Adjusted earnings per share from continuing operations were $0.59, increasing 28% over the prior year.
Adjusted gross margins were 14.7%, a decrease of 170 basis points compared to prior year, primarily due to Vantive MSA impact, lower manufacturing volumes, and unfavorable product mix.
Adjusted gross margins were 14.7%, down 170 basis points due to Vantive MSA impact, lower manufacturing volumes, and unfavorable product mix.
Adjusted operating margin was 15.1%, improving 180 basis points year-over-year, reflecting lower gross margin offset by operational execution and TSA income.
Adjusted operating margin was 15.1%, improving 180 basis points year-over-year, reflecting TSA income and operational execution.
Adjusted R&D spending was $134 million or 4.8% of sales, consistent with prior year.
Adjusted SG&A was $639 million or 22.7% of sales, decreasing 170 basis points from prior year, reflecting investments and employee benefit costs offset by reclassification benefits and expense management.
Adjusted SG&A was $639 million or 22.7% of sales, down 170 basis points, reflecting investments and expense management.
Adjusted tax rate was 16.7%, down 400 basis points due to strategic tax attribute use post-Kidney Care sale.
Adjusted tax rate was 16.7%, down 400 basis points from prior year due to strategic tax attribute use.
Healthcare Systems & Technologies sales were $767 million, increasing 2%, driven by Care & Connectivity Solutions growth.
Medical Products & Therapies segment sales were $1.3 billion, increasing 1%, with strength in Advanced Surgery offset by softness in Infusion Therapies & Technologies.
Medical Products & Therapies segment sales were $1.3 billion, increasing 1%, with strong Advanced Surgery demand offset by softness in Infusion Therapies & Technologies.
Negative free cash flow of $144 million year-to-date, with $77 million positive free cash flow generated in Q2.
Net interest expense was $58 million, down $28 million due to debt paydown from Vantive sale proceeds.
Net interest expense was $58 million, down $28 million from prior year due to debt paydown from Vantive sale proceeds.
Pharmaceuticals segment sales totaled $612 million, increasing 1%, with declines in Injectables & Anesthesia offset by 7% growth in Drug Compounding.
Pharmaceuticals segment sales totaled $612 million, increasing 1%, with declines in Injectables & Anesthesia partly offset by 7% growth in Drug Compounding.
Second quarter sales from continuing operations grew 4% on a reported basis and 1% on an operational basis, with growth from all three segments.
Year-to-date free cash flow was negative $144 million, with $77 million positive free cash flow generated in Q2.
Cytokinetics ended Q2 2025 with approximately $1.04 billion in cash, cash equivalents, and investments, slightly down from $1.09 billion in Q1 2025.
G&A expenses rose to $65.7 million from $50.8 million year-over-year, primarily due to commercial readiness investments and personnel costs.
Net loss narrowed to $134.4 million or $1.12 per share in Q2 2025 compared to $143.3 million or $1.31 per share in Q2 2024.
R&D expenses increased to $112.6 million in Q2 2025 from $79.6 million in Q2 2024, driven by clinical trial advancement and higher personnel and medical affairs costs.
The company exercised its option on the Tranche 4 loan from Royalty Pharma, receiving $75 million, with an option to draw $100 million on Tranche 5 before November 25, 2025.
Dafinchi