Knight Therapeutics Reports Third Quarter 2026 Results

Achieved nine-month record-high revenues of over $430 million and Adjusted EBITDA¹ of over $76 million
Raised 2026 guidance to revenues of $560 million to $570 million and Adjusted EBITDA¹ of approximately 17.5% of revenues
Raised peak annual revenues for pipeline and launched pipeline products to over $300 million

MONTREAL, Nov. 05, 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 third quarter ended September 30, 2026. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

Q3-26 Highlights

Financial Results - IFRS

• Revenues were $137,691, an increase of $16,143 or 13% over the same period in the prior year. The increase was primarily driven by the growth of our promoted products in Canada and Latin America, and the appreciation of LATAM currencies, partly offset by the purchasing patterns of certain customers.
• Gross margin was $68,431 or 50% of revenues compared to $55,810 or 46% of revenues in the same period in prior year. The increase in gross margin % was mainly due to product mix and the lower impact of hyperinflation².
• Operating loss was $6,551 compared to an operating income of $646 in the same period in prior year.
• Net loss was $2,680, compared to a net loss of $3,791 in the same period in prior year.
• Net loss per share was $0.03, compared to a net loss per share of $0.04 in the same period in prior year.
• Generated cash inflow from operations of $26,089.
  
  

Financial Results - Non-IFRS

• Adjusted Revenues¹ were $136,740, an increase of $14,112 or 12% over the same period in the prior year, or $5,487 or 4% on a constant currency¹ basis, primarily driven by the growth of our promoted products partly offset by the purchasing patterns of certain customers.
• Adjusted Gross Margin¹ was $69,706 or 51% of Adjusted Revenues¹ compared to $59,898 or 49% of Adjusted Revenues¹ in the same period in prior year. The increase in the Adjusted Gross Margin¹ % was mainly due to product mix.
• Adjusted EBITDA¹ was $23,802, an increase of $2,815 or 13% over the same period in prior year.
• Adjusted EBITDA per share¹ was $0.24, an increase of $0.03 or 15% over the same period in prior year.
• Ended the quarter with net cash³ of $114,538, compared to net debt³ of $987 at the end of Q3-25.
  
  

Corporate developments

• Raised 2026 guidance to revenues of $560 million to $570 million (previously $540 million to $560 million) and Adjusted EBITDA¹ of approximately 17.5% of revenues (previously at least 15%).
• Raised peak annual revenues for pipeline and launched pipeline products to over $300 million (previously over $200 million).
• Brazil’s Superior Chamber of Tax Appeals issued a final decision in Knight’s favour regarding the goodwill tax reassessments.
• Completed the NCIB launched in August 2025 with a total purchase of 1,976,800 common shares at an average price of $6.21 for aggregate cash consideration of $12,277.
  
  

Products

• Entered into an exclusive distribution agreement with Kyowa Kirin International for Poteligeo^® (mogamulizumab) in Brazil, Mexico, Colombia and Argentina.
• Submitted multiple products for regulatory approval:
  • Supplemental indication for Minjuvi^® (tafasitamab) as a first-line treatment option for adults with previously untreated diffuse large B-cell lymphoma (DLBCL) or high-grade B-cell lymphoma (HGBL) in Brazil.
  • Gemtesa^® (vibegron) in Canada.
• Obtained regulatory approval for Tavalisse^® (fostamatinib disodium hexahydrate) in Colombia.
• Executed on 2 commercial launches:
  • Durivast^® (rivastigmine) in Colombia.
  • Wynzora^® (calcipotriol and betamethasone dipropionate) in Canada.
• Received a Notice of Non-Compliance from Health Canada requesting additional information for its New Drug Submission for Crexont^® (carbidopa and levodopa) extended-release capsules. Knight is working with its partner to prepare a response to Health Canada.
• Completed the transition of the exclusive U.S. commercialization rights for Impavido^® (miltefosine) to Eton Pharmaceuticals, Inc.
  
  

Subsequent to quarter-end

• Obtained regulatory approval for Niktimvo^® (axatilimab) in Brazil.
• Executed on 2 commercial launches:
  • Tavalisse^® (fostamatinib disodium hexahydrate) in Brazil.
  • Durivast^® (rivastigmine) in Peru.
• Obtained regulatory approval and launched a supplemental indication of Minjuvi^® for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) in Mexico.
  
  

“I am excited with our record performance in the first nine months of 2026. Our revenues grew by 36% to $430 million and Adjusted EBITDA¹ by 57% to over $76 million. This strong performance is the result of our commercial execution driving the growth of our promoted portfolio, which increased by $78 million or 39%. During the quarter, we also entered into an agreement with KKI for Poteligeo^®, further strengthening our oncology/hematology portfolio. Given our strong performance, we are raising our financial outlook for fiscal 2026 for both revenues and Adjusted EBITDA¹ and now expect record revenues of between $560 million and $570 million and Adjusted EBITDA¹ of approximately 17.5% of revenues. Looking beyond 2026, based on the performance of our launched pipeline products and the addition of Poteligeo^®, we have also raised our estimate of peak annual revenues for our pipeline and launched pipeline to over $300 million,” said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc.

“The growth in our business is translating into solid cash generation. We generated $96 million from our operations in the first nine months of the year and ended the quarter with net cash³ of $115 million. Our raised 2026 outlook and increased pipeline peak revenue guidance, together with our strong balance sheet, position us well to continue executing on our mission of acquiring, in-licensing, developing and commercializing pharmaceutical products in Canada and Latin America,” continued Ms. Sakhia.

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1} Refer to Section - Financial Results under Non-IFRS 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.
³ Cash and cash equivalents, and marketable securities, net of bank loans

SELECT FINANCIAL RESULTS REPORTED UNDER IFRS [In thousands of Canadian dollars]
					Change									Change
	Q3-26		Q3-25		$1			%2		YTD-26		YTD-25		$1			%2
Revenues	137,691		121,548			16,143		13%		430,342		316,982			113,360		36%
Gross margin	68,431		55,810			12,621		23%		207,155		135,507			71,648		53%
Gross margin %	50%		46%							48%		43%
Selling and marketing	22,082		17,908			(4,174	)	23%		64,257		47,506			(16,751	)	35%
General and administrative	16,209		13,116			(3,093	)	24%		45,117		41,149			(3,968	)	10%
Research and development	9,789		8,694			(1,095	)	13%		29,760		19,761			(9,999	)	51%
Amortization of intangible assets	14,809		15,446			637		4%		42,941		35,651			(7,290	)	20%
Remeasurement of contingent consideration	12,093		—			(12,093	)	N/A		12,771		—			(12,771	)	N/A
Operating expenses	74,982		55,164			(19,818	)	36%		194,846		144,067			(50,779	)	35%
Operating (loss) income	(6,551	)	646			(7,197	)	N/A		12,309		(8,560	)		20,869		N/A
Net (loss) income for the period	(2,680	)	(3,791	)		1,111		29%		7,128		(14,228	)		21,356		N/A

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

Revenues: For the quarter ended September 30, 2026, revenues increased by $16,143 or 13% compared to the same period in the prior year. This increase was primarily driven by the growth of our promoted products in Canada and Latin America, and the appreciation of LATAM currencies, partly offset by the purchasing patterns of certain customers. On a constant currency¹ basis, the increase in revenues was $5,487 or 4%, driven by the following:

• The Promoted Portfolio grew by $7,531 or 10%.
  • This growth was mainly driven by Myfembree^®, Imvexxy^®, Envarsus^®PA, Orgovyx^®, Minjuvi^®, Pemazyre^®, Bapocil^®, Akynzeo^®, Xcopri^®, Jornay PM^® and Cresemba^®.
  • Partly offset by the purchasing patterns of certain customers.
• The Mature and Discontinued Portfolios decreased by $2,044 or 4%. The variance was not significant.
  

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1} Refer to Section - Financial Results under Non-IFRS measures for additional details.

Our revenues by product portfolio are as follows:

					Change
Product Portfolio	Q3-26		Q3-251		$		%
Promoted
Launched Pipeline Productsa	21,162		8,776		12,386		141%
Strategic Productsb	64,850		62,362		2,488		4%
Total Promoted	86,012		71,138		14,874		21%
Maturec	51,637		49,068		2,569		5%
Discontinuedd	42		1,342		(1,300	)	97%
Total Revenues	137,691		121,548		16,143		13%
Definitions
a: Promoted products currently in the early stage of launch, typically having been introduced to the market within the past five years. b: Promoted products that have reached, or are approaching, their peak potential, typically having been introduced to the market over five years ago. c: Products that require lower levels of promotional activity and/or have reached their peak potential. d: Products that the Company has stopped commercializing or is in the process of discontinuing.
1 Comparative figures have been reclassified to align with the three-month period ended September 30, 2026 reporting presentation. These reclassifications had no impact on total revenues.

• Promoted Portfolio: For the quarter ended September 30, 2026, the Promoted Portfolio increased by $14,874 or 21% driven by:
  • The Launched Pipeline Products grew by $12,386 or 141% and on a constant currency¹ basis by $12,205 or 137% driven by our product launches in Canada and Latin America including Orgovyx^®, Imvexxy^®, Xcopri^®, Myfembree^®, Jornay PM^® and Minjuvi^®.
  • The Strategic Products increased by $2,488 or 4% and, on a constant currency¹ basis, decreased by $4,674 or 7%, driven by the purchasing patterns of certain customers and a decline in revenue of Lenvima^® in Colombia due to price reductions under the direct price control regime, partly offset by the growth in our promoted strategic products including Cresemba^®, Akynzeo^® and Envarsus^®PA. Excluding the impact of the purchasing patterns of certain customers, the Strategic Products grew by $2,253 or 3%.

• Mature Portfolio: For the quarter ended September 30, 2026, the Mature Portfolio increased by $2,569 or 5% and decreased on a constant currency¹ basis by $741 or 1%. The variances were not significant.
  

^{_______________________________________
1} Refer to Section - Financial Results under Non-IFRS measures for additional details.

Gross margin: For the quarter ended September 30, 2026, gross margin was $68,431 or 50%, compared to $55,810 or 46% in Q3-25. Adjusted Gross Margin¹ was $69,706 in Q3-26, an increase of $9,808 compared to Q3-25, due to the growth of revenues. The Adjusted Gross Margin¹ as a % of Adjusted Revenues¹, was 51% in Q3-26 compared to 49% in Q3-25. The increase was mainly due to product mix.

Selling and marketing (“S&M”) expenses: For the quarter ended September 30, 2026, S&M expenses increased by $4,174 or 23% and by $2,874 or 15% on a constant currency¹ basis. The increase was driven by an expansion in our sales structure to support our launches and re-launches in Canada, Brazil and Mexico. In addition to structure, the increase included incremental promotion and marketing expenses for our Launched Pipeline Products, including Orgovyx^®, Myfembree^®, Xcopri^®, Jornay PM^®, Wynzora^®, Durivast^®, Minjuvi^®, and Tavalisse^®.

General and administrative (“G&A”) expenses: For the quarter ended September 30, 2026, G&A expenses increased by $3,093 or 24% and by $2,902 or 22% on a constant currency¹ basis. The increase was mainly driven by an increase in our structure and in administrative costs to support our larger portfolio, as well as higher professional and legal fees. These fees include the legal expenses in connection with tax litigation in Canada and Brazil.

Research and development (“R&D”) expenses: For the quarter ended September 30, 2026, R&D expenses increased by $1,095 or 13% and by $468 or 5% on a constant currency¹ basis. The variance was not significant.

Remeasurement of contingent consideration: For the quarter ended September 30, 2026, remeasurement of contingent consideration increased by $12,093. The increase reflects additional sales milestones that Knight now expects to achieve under the Paladin transaction, based on higher expected peak revenues for a launched pipeline product, taking into consideration its performance since launch.

Net loss: For the quarter ended September 30, 2026, the net loss was $2,680 compared to a net loss of $3,791 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 gain on financial assets measured at fair value through profit or loss, foreign exchange gain, gain on hyperinflation, interest expense, and income tax recovery.

SELECT BALANCE SHEET ITEMS [In thousands of Canadian dollars]
					Change
As at	September 30, 2026		December 31, 2025		$1		%2
Cash, cash equivalents and marketable securities	136,887		95,283		41,604		44%
Trade and other receivables	185,426		178,598		6,828		4%
Inventories	137,081		135,866		1,215		1%
Financial assets	76,734		98,430		(21,696	)	22%
Intangible assets	344,856		379,510		(34,654	)	9%
Accounts payable and accrued liabilities	142,620		125,755		(16,865	)	13%
Bank loans	22,349		67,895		45,546		67%

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 September 30, 2026, cash, cash equivalents and marketable securities were $136,887, an increase of $41,604 or 44%, compared to December 31, 2025. The increase was mainly driven by operating cash inflows of $96,306 and proceeds of $21,500 for the return of the Canadian commercial rights for certain non-core products, partly offset by net principal repayments on bank loans of $49,893, investment in intangible assets of $9,918, the repurchase of common shares under the NCIB of $9,275, a holdback payment of $8,442 related to the Paladin transaction, and the acquisition of a manufacturing facility in Argentina of $2,950.

Intangible assets: As at September 30, 2026, intangible assets were $344,856, a decrease of $34,654 or 9%, compared to December 31, 2025, primarily due to amortization of $42,941 and derecognition of $17,000 of intangible assets related to the return of the Canadian commercial rights for certain non-core products, partly offset by additions of $14,477 for sales milestones and foreign exchange revaluation. The addition reflects sales milestones that the Company now expects to achieve, based on higher expected peak revenues for multiple launched pipeline products, taking into consideration their performance since launch.

Bank loans: As at September 30, 2026, bank loans were $22,349, a decrease of $45,546 or 67%, compared to December 31, 2025, mainly due to the repayment of $40,000 on the revolving credit facility, as well as repayments on the Bancolombia and IFC loans.

Q3-26 Product Updates

Poteligeo^® (mogamulizumab)

Knight entered into an exclusive distribution agreement with Kyowa Kirin International under which Knight will be responsible for obtaining regulatory approval and commercializing mogamulizumab in Brazil, Mexico, Colombia and Argentina. Poteligeo^® is approved in the United States and Europe for the treatment of adult patients with relapsed or refractory mycosis fungoides (MF) or Sézary syndrome (SS), after at least one prior systemic therapy.

Oncology/Hematology

Lenvima^® (lenvatinib)

Colombia’s Ministry of Health published the list of medicines subject to the direct price control regime and added lenvatinib to the list effective on August 19, 2026, which resulted in a decrease in the selling price of lenvatinib. In addition, during Q2-26, INVIMA approved a generic version of lenvatinib 10 mg which has not been launched to date. The Company expects these developments to continue to negatively impact revenues and adjusted EBITDA of Lenvima^® in Colombia.

Minjuvi^® (tafasitamab)

Follicular lymphoma (FL)

Subsequent to Q3-26, Knight obtained regulatory approval and launched a supplemental indication of Minjuvi^® for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) in Mexico.

First-line diffuse large B-cell lymphoma (DLBCL)

Knight filed a supplemental application in Brazil for Minjuvi^® in combination with lenalidomide and R-CHOP (rituximab, cyclophosphamide, doxorubicin, vincristine and prednisone), or tafa-len-R-CHOP, as a first-line treatment for adult patients with previously untreated DLBCL or high-grade B-cell lymphoma (HGBL).

Niktimvo^® (axatilimab)

Subsequent to Q3-26, Knight announced that ANVISA, under the rare disease pathway, approved Niktimvo^® 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 6 years and older weighing at least 40 kg. Knight has since submitted Niktimvo^® for pricing approval to the Drugs Market Regulation Chamber in Brazil.

Tavalisse^® (fostamatinib disodium hexahydrate)

Knight obtained regulatory approval for Tavalisse^® in Colombia for the treatment of adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response, loss of response, or intolerance to prior treatment with corticosteroids and intravenous immunoglobulin. Knight expects to launch Tavalisse^® in Colombia in the first half of 2027. Subsequent to Q3-26, Knight announced the launch of Tavalisse^® in Brazil for the treatment of adult patients with ITP who have had an insufficient response to a previous treatment.

Infectious Diseases

Ambisome^® (amphotericin B)

In September 2026, a competitor received ANVISA approval for a generic and a branded generic of liposomal amphotericin B. The Company expects this development to negatively impact sales and the Adjusted EBITDA of Ambisome^® in Brazil in 2027.

Neurology

Crexont^® (carbidopa and levodopa)

Knight received a Notice of Non-Compliance from Health Canada for its New Drug Submission for Crexont^®, for the treatment of Parkinson’s disease. Knight will work with its partner to prepare a response to Health Canada.

Durivast^® (rivastigmine)

Knight launched Durivast^® in Colombia for the symptomatic treatment of dementia associated with Alzheimer's disease, administered as a transdermal patch applied twice weekly, on designated days and dementia associated with Parkinson's disease. Subsequent to Q3-26, Durivast^® launched in Peru.

Other Specialty

Wynzora^® (calcipotriol and betamethasone dipropionate)

Knight launched Wynzora^® in Canada for the topical treatment of psoriasis vulgaris in adults and adolescents aged 12 and older.

Gemtesa^® (vibegron)

Knight submitted Gemtesa^® for regulatory approval in Canada for the treatment of overactive bladder (OAB) with symptoms of urge urinary incontinence, urgency, and urinary frequency in adults, and OAB with symptoms of urge urinary incontinence, urgency, urinary frequency, and nocturia in adult males on pharmacological therapy for benign prostatic hyperplasia.

Financial Outlook¹

Pipeline and launched pipeline peak annual revenues guidance increased to over $300,000¹

Knight has raised its estimate of peak annual revenues for its pipeline and launched pipeline products from over $200,000 to over $300,000¹. The increase reflects (i) higher expected peak revenues for multiple launched pipeline products, taking into consideration their performance since launch, and (ii) the addition of Poteligeo^®. This is the fourth time Knight has raised this guidance, up from over $50,000 in 2022. The current guidance covers more than 75 product launches across Canada and Latin America of which 22 have been launched to date. As a result of the higher peak annual revenue guidance, Knight recognized $27,248 in additional sales milestones that it now expects to achieve, including $12,771 in contingent consideration payable related to the Paladin transaction.

Fiscal Year 2026 revenues and Adjusted EBITDA² guidance

Knight has increased its 2026 financial guidance on revenues and Adjusted EBITDA² as a % of revenues. The Company expects to generate between $560 and $570 million in revenues, up from $540 million to $560 million in revenues, and Adjusted EBITDA² as a % of revenues is expected to be approximately 17.5%, up from at least 15%. The increase in our outlook is mainly driven by the stronger performance of our promoted products across multiple countries as well as LATAM currencies performing better against the Canadian dollar than previously anticipated.

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 Argentina
• no revenues for business development transactions not completed as at November 4, 2026
• no unforeseen termination to our license, distribution and supply agreements
• no interruptions in supply whether due to global supply chain disruptions or general manufacturing issues
• no material impact from changes in tariffs, trade barriers, or customs duties
• no material adverse impact from wars, armed conflicts, or geopolitical hostilities
• no new generic entrants on our key pharmaceutical brands
• no unforeseen changes to government mandated pricing regulations
• successful commercial execution on product listing arrangements with HMOs, insurers, key accounts, and public payers
• successful execution and uptake of newly launched products
• no material increase in provisions for inventory or trade receivables
• no significant variations of forecasted foreign currency exchange rates
• inflation 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 Refer to Section - Financial Results under Non-IFRS measures for additional details.

Conference Call Notice 

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

Date: Thursday, November 5, 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, 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 the TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's website 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 as a result of new information or future events, except as required by law.

CONTACT INFORMATION:

Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia		Arvind Utchanah
President & Chief Executive Officer		Chief Financial Officer
T: 514.484.4483		T: 514.484.4483
Email: IR@knighttx.com		Email: IR@knighttx.com
Website: www.knighttx.com		Website: www.knighttx.com

HYPERINFLATION

The Company applies IAS 29, Financial Reporting in Hyperinflationary Economies, as its Argentine subsidiary's functional currency is the Argentine Peso. Revenues and operating expenses in ARS are restated for inflation from the month in which they were recorded to the end of the reporting period, using the corresponding factor in the inflation index below.

	January	February	March	April	May	June	July	August	September
2026	1.20	1.17	1.13	1.10	1.08	1.06	1.04	1.02	1.00
2025	1.19	1.17	1.12	1.09	1.08	1.06	1.04	1.02	1.00

The inflation restatement is calculated on a year-to-date basis, and the restated amounts are translated into CAD at the closing rate for the period.

	September 30, 2026		September 30, 2025
ARS per CAD	1,074		981

	Q3-26		Q3-25		YTD-26		YTD-25
ARS Variation %1	(3)%		(12)%		(1)%		(37)%

¹ Positive variances indicate appreciation of ARS vs CAD, and negative variances depreciation.

Accordingly, the application of hyperinflation accounting under IAS 29 resulted in higher reported revenues and operating expenses, in CAD, for the Company's Argentine subsidiary in both Q3-26 and YTD-26 compared with the corresponding prior-year periods. Under hyperinflation accounting, cost of goods sold denominated in ARS is restated using the inflation index from the inventory purchase or production date to the end of the reporting period and translated into CAD using the applicable quarter-end closing rates.

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1} Appreciation (depreciation) of ARS vs CAD, calculated as (beginning of period rate − end of period rate) / beginning of period rate.

FINANCIAL RESULTS UNDER NON-IFRS MEASURES
[In thousands of Canadian dollars]

The Company discloses Non-IFRS 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-IFRS 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-IFRS measures.

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

The Company applies IAS 29, Financial Reporting in Hyperinflationary Economies, as its Argentine subsidiary's functional currency is the Argentine Peso. To derive this measure, financial results under IFRS are adjusted to remove the impact of hyperinflation under IAS 29. Refer to Section – Hyperinflation for further details.

The Company believes that financial results excluding the impact of hyperinflation under IAS 29 represent 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-IFRS measure and does not have any standardized meaning under IFRS. 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.

	Q3-26						YTD-26
	Reported under IFRS		IAS 29 Adjustment		Excluding the Impact of IAS 291		Reported under IFRS		IAS 29 Adjustment		Excluding the Impact of IAS 291
Revenues	137,691		(951	)	136,740		430,342		(2,039	)	428,303
Cost of goods sold	69,260		(2,226	)	67,034		223,187		(5,709	)	217,478
Gross margin	68,431		1,275		69,706		207,155		3,670		210,825
Gross margin (%)	50%				51%		48%				49%
Expenses
Selling and marketing	22,082		(89	)	21,993		64,257		(258	)	63,999
General and administrative	16,209		(134	)	16,075		45,117		(483	)	44,634
Research and development	9,789		(167	)	9,622		29,760		(259	)	29,501
Amortization of intangible assets	14,809		(302	)	14,507		42,941		(302	)	42,639
Remeasurement of contingent consideration	12,093		—		12,093		12,771		—		12,771
Operating (loss) income	(6,551	)	1,967		(4,584	)	12,309		4,972		17,281
1 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.

	Q3-25						YTD-25
	Reported under IFRS		IAS 29 Adjustment		Excluding the Impact of IAS 291		Reported under IFRS		IAS 29 Adjustment		Excluding the Impact of IAS 291
Revenues	121,548		1,080		122,628		316,982		2,166		319,148
Cost of goods sold	65,738		(937	)	64,801		181,475		(10,519	)	170,956
Gross margin	55,810		2,017		57,827		135,507		12,685		148,192
Gross margin (%)	46%				47%		43%				46%
Expenses
Selling and marketing	17,908		248		18,156		47,506		495		48,001
General and administrative	13,116		(422	)	12,694		41,149		(971	)	40,178
Research and development	8,694		161		8,855		19,761		381		20,142
Amortization of intangible assets	15,446		—		15,446		35,651		—		35,651
Operating income (loss)	646		2,030		2,676		(8,560	)	12,780		4,220
1 Non-IFRS measure and does not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.

Select financial results excluding the impact of hyperinflation under IAS 29¹

					Change								Change
	Q3-26		Q3-25		$		%		YTD-26		YTD-25		$		%
Adjusted Revenues1	136,740		122,628		14,112		12%		428,303		319,148		109,155		34%
Cost of goods sold	67,034		64,801		(2,233	)	3%		217,478		170,956		(46,522	)	27%
Gross margin	69,706		57,827		11,879		21%		210,825		148,192		62,633		42%
Gross margin (%)	51%		47%						49%		46%
Expenses
Selling and marketing	21,993		18,156		(3,837	)	21%		63,999		48,001		(15,998	)	33%
General and administrative	16,075		12,694		(3,381	)	27%		44,634		40,178		(4,456	)	11%
Research and development	9,622		8,855		(767	)	9%		29,501		20,142		(9,359	)	46%
Amortization of intangible assets	14,507		15,446		939		6%		42,639		35,651		(6,988	)	20%
Remeasurement of contingent consideration	12,093		—		(12,093	)	N/A		12,771		—		(12,771	)	N/A
Operating (loss) income	(4,584	)	2,676		(7,260	)	N/A		17,281		4,220		13,061		310%
Adjusted EBITDA1	23,802		20,987		2,815		13%		76,288		48,607		27,681		57%
Adjusted EBITDA1 (%)	17%		17%						18%		15%
Adjusted EBITDA per share1,2	0.24		0.21		0.03		15%		0.78		0.49		0.29		59%
1 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.
2 Percentages are calculated using unrounded amounts; therefore, percentages presented may not correspond to calculations based on rounded figures.

Adjusted Revenues¹ by Product Portfolio

					Change								Change
Product Portfolio	Q3-26		Q3-252		$		%		YTD-26		YTD-252		$		%
Promoted
Launched Pipeline Products	21,102		8,776		12,326		140%		54,930		15,678		39,252		250%
Strategic Products	64,588		62,683		1,905		3%		222,919		185,382		37,537		20%
Total Promoted	85,690		71,459		14,231		20%		277,849		201,060		76,789		38%
Mature	51,008		49,826		1,182		2%		147,317		115,785		31,532		27%
Discontinued	42		1,343		(1,301	)	97%		3,137		2,303		834		36%
Total Adjusted Revenues1	136,740		122,628		14,112		12%		428,303		319,148		109,155		34%
1 Excluding the impact of hyperinflation under IAS 29. Adjusted Revenues is a Non-IFRS measure and does not have any standardized meaning under IFRS. 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 and nine-month periods ended September 30, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Adjusted Revenues¹ by Therapeutic Area

					Change								Change
Therapeutic Area	Q3-26		Q3-252		$		%		YTD-26		YTD-252		$		%
Oncology/Hematology	46,958		38,281		8,677		23%		128,888		105,406		23,482		22%
Infectious Diseases	33,039		37,226		(4,187	)	11%		132,783		118,965		13,818		12%
Neurology	34,757		27,098		7,659		28%		100,075		58,507		41,568		71%
Other Specialty	21,986		20,023		1,963		10%		66,557		36,270		30,287		84%
Total Adjusted Revenues1	136,740		122,628		14,112		12%		428,303		319,148		109,155		34%
1 Non-IFRS measure and does not have any standardized meaning under IFRS. 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 and nine-month periods ended September 30, 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 represent 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-IFRS measure and does not have any standardized meaning under IFRS. 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 excluding the impact of hyperinflation under IAS 29 to financial results and financial results at constant currency for the same period in prior year.

	Q3-26		Q3-25						Change
	Excluding the impact of IAS 291		Excluding the impact of IAS 291		Constant Currency Adjustment		Constant Currency2		$		%
Adjusted Revenues2	136,740		122,628		8,625		131,253		5,487		4%
Cost of goods sold	67,034		64,801		4,591		69,392		2,358		3%
Gross margin	69,706		57,827		4,034		61,861		7,845		13%
Gross margin (%)	51%		47%				47%
Expenses
Selling and marketing	21,993		18,156		963		19,119		(2,874	)	15%
General and administrative	16,075		12,694		479		13,173		(2,902	)	22%
Research and development	9,622		8,855		299		9,154		(468	)	5%
Amortization of intangible assets	14,507		15,446		148		15,594		1,087		7%
Remeasurement of contingent consideration	12,093		—		—		—		(12,093	)	—%
Operating (loss) income	(4,584	)	2,676		2,145		4,821		(9,405	)	N/A
Adjusted EBITDA2	23,802						23,137		665		3%
Adjusted EBITDA2 (%)	17%						18%
Adjusted EBITDA per share2	0.24						0.23		0.01		4%
1 Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.
2 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.

	YTD-26		YTD-25						Change
	Excluding the impact of IAS 291		Excluding the impact of IAS 291		Constant Currency Adjustment		Constant Currency2		$		%
Adjusted Revenues2	428,303		319,148		22,735		341,883		86,420		25%
Cost of goods sold	217,478		170,956		12,709		183,665		(33,813	)	18%
Gross margin	210,825		148,192		10,026		158,218		52,607		33%
Gross margin (%)	49%		46%				46%
Expenses
Selling and marketing	63,999		48,001		2,586		50,587		(13,412	)	27%
General and administrative	44,634		40,178		1,076		41,254		(3,380	)	8%
Research and development	29,501		20,142		755		20,897		(8,604	)	41%
Amortization of intangible assets	42,639		35,651		(213	)	35,438		(7,201	)	20%
Remeasurement of contingent consideration	12,771		—		—		—		(12,771	)	—%
Operating income	17,281		4,220		5,822		10,042		7,239		72%
Adjusted EBITDA2	76,288						54,252		22,036		41%
Adjusted EBITDA2 (%)	18%						16%
Adjusted EBITDA per share2	0.78						0.54		0.23		43%
1 Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.
2 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.

Adjusted Revenues at Constant Currency¹ by Product Portfolio

	Three-month period ended September 30,								Nine-month period ended September 30,
	Excluding the impact of IAS 291
			Constant Currency1								Constant Currency1
Product Portfolio	2026		20253		$		%		2026		20253		$		%
Promoted
Launched Pipeline Products	21,102		8,897		12,205		137%		54,930		16,108		38,822		241%
Strategic Products	64,588		69,262		(4,674	)	7%		222,919		202,812		20,107		10%
Total Promoted	85,690		78,159		7,531		10%		277,849		218,920		58,929		27%
Mature	51,008		51,749		(741	)	1%		147,317		120,656		26,661		22%
Discontinued	42		1,345		(1,303	)	97%		3,137		2,307		830		36%
Total Adjusted Revenues1	136,740		131,253		5,487		4%		428,303		341,883		86,420		25%
1 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.
2 Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.
3 Comparative figures have been reclassified to align with the three and nine-month periods ended September 30, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Adjusted Revenues at Constant Currency¹ by Therapeutic Area

	Three-month period ended September 30,								Nine-month period ended September 30,
	Excluding the impact of IAS 292
			Constant Currency1								Constant Currency1
Therapeutic Area	2026		20253		$		%		2026		20253		$		%
Oncology/Hematology	46,958		42,099		4,859		12%		128,888		114,240		14,648		13%
Infectious Diseases	33,039		39,840		(6,801	)	17%		132,783		127,668		5,115		4%
Neurology	34,757		28,872		5,885		20%		100,075		62,894		37,181		59%
Other Specialty	21,986		20,442		1,544		8%		66,557		37,081		29,476		79%
Total Adjusted Revenues1	136,740		131,253		5,487		4%		428,303		341,883		86,420		25%
1 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.
2 Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.
3 Comparative figures have been reclassified to align with the three and nine-month periods ended September 30, 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 (accounting under hyperinflation) and the impact in cost of goods sold of the difference between the fair value of inventory acquired and the cost paid in the Paladin transaction, accounted under IFRS 3 - Business Combinations, when the inventory acquired as part of the transaction is sold ("Step-Up Expense"). 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 and Step-Up Expense, thereby facilitating the comparison period over period. The presentation of Adjusted Gross Margin is considered to be a Non-IFRS measure and does not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.

					Change								Change
	Q3-26		Q3-25		$		%		YTD-26		YTD-25		$		%
Gross margin	68,431		55,810		12,621		23%		207,155		135,507		71,648		53%
Adjustments to gross margin:
Impact of IAS 29	1,275		2,017		(742	)	37%		3,670		12,685		(9,015	)	71%
Step-Up Expense	—		2,071		(2,071	)	100%		—		2,231		(2,231	)	100%
Adjusted Gross Margin1	69,706		59,898		9,808		16%		210,825		150,423		60,402		40%
Adjusted Gross Margin (%)1,2	51%		49%						49%		47%
1 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.
2 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-IFRS measure and does not have any standardized meaning under IFRS. 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 remeasurement of contingent consideration, the impact of IAS 29 (accounting under hyperinflation), acquisition and transaction costs, Step-Up Expense 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-IFRS measure and does not have any standardized meaning under IFRS. 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 (loss) income to EBITDA and adjusted EBITDA:

					Change								Change
	Q3-26		Q3-25		$		%		YTD-26		YTD-25		$		%
Operating (loss) income	(6,551	)	646		(7,197	)	N/A		12,309		(8,560	)	20,869		N/A
Adjustments to operating (loss) income:
Amortization of intangible assets	14,809		15,446		(637	)	4%		42,941		35,651		7,290		20%
Depreciation of property, plant and equipment and ROU assets	1,356		2,322		(966	)	42%		4,423		5,839		(1,416	)	24%
Lease payments	(1,306	)	(1,200	)	(106	)	9%		(3,667	)	(3,385	)	(282	)	8%
EBITDA1	8,308		17,214		(8,906	)	52%		56,006		29,545		26,461		90%
Remeasurement of contingent consideration	12,093		—		12,093		N/A		12,771		—		12,771		N/A
Impact of IAS 29	1,631		1,479		152		10%		4,428		11,521		(7,093	)	62%
Acquisition and transaction costs	145		170		(25	)	15%		428		4,631		(4,203	)	91%
Step-Up Expense	—		2,071		(2,071	)	N/A		—		2,231		(2,231	)	N/A
Other non-recurring expenses	1,625		53		1,572		2966%		2,655		679		1,976		291%
Adjusted EBITDA1	23,802		20,987		2,815		13%		76,288		48,607		27,681		57%
Adjusted EBITDA per share1,2	0.24		0.21		0.03		15%		0.78		0.49		0.29		59%
1 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.
2 Percentages are calculated using unrounded amounts; therefore, percentages presented may not correspond to calculations based on rounded figures.

For the quarter ended September 30, 2026, adjusted EBITDA increased by $2,815 or 13%. The increase was mainly driven by higher Adjusted Gross Margin¹, partly offset by higher operating expenses. Refer to Section 3 - Results of Operations of the MD&A for further details.

^{______________________________________
1} Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.

Explanation of adjustments from EBITDA to Adjusted EBITDA

Remeasurement of contingent consideration	Remeasurement of contingent consideration relates to the remeasurement of contingent consideration payable upon achieving certain sales milestones in connection with a business combination, accounted under IFRS 3 - Business Combinations.
Impact of IAS 29	Impact of hyperinflation accounting under IAS 29 over the operating (loss) income.
Acquisition and transaction costs	Acquisition and transaction costs relate to costs incurred on legal, consulting and advisory fees for acquisitions.
Step-Up Expense	Step-up expense relates to the impact in cost of goods sold of the difference between the fair value of inventory acquired and the cost paid in a transaction, accounted under IFRS 3 - Business Combinations, when the inventory acquired as part of the transaction is sold.
Other non-recurring expenses	Other 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 remeasurement of contingent consideration, impact of hyperinflation under IAS 29, acquisition and transaction costs, Step-Up Expense and non-recurring expenses, thereby facilitating the comparison period over period. The presentation of adjusted EBITDA per share is considered to be a Non-IFRS ratio and does not have any standardized meaning under IFRS. 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:

	Q3-26		Q3-25		YTD-26		YTD-25
Adjusted EBITDA1	23,802		20,987		76,288		48,607
Adjusted EBITDA per share1	0.24		0.21		0.78		0.49
Number of common shares outstanding at period end (in thousands)	98,274		99,678		98,274		99,678
1 Non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies.

INTERIM CONSOLIDATED BALANCE SHEETS [In thousands of Canadian dollars] [Unaudited]
As at	September 30, 2026		December 31, 2025
ASSETS
Current
Cash and cash equivalents	120,736		76,449
Marketable securities	16,151		18,834
Trade receivables	128,538		127,775
Other receivables	11,733		6,063
Inventories	137,081		135,866
Prepaids and deposits	8,150		6,505
Other current financial assets	10,943		18,946
Income taxes receivable	7,798		4,397
Total current assets	441,130		394,835
Prepaids and deposits	10,341		8,883
Right-of-use assets	11,191		9,919
Property, plant and equipment	20,866		12,006
Intangible assets	344,856		379,510
Goodwill	98,154		89,982
Other financial assets	65,791		79,484
Deferred tax assets	27,684		26,921
Other long-term receivables	45,155		44,760
Total non-current assets	624,038		651,465
Total assets	1,065,168		1,046,300

INTERIM CONSOLIDATED BALANCE SHEETS (continued) [In thousands of Canadian dollars] [Unaudited]
As at	September 30, 2026		December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities	136,608		120,868
Lease liabilities	3,582		3,398
Other liabilities	8,510		12,878
Bank loans	16,791		16,730
Income taxes payable	288		580
Other balances payable	18,035		10,806
Total current liabilities	183,814		165,260
Accounts payable and accrued liabilities	6,012		4,887
Lease liabilities	7,589		6,618
Bank loans	5,558		51,165
Other balances payable	65,051		48,105
Deferred tax liabilities	1,942		2,993
Total liabilities	269,966		279,028
Shareholders’ equity
Share capital	526,602		530,140
Contributed surplus	34,259		32,449
Accumulated other comprehensive income	79,811		55,741
Retained earnings	154,530		148,942
Total shareholders’ equity	795,202		767,272
Total liabilities and shareholders’ equity	1,065,168		1,046,300

INTERIM CONSOLIDATED STATEMENTS OF (LOSS) INCOME [In thousands of Canadian dollars, except for share and per share amounts] [Unaudited]
	Three-month period ended September 30,				Nine-month period ended September 30,
	2026		2025		2026		2025
Revenues	137,691		121,548		430,342		316,982
Cost of goods sold	69,260		65,738		223,187		181,475
Gross margin	68,431		55,810		207,155		135,507
Gross margin %	50%		46%		48%		43%
Expenses
Selling and marketing	22,082		17,908		64,257		47,506
General and administrative	16,209		13,116		45,117		41,149
Research and development	9,789		8,694		29,760		19,761
Amortization of intangible assets	14,809		15,446		42,941		35,651
Remeasurement of contingent consideration	12,093		—		12,771		—
Operating (loss) income	(6,551	)	646		12,309		(8,560	)
Interest income on financial instruments measured at amortized cost	(1,182	)	(1,107	)	(3,035	)	(4,987	)
Interest expense	2,012		2,368		6,778		6,498
Other expense (income)	213		271		(4,152	)	2,601
Net (gain) loss on financial assets measured at fair value through profit or loss	(2,153	)	4,589		9,545		11,271
Foreign exchange gain	(69	)	(3,124	)	(2,464	)	(4,116	)
Gain on hyperinflation	(509	)	(434	)	(1,579	)	(1,901	)
(Loss) income before income taxes	(4,863	)	(1,917	)	7,216		(17,926	)
Income taxes
Current	206		2,035		469		2,704
Deferred	(2,389	)	(161	)	(381	)	(6,402	)
Income tax (recovery) expense	(2,183	)	1,874		88		(3,698	)
Net (loss) income for the period	(2,680	)	(3,791	)	7,128		(14,228	)
Basic and diluted net (loss) income per share	(0.03	)	(0.04	)	0.07		(0.14	)
Weighted average number of common shares outstanding	98,234,675		99,657,996		98,296,120		99,643,135
Basic	98,234,675		99,657,996		98,296,120		99,643,135
Diluted	98,234,675		99,657,996		99,588,998		99,643,135

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS [In thousands of Canadian dollars] [Unaudited]
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
OPERATING ACTIVITIES
Net (loss) income for the period	(2,680	)	(3,791	)	7,128		(14,228	)
Adjustments reconciling net (loss) income to operating cash flows:
Deferred income tax recovery	(2,389	)	(161	)	(381	)	(6,402	)
Share-based compensation expense	1,976		1,641		5,405		5,187
Depreciation and amortization	16,165		17,768		47,364		41,490
Net (gain) loss on financial assets measured at fair value through profit or loss	(2,153	)	4,589		9,545		11,271
Interest expense	2,012		2,368		6,778		6,498
Accrued interest (income) expense	(175	)	(48	)	(428	)	318
Unrealized foreign exchange loss (gain)	127		1,423		2,611		1,254
Other expense (income)	213		271		(4,152	)	2,601
Change in contingent consideration	12,093		(2,077	)	12,771		(2,077	)
Gain on hyperinflation	(509	)	(434	)	(1,579	)	(1,901	)
	24,680		21,549		85,062		44,011
Changes in non-cash working capital and other items	1,409		(11,386	)	11,244		(9,926	)
Cash inflow from operating activities	26,089		10,163		96,306		34,085
INVESTING ACTIVITIES
Acquisition of Paladin	—		(3,196	)	(8,442	)	(110,081	)
Purchase of marketable securities	(5,720	)	(3,094	)	(18,030	)	(16,976	)
Purchase of intangible assets	(4,786	)	(2,401	)	(9,918	)	(30,237	)
Purchase of property and equipment	(320	)	(410	)	(4,267	)	(1,373	)
Investment in funds	(39	)	(759	)	(473	)	(894	)
Proceeds on maturity of marketable securities	5,609		3,059		21,255		64,686
Proceeds from return of commercial rights	4,500		—		21,500		—
Proceeds from repayments of loans receivable	—		3,840		—		17,598
Proceeds from disposal of equity investments	551		139		3,270		139
Proceeds from distribution of funds	3,506		1,416		3,908		6,564
Cash inflow (outflow) from investing activities	3,301		(1,406	)	8,803		(70,574	)
FINANCING ACTIVITIES
Proceeds from contributions to share purchase plan	130		126		375		378
Proceeds from issuance upon exercise of stock options	557		—		923		—
Proceeds from bank loans	—		—		—		111,203
Proceeds from repayment of share purchase loans	—		—		150		225
Repurchase of common shares through Normal Course Issuer Bid	—		—		(9,275	)	(3,351	)
Principal repayment of lease liabilities	(1,306	)	(1,200	)	(3,667	)	(3,385	)
Principal repayment on bank loans	(1,328	)	(3,810	)	(49,893	)	(60,214	)
Interest paid on bank loans	(306	)	(1,025	)	(2,888	)	(4,652	)
Cash (outflow) inflow from financing activities	(2,253	)	(5,909	)	(64,275	)	40,204
Increase in cash and cash equivalents during the period	27,137		2,848		40,834		3,715
Cash and cash equivalents, beginning of the period	93,536		77,816		76,449		80,106
Effect of exchange rate changes on cash and cash equivalents	63		1,212		3,453		(1,945	)
Cash and cash equivalents, end of the period	120,736		81,876		120,736		81,876
Cash and cash equivalents	120,736		81,876		120,736		81,876
Marketable securities	16,151		13,682		16,151		13,682
Total cash, cash equivalents and marketable securities	136,887		95,558		136,887		95,558