Cash, cash equivalents, and restricted cash totaled $253.4 million as of June 30, 2025, with a cash runway extended into 2028.
General and administrative expenses decreased to $10.3 million in Q2 2025 from $12.3 million in Q2 2024, due to reduced share-based compensation and headcount.
Net loss for Q2 2025 was approximately $9.2 million or $0.34 per diluted share, improved from a net loss of $17.2 million or $0.64 per diluted share in Q2 2024.
Research and development expenses decreased to $29.6 million in Q2 2025 from $58.7 million in Q2 2024, reflecting lower manufacturing and clinical costs for COVID, flu, and OTC programs, partially offset by higher clinical costs for cystic fibrosis.
Revenue for Q2 2025 was $28 million, down $22 million year-over-year, primarily due to lower revenues from the CSL collaboration and amortization of upfront payments as CoStave progresses toward commercialization.
Total operating expenses for Q2 2025 were $40 million, down from $71 million in Q2 2024, driven by reduced manufacturing costs, clinical trial expenses, payroll, and employee benefits.
Adjusted diluted EPS grew 9% operationally and 13% on an organic operational basis.
Adjusted gross margins were 73.7%, up 200 basis points reported, with favorable foreign exchange impact of 130 basis points.
Adjusted net income was $783 million, growing 10% on both reported and organic operational bases.
Adjusted operating expenses increased 5% operationally, driven by 6% SG&A growth and 1% R&D growth.
Companion Animal revenue was $1.8 billion, growing 8% operationally, with Simparica franchise contributing $448 million growing 17%, and Key Dermatology $460 million growing 11%.
International segment revenue grew 3% reported and 9% organic operational; Companion Animal grew 8%, Livestock 10% organically internationally.
Livestock business grew 7% on an organic operational basis year-to-date, outperforming low single-digit market growth projections.
U.S. revenue grew 4% reported and 7% organic operational; Companion Animal grew 9%, Livestock declined 2% organically in the U.S.
Zoetis reported $2.5 billion in revenue for Q2 2025, growing 4% on a reported basis and 8% on an organic operational basis, excluding foreign exchange and MFA divestiture impacts.
Dafinchi