Arvinas reported $22.4 million in revenue for Q2 2025, down from $76.5 million in Q2 2024, primarily due to the completion of the Novartis License and Asset Agreements by end of 2024 and reduced Pfizer collaboration revenue.
Cash, cash equivalents, and marketable securities totaled approximately $861.2 million at quarter-end, down from $1.04 billion at the end of 2024, with a cash runway extended into the second half of 2028.
General and administrative expenses decreased to $25.3 million from $31.3 million year-over-year, driven by lower personnel and infrastructure costs.
Research and development expenses declined to $68.6 million from $93.7 million, reflecting reprioritization of programs and workforce reduction, partially offset by increased spending on LRRK2 and KRAS programs.
Restructuring costs of $7.4 million were incurred, mainly employee-related, with a $6.4 million reversal of non-cash stock compensation and bonus expenses.
Adjusted EBITDA for the quarter was $522 million, representing a 32.7% margin; year-to-date adjusted EBITDA was $1 billion with a 32.4% margin.
Adjusted gross margin was 61.7% for Q2, slightly down from 62% in Q2 2024, impacted by pricing pressures and foreign exchange effects.
Debt reduction efforts included $350 million principal repayment and repurchase of $242 million of notes, resulting in a net leverage ratio expected below 4x by year-end.
Free cash flow before onetime costs was $525 million in the first half of 2025, ahead of prior year, supported by working capital management and lower interest expense.
Onetime costs related to restructuring and manufacturing separation are tracking to the midpoint of the $250 million to $300 million revised estimate for 2025.
Organon reported second quarter 2025 revenue of $1.6 billion, down 1% at constant currency, primarily due to loss of exclusivity (LOE) of Atozet in the EU.
Volume growth of 5.6% in the quarter was driven by fertility, Hadlima, Emgality, and Vtama.
Cash and investments ended at $7.5 billion, down from $8.4 billion at the end of Q1, primarily due to operating losses.
Cost of sales was $119 million, representing 105% of net product sales, up from 62% last year, driven by lower volume.
In Q2 2025, Moderna reported revenues of $2.1 billion and a net loss of $0.8 billion, in line with expectations and reflecting the seasonal nature of the respiratory vaccine business.
Net loss improved by $454 million compared to Q2 2024, with loss per share improving from $3.33 to $2.13.
Net product sales were $114 million, primarily from COVID vaccine sales, with the U.S. accounting for approximately 80% of sales.
Other revenue totaled $28 million, down from last year due to a $30 million upfront licensing payment recognized in Q2 2024.
Product sales declined 38% year-over-year but were slightly above expectations due to a stronger-than-expected U.S. spring booster season.
R&D expenses were $700 million, down 43% year-over-year, primarily due to winding down respiratory trials and lower clinical manufacturing costs.
SG&A expenses were $230 million, down 14% year-over-year, reflecting broad-based cost reductions.
Dafinchi