Cash and equivalents totaled $580 million, with an additional $170 million in committed government funding, providing total available liquidity of around $750 million.
General and administrative expenses were approximately $19 million, down from $20 million, including ongoing intellectual property defense costs.
Net loss for the quarter was roughly $35 million, an improvement from a $37 million loss in Q2 2024.
Research and development expenses were about $39 million, slightly lower than the previous year by $2 million due to timing of program-specific expenses.
Revenue for Q2 2025 was approximately $17 million, up from $7 million in Q2 2024, driven by a $10 million lump sum licensing fee from the Trianni platform.
Sales and marketing expenses decreased slightly to $3 million compared to the prior year.
Emergent reports strong progress on its multiyear transformation plan, executing key initiatives and on track with strategic goals for 2025.
The company has exceeded guidance on both revenue and EBITDA, with second quarter revenues of $141 million, $21 million above guidance.
Financial improvements include a reduction in net leverage to 1.9x from 9.9x a year ago, and a significant increase in liquidity by $297 million, now totaling $367 million.
Reported Q2 revenues of $720 million and adjusted EBITDA of $184 million, with confidence in raising 2025 guidance.
Emphasized diversified portfolio and multiple growth drivers including new product launches, complex medicines, biosimilars, and strategic partnerships.
Projected continued growth with a focus on innovative and affordable medicines, aiming to be America's #1 affordable medicines company.
Adjusted operating profit margin increased 230 basis points to 20.3%.
Cash balance increased by $25.1 million to $509.7 million as of June 30, 2025, despite $134 million in share repurchases.
Contract Manufacturing segment saw 0.5% organic revenue growth, driven by ramp-up of Dublin facility for auto-injectors and pens.
Gross profit was $273.9 million, up $43.9 million or 19.1% year-over-year, with a gross margin of 35.7%, a 290 basis point increase from Q2 2024.
Operating cash flow for the first six months was $306.5 million, an 8.2% increase from prior year, with capital spending down $44.3 million year-over-year to $146.5 million.
Proprietary Products segment grew 8.4% organically, driven by 11.3% growth in HVP components, including strong demand for GLP-1 elastomer products which accounted for 8% of total revenues.
West Pharmaceutical Services reported Q2 2025 net sales of $766.5 million, representing a 9.2% increase overall and 6.8% organic growth.
Dafinchi