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Keenova Therapeutics earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026
Q2 2026 Revenue up 96% year over year to $517M · 43¢ of every $1 of revenue lost · operating margin -39.3%
Keenova Therapeutics made $517M in Q2 2026 (+96% Y/Y). Operating margin -39.3%, net loss $220M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
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What changed this quarter
Revenue was $517.2M in Q2 2026, up 96% year over year and up 10% from the previous quarter.
Gross margin was 54.5%, down 2.5 points from Q2 2025. Operating costs exceeded revenue by $203.1M, an operating margin of -39.3%. Operating expenses grew 207% against revenue growth of 96%. The fastest-growing cost line was Other operating costs (+824%). The quarter ended with a net loss of $220.5M, wider than the previous quarter's $113.5M loss.
Operating cash flow was $145.7M (up 53% year over year). Non-cash charges added back $59.8M of depreciation and amortization and $21.0M of share-based compensation. Working capital and other items added $285.4M. Capital expenditures of $3.5M left free cash flow of $142.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $517M | +96% | -39.3% | −$220M | $146M |
| Q1 2026 | 10-Q | May 12, 2026 | $468M | +126% | -14.3% | −$114M | $23.1M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $753M | +49% | -35.7% | −$291M | −$35.3M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $485M | -6% | 6.8% | $2.4M | $95.4M |
| Q1 2025 | 10-Q | May 12, 2025 | $420M | -10% | 3.6% | −$27.7M | $66.3M |
| Q4 2024 | 10-K | Mar 13, 2025 | $492M | — | 9.0% | $613M | −$25.0M |
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Customers and suppliers named in filings
Sells to
- COR — 48% of its revenue · Stated in 10-K (customer table) · source
- FFF Enterprises, Inc — 46% of its revenue · Stated in 10-K (XBRL) · source
About Keenova Therapeutics
Keenova Therapeutics is a leading U.S.-focused branded therapeutics company that strives to help patients with rare or unaddressed conditions live happier and healthier lives. Keenova’s rare disease capabilities underpin our diversified brands portfolio, which is focused across a wide range of specialty therapeutic areas of significant unmet need. These include rheumatology, ophthalmology, nephrology, neurology, pulmonology, orthopedics, urology, and neonatal respiratory critical care.
In its own words, from its 8-K, filed Aug 11, 2026.
Keenova Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +96% against the peers' median +10%. Operating margin: -39.3% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Keenova Therapeutics | Q2 2026 | $517M | +96% | -39.3% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Keenova Therapeutics 10-Q on SEC EDGAR · CIK 1567892 · Pharmaceutical Preparations