Knight Therapeutics Reports First Quarter 2026 Results

This press release is provided by GlobeNewswire and is published as received.

Increased 2026 revenue guidance from $510 million to $525 million

Achieved record-high quarterly revenues, Adjusted EBITDA1 and Adjusted EBITDA per share1 since inception

MONTREAL, May 07, 2026 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc. (TSX: GUD) (“Knight” or “the Company”), a pan-American (ex-US) pharmaceutical company, today reported financial results for its first quarter ended March 31, 2026. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

Q1-26 Highlights

Financial Results - IFRS

Revenues were $148,439, an increase of $60,363 or 69% over the same period in prior year. The increase was primarily driven by the incremental revenues from the Paladin and Sumitomo portfolios, the growth of our promoted products, and the purchasing patterns of certain products including Ambisome® deliveries to the MOH.Gross margin was $69,109 or 47% of revenues compared to $34,866 or 40% of revenues in the same period in prior year. The increase in gross margin % was driven by both a higher contribution of the Canadian business in Q1-26 compared to Q1-25 and the lower impact of hyperinflation2, partly offset by product mix including a higher proportion of Ambisome® deliveries to the MOH.Operating income was $10,578 compared to an operating loss of $5,537 in the same period in prior year.Net income was $13,169, compared to $2,185 in the same period in prior year.Net income per share was $0.13, compared to $0.02 in the same period in prior year.Generated cash inflow from operations of $40,694, and ended Q1-26 with over $125,000 in cash, cash equivalents and marketable securities.

Financial Results - Non-GAAP

Adjusted Revenues1 were $147,594, an increase of $59,615 or 68% over the same period in prior year, or $55,395 or 60% on a constant currency1 basis, primarily driven by the incremental revenues from the Paladin and Sumitomo portfolios, the growth of our promoted products, and the purchasing patterns of certain products including Ambisome® deliveries to the MOH.Adjusted Gross Margin1 was $70,648 or 48% of Adjusted Revenues1 compared to $40,934 or 47% of Adjusted Revenues1 in the same period in prior year.. The increase in the Adjusted Gross Margin1 % was driven by a higher contribution of the Canadian business in Q1-26 compared to Q1-25, partly offset by product mix including a higher proportion of Ambisome® deliveries to the MOH.Adjusted EBITDA1 was $27,917, an increase of $15,804 or 130% over the same period in prior year.Adjusted EBITDA per share1 was $0.28, an increase of $0.16 or 133% over the same period in prior year.

Trailing Twelve Months Financial Results - Non-GAAP

Adjusted Revenues1 for the trailing twelve months ending March 31, 2026 were $511,966, an increase of $144,370 or 39% over the same period in prior year.

Corporate developments

Executed an asset purchase agreement to acquire a manufacturing facility in Argentina.Amended previously announced NCIB to purchase up to 6,190,493 common shares of the Company up to August 21, 2026. In Q1-26, the Company purchased 1,323,200 common shares at an average price of $6.22 for aggregate cash consideration of $8,233.Repaid principal of $10,000 on the revolving credit facility, and ended Q1-26 with over $58,000 in bank loans.

Products

Executed certain agreements with two partners to return the Canadian commercial rights of six non‑core products in exchange for $21,500 (the "Settlement Agreements") and, in accordance with the Asset Purchase Agreement, paid Paladin $8,442 in April 2026 for the final settlement of the holdback.Submitted multiple products for regulatory approval across our territories: Niktimvo® (axatilimab) in Brazil.Supplemental indication of Minjuvi® (tafasitamab) for follicular lymphoma (FL) in Argentina and Mexico. Obtained regulatory approval and launched the following products: Supplemental indication of Minjuvi® (tafasitamab) for FL in Brazil.Bapocil® (palbociclib) in Colombia.

Subsequent to quarter-end

Launched Pemazyre® (pemigatinib) in Argentina.Launched Akynzeo® (netupitant/palonosetron/fosnetupitant/palonosetron) in Paraguay.Withdrew the Health Canada New Drug Submission for Qelbree® due to certain manufacturing changes by our partner. The Company expects to resubmit Qelbree® for approval at a later date.Purchased 119,200 common shares through Knight's NCIB at an average purchase price of $7.45 for an aggregate cash consideration of $888.Repaid $10,000 of principal of the Credit Facility, and reduced the outstanding principal balance to $20,000.Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia, James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy, and Janice Murray on the Board of Directors.

“I am pleased to announce that we continue to deliver record results and cash flows from our operations. For the quarter ended March 31, 2026, revenues were over $148 million, an increase of $60 million or 68%, and Adjusted EBITDA1 was $28 million, an increase of $16 million or 130%. Over the last 12 months we have generated over $500 million in revenues, which reflects the contributions from the growth of our promoted products, including over fifteen launches over the last two years, as well as the incremental revenues from the mature cash flow generating products we acquired last year,” said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc. “In addition, we are increasing our forecast for fiscal 2026 and expect to deliver over $500 million in revenues, which is double the size of our business from five years ago.”

____________________________________

1 Adjusted Revenues, revenues at constant currency, Adjusted Gross Margin, Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details.

2 Refers to the impact of hyperinflation due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional details.

SELECT FINANCIAL RESULTS REPORTED UNDER IFRS[In thousands of Canadian dollars] Change Q1-26Q1-25$1%2 Revenues148,439 88,076 60,363 69% Gross margin69,109 34,866 34,243 98% Gross margin %47% 40% Selling and marketing20,321 13,924 (6,397)46% General and administrative14,127 12,219 (1,908)16% Research and development9,410 4,786 (4,624)97% Amortization of intangible assets14,673 9,474 (5,199)55% Operating expenses58,531 40,403 (18,128)45% Operating income (loss)10,578 (5,537)16,115 N/A Net income for the period13,169 2,185 10,984 503%

1 A positive variance represents a positive impact to net income and a negative variance represents a negative impact to net income.2 Percentage change is presented in absolute values.

Revenues: For the quarter ended March 31, 2026, revenues increased by $60,363 or 69% compared to the same period in prior year. Excluding IAS 291, the increase was $59,615 or 68% and $55,395 or 60% on a constant currency2 basis. The mature products of the Paladin and Sumitomo portfolios contributed $17,037 of incremental revenues. The remainder of the increase was due to the growth of our promoted products and the purchasing patterns of certain products including Ambisome® deliveries to the MOH which were $14,115 higher in Q1-26 compared to Q1-25. Excluding the sales of Ambisome® to the MOH, our promoted portfolio grew by $27,192 or 60%.

The Company categorizes its revenues by product portfolio, as defined as follows:

Promoted - Launched Pipeline Products: Promoted products currently in the early stage of launch, typically having been introduced to the market within the past five years.

Promoted - Strategic Products: Promoted products that have reached, or are approaching, their peak potential, typically having been introduced to the market over five years ago.

Mature: Products that require lower levels of promotional activity and/or have reached their peak potential.

Discontinued: Products that the Company has stopped commercializing or is in the process of discontinuing.

Our revenues by product portfolio are as follows:

ChangeProduct PortfolioQ1-26Q1-251$%Promoted Promoted - Launched Pipeline Products15,336 2,466 12,870 522% Promoted - Strategic Products83,916 55,269 28,647 52% Total Promoted99,252 57,735 41,517 72% Mature47,026 29,819 17,207 58% Discontinued2,161 522 1,639 314% Total Revenues148,439 88,076 60,363 69%

1 Comparative figures have been reclassified to align with the three-month period ended March 31, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Promoted Portfolio: For the quarter ended March 31, 2026, the Promoted Portfolio increased by $41,517 or 72%. Excluding IAS 291, the Promoted Portfolio increased by $41,307 or 72%. The Launched Pipeline Products grew by $12,863 or 522%. Since January 2024, Knight has launched multiple products in multiple countries, including Minjuvi® for DLBCL in Brazil, Mexico and Argentina, Minjuvi® for FL in Brazil, Pemazyre® in Brazil and Mexico, Bapocil® in Colombia, and Imvexxy®, Bijuva®, Jornay PM®, Xcopri®, Myfembree® and Orgovyx® in Canada.The Strategic Products increased by $28,444 or 51% driven by growth of the portfolio, as well as purchasing patterns including the MOH purchases of Ambisome® which were $14,115 higher in Q1-26 compared to Q1-25. Excluding the MOH purchases of Ambisome®, the Strategic Products grew by $14,329 or 34%. Mature Portfolio: For the quarter ended March 31, 2026, the increase in the Mature portfolio was driven by incremental revenues from the Paladin and Sumitomo portfolios.Discontinued: For the quarter ended March 31, 2026, the Discontinued portfolio revenues increased $1,639 or 314%. The increase is due to certain agreements executed with two partners to return the Canadian commercial rights of six non core products in exchange for $21,500.

Gross margin: For the quarter ended March 31, 2026, gross margin was $69,109 or 47% compared to $34,866 or 40% in Q1-25. Excluding the Hyperinflation Impact1, the Adjusted Gross Margin2 was $70,648 in Q1-26, an increase of $29,714 compared to Q1-25, due to the growth of revenues. The Adjusted Gross Margin2 as a % of Adjusted Revenues2, was 48% in Q1-26 compared to 47% in Q1-25. The increase was driven by the higher contribution of the Canadian business in Q1-26 compared to Q1-25, which generates a higher Adjusted Gross Margin2 as a % of Adjusted Revenues2, partly offset by product mix including a higher proportion of Ambisome® deliveries to the MOH.

Selling and marketing (“S&M”) expenses: For the quarter ended March 31, 2026, S&M expenses increased by $6,397 or 46%. The increase was mainly driven by an expansion in our sales and commercial structure to support the Paladin portfolio, the recent launches in the Sumitomo portfolio and Jornay PM®, as well as the launch of Minjuvi® in Mexico. In addition to structure, the increase also included our promotion and marketing expenses for the brands acquired in the Paladin and Sumitomo portfolios including Orgovyx®, Myfembree®, Xcopri® and Envarsus®PA, as well as for the recently launched brands including Jornay PM® in Canada, Minjuvi® in Mexico and Argentina, Pemazyre® in Mexico and Brazil, and pre-launch activities including Tavalisse® in Mexico and Brazil.

General and administrative (“G&A”) expenses: For the quarter ended March 31, 2026, G&A expenses increased by $1,908 or 16%. The increase was mainly due to an increase in our structure due to the addition of the Paladin and Sumitomo portfolios and higher spending on professional and consulting fees.

Research and development (“R&D”) expenses: For the quarter ended March 31, 2026, R&D expenses increased by $4,624 or 97%. The increase was mainly due to the expansion of our scientific affairs structure including field‑based medical personnel related to the Paladin and Sumitomo portfolios. In addition to structure, the increase included incremental medical, regulatory, and pharmacovigilance spend on the Paladin and Sumitomo portfolios, as well as development, regulatory, pre‑launch, and launch expenses on our pipeline and new launches, including Niktimvo®, Minjuvi®, Jornay PM®, Pemazyre®, Crexont® and Tavalisse®.

Net Income

For the quarter ended March 31, 2026, the net income was $13,169 compared to $2,185 for the same period in prior year. The variance was mainly driven by the above-mentioned items, as well as changes in amortization of intangible assets, net loss on financial assets measured at fair value through profit or loss, foreign exchange gain, gain on hyperinflation, interest income or expense, and income tax expense.

____________________________________

1 Refers to the impact of hyperinflation due to the application of IAS 29 in Argentina. Refer to section - Hyperinflation for additional details.2 Adjusted Revenues, revenues at constant currency and Adjusted Gross Margin are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section - Financial Results under Non-GAAP measures for additional details.

SELECT BALANCE SHEET ITEMS[In thousands of Canadian dollars] ChangeAs atMarch 31, 2026December 31, 2025$1%2 Cash, cash equivalents and marketable securities127,290 95,283 32,007 34% Trade and other receivables196,343 178,598 17,745 10% Inventories141,918 135,866 6,052 4% Financial assets94,717 98,430 (3,713)4% Intangible assets354,037 379,510 (25,473)7% Accounts payable and accrued liabilities153,114 125,755 27,359 22% Bank loans58,639 67,895 (9,256)14%

1 A positive variance represents a positive impact to net assets and a negative variance represents a negative impact to net assets.2 Percentage change is presented in absolute values.

Cash, cash equivalents and marketable securities: As at March 31, 2026, Knight had $127,290 in cash, cash equivalents and marketable securities, an increase of $32,007 or 34%, compared to December 31, 2025. The increase is mainly driven by operating cash inflows of $40,694 and proceeds of $17,000 from the return of the Canadian commercial rights for certain non-core products. These increases were partly offset by principal repayments of bank loans of $11,329, the repurchase of common shares under the NCIB of $8,237, investment in intangible assets of $4,152, and the acquisition of a manufacturing facility in Argentina of $2,950.

Trade and other receivables: As at March 31, 2026, trade and other receivables were $196,343, an increase of $17,745 or 10%, compared to December 31, 2025, due to the growth across our portfolio including the timing of deliveries of Ambisome® to the MOH, as well as the receivable of $4,500 remaining under the Settlement Agreements. The amount is expected to be collected in H2-26.

Inventories: As at March 31, 2026, inventories were $141,918, an increase of $6,052 or 4%, compared to December 31, 2025, primarily due to the timing of purchases and foreign exchange revaluation, partly offset by sales during the period.

Financial assets: As at March 31, 2026, financial assets were $94,717, a decrease of $3,713 or 4%, compared to December 31, 2025. This decrease was driven by a decrease in equity investments of $3,055 mainly due to the revaluation of our publicly traded equity investments and the disposal of certain equities during the period, as well as a decrease in fund investments of $658, which included a decrease in fair value of $350 and a return of capital of $308.

Intangible assets: As at March 31, 2026, intangible assets were $354,037, a decrease of $25,473 or 7%, compared to December 31, 2025, primarily due to the derecognition of intangible assets in connection with the Settlement Agreements, as well as amortization, partly offset by the appreciation of USD vs CAD.

Accounts payable and accrued liabilities: As at March 31, 2026, accounts payable and accrued liabilities were $153,114, an increase of $27,359 or 22%, compared to December 31, 2025, mainly driven by the timing of purchases of inventory.

Bank Loans: As at March 31, 2026, bank loans were $58,639, a decrease of $9,256 or 14%, compared to December 31, 2025, primarily driven by the repayment of $10,000 on the revolving credit facility.

Corporate Updates

Revolving Credit Facility

In June 2025, the Company withdrew $60,000 from the revolving credit facility to fund a portion of the Paladin Transaction. To date, Knight has repaid $40,000 of the credit facility through the use of the free cash flows generated from operations. The principal balance was repaid as follows: (1) $20,000 in December 2025, (2) $10,000 in February 2026, and (3) $10,000 in April 2026, resulting in an outstanding balance of $20,000.

Product Updates

Return of commercial rights

In March 2026, Knight executed certain agreements with two partners to return the Canadian commercial rights of six non-core products in exchange for $21,500 (“Settlement Agreements”). These products generated revenues of $7,5271 in 2025. In accordance with the Asset Purchase Agreement of the Paladin Transaction, as a final and full settlement, Knight paid $8,442 in April 2026 of the Settlement Agreement holdback to Paladin.

Minjuvi® (tafasitamab)

In Q1-26, Knight obtained regulatory approval and launched the supplemental indication of Minjuvi® in combination with rituximab and lenalidomide for the treatment of adult patients with previously treated FL in Brazil. In addition, Knight filed supplemental applications for this second indication in Argentina and Mexico in Q1-26.

Niktimvo® (axatilimab)

In Q1-26, Knight announced the submission of Niktimvo® for regulatory approval in Brazil, for the treatment of chronic graft-versus-host disease (cGVHD) after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg.

Pemazyre® (pemigatinib)

Subsequent to Q1-26, Knight launched Pemazyre® in Argentina, as monotherapy, for the treatment of adults with locally advanced or metastatic cholangiocarcinoma with a FGFR2 fusion or rearrangement which has progressed following at least one prior line of systemic therapy.

Akynzeo® (netupitant/palonosetron/fosnetupitant/palonosetron)

In April 2026, Knight launched Akynzeo® in Paraguay in combination with dexamethasone, for the prevention of acute and delayed nausea and vomiting associated with moderately to highly emetogenic chemotherapy.

Bapocil® (palbociclib)

In Q1-26, Knight obtained regulatory approval and launched Bapocil® in Colombia. Bapocil®, in combination with endocrine therapy, is indicated for the treatment of patients with metastatic or advanced breast cancer that is hormone receptor positive and HER2-negative, in combination with: an aromatase inhibitor as initial endocrine-based therapy, in post-menopausal women; or with fulvestrant, in patients with disease progression after endocrine therapy.

Qelbree® (viloxazine)

Subsequent to quarter-end, Knight withdrew the Health Canada New Drug Submission for Qelbree® due to certain manufacturing changes by our partner. Knight expects to resubmit Qelbree® for approval at a later date. The submission is expected to include both the data required for the manufacturing changes as well as the additional information previously requested by Health Canada in the Notice of Non-Compliance issued in Q4-25.

____________________________________

1 For certain products, revenues include $3,247 generated by Paladin Pharma Inc. between January 1 and June 17, 2025.

Financial Outlook1

For fiscal 2026, Knight has increased its financial guidance on revenues and now expects to generate between $510 million to $525 million in revenues, up from $490 million to $510 million. The adjusted EBITDA2 is expected to be approximately 15% of revenues. The increase in our revenues outlook is primarily due to better performance of our promoted products across multiple countries including Canada, Mexico and Colombia as well as an improvement in forecasted LATAM currencies against the Canadian dollar. The guidance is based on a number of assumptions, including but not limited to the following:

no material impact on revenues due to the application of hyperinflation accounting for Argentinano revenues for business development transactions not completed as at May 6, 2026no unforeseen termination to our license, distribution and supply agreementsno interruptions in supply whether due to global supply chain disruptions or general manufacturing issuesno material impact from changes in tariffs, trade barriers, or custom dutiesno material adverse impact from wars, armed conflicts, or geopolitical hostilitiesno new generic entrants on our key pharmaceutical brandsno unforeseen changes to government mandated pricing regulationssuccessful commercial execution on product listing arrangements with HMOs, insurers, key accounts, and public payerssuccessful execution and uptake of newly launched productsno material increase in provisions for inventory or trade receivablesno significant variations of forecasted foreign currency exchange ratesinflation remaining within forecasted ranges

Should any of the assumptions differ, the financial outlook and the actual results may vary materially. Refer to the risks and assumptions referred to in the Forward-Looking Statements section of this news release for further details.

____________________________________

1 This forward looking information is based on assumptions specific to the nature of the Company’s activities with regard to annual revenue growth considering industry information, expected market share, pricing assumptions, actions of competitors, sales erosion rates after the end of patent or other intellectual property rights protection, the timing of the entry of generic competition, the expected results of tenders, among other variables.

2 Adjusted EBITDA is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to section Financial Results under Non-GAAP measures for additional details.

Conference Call Notice

Knight will host a conference call and audio webcast to discuss its first quarter ended March 31, 2026, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

Date: Thursday, May 7, 2026

Time: 8:30 a.m. ET

Telephone: Toll Free: 1-888-699-1199 or International 1-416-945-7677

Webcast: www.knighttx.com or Webcast

This is a listen-only audio webcast. Media Player is required to listen to the broadcast.

Replay: An archived replay will be available for 30 days at www.knighttx.com

About Knight Therapeutics Inc.

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight’s Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics Inc.’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.knighttx.com or www.sedarplus.ca.

Forward-Looking Statement

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.’s Annual Report and in Knight Therapeutics Inc.’s Annual Information Form for the year ended December 31, 2025 as filed on www.sedarplus.ca. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information or future events, except as required by law.

CONTACT INFORMATION:

Investor Contact: Knight Therapeutics Inc. Samira Sakhia Arvind UtchanahPresident & Chief Executive Officer Chief Financial OfficerT: 514.484.4483 T. +598.2626.2344F: 514.481.4116 Email: IR@knighttx.com Email: IR@knighttx.comWebsite: www.knighttx.com Website: www.knighttx.com

HYPERINFLATION

The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company’s Argentine subsidiary uses the Argentine Peso as its functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy be adjusted based on an appropriate general price index to reflect the effects of inflation. After applying for the effects of hyperinflation, the statement of income (loss) is converted using the closing foreign exchange rate of the month.

Revenues and operating expenses in the local currency, i.e. ARS, are restated from the month of the sales or the month in which the expense was incurred to the end of the reporting period using the inflation index during that period. The restatement calculation is performed on a year to date basis based on IAS 29 (“Inflation Adjusted Figures”). For the three-month period ended March 31, 2026 and 2025, the Company applied the following inflation index for the restatement of each respective month.

JanuaryFebruaryMarch20261.061.031.0020251.061.041.00

Under IAS 29, the translation from the local currency, to the reporting currency is performed on the Inflation Adjusted Figures using the end of period rate at the reporting date. The Inflation Adjusted Figures were converted to CAD using the following quarter-end closing rates for each of the respective periods.

Q1-26Q1-25Q4-25Q4-24ARS9997461,059717

Q1-26Q1-25ARS Variation %16%(4)%

1 Appreciation (depreciation) of ARS vs CAD during each period, calculated as follows: (End of period rate - Beginning of period rate) / Beginning of period rate.

In Q1‑26, Argentina experienced both inflation and an appreciation of the ARS, resulting in higher amounts when restated into CAD. For example, revenues generated and operating expenses incurred in January 2026 were restated by applying an inflation index of 6% while the ARS appreciated by 6% against the CAD during the same period. As a result, revenues and operating expenses reported under IAS 29 were higher in CAD.

By contrast, in Q1‑25, although inflation was at a level comparable to that of Q1‑26, the ARS depreciated at a similar rate. Consequently, the impact of the hyperinflation adjustments on revenues and operating expenses was not significant when reported under IAS 29 in CAD. Therefore, the hyperinflation accounting under IAS 29 resulted in higher reported revenues and operating expenses for the Company’s subsidiary in Argentina in CAD in Q1-26 when compared to the same period in prior year (“Hyperinflation Impact”).

Under hyperinflation accounting, cost of goods sold in the local currency, i.e. ARS, is restated using the inflation index from the purchase or manufacturing date to the end of the reporting period and converted to CAD using the respective quarter-end closing rates. In Q1-26, the cumulative inflation index applied on the inventory sold was lower than the prior year period, leading to lower cost of goods sold reported under IAS 29 in CAD and consequently a higher gross margin in Q1-26 compared to the same period in prior year.

FINANCIAL RESULTS UNDER NON-GAAP MEASURES

[In thousands of Canadian dollars]

The Company discloses non-GAAP measures and ratios that do not have standardized meanings prescribed by IFRS. The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’s financial performance. Non-GAAP financial measures and adjusted EBITDA per share ratio do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies. The Company uses the following non-GAAP measures.

[i] Financial results excluding the impacts of hyperinflation under IAS 29

The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company’s Argentine subsidiary uses the Argentine Peso as their functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation.

Financial results under IFRS are adjusted to remove the impact of hyperinflation under IAS 29. The impact of hyperinflation under IAS 29 is calculated by applying an appropriate general price index to express the effects of inflation. After applying the effects of translation, the statement of income is converted using the closing foreign exchange rate of the month.

The Company believes that financial results excluding the impact of hyperinflation under IAS 29 represents a useful measure to investors as they allow results to be viewed without those impacts, thereby facilitating the comparison of results period over period. The presentation of financial results excluding the impact of hyperinflation under IAS 29 is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The following tables are reconciliations of financial results under IFRS to financial results excluding the impact of hyperinflation under IAS 29.

Q1-26Q1-25 Reported under IFRSIAS 29 AdjustmentExcluding the Impacts of IAS 29Reported IAS 29 Excluding the Impact Revenues148,439 (845)147,594 88,076 (97)87,979 Cost of goods sold79,330 (2,384)76,946 53,210 (6,165)47,045 Gross margin69,109 1,539 70,648 34,866 6,068 40,934 Gross margin (%)47% 48% 40% 47% Expenses Selling and marketing20,321 (130)20,191 13,924 (84)13,840 General and administrative14,127 (234)13,893 12,219 (635)11,584 Research and development9,410 (71)9,339 4,786 22 4,808 Amortization of intangible assets14,673 218 14,891 9,474 (2)9,472 Operating income (loss)10,578 1,756 12,334 (5,537)6,767 1,230

Select financial results excluding the impact of hyperinflation under IAS 291

Change Q1-26Q1-25$% Adjusted Revenues1,2147,594 87,979 59,615 68% Cost of goods sold76,946 47,045 (29,901)64% Gross margin70,648 40,934 29,714 73% Gross margin (%)48% 47% Expenses Selling and marketing20,191 13,840 (6,351)46% General and administrative13,893 11,584 (2,309)20% Research and development9,339 4,808 (4,531)94% Amortization of intangible assets14,891 9,472 (5,419)57% Operating income 12,334 1,230 11,104 903% Adjusted EBITDA127,917 12,113 15,804 130% Adjusted EBITDA1 (%)19% 14% Adjusted EBITDA per share10.28 0.12 0.16 133%

1 Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA per share and financial results excluding the impact of IAS 29 are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

2 Excluding the impact of hyperinflation under IAS 29.

Adjusted Revenues1 by Product Portfolio

ChangeProduct PortfolioQ1-26Q1-252$%Promoted Promoted - Launched Pipeline Products15,329 2,466 12,863 522% Promoted - Strategic Products83,685 55,241 28,444 51% Total Promoted99,014 57,707 41,307 72% Mature46,434 29,751 16,683 56% Discontinued2,146 521 1,625 312% Total Adjusted Revenues147,594 87,979 59,615 68% 1 Excluding the impact of hyperinflation under IAS 29. Adjusted Revenues is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. 2 Comparative figures have been reclassified to align with the three-month period ended March 31, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Adjusted Revenues1 by Therapeutic Area

ChangeTherapeutic AreaQ1-26Q1-252$%Oncology/Hematology39,554 31,676 7,878 25% Infectious Diseases55,079 36,441 18,638 51% Neurology30,227 12,482 17,745 142% Other Specialty22,734 7,380 15,354 208% Total147,594 87,979 59,615 68% 1 Excluding the impact of hyperinflation under IAS 29. Adjusted Revenues is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies. 2 Comparative figures have been reclassified to align with the three-month period ended March 31, 2026 reporting presentation. These reclassifications had no impact on total revenues.

[ii] Financial results at constant currency

Financial results at constant currency are obtained by translating the prior period revenues and financial results from the functional currencies to CAD using the conversion rates in effect during the current period. Furthermore, with respect to Argentina, the Company excludes the impact of hyperinflation and translates the revenues and results at the average exchange rate in effect for each of the periods.

The Company believes that financial results at constant currency represents a useful measure to investors because it eliminates the effect that foreign currency exchange rate fluctuations may have on period-to-period comparability given the volatility in foreign currency exchange markets and therefore, provides greater transparency to the underlying performance of our consolidated financial results. The presentation of revenues and financial results under constant currency is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The following tables are reconciliations of financial results under IFRS to financial results and financial results at constant currency.

Q1-26Q1-25Change Excluding the impact of IAS 291Excluding the impact of IAS 291Constant Currency AdjustmentConstant Currency$% Adjusted Revenues2147,594 87,979 4,220 92,199 55,395 60% Cost of goods sold76,946 47,045 2,258 49,303 27,643 56% Gross margin70,648 40,934 1,962 42,896 27,752 65% Gross margin (%)48% 47% 47% Expenses Selling and marketing20,191 13,840 503 14,343 5,848 41% General and administrative13,893 11,584 142 11,726 2,167 18% Research and development9,339 4,808 143 4,951 4,388 89% Amortization of intangible assets14,891 9,472 (360)9,112 5,779 63% Operating income12,334 1,230 1,534 2,764 9,570 346% Adjusted EBITDA227,917 13,295 14,622 110% Adjusted EBITDA2 (%)19% 14% Adjusted EBITDA per share20.28 0.13 0.15 113% 1Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.2Adjusted Revenues, EBITDA, Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP measures and do not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

Adjusted Revenues at Constant Currency2 by Product Portfolio

Three-month period ended March 31, Excluding impact of IAS 291 Constant Currency2 Product Portfolio202620253$%Promoted Promoted - Launched Pipeline Products15,329 2,547 12,782 502% Promoted - Strategic Products83,685 58,484 25,201 43% Total Promoted99,014 61,031 37,983 62% Mature46,434 30,643 15,791 52% Discontinued2,146 525 1,621 309% Total Adjusted Revenues147,594 92,199 55,395 60% 1 Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.2 Adjusted Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.3 Comparative figures have been reclassified to align with the three-month period ended March 31, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Adjusted Revenues at Constant Currency2 by Therapeutic Area

Three-month period ended March 31, Excluding impact of IAS 291 Constant Currency2 Innovative202620253$%Oncology/Hematology39,554 33,319 6,235 19% Infectious Diseases55,079 38,084 16,995 45% Neurology30,227 13,299 16,928 127% Other Specialty22,734 7,497 15,237 203% Total147,594 92,199 55,395 60% 1 Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.2 Adjusted Revenues at constant currency is a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.3 Comparative figures have been reclassified to align with the three-month period ended March 31, 2026 reporting presentation. These reclassifications had no impact on total revenues.

[iii] Adjusted Gross Margin

Adjusted Gross Margin is defined as revenues less cost of goods sold, adjusted for the impact of IAS 29. The Company believes that Adjusted Gross Margin represents a useful measure to investors to assess Gross Margin without the impact of hyperinflation under IAS 29, thereby facilitating the comparison period over period. The presentation of Adjusted Gross Margin is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

Change Q1-26Q1-25$%Gross margin69,109 34,866 34,243 98% Adjustments to gross margin: Impact of IAS 291,539 6,068 Adjusted Gross Margin70,648 40,934 29,714 73% Adjusted Gross Margin (%)148%47% 1 Adjusted Gross Margin as a percentage of Adjusted Revenues.

[iv] EBITDA

EBITDA is defined as operating income or loss adjusted to exclude amortization and impairment of non-current assets, depreciation, but to include costs related to leases.

The Company believes that EBITDA represents a useful measure to investors to assess profitability and measure the Company’s ability to generate liquidity through operating activities. The presentation of EBITDA is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

[v] Adjusted EBITDA

Adjusted EBITDA is defined as EBITDA adjusted for the impact of IAS 29 (accounting under hyperinflation), acquisition and transaction costs and non-recurring expenses. The Company believes that Adjusted EBITDA represents a useful measure to investors to assess profitability and measure the Company’s ability to generate liquidity through operating activities. The presentation of adjusted EBITDA is considered to be a non-GAAP measure and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The following table is a reconciliation of operating income (loss) to EBITDA and adjusted EBITDA:

Change Q1-26Q1-25$%Operating income (loss)10,578 (5,537)16,115 N/A Adjustments to operating income (loss): Amortization of intangible assets14,673 9,474 5,199 55% Depreciation of property, plant and equipment and ROU assets1,519 2,110 (591)28% Lease payments(1,206)(1,122)(84)7% EBITDA25,564 4,925 20,639 419% Impact of IAS 291,807 6,146 (4,339)71% Acquisition and transaction costs114 1,042 (928)89% Other non-recurring expenses432 — 432 —% Adjusted EBITDA27,917 12,113 15,804 130% Adjusted EBITDA per share0.28 0.12 0.16 133%

For the quarter ended March 31, 2026, adjusted EBITDA increased by $15,804 or 130%. The increase was mainly driven by higher Adjusted Gross Margin, partly offset by higher operating expenses. Refer to Section 3 - Results of Operations of the MD&A for further details.

Explanation of adjustments from EBITDA to Adjusted EBITDA

Impact of IAS 29Impact of hyperinflation accounting under IAS 29 over the operating income (loss).Acquisition and transaction costsNon-capitalizable acquisition and transaction costs relate to costs incurred on legal, consulting and advisory fees for the acquisitions.Other non-recurring expensesOther non-recurring expenses relate to expenses incurred by the Company that are not due to, and are not expected to occur in, the ordinary course of business.

[vi] Adjusted EBITDA per share

Adjusted EBITDA per share is defined as Adjusted EBITDA divided by the number of common shares outstanding at the end of the respective period. The Company believes that Adjusted EBITDA per share represents a useful measure to investors to assess profitability and measure the Company’s ability to generate liquidity through operating activities on a per common share basis, without the impact of hyperinflation under IAS 29, acquisition and transaction costs and non-recurring expenses, thereby facilitating the comparison period over period. The presentation of adjusted EBITDA per share is considered to be a non-GAAP ratio and does not have any standardized meaning under GAAP. As a result, the information presented may not be comparable to similar measures presented by other companies.

The Company calculated adjusted EBITDA per share as follows:

Q1-26 Q1-25 Adjusted EBITDA27,917 12,113 Adjusted EBITDA per share0.28 0.12 Number of common shares outstanding at period end (in thousands)98,252 99,448

INTERIM CONSOLIDATED BALANCE SHEETS[In thousands of Canadian dollars][Unaudited] As atMarch 31, 2026 December 31, 2025 ASSETS Current Cash and cash equivalents108,048 76,449 Marketable securities19,242 18,834 Trade receivables141,403 127,775 Other receivables10,019 6,063 Inventories141,918 135,866 Prepaids and deposits5,240 6,505 Other current financial assets15,891 18,946 Income taxes receivable5,190 4,397 Total current assets446,951 394,835 Prepaids and deposits9,506 8,883 Right-of-use assets11,136 9,919 Property, plant and equipment19,235 12,006 Intangible assets354,037 379,510 Goodwill95,309 89,982 Other financial assets78,826 79,484 Deferred tax assets26,679 26,921 Other long-term receivables44,921 44,760 Total non-current assets639,649 651,465 Total assets1,086,600 1,046,300

INTERIM CONSOLIDATED BALANCE SHEETS (continued)[Unaudited] As atMarch 31, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities147,327 120,868 Lease liabilities3,698 3,398 Other liabilities14,664 12,878 Bank loans17,911 16,730 Income taxes payable252 580 Other balances payable8,597 10,806 Total current liabilities192,449 165,260 Accounts payable and accrued liabilities5,787 4,887 Lease liabilities7,438 6,618 Bank loans40,728 51,165 Other balances payable49,763 48,105 Deferred tax liabilities3,161 2,993 Total liabilities299,326 279,028 Shareholders’ equity Share capital525,533 530,140 Contributed surplus30,651 32,449 Accumulated other comprehensive income70,252 55,741 Retained earnings160,838 148,942 Total shareholders’ equity787,274 767,272 Total liabilities and shareholders’ equity1,086,600 1,046,300

INTERIM CONSOLIDATED STATEMENTS OF INCOME[Unaudited] Three months ended March 31, 2026 2025 Revenues148,439 88,076 Cost of goods sold79,330 53,210 Gross margin69,109 34,866 Gross margin %47% 40% Expenses Selling and marketing20,321 13,924 General and administrative14,127 12,219 Research and development9,410 4,786 Amortization of intangible assets14,673 9,474 Operating income (loss)10,578 (5,537) Interest income on financial instruments measured at amortized cost(952)(1,854)Interest expense2,641 1,756 Other (income) expense(4,174)140 Net loss on financial assets measured at fair value through profit or loss2,033 945 Foreign exchange gain(2,437)(5,551)Gain on hyperinflation(715)(574)Income (loss) before income taxes14,182 (399) Income taxes Current183 535 Deferred830 (3,119)Income tax expense (recovery)1,013 (2,584)Net income for the period13,169 2,185 Basic and diluted net income per share0.13 0.02 Weighted average number of common shares outstanding98,457,286 99,641,300

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS[Unaudited] Three months ended March 31, 2026 2025 OPERATING ACTIVITIES Net income for the period13,169 2,185 Adjustments reconciling net income to operating cash flows: Deferred income tax expense (recovery)830 (3,119)Share-based compensation expense1,381 1,012 Depreciation and amortization16,192 11,584 Net loss on financial assets measured at fair value through profit or loss2,033 945 Interest expense2,641 1,756 Accrued interest income(110)78 Unrealized foreign exchange loss1,254 1,330 Other income(4,174)— Gain on hyperinflation(715)(574) 32,501 15,197 Changes in non-cash working capital and other items8,193 (11,527)Cash inflow from operating activities40,694 3,670 INVESTING ACTIVITIES Purchase of marketable securities(8,836)(6,857)Purchase of intangible assets(4,152)(3,328)Purchase of property and equipment(3,326)(373)Investment in funds(434)(107)Proceeds on maturity of marketable securities8,750 39,637 Proceeds from return of commercial rights17,000 — Proceeds from sale of property and equipment— 30 Proceeds from disposal of equity investments1,078 — Proceeds from distribution of funds402 3,124 Cash inflow from investing activities10,482 32,126 FINANCING ACTIVITIES Proceeds from contributions to share purchase plan112 114 Proceeds from bank loans— 1,809 Repurchase of common shares through Normal Course Issuer Bid(8,237)(3,345)Principal repayment of lease liabilities(1,206)(1,122)Principal repayment of bank loans(11,329)(1,586)Interest paid on bank loans(649)(569)Cash outflow from financing activities(21,309)(4,699) Increase in cash and cash equivalents during the period29,867 31,097 Cash and cash equivalents, beginning of the period76,449 80,106 Effect of exchange rate changes on cash and cash equivalents1,732 952 Cash and cash equivalents, end of the period108,048 112,155 Cash and cash equivalents108,048 112,155 Marketable securities19,242 29,350 Total cash, cash equivalents and marketable securities127,290 141,505

Knight Therapeutics

NEWS RELEASE TRANSMITTED BY Globe Newswire

Globenewswire