Knight Therapeutics Reports Second Quarter 2026 Results

Increased 2026 guidance and expect revenues of $540 million to $560 million
Achieved six month record-high revenues of $293 million and Adjusted EBITDA¹ of $52 million

MONTREAL, Aug. 06, 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 second quarter ended June 30, 2026. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

Q2-26 Highlights

Financial Results - IFRS

Revenues were $144,212, an increase of $36,854 or 34% over the same period in the prior year. The increase was primarily driven by the growth of our promoted products, incremental revenues from mature products added from the Paladin and Sumitomo transactions, and the appreciation of select LATAM currencies.
Gross margin was $69,615 or 48% of revenues compared to $44,831 or 42% of revenues in the same period in prior year. The increase in gross margin % was driven by a higher contribution of the Canadian business and the lower impact of hyperinflation².
Operating income was $8,960 compared to an operating loss of $3,669 in the same period in prior year.
Net loss was $3,361, compared to a net loss of $12,622 in the same period in prior year.
Net loss per share was $0.03, compared to a net loss per share of $0.13 in the same period in prior year.
Generated cash inflow from operations of $29,523.

Financial Results - Non-IFRS

Adjusted Revenues¹ were $143,969, an increase of $35,428 or 33% over the same period in the prior year, or $25,538 or 22% on a constant currency¹ basis, primarily driven by the growth of our promoted products and incremental revenues from mature products added from the Paladin and Sumitomo transactions.
Adjusted Gross Margin¹ was $70,471 or 49% of Adjusted Revenues¹ compared to $49,431 or 46% 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.
Adjusted EBITDA¹ was $24,569, an increase of $9,062 or 58% over the same period in prior year.
Adjusted EBITDA per share¹ was $0.25, an increase of $0.09 or 61% over the same period in prior year.

Corporate developments

Purchased 129,400 common shares through Knight's NCIB at an average purchase price of $7.45 for an aggregate cash consideration of $964.
Repaid the revolving credit facility used to finance the Paladin Transaction within one year of the acquisition.
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.

Products

Obtained regulatory approval for Tavalisse^® (fostamatinib disodium hexahydrate) in Brazil.
Executed on 4 commercial launches across our territories:
- Molapib^® (olaparib) in Argentina.
- Pemazyre^® (pemigatinib) in Argentina.
- Akynzeo^® (netupitant/palonosetron/fosnetupitant/palonosetron) in Paraguay.
- Tavalisse^® (fostamatinib disodium hexahydrate) in Mexico.
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.
Entered into a supply and distribution agreement with Eton Pharmaceuticals, Inc. for the commercialization of Impavido^® (miltefosine) in the United States.

Subsequent to quarter-end

Hired Cristina Viayna as Global Vice President, Marketing.
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 will work with its partner to prepare a response to Health Canada.

“I am pleased to announce that we have delivered strong revenue growth and cash flow from operations. For the quarter ended June 30, 2026, revenues grew by 34% to $144 million and adjusted EBITDA¹ by 58% to over $24 million. This strong performance is the result of our commercial execution driving the growth of our promoted portfolio which increased by over $21 million or 30% in the second quarter, coming from our seventeen launches over the last two and a half years including four launches in the second quarter. I am also excited to announce that we are raising our financial outlook for fiscal 2026 and expect to deliver revenues between $540 million to $560 million. The momentum of our promoted products, the strength of our diversified portfolio and healthy cash flows from operations, position us well to continue executing on our mission of acquiring, in-licensing, developing and commercializing pharmaceutical products in Latin America and Canada.” said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc.

^{______________________________
1}Adjusted Revenues, revenues on a constant currency basis, Adjusted Gross Margin, Adjusted EBITDA and Adjusted EBITDA per share are 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. Refer to Section 7 - 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.

SELECT FINANCIAL RESULTS REPORTED UNDER IFRS [In thousands of Canadian dollars]

					Change							Change
	Q2-26		Q2-25		$¹			%²	YTD-26	YTD-25		$¹			%²

Revenues	144,212		107,358			36,854		34%	292,651	195,434			97,217		50%
Gross margin	69,615		44,831			24,784		55%	138,724	79,697			59,027		74%
Gross margin %	48%		42%						47%	41%
Selling and marketing	21,854		15,674			(6,180	)	39%	42,175	29,598			(12,577	)	42%
General and administrative	14,781		15,814			1,033		7%	28,908	28,033			(875	)	3%
Research and development	10,561		6,281			(4,280	)	68%	19,971	11,067			(8,904	)	80%
Amortization of intangible assets	13,459		10,731			(2,728	)	25%	28,132	20,205			(7,927	)	39%
Operating expenses	60,655		48,500			(12,155	)	25%	119,186	88,903			(30,283	)	34%

Operating income (loss)	8,960		(3,669	)		12,629		N/A	19,538	(9,206	)		28,744		N/A

Net (loss) income for the period	(3,361	)	(12,622	)		9,261		N/A	9,808	(10,437	)		20,245		N/A
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 June 30, 2026, revenues increased by $36,854 or 34% compared to the same period in prior year. On a constant currency¹ basis, the increase in revenues was $25,538 or 22%, driven by the following:

The promoted portfolio grew by $13,447 or 17%; excluding the sales of Ambisome^® to the MOH, the promoted portfolio grew by $22,800 or 38%.
- This growth was mainly driven by Jornay PM^®, Xcopri^®, Orgovyx^®, Myfembree^®, Imvexxy^®, Cresemba^®, Minjuvi^®, Lenvima^®, Pemazyre^® and Palbocil^®, offset by the purchasing patterns of certain customers. According to IQVIA, the sales of Xcopri^®, Orgovyx^® and Myfembree^®, the launched pipeline products acquired in 2025, were $12,913 in Q2-26 compared to $4,665 in Q2-25, a growth of 177%.
- The sales of Ambisome^® to the MOH decreased by $9,353 in Q2-26 compared to Q2-25.
The mature portfolio grew by $11,525 or by 32% driven by the addition of mature products from the Paladin and Sumitomo transactions. Our revenues by product portfolio are as follows:

^{______________________________
1} Revenues on a constant currency basis 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. Refer to section - Financial Results under Non-IFRS measures for additional details.

			Change
Product Portfolio	Q2-26	Q2-25¹	$	%
Promoted
Launched Pipeline Products^a	18,510	4,435	14,075	317%
Strategic Products^b	76,438	68,857	7,581	11%
Total Promoted	94,948	73,292	21,656	30%
Mature^c	48,060	33,443	14,617	44%
Discontinued^d	1,204	623	581	93%
Total Revenues	144,212	107,358	36,854	34%
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.
¹Comparative figures have been reclassified to align with the three-month period ended June 30, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Promoted Portfolio: For the quarter ended June 30, 2026, the Promoted Portfolio increased by $21,656 or 30% or by $13,447 or 17% on a constant currency¹ basis, driven by:
- The Launched Pipeline Products grew by $13,836 or 297%. Since January 2024, Knight has executed 17 launches, including Minjuvi^® for DLBCL in Brazil, Mexico and Argentina, Minjuvi^® for FL in Brazil, Pemazyre^® in Brazil, Mexico and Argentina, Bapocil^® in Colombia, Akynzeo^® in Paraguay, Molapib^® in Argentina, Tavalisse^® in Mexico and Imvexxy^®, Bijuva^®, Jornay PM^®, Xcopri^®, Myfembree^® and Orgovyx^® in Canada.
- The Strategic products decreased by $389 or 1% in Q2-26. Excluding the sales of Ambisome^® to MOH, the Strategic Products grew by $8,964 or 16%. This growth was driven by our promoted strategic products including Cresemba^®, Lenvima^®, Akynzeo^® and Envarsus^®PA.
  - The sales of Ambisome^® to MOH were $9,353 lower in Q2-26 compared to Q2-25.

Mature Portfolio: For the quarter ended June 30, 2026, the Mature Portfolio increased by $14,617 or 44%, driven by the addition of mature products from the Paladin and Sumitomo transactions.

Gross margin: For the quarter ended June 30, 2026, gross margin was $69,615 or 48%, compared to $44,831 or 42% in Q2-25. Excluding the Gross Margin Hyperinflation Impact¹, the Adjusted Gross Margin¹ was $70,471 in Q2-26, an increase of $21,040 compared to Q2-25, due to the growth of revenues. The Adjusted Gross Margin¹ as a % of Adjusted Revenues¹, was 49% in Q2-26 compared to 46% in Q2-25. The increase was driven by the higher contribution of the Canadian business in Q2-26 compared to Q2-25.

Selling and marketing (“S&M”) expenses: For the quarter ended June 30, 2026, S&M expenses increased by $6,180 or 39% and by $4,690 or 27% on a constant currency¹ basis. The increase was mainly driven by an expansion in our sales and commercial structure to support the larger Canadian portfolio, the recent launches of Jornay PM^®, Xcopri^®, Myfembree^® and Orgovyx^®, as well as the launches of Minjuvi^® and Tavalisse^® in Mexico. In addition to structure, the increase also included our promotion and marketing expenses for 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, Brazil and Argentina, Tavalisse^® in Mexico and pre-launch activities including Tavalisse^® in Brazil.

^{______________________________
1} Adjusted Revenues, Adjusted Gross Margin, revenues and financial results on a constant currency basis, are 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. 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.

General and administrative (“G&A”) expenses: For the quarter ended June 30, 2026, G&A expenses decreased by $1,033 or 7% and by $1,689 or 10% on a constant currency¹ basis. The decrease was mainly driven by the acquisition and transaction costs of $3,430 related to the Paladin Transaction incurred in Q2-25, partly offset by an increase in our structure following the addition of the Paladin and Sumitomo portfolios, as well as higher spending on professional and consulting fees.

Research and development (“R&D”) expenses: For the quarter ended June 30, 2026, R&D expenses increased by $4,280 or 68% and by $3,748 or 55% on a constant currency¹ basis. The increase was mainly due to the expansion of our scientific affairs structure including field‑based medical personnel related to the larger Canadian portfolio. 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 Gemtesa^®, Jornay PM^®, Crexont^®, Niktimvo^® and Tavalisse^®.

Net Loss
For the quarter ended June 30, 2026, the net loss was $3,361 compared to $12,622 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 loss, gain on hyperinflation, interest expense, and income tax expense.

SELECT BALANCE SHEET ITEMS [In thousands of Canadian dollars]

			Change
As at	June 30, 2026	December 31, 2025	$¹			%²

Cash, cash equivalents and marketable securities	109,600	95,283		14,317		15%
Trade and other receivables	183,146	178,598		4,548		3%
Inventories	144,572	135,866		8,706		6%
Financial assets	81,395	98,430		(17,035	)	17%
Intangible assets	344,861	379,510		(34,649	)	9%
Accounts payable and accrued liabilities	141,653	125,755		15,898		13%
Bank loans	23,133	67,895		(44,762	)	66%

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 June 30, 2026, cash, cash equivalents and marketable securities were $109,600, an increase of $14,317 or 15%, compared to December 31, 2025. The increase was mainly driven by operating cash inflows of $70,217, and proceeds of $17,000 for the return of the Canadian commercial rights for certain non-core products. These increases were partly offset by principal repayments of bank loans of $48,565, the repurchase of common shares under the NCIB of $9,275, holdback payment of $8,442 related to the Paladin acquisition, investment in intangible assets of $5,132, and the acquisition of a manufacturing facility in Argentina of $2,950.

Trade and other receivables: As at June 30, 2026, trade and other receivables were $183,146, an increase of $4,548 or 3%, compared to December 31, 2025, mainly due to the receivable of $4,500 related to the return of the Canadian commercial rights of six non-core products. The amount was collected in July 2026.

Inventories: As at June 30, 2026, inventories were $144,572, an increase of $8,706 or 6%, 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 June 30, 2026, financial assets were $81,395, a decrease of $17,035 or 17%, compared to December 31, 2025. This was driven by a $9,661 reduction in fund investments, mainly due to a decrease in fair value of $9,352 and a $7,374 reduction in equity investments, primarily reflecting the revaluation of our publicly traded equity investments and the disposal of certain equities, including Crescita.

Intangible assets: As at June 30, 2026, intangible assets were $344,861, a decrease of $34,649 or 9%, compared to December 31, 2025, primarily due to the derecognition of intangible assets in connection with the return of the Canadian commercial rights of six non-core products, as well as amortization, partly offset by foreign exchange revaluation.

Accounts payable and accrued liabilities: As at June 30, 2026, accounts payable and accrued liabilities were $141,653, an increase of $15,898 or 13%, compared to December 31, 2025, mainly driven by the timing of purchases of inventory.

Bank Loans: As at June 30, 2026, bank loans were $23,133, a decrease of $44,762 or 66%, compared to December 31, 2025, mainly due to the repayment of $40,000 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. Knight repaid the full amount within twelve months of the withdrawal, funded entirely by cash flow generated from operations. Repayments were made as follows: (1) $20,000 in December 2025, (2) $10,000 in February 2026, (3) $10,000 in April 2026, and (4) $20,000 in June 2026.

Q2-26 Product Updates

Tavalisse^® (fostamatinib disodium hexahydrate)

Knight obtained the regulatory approval of Tavalisse^® in Brazil and expects to launch in the second half of 2026. Knight also launched Tavalisse^® in Mexico during the quarter for the treatment of adult patients with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment.

Molapib^® (olaparib)

Molapib^® obtained regulatory approval and launched in Argentina. Molapib^® is a PARP inhibitor indicated for the treatment for certain types of advanced cancers in adult patients, including ovarian, breast, pancreatic and prostate cancers, under specific biomarker-defined conditions and treatment settings.

Pemazyre^® (pemigatinib)

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)

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.

Qelbree^® (viloxazine)

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.

Impavido^® (miltefosine)

Knight entered into a supply and distribution agreement with Eton Pharmaceuticals, Inc. for the U.S. commercialization rights to Impavido^® (miltefosine). Eton will assume exclusive U.S. commercialization rights of Impavido^® effective September 26, 2026. Impavido^® is an orphan drug and the first and only FDA-approved oral therapy for the treatment of visceral, cutaneous, and mucosal leishmaniasis due to specific Leishmania species in adults and adolescents 12 years of age and older weighing greater than or equal to 30 kg.

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. The inclusion of lenvatinib is effective August 19, 2026, and will result in a decrease in the selling price of lenvatinib. In addition, INVIMA approved a generic version of lenvatinib 10 mg. The Company expects these developments to negatively impact sales and the adjusted EBITDA of Lenvima^® in Colombia.

Crexont^® (carbidopa and levodopa)

On August 5, 2026, 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.

Financial Outlook¹

For the fiscal 2026, Knight has increased its financial guidance on revenues and now expects to generate between $540 million to $560 million in revenues, up from $510 million to $525 million. The adjusted EBITDA² is expected to be at least 15% of revenues. The increase in our revenue outlook is driven primarily by the stronger performance of our promoted products across multiple countries as well as select 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 August 5, 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 custom 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 Adjusted EBITDA 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. 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 second quarter ended June 30, 2026, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

Date: Thursday, August 6, 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 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 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 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 six-month period ended June 30, 2026 and 2025, the Company applied the following inflation index for the restatement of each respective month.

	January	February	March	April	May	June
2026	1.14	1.10	1.07	1.04	1.02	1.00
2025	1.13	1.10	1.06	1.03	1.02	1.00

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.

	Q2-26	Q2-25	Q1-26	Q1-25	Q4-25	Q4-24
ARS	1,043	874	999	746	1,059	717

	Q2-26	Q2-25	YTD-26	YTD-25
ARS Variation %¹	(4)%	(17)%	2%	(22)%

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.

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 Q2-26 and YTD-26 compared with the corresponding prior-year periods ("Hyperinflation Impact"). 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. In Q2-26 and YTD-26, the cumulative inflation adjustment applied to inventory sold was lower than in the corresponding prior-year periods, resulting in lower cost of goods sold reported under IAS 29 in CAD and, consequently, a higher gross margin.

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 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-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.

Q2-26

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

144,212

(243

)

143,969

292,651

(1,088

)

291,563

Cost of goods sold

74,597

(1,099

)

73,498

153,927

(3,483

)

150,444

Gross margin

69,615

856

70,471

138,724

2,395

141,119

Gross margin (%)

48%

49%

47%

48%

Expenses

Selling and marketing

21,854

(39

)

21,815

42,175

(169

)

42,006

General and administrative

14,781

(115

)

14,666

28,908

(349

)

28,559

Research and development

10,561

(21

)

10,540

19,971

(92

)

19,879

Amortization of intangible assets

13,459

(218

)

13,241

28,132

—

28,132

Operating income

8,960

1,249

10,209

19,538

3,005

22,543

¹ Financial results excluding the impact of IAS 29 is a 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.

	Q2-25					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
	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	107,358		1,183		108,541	195,434		1,086		196,520
Cost of goods sold	62,527		(3,417	)	59,110	115,737		(9,582	)	106,155
Gross margin	44,831		4,600		49,431	79,697		10,668		90,365
Gross margin (%)	42%				46%	41%				46%

Expenses
Selling and marketing	15,674		331		16,005	29,598		247		29,845
General and administrative	15,814		90		15,904	28,033		(547	)	27,486
Research and development	6,281		198		6,479	11,067		220		11,287
Amortization of intangible assets	10,731		—		10,731	20,205		—		20,205
Operating (loss) income	(3,669	)	3,981		312	(9,206	)	10,748		1,542
¹ Financial results excluding the impact of IAS 29 is a 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.

Select financial results excluding the impact of hyperinflation under IAS 29¹

			Change					Change
	Q2-26	Q2-25	$		%	YTD-26	YTD-25	$		%

Adjusted Revenues¹	143,969	108,541	35,428		33%	291,563	196,520	95,043		48%
Cost of goods sold	73,498	59,110	(14,388	)	24%	150,444	106,155	(44,289	)	42%
Gross margin	70,471	49,431	21,040		43%	141,119	90,365	50,754		56%
Gross margin (%)	49%	46%				48%	46%

Expenses
Selling and marketing	21,815	16,005	(5,810	)	36%	42,006	29,845	(12,161	)	41%
General and administrative	14,666	15,904	1,238		8%	28,559	27,486	(1,073	)	4%
Research and development	10,540	6,479	(4,061	)	63%	19,879	11,287	(8,592	)	76%
Amortization of intangible assets	13,241	10,731	(2,510	)	23%	28,132	20,205	(7,927	)	39%
Operating income	10,209	312	9,897		3172%	22,543	1,542	21,001		1362%

Adjusted EBITDA¹	24,569	15,507	9,062		58%	52,486	27,620	24,866		90%
Adjusted EBITDA¹ (%)	17%	14%				18%	14%
Adjusted EBITDA per share^1,2	0.25	0.16	0.09		61%	0.53	0.28	0.26		93%
¹ Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA per share and financial results excluding the impact of IAS 29 are 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	Q2-26	Q2-25²	$	%	YTD-26	YTD-25²	$	%
Promoted
Launched Pipeline Products	18,499	4,436	14,063	317%	33,828	6,902	26,926	390%
Strategic Products	76,381	69,160	7,221	10%	160,066	124,401	35,665	29%
Total Promoted	94,880	73,596	21,284	29%	193,894	131,303	62,591	48%
Mature	47,886	34,311	13,575	40%	94,320	64,062	30,258	47%
Discontinued	1,203	634	569	90%	3,349	1,155	2,194	190%
Total Adjusted Revenues¹	143,969	108,541	35,428	33%	291,563	196,520	95,043	48%
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.
²Comparative figures have been reclassified to align with the three and six-month periods ended June 30, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Adjusted Revenues¹ by Therapeutic Area

			Change					Change
Therapeutic Area	Q2-26	Q2-25²	$		%	YTD-26	YTD-25²	$	%
Oncology/Hematology	42,394	35,449	6,945		20%	81,948	67,125	14,823	22%
Infectious Diseases	44,665	45,298	(633	)	1%	99,744	81,739	18,005	22%
Neurology	35,091	18,927	16,164		85%	65,318	31,409	33,909	108%
Other Specialty	21,819	8,867	12,952		146%	44,553	16,247	28,306	174%
Total Adjusted Revenues¹	143,969	108,541	35,428		33%	291,563	196,520	95,043	48%
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.
²Comparative figures have been reclassified to align with the three and six-month periods ended June 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 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-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 and financial results at constant currency.

	Q2-26	Q2-25			Change
	Excluding the impact of IAS 29¹	Excluding the impact of IAS 29¹	Constant Currency Adjustment	Constant Currency²	$		%

Adjusted Revenues²	143,969	108,541	9,890	118,431	25,538		22%
Cost of goods sold	73,498	59,110	5,860	64,970	(8,528	)	13%
Gross margin	70,471	49,431	4,030	53,461	17,010		32%
Gross margin (%)	49%	46%		45%

Expenses
Selling and marketing	21,815	16,005	1,120	17,125	(4,690	)	27%
General and administrative	14,666	15,904	451	16,355	1,689		10%
Research and development	10,540	6,479	313	6,792	(3,748	)	55%
Amortization of intangible assets	13,241	10,731	1	10,732	(2,509	)	23%
Operating income	10,209	312	2,145	2,457	7,752		316%

Adjusted EBITDA²	24,569			17,820	6,749		38%
Adjusted EBITDA² (%)	17%			15%
Adjusted EBITDA per share²	0.25			0.18	0.07		40%
¹Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.
²Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA per share and financial results at constant currency are 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	291,563	196,520	14,110		210,630	80,933		38%
Cost of goods sold	150,444	106,155	8,118		114,273	(36,171	)	32%
Gross margin	141,119	90,365	5,992		96,357	44,762		46%
Gross margin (%)	48%	46%			46%

Expenses
Selling and marketing	42,006	29,845	1,623		31,468	(10,538	)	33%
General and administrative	28,559	27,486	595		28,081	(478	)	2%
Research and development	19,879	11,287	456		11,743	(8,136	)	69%
Amortization of intangible assets	28,132	20,205	(361	)	19,844	(8,288	)	42%
Operating income	22,543	1,542	3,679		5,221	17,322		332%

Adjusted EBITDA²	52,486				31,115	21,371		69%
Adjusted EBITDA² (%)	18%				15%
Adjusted EBITDA per share²	0.53				0.31	0.22		71%
¹Refer to Subsection - [i] Financial results excluding the impact of hyperinflation under IAS 29 for additional details.
²Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA per share and financial results at constant currency are 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 June 30,					Six-month period ended June 30,
	Excluding impact of IAS 29²
		Constant Currency¹					Constant Currency¹
Product Portfolio	2026	2025³	$		%	2026	2025³	$	%
Promoted
Launched Pipeline Products	18,499	4,663	13,836		297%	33,828	7,210	26,618	369%
Strategic Products	76,381	76,770	(389	)	1%	160,066	135,254	24,812	18%
Total Promoted	94,880	81,433	13,447		17%	193,894	142,464	51,430	36%
Mature	47,886	36,361	11,525		32%	94,320	67,004	27,316	41%
Discontinued	1,203	637	566		89%	3,349	1,162	2,187	188%
Total Adjusted Revenues¹	143,969	118,431	25,538		22%	291,563	210,630	80,933	38%
¹ Adjusted Revenues and Adjusted Revenues at constant currency are 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.
³Comparative figures have been reclassified to align with the three and six-month periods ended June 30, 2026 reporting presentation. These reclassifications had no impact on total revenues.

Adjusted Revenues at Constant Currency¹ by Therapeutic Area

	Three-month period ended June 30,					Six-month period ended June 30,
	Excluding impact of IAS 29²
		Constant Currency¹					Constant Currency¹
Therapeutic Area	2026	2025³	$		%	2026	2025³	$	%
Oncology/Hematology	42,394	38,822	3,572		9%	81,948	72,141	9,807	14%
Infectious Diseases	44,665	49,744	(5,079	)	10%	99,744	87,828	11,916	14%
Neurology	35,091	20,723	14,368		69%	65,318	34,022	31,296	92%
Other Specialty	21,819	9,142	12,677		139%	44,553	16,639	27,914	168%
Total Adjusted Revenues¹	143,969	118,431	25,538		22%	291,563	210,630	80,933	38%
¹ Adjusted Revenues and Adjusted Revenues at constant currency are 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 six-month periods ended June 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. 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-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
	Q2-26	Q2-25	$	%	YTD-26	YTD-25	$	%
Gross margin	69,615	44,831	24,784	55%	138,724	79,697	59,027	74%
Adjustments to gross margin:
Impact of IAS 29	856	4,600			2,395	10,668
Adjusted Gross Margin¹	70,471	49,431	21,040	43%	141,119	90,365	50,754	56%
Adjusted Gross Margin (%)^1,2	49%	46%			48%	46%
¹Adjusted Gross Margin and Adjusted Gross Margin (%) are 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 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-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 income (loss) to EBITDA and adjusted EBITDA:

					Change							Change
	Q2-26		Q2-25		$		%	YTD-26		YTD-25		$		%
Operating income (loss)	8,960		(3,669	)	12,629		N/A	19,538		(9,206	)	28,744		N/A
Adjustments to operating income (loss):
Amortization of intangible assets	13,459		10,731		2,728		25%	28,132		20,205		7,927		39%
Depreciation of property, plant and equipment and ROU assets	1,548		1,407		141		10%	3,067		3,517		(450	)	13%
Lease payments	(1,155	)	(1,063	)	(92	)	9%	(2,361	)	(2,185	)	(176	)	8%
EBITDA¹	22,812		7,406		15,406		208%	48,376		12,331		36,045		292%
Impact of IAS 29	990		3,896		(2,906	)	75%	2,797		10,042		(7,245	)	72%
Acquisition and transaction costs	169		3,419		(3,250	)	95%	283		4,461		(4,178	)	94%
Step-Up Expense	—		160		(160	)	N/A	—		160		(160	)	N/A
Other non-recurring expenses	598		626		(28	)	4%	1,030		626		404		65%
Adjusted EBITDA¹	24,569		15,507		9,062		58%	52,486		27,620		24,866		90%
Adjusted EBITDA per share¹^,2	0.25		0.16		0.09		61%	0.53		0.28		0.26		93%
¹ EBITDA, Adjusted EBITDA and Adjusted EBITDA per share are 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 June 30, 2026, adjusted EBITDA increased by $9,062 or 58%. 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} Adjusted Gross Margin is a 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

Impact of IAS 29	Impact of hyperinflation accounting under IAS 29 over the operating income (loss).
Acquisition and transaction costs	Non-capitalizable acquisition and transaction costs relate to costs incurred on legal, consulting and advisory fees for the acquisitions.
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 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-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:

	Q2-26	Q2-25	YTD-26	YTD-25
Adjusted EBITDA¹	24,569	15,507	52,486	27,620
Adjusted EBITDA per share¹	0.25	0.16	0.53	0.28
Number of common shares outstanding at period end (in thousands)	98,224	99,653	98,224	99,653
¹Adjusted EBITDA and Adjusted EBITDA per share are 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	June 30, 2026	December 31, 2025
ASSETS
Current
Cash and cash equivalents	93,536	76,449
Marketable securities	16,064	18,834
Trade receivables	125,819	127,775
Other receivables	12,217	6,063
Inventories	144,572	135,866
Prepaids and deposits	7,804	6,505
Other current financial assets	11,572	18,946
Income taxes receivable	6,816	4,397
Total current assets	418,400	394,835

Prepaids and deposits	10,417	8,883
Right-of-use assets	10,923	9,919
Property, plant and equipment	20,452	12,006
Intangible assets	344,861	379,510
Goodwill	98,533	89,982
Other financial assets	69,823	79,484
Deferred tax assets	26,318	26,921
Other long-term receivables	45,110	44,760
Total non-current assets	626,437	651,465
Total assets	1,044,837	1,046,300

INTERIM CONSOLIDATED BALANCE SHEETS (continued) [In thousands of Canadian dollars] [Unaudited]

As at	June 30, 2026	December 31, 2025

LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities	135,629	120,868
Lease liabilities	3,417	3,398
Other liabilities	7,217	12,878
Bank loans	16,303	16,730
Income taxes payable	375	580
Other balances payable	20,547	10,806
Total current liabilities	183,488	165,260

Accounts payable and accrued liabilities	6,024	4,887
Lease liabilities	7,726	6,618
Bank loans	6,830	51,165
Other balances payable	39,017	48,105
Deferred tax liabilities	3,162	2,993
Total liabilities	246,247	279,028

Shareholders’ equity
Share capital	526,076	530,140
Contributed surplus	32,435	32,449
Accumulated other comprehensive income	82,878	55,741
Retained earnings	157,201	148,942
Total shareholders’ equity	798,590	767,272
Total liabilities and shareholders’ equity	1,044,837	1,046,300

INTERIM CONSOLIDATED STATEMENTS OF INCOME [In thousands of Canadian dollars, except for share and per share amounts] [Unaudited]

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Revenues	144,212		107,358		292,651		195,434
Cost of goods sold	74,597		62,527		153,927		115,737
Gross margin	69,615		44,831		138,724		79,697
*Gross margin %*	48%		42%		47%		41%

Expenses
Selling and marketing	21,854		15,674		42,175		29,598
General and administrative	14,781		15,814		28,908		28,033
Research and development	10,561		6,281		19,971		11,067
Amortization of intangible assets	13,459		10,731		28,132		20,205
Operating income (loss)	8,960		(3,669	)	19,538		(9,206	)

Interest income on financial instruments measured at amortized cost	(901	)	(2,026	)	(1,853	)	(3,880	)
Interest expense	2,125		2,374		4,766		4,130
Other expense (income)	487		2,190		(3,687	)	2,330
Net loss on financial assets measured at fair value through profit or loss	9,665		5,737		11,698		6,682
Foreign exchange loss (gain)	42		4,559		(2,395	)	(992	)
Gain on hyperinflation	(355	)	(893	)	(1,070	)	(1,467	)
(Loss) income before income taxes	(2,103	)	(15,610	)	12,079		(16,009	)

Income taxes
Current	80		134		263		669
Deferred	1,178		(3,122	)	2,008		(6,241	)
Income tax expense (recovery)	1,258		(2,988	)	2,271		(5,572	)
Net (loss) income for the period	(3,361	)	(12,622	)	9,808		(10,437	)


Basic and diluted net (loss) income per share	(0.03	)	(0.13	)	0.10		(0.10	)
Weighted average number of common shares outstanding	98,198,847		99,629,927		98,327,353		99,635,582

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS [In thousands of Canadian dollars] [Unaudited]

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
OPERATING ACTIVITIES
Net (loss) income for the period	(3,361	)	(12,622	)	9,808		(10,437	)
Adjustments reconciling net (loss) income to operating cash flows:
Deferred income tax expense (recovery)	1,178		(3,122	)	2,008		(6,241	)
Share-based compensation expense	2,048		2,534		3,429		3,546
Depreciation and amortization	15,007		12,138		31,199		23,722
Net loss on financial assets measured at fair value through profit or loss	9,665		5,737		11,698		6,682
Interest expense	2,125		2,374		4,766		4,130
Accrued interest (income) expense	(143	)	288		(253	)	366
Unrealized foreign exchange loss (gain)	1,230		(1,499	)	2,484		(169	)
Other expense (income)	487		2,330		(3,687	)	2,330
Gain on hyperinflation	(355	)	(893	)	(1,070	)	(1,467	)
	27,881		7,265		60,382		22,462
Changes in non-cash working capital and other items	1,642		12,987		9,835		1,460
Cash inflow from operating activities	29,523		20,252		70,217		23,922

INVESTING ACTIVITIES
Acquisition of Paladin	(8,442	)	(106,885	)	(8,442	)	(106,885	)
Purchase of marketable securities	(3,474	)	(7,025	)	(12,310	)	(13,882	)
Purchase of intangible assets	(980	)	(24,508	)	(5,132	)	(27,836	)
Purchase of property and equipment	(621	)	(620	)	(3,947	)	(963	)
Investment in funds	—		(28	)	(434	)	(135	)
Proceeds on maturity of marketable securities	6,896		21,990		15,646		61,627
Proceeds from return of commercial rights	—		—		17,000		—
Proceeds from sale of property and equipment	—		—		—		—
Proceeds from repayments of loans receivable	—		13,758		—		13,758
Proceeds from disposal of equity investments	1,641		—		2,719		—
Proceeds from distribution of funds	—		2,024		402		5,148
Cash (outflow) inflow from investing activities	(4,980	)	(101,294	)	5,502		(69,168	)

FINANCING ACTIVITIES
Proceeds from contributions to share purchase plan	133		138		245		252
Proceeds from issuance upon exercise of stock options	366		—		366		—
Proceeds from bank loans	—		109,394		—		111,203
Proceeds from repayment of share purchase loans	150		225		150		225
Repurchase of common shares through Normal Course Issuer Bid	(1,038	)	(6	)	(9,275	)	(3,351	)
Principal repayment of lease liabilities	(1,155	)	(1,063	)	(2,361	)	(2,185	)
Principal repayment on bank loans	(37,236	)	(54,818	)	(48,565	)	(56,404	)
Interest paid on bank loans	(1,933	)	(3,058	)	(2,582	)	(3,627	)
Cash (outflow) inflow from financing activities	(40,713	)	50,812		(62,022	)	46,113

(Decrease) increase in cash and cash equivalents during the period	(16,170	)	(30,230	)	13,697		867
Cash and cash equivalents, beginning of the period	108,048		112,155		76,449		80,106
Effect of exchange rate changes on cash and cash equivalents	1,658		(4,109	)	3,390		(3,157	)
Cash and cash equivalents, end of the period	93,536		77,816		93,536		77,816

Cash and cash equivalents	93,536		77,816		93,536		77,816
Marketable securities	16,064		13,375		16,064		13,375
Total cash, cash equivalents and marketable securities	109,600		91,191		109,600		91,191

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