revenue $376.7M, net income $150.0M. Revenue +42% on ENHANZE royalties; acquisitions add platforms, impairment risk

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Partner evaluating return of Elektrofi target by Sept 2026; if returned without replacement, up to $870.5M of Elektrofi intangibles+goodwill at risk of material impairment charge.

  MD&A: Elektrofi acquisition and impairment risk verify on EDGAR →
• high

  Acquired Elektrofi for $810.4M (+ up to $23M contingent) and Surf Bio for $305.0M (+ up to $100M contingent; $284.9M IPR&D expensed), adding Hypercon microparticle and Surf Bio hyperconcentration platforms to expand drug delivery portfolio beyond ENHANZE.

  MD&A: Elektrofi and Surf Bio acquisitions verify on EDGAR →
• high

  Issued $1.5B convertible notes (0.875% 2032, 0.00% 2031) and repurchased up to $1.0B of 2027/2028 notes, extending debt maturities to 2031-2032 and reducing near-term refinancing risk; interest expense +22% to $5.5M.

  Notes: 2031 and 2032 Convertible Notes issuance view on EDGAR →