Q3 2024 Knight Therapeutics Inc Earnings Call Transcript
Key Points
- Knight Therapeutics Inc (KHTRF) reported record revenues of over $271 million and adjusted EBITDA of over $42 million for the nine months ended September 30, 2024.
- The company's innovative promoted portfolio delivered a growth of 17% on a constant currency basis, driven by key products like Lenvima, Trelstar, and Cresemba.
- Knight Therapeutics Inc (KHTRF) advanced its pipeline with regulatory approval of Minjuvi in Mexico and expects to launch it in the first half of 2025.
- The company has a strong cash position with over $150 million in cash, cash equivalents, and marketable securities at the end of the quarter.
- Knight Therapeutics Inc (KHTRF) maintains its financial guidance for 2024, expecting revenues between $355 million to $365 million and an adjusted EBITDA of approximately 16% of revenues.
- The company experienced a decrease in gross margin percentage from 52% to 47% due to a product mix with a higher proportion of lower-margin sales.
- Operating expenses increased by 11% compared to the same period last year, driven by higher marketing spend and R&D costs.
- Adjusted EBITDA for the third quarter decreased by 13% compared to the same period last year, impacted by higher operating expenses.
- The company faces currency headwinds, with foreign exchange depreciation impacting financial results, particularly in Brazil.
- There is potential risk from generic competition for key products like Lenvima, which could impact future revenues, especially in markets like Brazil and Chile.
Good morning, ladies and gentlemen, my name is Chester and I will be your operator for today.
Welcome to Night Therapeutics third quarter, 2024 results conference call before turning the call over to Samira Saka, President NCO of Night listeners are reminded that portions of the day's discussion may by their nature necessarily involve risk and uncertainties that could cause actual results to differ material from those contemplated by the forward-looking statements.
The company considers the assumption on which these forward booking statements are based to be reasonable at the time they were prepared but cautions cautions that this assumption regarding the future events, many of which are beyond the control of the company and its subsidiaries may ultimately prove to be incorrect.
The company disclaims any intention or obligation to update or revise any forward-looking statements, whether a result of new information, future events except as required by law.
We would also like to remind you questions during today's call will be taken from analysts only.
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