Ashland launched Permexa sodium caprate on Aug. 24 to help drugmakers make oral versions of injectable peptides and biologics; no product revenue figure has been disclosed. Q3 Life Sciences sales rose 11% to $180 million, while companywide adjusted EBITDA fell 4% to $109 million.
Permexa is designed to increase intestinal permeability to support drug absorption and improve powder flow and compressibility for large-scale tableting. Pharmaceutical, biotech and contract development and manufacturing organization (CDMO) partners were conducting technical evaluations, benchmarking and formulation trials before launch; such activity is not booked revenue, and converting it into recurring supply contracts may take several quarters. Ashland describes Permexa as the first product in a broader oral-biologics pipeline.
Fiscal Q3 2026 ended June 30; Life Sciences adjusted EBITDA rose 11% to $60 million, with a 33% margin. Ashland reported $121 million in quarterly operating cash flow and $103 million in ongoing free cash flow. Outside Life Sciences, Specialty Additives adjusted EBITDA fell to $20 million from $26 million, and Intermediates’ fell to $4 million from $7 million. Management cut its full-year adjusted EPS growth outlook from mid-to-high to low-to-mid single digits, citing tax-rate headwinds and higher raw-material and freight costs.
