Apotex reported fiscal first-quarter revenue of C$848 million for the three months ended June 30, 2026, down 26% from a year earlier because the prior-year period included generic Revlimid under a VLLP (volume-limited license product) agreement. Excluding that contribution, revenue rose about 2% and adjusted EBITDA was C$259 million with a 31% margin, as growth in Canada and new product launches partly offset weaker U.S. sales outside VLLP. Canada revenue increased 11.5% to C$413 million, helped by first-to-market semaglutide launches, while underlying U.S. sales slipped 8.6% to C$362.9 million as competition increased after exclusivity expired for some products, including nilotinib, and a temporary pause in U.S.-bound ophthalmic shipments from the Richmond Hill plant for remediation hurt revenue. On a reported basis, U.S. sales fell 48.5%. Chief Executive Officer Jeff Watson said Apotex expects to be ready for FDA re-inspection by the end of the calendar year. International revenue rose about 8% to C$72 million, driven by Latin America but partly offset by weaker Middle East sales. The company kept its fiscal 2027 guidance for upper mid-single digit revenue growth and an adjusted EBITDA margin of about 30%, citing launch momentum in semaglutide, sitagliptin and the Cumberland portfolio. Apotex also said it completed an upsized IPO and applied C$800 million of proceeds to debt repayment, later securing a BBB (low) investment-grade issuer rating from Morningstar DBRS and expanding its revolving credit facility to C$1.2 billion. Shares were down 4.2% at C$35.13.