Endo International plc

Endo second-quarter 2025 total revenues were $448 million, flat versus $446 million a year ago; excluding the divested International segment, revenues were up about 2% year over year. Adjusted EBITDA was $150 million versus $176 million in Q2 2024, and adjusted net income was $64 million versus $105 million. Mallinckrodt second-quarter 2025 net sales were $485 million versus $514 million in Q2 2024, down 6% reported and constant currency; excluding Therakos divestiture, sales grew 9%. Mallinckrodt adjusted EBITDA was $137 million versus $174 million a year ago, and net income was $2 million versus a $43 million loss. For 2025, the combined company expects net sales of $3.57 billion to $3.62 billion and adjusted EBITDA of $1.1 billion to $1.13 billion; Par Health is expected to generate net sales of $1.72 billion to $1.75 billion and adjusted EBITDA of $450 million to $470 million. Management also said Acthar 2025 net sales are now expected to grow 20% to 30%, while XIAFLEX is still expected to grow in the high single digits.

Siggi Olafsson framed the merger close as a major strategic step and emphasized that the combined company is starting with complementary portfolios, balance sheet flexibility, and a planned Par Health spin-off in the fourth quarter of 2025, subject to approval and other conditions. He sounded upbeat about integration readiness, said the teams have aligned well, and reiterated confidence that the combination can unlock value. He also highlighted that synergy plans remain on track, with at least $150 million of annual pretax run-rate operating synergies by year 3 and about $75 million in the first 12 months.

The finance updates focused on the legacy businesses' quarter results and the new 2025 outlook. Endo's Mark Bradley cited $448 million of revenue, $150 million adjusted EBITDA, and $64 million adjusted net income, saying the EBITDA decline was mainly due to lower adjusted gross margin from product mix and continued sterile injectables manufacturing investments, plus higher interest expense. Mallinckrodt's Bryan Reasons said Q2 net sales were $485 million, adjusted EBITDA $137 million, and net income $2 million, with strength in Acthar partly offset by Therakos divestiture, added commercial investment, and nitric oxide competition. Siggi added that 2025 adjusted EBITDA guidance excludes transaction-related compensation expenses tied to the merger.

There was no analyst Q&A because no questions were asked on the call. Management therefore did not address follow-up concerns live, beyond the prepared commentary on merger integration, synergy progress, product performance, and the planned spin-off.