– Canada Delivers 11% Revenue Growth in Q1

– Adjusted EBITDA¹ of $259 Million with 31% Margin

– Launch Momentum Supports FY 2027 Guidance: Upper Mid-Single Digit Revenue Growth and ~ 30% Adjusted EBITDA Margin

– Successfully Completed Upsized IPO and Applied $800 Million of Proceeds to Debt Repayment

TORONTO, Aug. 12, 2026 /CNW/ -- Apotex Health Corp. ("Apotex" or the "Company") (TSX: APTX), a Canadian-based global health company and Canada's largest pharmaceutical company, today announced its financial and operating results for the three months ended June 30, 2026. All financial figures are in Canadian dollars unless otherwise indicated.

"As we begin our first year as a public company, Fiscal 2027 is off to a strong start, demonstrating the continued execution of our Journey of Health strategy," said Jeff Watson, Chief Executive Officer, Apotex. "Excluding the U.S. contribution of generic Revlimid (VLLP²), revenue increased 2%, supported by strong performance in Canada, where revenue grew 11%. We delivered a 31% Adjusted EBITDA margin in the quarter, reflecting disciplined execution across the business and the benefits of ongoing productivity initiatives targeting more than $100 million of savings in Fiscal 2027. We also advanced key growth opportunities through first-to-market launches of semaglutide in Canada and sitagliptin and multivitamin products in the U.S., as well as the Cumberland portfolio expansion transaction. While the reported year-over-year comparisons reflect the expected impact of the prior-year VLLP contribution and certain product-specific dynamics, our core business remains well positioned. As we look ahead, we remain focused on disciplined execution, expanding access to critical medicines, and building a more diversified and resilient business."

"The first quarter reflected the strength of our underlying business and the benefits of the IPO, which improved our financial foundation," said Brian McClelland, Chief Financial Officer, Apotex. "Beyond solid margin performance in the quarter, we reduced leverage below our long-term target and strengthened our balance sheet. After quarter end, we achieved an investment-grade issuer rating from Morningstar DBRS and completed an amended and restated credit agreement that expanded our revolving credit facility to $1.2 billion, extended maturities, and converted our facilities to an unsecured structure. Together with our strong cash flow profile, these milestones position us well to support continued investment in growth opportunities while maintaining a disciplined approach to capital allocation."

As expected, reported year-over-year comparisons were impacted by the prior-year contribution from generic Revlimid, or VLLP, which is no longer a meaningful contributor to results in Fiscal 2027. Excluding VLLP, first quarter results reflected resilient underlying performance, including 2% Revenue growth, Adjusted EBITDA of $259 million and an Adjusted EBITDA Margin of 31%.

First Quarter 2027 Highlights

• Revenue Excluding VLLP¹ was $848 million, an increase of $14 million, or ~2%. Reported Revenue was $848 million, down $294 million or 26% compared to prior year, reflecting a prior year quarter which included VLLP revenue in the last year of that agreement.
  
  
• Results by geographic segment are as follows:
  
  
  • Canada - Revenue in Canada increased by $43 million, or ~11%, to $413 million. Higher revenue was due to strong sales from new products launched in the current year, including the first-to-market launch of semaglutide.
    
    
  • USA Excluding VLLP¹ - Revenue in U.S. excluding VLLP decreased $34 million or ~9%. The decrease in revenue excluding the U.S. Contribution of the VLLP was due to additional competition following the expiration of market exclusivity for certain products, including nilotinib, and a temporary pause in sales of ophthalmic products in the U.S. due to remediation activities at the Company's Richmond Hill facility, partially offset by strong sales from new product launches in the current year, including the first-to-market launch of sitagliptin products.
    
    
  • International - Revenue in International increased by $5 million, or ~8%, to $72 million. The increase in revenues was due to sales growth in Latin America, partially offset by lower sales in the Middle East driven by ongoing political conflicts and lower sales of certain products in this region.

Results by business lines are as follows:

• • Conventional Generics Excluding VLLP¹ - Conventional Generics Revenue excluding VLLP increased by $60 million, or 16% to $431 million due to new product launches in the current and prior year, including the first-to-market launch of sitagliptin products in the U.S.

• • Specialty Generics - Revenue decreased by $58 million, or 19%, to $256 million, primarily due to additional competition following the expiration of market exclusivity for certain products, including nilotinib, and a temporary pause in sales of ophthalmic products in the U.S. due to remediation activities at the Company's Richmond Hill facility, partially offset by the first-to-market launch of semaglutide in Canada.

• • Brands & Biosimilars - Revenue increased by $12 million, or 8%, to $161 million. The increase in revenue is primarily due to higher revenues from new product launches and certain products in the existing portfolio, including Provigil and Aflivu, partially offset by lower sales of certain products.

• Gross Profit Excluding VLLP¹ for the three months ended June 30, 2026 was $421 million compared with $435 million for the three months ended June 30, 2025, a decrease of $14 million, or 3%. Gross profit for the three months ended June 30, 2026 was $421 million compared with $742 million for the three months ended June 30, 2025, a decrease of $321 million, or 43%. Gross Margin excluding U.S. Contribution of the VLLP¹ for the three months ended June 30, 2026 was ~50% and ~52% for the three months ended June 30, 2025. The decrease in gross margin excluding U.S. Contribution of the VLLP was due to product mix, including the launch of nilotinib in the prior year, as well as higher inventory provisions compared with the same period in the prior year, partially offset by lower expenses due to productivity initiatives, which resulted in lower labour costs, procurement savings and manufacturing efficiencies.

• SG&A expenses were $254 million, up $95 million, or 60%. The increase was due to higher share-based compensation expenses primarily due to the modification of the vesting provisions of the Company's share-based compensation in connection with the IPO.

• R&D expenses were $39 million, up $1 million compared to prior year. R&D spend represented 5% of net sales compared to 3% in prior year. The higher research and development expenses as a percentage of revenue were due to the timing of regulatory submissions.

• Adjusted Net Income Excluding VLLP¹ was $142 million, a decrease of $32 million or 19% from $175 million compared to prior year. Net loss of $38 million was reported, a decrease of $401 million from net income of $363 million in the prior year. The decrease was due to lower income from operations driven by higher finance expenses and lower gross profit, partially offset by lower income taxes, after adjustments. Adjusted Diluted EPS Excluding VLLP was $0.70, compared to Adjusted Diluted EPS Excluding VLLP¹ of $0.90 in prior year. Reported Diluted EPS was a loss of $0.19, compared to Diluted EPS of $1.88 in prior year.

• Adjusted EBITDA Excluding VLLP¹ and Adjusted EBITDA Margin Excluding VLLP¹ stayed relatively consistent at $259 million and 31%, respectively, compared with prior year. Adjusted EBITDA¹ on a reported basis was $259 million, down $308 million or 54% while Adjusted EBITDA Margin¹ decreased to 31% compared with 50% in the prior year.

Business Highlights

Fiscal 2027

• In July 2026, the Company entered into an amended and restated credit agreement (the "Amended and Restated Credit Agreement") and announced an inaugural BBB (low) investment-grade issuer rating from Morningstar DBRS. Under the new agreement, the Revolving Facility increased from $950.0 million to $1.2 billion and its maturity was extended to July 16, 2031. The Amended and Restated Credit Agreement also includes changes in the timing of principal repayments on the term loans, updates to pricing terms, and the release of security, resulting in the facilities becoming unsecured.

• In July 2026, Apotex expanded its U.S. hospital portfolio with the launch of four generic Infuvite Adult and Pediatric Injection products. Two of those products received Competitive Generic Therapy (CGT) 180-day exclusivity. The launch strengthens Apotex's injectable medicines portfolio and broadens access to essential multivitamin therapies for pediatric and adult patients across the U.S. healthcare system.

• In July 2026, Apotex completed its previously announced strategic transaction with Cumberland Pharmaceuticals for $141.8 million (US $100.0 million), adding a portfolio of established branded medicines to its U.S. business and expanding its presence in specialty and hospital-focused therapeutic areas, including acute care, oncology, infectious disease, and gastroenterology. The acquisition strengthens Apotex's U.S. branded pharmaceuticals platform and includes products such as Kristalose, Caldolor, Sancuso, Vibativ, Acetadote, Vaprisol, and Talicia.

• In June 2026, Apotex received first-to-market Health Canada approval for Sevmia, the first generic equivalent of Wegovy for chronic weight management in Canada. Sevmia (semaglutide injection) is supplied as a multi-use pre-filled pen delivering doses of 1 mg (4 mg per pen; 1.34 mg/mL). The approval expands the Company's semaglutide portfolio and positions Apotex to participate in the growing obesity treatment market while enhancing access to lower-cost GLP-1 therapies.

• In June 2026, Apotex launched generic sitagliptin tablets (generic Januvia) and sitagliptin/metformin tablets (generic Janumet) in the U.S., with both products eligible for 180-day shared exclusivity. The launch strengthens Apotex's diabetes portfolio, expands its presence in a large and established chronic disease market, and supports the Company's strategy of providing affordable alternatives to high-volume branded therapies.

• In May 2026, Apotex became the first Canadian-based pharmaceutical company to receive Health Canada's approval for Apo-Semaglutide Injection, a generic equivalent to Ozempic (semaglutide injection), marking a significant milestone in the Company's GLP-1 portfolio. The approval and rapid launch of Apo‑Semaglutide Injection strengthened Apotex's position in the large and growing diabetes market and demonstrated the Company's capabilities in developing and commercializing complex peptide medicines. The launch also established Apotex as an early entrant in the Canadian GLP‑1 market, reinforcing its strategy of bringing high-value, complex generic medicines to patients.

• In May 2026, Apotex expanded its branded specialty ophthalmic portfolio through the Health Canada approval of Iheezo, strengthening its presence in a specialized and growing therapeutic area. The approval further supports the Company's diversification strategy and enhances its portfolio of specialty pharmaceutical products in Canada.

• In April 2026, Apotex announced a strategic partnership with Halo Pharmaceutical, Inc. ("Halo"), an entity controlled by SK Capital (a related party of the Company), to secure near‑term U.S.-based sterile injectable filling capacity through an investment in Halo's Whippany, New Jersey facility. The arrangement gives Apotex access to a significant portion of newly installed and qualified sterile filling lines, including vial and pre‑filled syringe capabilities, strengthening its sterile injectables manufacturing network. This capital-efficient partnership provides Apotex with greater operational flexibility and speed to market, aligning directly with Apotex's Journey of Health strategy and reinforcing its commitment to domestic manufacturing and a strong supply chain infrastructure.

• In April 2026, Apotex received the first U.S. FDA Tentative Approval for its generic version of Ozempic, a semaglutide injection, marking a significant milestone in the Company's strategy to expand access to complex, high‑value peptide therapies in the U.S. Developed in partnership with Orbicular Pharmaceutical Technologies, the product reflects advanced scientific and analytical capabilities required to achieve technical equivalence for complex injectables. The tentative approval highlights Apotex's regulatory leadership and global development model and positions the Company to broaden patient access to semaglutide upon final FDA approval, where affordability and supply remain critical considerations for patients. The product is expected to launch once final FDA approval is granted following patent expiration in 2032.

Fiscal 2027 Financial Guidance

For additional details on the Company's Fiscal 2027 financial guidance, refer to the "Outlook" section in the Company's management's discussion and analysis for the three months ended June 30, 2026 and 2025 (the "MD&A"). The Company's Fiscal 2027 financial guidance is based on a number of key assumptions set forth in the section titled "Outlook – Key Assumptions" in the MD&A, which section is incorporated by reference into this press release.

Select First Quarter and Fiscal 2027 Highlights

The following financial review below summarizes the performance of the Company for the three months ended June 30, 2026:

Conference Call Details

The company will host a conference call and live webcast to discuss the results at 8:00 a.m. ET on August 12, 2026. A live webcast of the call will be available at https://investors.apotex.com/events-and-presentations. The call can also be accessed live by dialing 416-945-7677 locally or 1-888-699-1199 toll-free from North America.

Base Shelf Prospectus

On August 11, 2026, the Company filed a preliminary short form base shelf prospectus to provide Apotex with standard capital markets flexibility over the next 25 months, allowing the Company or certain selling shareholders to access the market if and when appropriate, subject to market conditions, applicable securities laws and existing contractual restrictions.

Dividend

On August 12, 2026, the Company declared a dividend of $0.06 for each issued and outstanding common share of the Company. The dividend is expected to be paid on September 30, 2026 to all shareholders of record as of September 15, 2026.

First Quarter Financial Results

Apotex's unaudited interim condensed consolidated financial statements for the three months ended June 30, 2026 and 2025, and the related MD&A are available on the Company's website at www.Apotex.com and on SEDAR+ at www.sedarplus.ca.

About Apotex Health Corp.

Apotex is a Canadian-based global health company. We improve everyday access to affordable, innovative medicines and health products for millions of people around the world, with a broad portfolio of generic, biosimilar, and innovative branded pharmaceutical products, and consumer health products. Headquartered in Toronto, with regional offices globally, including in the United States, Mexico, and India, we are the largest Canadian-based pharmaceutical company and a health partner of choice for the Americas for pharmaceutical licensing and product acquisitions. Learn more about us at www.apotex.com.

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures. Please refer to below and refer to the MD&A, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca, for an explanation of the composition of those non-IFRS measures, an explanation of how these non-IFRS measures provide useful information to investors and the additional purposes for which management uses these non-IFRS financial measures. These measures are not recognized under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide readers with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that market participants frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. See the financial table at the conclusion of this press release for a reconciliation of non-IFRS measures to the most directly comparable IFRS measures.

EBITDA

EBITDA is calculated as earnings before income tax expense (recovery), interest expense, net, depreciation and amortization.

Management believes that EBITDA is a useful measure to assess the Company's financial performance as it provides more meaningful operating results by excluding the effects of non-operating costs such as interest and taxes, and non-cash costs such as depreciation and amortization.

EBITDA Margin

EBITDA Margin is calculated as EBITDA divided by revenue.

Management believes that EBITDA Margin is a useful measure to assess the Company's financial performance, as a percentage of revenue, as it provides more meaningful operating results by excluding the effects of non-operating costs such as interest and taxes, and non-cash costs such as depreciation and amortization.

Adjusted EBITDA

Adjusted EBITDA is calculated as EBITDA adjusted to include the cost of lease payments and to exclude acquisition related costs, non-cash purchase price adjustments, remeasurement of contingent consideration, share-based compensation, impairment and write-off of assets, litigation settlements and awards and the associated legal fees related to cases that are not company product specific, operational reorganization costs, unrealized foreign exchange losses or gains, IPO related costs, losses or gains on derivative financial instruments and other adjustments, which represent items that have been excluded from Adjusted EBITDA to facilitate understanding of trends in the Company's financial results such as costs associated with business transformation initiatives.

Management believes Adjusted EBITDA is a useful measure to assess the Company's financial performance as it provides more meaningful operating results by excluding the effects of interest, taxes, depreciation and amortization costs, and expenses management believes are not reflective of the Company's underlying business performance. 

Adjusted EBITDA Margin

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.

Management believes Adjusted EBITDA Margin is a useful measure to assess the Company's financial performance, as a percentage of revenue, as it provides more meaningful operating results by excluding the effects of interest, taxes, depreciation and amortization costs, and expenses management believes are not reflective of the Company's underlying business performance.

Adjusted Net Income

Adjusted Net Income is calculated as earnings (loss) adjusted for acquisition related costs, non-cash purchase price adjustments, remeasurement of contingent consideration, share-based compensation, impairment and write-off of assets, litigation settlement and awards and the associated legal fees related to cases that are not company product specific, operational reorganization costs, unrealized foreign exchange losses or gains, IPO related costs, losses or gains on derivative financial instruments, other adjustments, and the tax effect of all such adjustments, which represent items that have been excluded from Adjusted Net Income to facilitate understanding of trends in the Company's financial results such as costs associated with business transformation initiatives.

Management believes Adjusted Net Income is a useful measure to assess the Company's financial performance as it provides more meaningful operating results by excluding the effects of expenses management believes are not reflective of the Company's underlying business performance.

Net Debt

Net Debt is calculated as total debt less cash and cash equivalents.

Management believes Net Debt is a useful measure to assess the Company's financial obligations, net of its cash and cash equivalents.

Operating Free Cash Flow

Operating Free Cash Flow is calculated as net cash flows from operating activities less lease payments, purchases of property, plant and equipment and intangible assets plus interest paid on debt, payments of contingent consideration, and the portion of acquisition related costs, IPO related costs, operational reorganization costs and other adjustments paid in cash during the reporting period.

Management believes Operating Free Cash Flow is a useful measure to assess the cash flow generated by the Company's core business operations after accounting for necessary capital expenditures.

Adjusted Basic and Diluted EPS

Adjusted Basic EPS is calculated by dividing Adjusted Net Income by the weighted average number of shares outstanding during the period. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income by the weighted average number of common shares outstanding, assuming the conversion of all dilutive securities were exercised during the period.

Measures Excluding the U.S. Contribution of VLLP

The following measures exclude the impact of the U.S. Contribution of the VLLP:

Revenue excluding U.S. Contribution of the VLLP ("Revenue Excluding VLLP") is calculated as revenue minus revenue from U.S Contribution of the VLLP.

Conventional Generics Revenue excluding U.S. Contribution of the VLLP ("Conventional Generics Excluding VLLP") is calculated as conventional generics revenue minus revenue attributable to the U.S. Contribution of the VLLP.

U.S. Segment Revenue excluding U.S. Contribution of the VLLP ("U.S. Excluding VLLP") is calculated as U.S. segment revenue minus revenue attributable to the U.S. Contribution of the VLLP.

Gross Profit excluding U.S. Contribution of the VLLP ("Gross Profit Excluding VLLP") is calculated as gross profit minus gross profit attributable to the U.S. Contribution of the VLLP.

U.S. Segment Gross Profit excluding U.S. Contribution of the VLLP ("U.S. Gross Profit Excluding VLLP") is calculated as U.S. segment gross profit minus gross profit attributable to the U.S. Contribution of the VLLP.

Gross Margin excluding U.S. Contribution of the VLLP ("Gross Margin Excluding VLLP") is calculated as Gross profit excluding VLLP divided by Revenue excluding U.S. Contribution of the VLLP.

U.S. Gross Margin excluding U.S. Contribution of the VLLP ("U.S. Gross Margin Excluding VLLP") is calculated as U.S. segment gross profit excluding VLLP divided by U.S. segment revenue excluding U.S. Contribution of the VLLP.

Adjusted EBITDA excluding U.S. Contribution of the VLLP ("Adjusted EBITDA Excluding VLLP") is calculated as Adjusted EBITDA minus gross profit attributable to the U.S. Contribution of the VLLP.

Adjusted EBITDA Margin excluding U.S. Contribution of the VLLP ("Adjusted EBITDA Margin Excluding VLLP") is calculated as Adjusted EBITDA excluding VLLP divided by Revenue excluding U.S. Contribution of the VLLP.

Adjusted Net Income excluding U.S. Contribution of the VLLP ("Adjusted Net Income Excluding VLLP") is calculated as Adjusted Net Income minus gross profit attributable to the U.S. Contribution of the VLLP net of tax.

Operating Free Cash Flow Excluding U.S. Contribution of the Volume-Limited License Product ("Operating Free Cash Flow Excluding VLLP") is calculated as Operating Free Cash Flow minus U.S. contribution of the Volume-Limited License Product.

Adjusted Basic EPS excluding U.S. Contribution of the VLLP ("Adjusted Basic EPS Excluding VLLP") is calculated by dividing Adjusted Net Income excluding U.S. Contribution of the VLLP by the weighted average number of shares outstanding during the period.

Adjusted Diluted EPS excluding U.S. Contribution of the VLLP ("Diluted Basic EPS Excluding VLLP") is calculated by dividing Adjusted Net Income excluding U.S. Contribution of the VLLP by the weighted average number of common shares outstanding, assuming the conversion of all dilutive securities were exercised during the period.

Management believes these measures are useful because they help investors evaluate the Company's total revenue, cash flows, U.S. segment performance, conventional generics performance and profitability excluding the impact of the U.S. Contribution of the VLLP. Revenue from the U.S. Contribution of the VLLP meaningfully contributed to total revenue, cash flows, U.S. segment revenue, conventional generics revenue and profitability during Fiscal 2026. Following the full genericization of the VLLP in the U.S. market in February 2026, management expects VLLP sales to represent less than 1% of total revenue beginning in Fiscal 2027. Accordingly, these measures provide a more meaningful basis for evaluating the Company's ongoing operating performance and period-over-period trends.

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, facility expansions, leases, prospects, product launches, productivity initiatives, financial guidance or outlook, intentions or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "guidance", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.

Forward-looking information in this news release includes, among other things, statements relating to: expectations regarding industry and regulatory trends, overall market growth rates and our growth expectations and growth strategies including Fiscal 2027 financial guidance regarding revenue and Adjusted EBITDA Margin; management's expectations and beliefs about our ability to execute on our growth strategies, including our Journey of Health strategy and building a more diversified and resilient business; expectations regarding our future capital expenditures; our business plans and strategies; our competitive position in our industry and the markets we operate in; our product pipeline, prospective products and product approvals, our business development and licensing arrangements, product development and future performance and results of current and anticipated products; the expected impact of our recently announced portfolio expansion transaction on our U.S. branded pharmaceuticals platform; anticipated revenues for our products; the expected launch of semaglutide products; the launch of four generic Infuvite Adult and Pediatric Injection products; the launch of generic sitagliptin tablets and sitagliptin/metformin tablets; the expansion of our branded specialty ophthalmic portfolio through the Health Canada approval of Iheezo; the strategic partnership with Halo to secure near‑term U.S.-based sterile injectable filling capacity; beliefs regarding key factors affecting the Company's business and financial performance (including product development and new product launches, product exclusivity and loss of exclusivity, industry impacts, regulatory developments, product pricing, driving operating cost efficiencies, inflation, macroeconomic and geopolitical environment, Volume-Limited License Product); expectations regarding additional business acquisitions and related costs; productivity and cost savings programs; management's assumptions underlying our Fiscal 2027 financial guidance; our intention to declare dividends including the record date and payment date; our levels of liquidity and indebtedness including with respect to continued investment in growth opportunities and capital allocation; the Company's capital structure and potential new issuances of debt, and repayments or modifications to existing debt; and near term revenue and Adjusted EBITDA Margin guidance.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that the Company considered appropriate and reasonable as of the date such statements are made in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. In particular, our statements regarding our Fiscal 2027 financial guidance regarding revenue and Adjusted EBITDA Margin are based on a number of key assumptions set forth in the section titled "Outlook - Key Assumptions" in the MD&A, which section is incorporated by reference into this press release. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: expectations not being met with regard to industry and regulatory trends and over market growth rates; our ability to meet growth expectations and execute our growth strategies, including our Journey of Health strategy and our productivity initiatives, and the timing thereof; our ability to achieve our Fiscal 2027 financial guidance regarding revenue and Adjusted EBITDA (and the assumptions underlying that guidance); the imposition of any tariffs or other restrictive trade control measures or countermeasures affecting trade between Canada, the U.S. and Mexico; the timely receipt of any required regulatory approvals, including in respect of our pipeline of products; our ability to build a more diversified and resilient business; the impact of changing conditions and increasing competition in the pharmaceutical and branded consumer health and wellness markets; our ability to bring products to market first, or to do so in a timely and cost-efficient manner or in a manner sufficient to grow our business, replace lost revenue resulting from industry-wide price erosion or take advantage of new technological efficiencies, including artificial intelligence and quantum computing; our ability to launch new products and realize the expected benefits of such product launches; our ability to source and complete acquisitions, and/or licensing transactions and to expand into additional markets; the supply and market changes in demand for products within our portfolio, including as a result of competition to our existing portfolio which results in reduction of prices for our products; our reliance on third party development partners and contract manufacturers to develop and manufacture our products on favourable terms; uncertainties in the global economy created by the wars in Iran and Ukraine, the closure of the Strait of Hormuz, the Israel-Hamas war and potential future wars; the impact of changing conditions and increasing competition in the pharmaceutical and branded consumer health and wellness markets; changes in global economic conditions and our ability to access capital; uncertainties regarding the commercial success of our products and development efforts; potential delays caused by geopolitical tensions, government budget constraints, and widespread outbreaks of disease or other public health crises pose regulatory risks; our ability to generate sufficient cash flow from operations and to access existing and proposed credit facilities and the capital markets to meet our future obligations on acceptable terms; our future liquidity and financial capacity; the size of the market for our products, including products in our pipeline; our ability to maintain key partnerships, and licensing and partnering arrangements, now and in the future; and the factors discussed under "Risk Factors" in Apotex's public filings, including in Apotex's IPO prospectus available under the Company's profile on SEDAR+. Apotex undertakes no obligation to publicly update or review any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

Table I
Apotex Health Corp.
Interim Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)

Table II
Apotex Health Corp.
Interim Consolidated Statements of Financial Position

Table III
Apotex Health Corp.
Interim Consolidated Statements of Cash Flows

Table IV
Apotex Health Corp.
Reconciliation of Non-IFRS Financial Measures
The following tables show reconciliations of i) net income (loss) to EBITDA and Adjusted EBITDA, ii) total debt to Net Debt, iii) net income (loss) to Adjusted Net Income, iv) net cash flows from operating activities to Adjusted Operating Free Cash Flow and v) various measures to the equivalent measures excluding the impact of the U.S. Contribution of the Volume-Limited License Product:

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SOURCE Apotex Health Corp.