 compared to the second quarter of 2024. Second quarter 2025 adjusted EBITDA was $150 million compared to $176 million in the second quarter of 2024.

Second quarter 2025, adjusted EBITDA was $150 million.

Speaker #2: Turning to end the second quarter 2025 results, we are pleased to share that the company performed in line with endos expectations for the quarter, which reflected a meaningful sequential increase from the first quarter of 2025.

Compared to $176 million in the second quarter of 2024.

This change was primarily driven by lower adjusted gross margin due to changes in product mix and continued investments in our sterile injectable manufacturing network.

Speaker #2: The second quarter 2025 total revenues were $448 million, flat compared to $446 million in the second quarter of 2024. However, excluding the international segment, which was divested in the second quarter, total revenues increased by approximately 2% in second quarter of 2025, compared to the second quarter of 2024.

Second quarter 2025, adjusted net income was $64 million compared.

Compared to $105 million in the second quarter of 2024.

This change was primarily due to the decrease in adjusted EBITDA previously mentioned, coupled with an increase in interest expense.

Turning to segment level performance the brand pharmaceutical segment reported revenues of $228 million in the second quarter of 2025 compared to $225 million in the second quarter of 2024.

Speaker #2: The second quarter of 2025 adjusted EBITDA was $150 million, compared to $176 million in the second quarter of 2024. This change was primarily driven by lower adjusted gross margin due to changes in product mix and continued investments in the sterile injectables manufacturing network.

Mark: This change was primarily driven by lower adjusted growth margin due to changes in product mix and continued investments in the sterile injectables manufacturing network. Second quarter 2025 adjusted net income was $64 million compared to $105 million in the second quarter of 2024. This change was primarily due to the decrease in adjusted EBITDA previously mentioned, coupled with an increase in interest expense. Turning to segment-level performance, the branded pharmaceutical segment reported revenues of $228 million in the second quarter of 2025 compared to $225 million in the second quarter of 2024. This change was led by Xiaflex and Supralin, which grew approximately 9% and 13% respectively in the second quarter of 2025 compared to the second quarter of 2024. Xiaflex achieved another strong quarter driven by an increase in price and volumes associated with steady growth in underlying demand due to continued patient and healthcare provider education.

This change was led by XIAFLEX, and <unk>, which grew approximately 9% and 13% respectively. In the second quarter of 2025 compared to the second quarter of 2024.

Speaker #2: The second quarter of 2025 adjusted net income was $64 million, compared to $105 million in the second quarter of 2024. This change was primarily due to the decrease in adjusted EBITDA previously mentioned, coupled with an increase in interest expense.

XIAFLEX achieved another strong quarter, driven by an increase in price and volumes associated with steady growth in underlying demand due to continued patient and healthcare provider education.

Looking forward, we continue to see growth potential in diagnosis and treatment rates.

Speaker #2: Turning to segment-level performance, the brand pharmaceutical segment reported revenues of $228 million, in the second quarter of 2025, compared to $225 million in the second quarter of 2024.

The sterile Injectables segment reported revenues of $87 million in the second quarter of 2025.

Compared to $91 million in the second quarter of 2024.

Speaker #2: This change was led by Ziaflex and Sopralin, which grew approximately 9% and 13%, respectively, in the second quarter of 2025, compared to the second quarter of 2024.

This change was primarily driven by competitive pressures on adrenalin vials Enphase district. It was only partially offset by increased revenues from the adrenalin ready to use bag and increased volumes across several other sterile injectable products.

Speaker #2: Ziaflex achieved another strong quarter, driven by an increase in price and volumes associated with steady growth in underlying demand due to continued patient and healthcare provider education.

On a sequential basis sterile injectables revenues increased 23% compared to the first quarter of 2025.

Speaker #2: Looking forward, we continue to see growth potential and diagnosis and treatment rates. The sterile injectable segment reported revenues of $87 million in the second quarter of 2025, compared to $91 million in the second quarter of 2024.

Mark: Looking forward, we continue to see growth potential in diagnosis and treatment rates. The sterile injectable segment reported revenues of $87 million in the second quarter of 2025 compared to $91 million in the second quarter of 2024. This change was primarily driven by competitive pressures on adrenaline vials and vasostricts; it was only partially offset by increased revenues from the adrenaline ready-to-use bags and increased volumes across several other sterile injectable products. On a sequential basis, sterile injectable revenues increased 23% compared to the first quarter of 2025. In the second quarter of 2025, we expanded the adrenaline RTU bag product line with the addition of an 8 milligram concentration to the existing 4 milligram concentration that was launched in the fourth quarter of 2024. We also continue to advance the sterile injectables pipeline and now have four FDA submissions through the end of the second quarter of 2025.

In the.

Quarter of 2025, we expanded the adrenaline <unk> bag product line with the addition of an eight milligram concentration to the existing four milligram concentration that was launched in the fourth quarter of 2024.

We also continued to advance our sterile injectables pipeline and now have four FDA submissions through the end of the second quarter of 2025.

Speaker #2: This change was primarily driven by competitive pressures on adrenaline vials and vasostrict, it was only partially offset by increased revenues from the adrenaline ready-to-use bags, and increased volumes across several other sterile injectable products.

We continue to remain on track to complete seven FDA submissions and three product launches in 2025.

Speaker #2: On a sequential basis, sterile injectables revenues increased 23%, compared to the first quarter of 2025. In the second quarter of 2025, we expanded the adrenaline RTU bag product line with the addition of an 8 milligram concentration to the existing 4 milligram concentration that was launched in the fourth quarter of 2024.

The generic pharmaceutical segment reported revenues of $119 million in second quarter of 2025.

Compared to $110 million in the second quarter of 2024.

Revenues from the lidocaine patch grew 31% compared to the second quarter of 2024, and 38% compared to the fourth first quarter of 2025.

Primarily driven by higher volumes and we continue to respond to market supply dynamics.

Speaker #2: We also continue to advance sterile injectables pipeline and now have four FDA submissions through the end of the second quarter of 2025. We continue remain on track to complete seven FDA submissions and three product launches in 2025.

The competitive landscape continues to remain relatively stable and our contract manufacturing partner continues to increase capacity to address growing market share.

Mark: We continue to remain on track to complete seven FDA submissions and three product launches in 2025. The generic pharmaceutical segment reported revenues of $119 million in the second quarter of 2025 compared to $110 million in the second quarter of 2024. Revenues from the lidocaine patch grew 31% compared to the second quarter of 2024 and 38% compared to the first quarter of 2025, primarily driven by higher volumes as we continue to respond to market supply dynamics. The competitive landscape continues to remain relatively stable, and our contract manufacturing partner continues to increase capacity to address growing market share. Finally, the international pharmaceutical segment reported revenues of $13 million in the second quarter of 2025 compared to $21 million in the second quarter of 2024. This decline was the result of the previously announced divestiture of the international pharmaceuticals business that was completed on June 17th.

Finally, the international pharmaceutical segment reported revenues of $13 million in the second quarter of 2025 compared to $21 million in the second quarter of 2024.

Speaker #2: The generic pharmaceutical segment reported revenues of $119 million in the second quarter of 2025, compared to $110 million in the second quarter of 2024.

This decline was the result of the previously announced divestiture of the International Pharmaceuticals business. It was completed on June 17.

Speaker #2: Revenues from the lidocaine patch grew 31%, compared to the second quarter of 2024, and 38% compared to the first quarter of 2025, primarily driven by higher volumes as we continue to respond to market supply dynamics.

I will now turn the call over to Brian who will discuss <unk> second quarter results.

Thanks Mark.

Legacy Biocraft maintain our positive momentum again, delivering strong performance in the second quarter.

Speaker #2: The competitive landscape continues to remain relatively stable, and our contract manufacturing partner continues to increase capacity to address growing market share. Finally, the international pharmaceutical segment reported revenues of $13 million in the second quarter of 2025, compared to $21 million in the second quarter of 2024.

<unk> net sales in the second quarter of 2025 or $485 million as compared to $514 million in the second quarter of 2024.

Reflecting a 6% decrease on a reported and constant currency basis, excluding the impact of the <unk> divestiture total net sales grew by 9%.

Speaker #2: This decline was the result of the previously announced divestiture of the international pharmaceuticals business, it was completed on June 17th. I will now turn the call over to Brian, who will discuss Mallinckrodt's second quarter results.

Net income for the second quarter of 2025 was $2 million an.

Mark: I will now turn the call over to Bryan Reasons, who will discuss Mallinckrodt plc's second quarter results.

An improvement from net a net loss of $43 million in the second quarter of 2020.

Speaker #3: Thanks, Mark. Legacy Mallinckrodt maintained our positive momentum again delivering strong performance in the second quarter. Mallinckrodt's net sales in the second quarter of 2025 were $485 million.

Bryan Reasons: Thanks, Mark. Legacy Mallinckrodt maintained our positive momentum, again delivering strong performance in the second quarter. Mallinckrodt's net sales in the second quarter of 2025 were $485 million as compared to $514 million in the second quarter of 2024, reflecting a 6% decrease on a reported and constant currency basis. Excluding the impact of the Therakos divestiture, total net sales grew by 9%. Net income for the second quarter of 2025 was $2 million, an improvement from a net loss of $43 million in the second quarter of 2024. Adjusted EBITDA in the second quarter of 2025 was $137 million as compared to $174 million in the second quarter of 2024. This was driven by strength in Acthar Gel, largely offset by the impact of the Therakos divestiture, incremental commercial investment for Acthar Gel, and the impact of nitric oxide competition in the United States.

Adjusted EBITDA in the second quarter of 2025 was $137 million as compared to $174 million in the second quarter of 2024. This was driven by strength in acthar gel largely offset by the impact of the <unk> divestiture incremental commercial.

Speaker #3: That's compared to $514 million in the second quarter of 2024. Reflecting a 6% decrease on a reported and constant currency basis excluding the impact of the Theracos divestiture total net sales grew by 9%.

<unk> for Acthar gel and the impact of nitric oxide competition in the United States.

Speaker #3: Net income for the second quarter of 2025 was $2 million, an improvement from a net loss of $43 million in the second quarter of 2024.

Okay.

Let's take a closer look at legacy <unk>, two business segments, starting with specialty brands.

<unk> brand segment reported net sales of $264 million as compared to $275 million in the second quarter of 2024, 4%.

Speaker #3: Adjusted EBITDA in the second quarter of 2025 was $137 million as compared to $174 million in the second quarter of 2024. This was driven by strength in Axar Gel, largely offset by the impact of the Theracos divestiture incremental commercial investment for Axar Gel, and the impact of nitric oxide competition in the United States.

Cent decrease includes the impact of the <unk> divestiture, excluding <unk> specialty brands net sales grew by 28%.

The primary driver of this growth with Acthar gel, which generated net sales of $175 million in the second quarter, an increase of 49% compared to the prior year period. This.

Speaker #3: Let's take a closer look at legacy Mallinckrodt's two business segments, starting with specialty brands. Specialty brand segment reported net sales of $264 million as compared to $275 million in the second quarter of 2024.

Bryan Reasons: Let's take a closer look at Legacy Mallinckrodt's two business segments, starting with specialty brands. The specialty brand segment reported a net sale of $264 million as compared to $275 million in the second quarter of 2024. This 4% decrease includes the impact of the Therakos divestiture. Excluding Therakos, specialty brand net sales grew by 28%. The primary driver of this growth was Acthar Gel, which generated net sales of $175 million in the second quarter, an increase of 49% compared to the prior year period. This significant growth, which represents the highest growth for Acthar brand in more than a decade, was driven by rising category awareness, prescriber-based expansion, and improved patient affordability. In addition, we're nearly a year into the highly successful launch of our Self-Check device, which has been a strong growth driver for the brand.

This significant growth, which represents the highest growth for act of our brand and more than a decade was driven by rising category awareness for <unk>.

Scriber base expansion and improve patient affordability.

Speaker #3: This 4% decrease includes the impact of the Theracos divestiture. Excluding Theracos, specialty brands net sales grew by 28%. The primary driver of this growth was Axar Gel, which generated net sales of $175 million in the second quarter and increased by 49% compared to the prior year period.

In addition, we're nearly a year and to the highly successful launch of our soft check device, which has been a strong growth driver for the brand.

Enthusiasm for South Jack has translated into strong referral rates with South Jack now accounting for over 80% of all new Acthar referrals and second quarter.

We also saw growth across all therapeutic areas this quarter, a great indicator of momentum for Acthar gel overall.

Speaker #3: This significant growth, which represents the highest growth for Axar brand in more than a decade, was driven by rising category awareness, prescriber-based expansion, and improved patient affordability.

Turning to <unk> net sales were $62 million in the second quarter, a decrease of 7% compared to the prior year period.

Speaker #3: In addition, we're nearly a year into the highly successful launch of our self-check device. Which has been a strong growth driver for the brand.

Net sales in the U S continue to be impacted by competitive pressures. We're pleased with the growth we saw in Japan, where sales increased 27% compared to the second quarter of 2020.

Speaker #3: Enthusiasm for self-check has translated into strong referral rates, with self-check now accounting for over 80% of all new Axar referrals in the second quarter.

Bryan Reasons: Enthusiasm for Self-Check has translated into strong referral rates, with Self-Check now accounting for over 80% of all new Acthar referrals in the second quarter. We also saw growth across all therapeutic areas this quarter, a great indicator of momentum for Acthar Gel overall. Turning to INOmax, net sales were $62 million in the second quarter, a decrease of 7% compared to the prior year period. Those sales in the U.S. continue to be impacted by competitive pressures. We're pleased with the growth we saw in Japan, where sales increased 27% compared to the second quarter of 2024. Our multi-year rollout of the Evolve DS delivery system into U.S. hospitals continues to progress well. As of quarter end, we had more than 700 devices placed in over 80 hospitals nationwide.

Our multiyear rollout of the <unk> delivery system and to U S hospitals continues to progress well.

Speaker #3: We also saw the rowth across all therapeutic areas this quarter. A great indicator of momentum for Axar Gel overall. Turning to Inomax, net sales were $62 million in the second quarter, a decrease of 7% compared to the prior year period.

As of quarter end, we had more than 700 devices placed in over 80 hospitals nationwide.

The end of 2025, we expect that evolve devices will be used to deliver the majority of nitric oxide.

<unk> therapy in the U S.

Speaker #3: Those sales in the US continued to be impacted by competitive pressures where pleased with the growth we saw in Japan, where sales increased 27% compared to the second quarter of 2024.

<unk> generated net sales of $8 million in the second quarter, an increase of 51% compared to the prior year period.

This reflects 23% hospital demand volume growth versus the second quarter of 2024 in line with our expectation.

Speaker #3: Our multi-year rollout of Evolve DS delivery system into US hospitals continues to progress well. As a quarter-end, we had more than 700 devices placed in over 80 hospitals nationwide.

We continue to believe in the opportunities ahead for this treatment.

Options for patients with HRS and their caregivers.

Speaker #3: By the of 2025, we expect that Evolve devices will be used to deliver the majority of nitric oxide of Inomax therapy in the US.

Bryan Reasons: By the end of 2025, we expect that Evolve devices will be used to deliver the majority of nitric oxide of INOmax therapy in the U.S. Terlivaz generated net sales of $8 million in the second quarter, an increase of 51% compared to the prior year period. This reflects 23% hospital demand volume growth versus the second quarter of 2024, in line with our expectations. We continue to believe in the opportunities ahead for this treatment as an important option for patients with HRS and their caregivers. Moving to specialty generics. The specialty generics segment reported net sales of $221 million as compared to $240 million in the second quarter of 2024, a decrease of 8%. This year-over-year decline reflects a difficult comparison with the prior period, and high demand for our finished status products, driven by market constraints and shortages, translated to peak sales volumes.

Now moving to specialty generics.

Specialty generics segment reported net sales of $221 million as compared to $240 million in the second quarter of 2024, a decrease of 8%.

Speaker #3: Curve has generated net sales of $8 million in the second quarter. An increase of 51% compared to the prior year period. This reflects 23% hospital demand volume growth versus the second quarter of 2024, in line with our ectations.

This year over year decline reflects a difficult comparison with the prior year period and high demand for our finished dose products driven by market constraints and shortages translated to peak sales volumes.

Speaker #3: We continue to believe in the opportunities ahead for this treatment as an important option for patients with HRS and their caregivers. Now moving to specialty generics.

Generics performance was impacted by competitive pressures on finished this opioid and APAC products somewhat offset by strong performance and finished dose ADHD and addiction and products.

Speaker #3: Specialty generic segment reported net sales of $221 million as compared to $240 million in the second quarter of 2024, a decrease of 8%. This year-over-year decline reflects a difficult comparison with the prior period when high demand for our finished dose products driven by market constraints and shortages translated to peak sales volumes.

Yes.

And API, we are encouraged by signs of a turnaround in the APAC market a positive indicator moving forward.

I'll now hand, the call back to <unk> for the combined company's 2025 financial guidance with some closing remarks.

Thanks, Brian.

For 2025, we expect total company net sales to be between $3.

Speaker #3: Generic performance was impacted by competitive pressures on finished dose opioids and APAC products. Somewhat offset by strong performance and finished dose ADHD and addiction treatment product families.

$5 $7 billion to 362 billion and adjusted EBITDA between $1 $1 billion on 113 billion.

Bryan Reasons: Generic performance was impacted by competitive pressures on finished dose opioids and APAP products, somewhat offset by strong performance in finished dose ADHD and addiction treatment product families. In API, we are encouraged by signs of a turnaround in the APAP market, a positive indicator moving forward. I will now hand the call back to Sigurdur Olafsson for the combined company's 2025 financial guidance and some closing remarks.

So 2025, we expect power health net sales to be between $1 72 billion, and 175 billion and adjusted EBITDA between $450 million and $470 million.

Speaker #3: In API, we are encouraged by signs of a turnaround in the APAC market, a positive indicator moving forward. I'll now hand the call back to Sugi for the combined company's 2025 financial guidance and some closing remarks.

Speaker #4: Thanks, Brian. For 2025, we expect total company net sales to be between $3.57 billion to $3.62 billion, and adjusted EBITDA between $1.1 billion and $1.13 billion.

Sigurdur Olafsson: Thanks, Bryan Reasons. For 2025, we expect total company net sales to be between $3.57 billion to $3.62 billion and adjusted EBITDA between $1.1 billion and $1.13 billion. For 2025, we expect FarHealth net sales to be between $1.72 billion and $1.75 billion and adjusted EBITDA between $450 million and $470 million. As a reminder, the guidance ranges for adjusted EBITDA do not include transaction-related compensation expenses related to the merger. In terms of key products, we expect strength in Acthar Gel performance to continue, and accordingly, we are raising our 2025 net sales guidance for Acthar Gel from a high single-digit range to a 20% to 30% range. With Xiaflex's continued momentum and strong performance, we are reaffirming guidance for Xiaflex revenues to grow in the high single digits in 2025. As we think about the rest of the year, there's a lot to look forward to.

As a reminder, the guidance ranges for adjusted EBITDA do not include transaction related compensation expenses related to the merger.

In terms of key products, we expect strength in market performance to continue and accordingly, we are raising our 2025 net sales guidance correct.

Speaker #4: For 2025, we expect par health net sales to be between $1.72 billion and $1.75 billion, and adjusted EBITDA between $450 million and $470 million.

The highest single digit range.

Two <unk> to 30% range.

With XIAFLEX continued momentum and strong performance, we are reaffirming guidance for XIAFLEX revenues to grow in the high single digits in 2025.

Speaker #4: As a reminder, the guidance ranges for adjusted EBITDA do not include transaction-related compensation expenses related to the merger. In terms of key products, we expect strength in Axar performance to continue and accordingly, we are raising our 2025 net sales guidance for Axar from a high single-digit range to a 20 to 30% range.

As we think about the rest of the year. There is a lot to look forward to.

Our teams are already beginning to implement our integration plans on bringing the benefit of this merger to life.

We have also been encouraged by our conversation with our external stakeholders from investors to our partners in the health care community about their excitement for the merger.

Speaker #4: With Ziaflex continued momentum and strong performance, we are reaffirming guidance for Ziaflex revenues to grow in a high single-digits in 2025. As we think about the rest of the year, there's a lot to look forward to.

We will be announcing our new corporate name in the coming weeks Im following the planned spinoff of powerhouse. The branded Therapeutics company is expected to be listed on the New York stock exchange subject to approval of our board of directors.

Speaker #4: Our teams are already beginning to implement our integration plans. And bring the benefit of this merger to life. We have also been encouraged by our conversation with our external stakeholders, from investors to our partners in the healthcare community, about their excitement for the merger.

Sigurdur Olafsson: Our teams are already beginning to implement our integration plans and bring the benefit of this merger to life. We have also been encouraged by our conversation with our external stakeholders, from investors to our partners in the healthcare community, about their excitement for the merger. We will be announcing our new corporate name in the coming weeks, and following the planned spin-off of FarHealth, the branded therapeutics company is expected to be listed on the New York Stock Exchange, subject to approval of our board of directors. Before we wrap up, I wanted to express my gratitude to the Mallinckrodt plc and Endo teams for the commitment and dedication to helping both companies to get to where we are today in terms of both today's results and the completion of the merger.

Before we wrap up I wanted to express my gratitude to the model in continental teams for their commitment and dedication to helping both companies to get to where we are today in terms of both today's results and the completion of the merger.

They have been instrumental to our collective success and I deeply thank everyone for their involvement on the efforts to date.

Speaker #4: We will be announcing our new corporate name in the coming weeks, and following the planned spin-off of par health, the branded therapeutics company is expected to be listed on the New York Stock Exchange subject to approval of our board of directors.

The future of our combined company is bright and I am confident in the value, we can deliver to us shareholders employees customers and patients.

With that I will now open for Q&A.

Speaker #4: Before we wrap up, I wanted to express my gratitude to the Mallinckrodt and Endo teams for the commitment and dedication to helping both companies to get to where we are today in terms of both today's results and the completion of the merger.

Thank you ladies and gentlemen, we will now begin the question and answer session.

Do you have a question. Please press the star followed by the one on your Touchtone phone did you wish to cancel your request. Please press the star followed by the tail.

Speaker #4: There have been instrumental to our collective success, and I deeply thank everyone for their involvement and efforts today. The future of our combined company is bright, and I'm confident in the value we can deliver to our shareholders and employees' customers and patients.

Sigurdur Olafsson: They have been instrumental to our collective success, and I deeply thank everyone for their involvement and efforts today. The future of our combined company is bright, and I'm confident in the value we can deliver to our shareholders, employees, customers, and patients. With that, I will now open it up for Q&A.

Using a speaker please lift the handset before pressing any case once again that is star one should you wish to ask a question.

Speaker #4: And with that, I will now open it up for Q&A.

It appears we do not have any questions. So we thank you all for joining US today, we look forward to engaging with you in the days and weeks ahead do you have any questions. The best way to contact us with you by email and we will.

Speaker #5: Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press the star followed by the one on the touchdown phone.

Speaker 4: Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchdown phone. Should you wish to cancel your request, please press the star followed by the two. If you are using a speaker phone, please lift the handset before pressing any case. Once again, that is star one should you wish to ask a question.

Work to get back to you as soon as possible. Thank you again for joining us.

Speaker #5: Should ou wish to cancel your request, please press the star followed by the two. If you are using a speaker phone, please lift the handset before pressing any keys.

Thank you ladies and gentlemen, the conference has now ended thank you all for joining you may all disconnect your line.

Speaker #5: Once again, that is star one. Should you wish to ask a estion?

Speaker #6: It appears we do not have any questions, so we thank you all for joining us today. We look forward to engaging with you in the days and weeks ahead.

Speaker 5: It appears we do not have any questions, so we thank you all for joining us today. We look forward to engaging with you in the days and weeks ahead. If you have any questions, the best way to contact us would be by email, and we will work to get back to you as soon as possible. Thank you again for joining us.

Speaker #6: If you have any questions, the best way to contact us will be by email. And we will work to get back to you as soon as possible.

Speaker #6: Thank you again for joining us.

Speaker 4: Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect your line.