Cash and investments totaled $900.4 million as of June 30, 2025, with 138.1 million common shares outstanding.
Net loss for Q3 2025 was $175.2 million or $1.26 per share, compared to a net loss of $170.8 million or $1.38 per share in Q3 2024.
Operating expenses increased to $193.3 million from $176.1 million year-over-year, driven by higher R&D and SG&A costs.
Post-quarter events include a $100 million milestone payment from Sarepta and a $130 million upfront payment from Sanofi for Greater China rights to plozasiran.
Revenue for the quarter was $27.8 million, primarily from the license and collaboration agreement with Sarepta.
Strategic Patent Settlement and Its Financial Impact
The company settled worldwide patent litigation with Bruker on favorable terms, recognizing a $68 million upfront payment.
Excluding the settlement-related revenue, Q2 revenue was $146 million, indicating the settlement's influence on financials.
The settlement included a significant gain of approximately $41 million recognized as part of the revenue, impacting operating income and net income positively.
Alkermes reported total revenues of $390.7 million in Q2 2025, with proprietary product net sales of $307.2 million, reflecting 14% year-over-year growth.
Cost of goods sold decreased to $49.5 million from $61.5 million in Q2 2024, reflecting manufacturing efficiencies.
GAAP net income was $87.1 million, EBITDA was $101.6 million, and adjusted EBITDA was $126.5 million for the quarter.
Gross to net favorability contributed approximately $20 million tailwind in Q2 due to Medicaid utilization rates and other credits.
R&D expenses increased to $77.4 million from $59.6 million, driven by investments in Phase II studies of alixorexton.
SG&A expenses were $170.8 million, slightly up from $168.1 million in Q2 2024, with expectations of stable to modestly decreasing expenses in H2 2025.
The company ended Q2 with $1.05 billion in cash and investments and $200 million remaining share repurchase authorization.
Cash and receivables totaled over $850 million, including the $175 million milestone payment.
Combined R&D and SG&A expenses were $123 million, a 41% reduction from the prior year, with SG&A down 57% due to the transfer of commercial activities to Sanofi and infrastructure reductions.
Licensing, royalties, and other revenue totaled $229 million, primarily from Sanofi ($199 million) and Takeda ($27 million) agreements.
Net income was $107 million or $0.62 per diluted share for Q2 2025.
Novavax reported total revenue of $239 million in Q2 2025, down from $415 million in Q2 2024, including a $175 million milestone payment from Sanofi for FDA BLA approval of Nuvaxovid in the U.S.
Product sales were $11 million, with $13 million from supply sales and negative $2 million from Nuvaxovid product sales due to U.S. market closeout and return reserves.
Dafinchi
