Annualized savings from Q2 headcount reductions are expected to be approximately $30 million, up from $25 million in Q1, with a target of 150 FTEs or less by year-end.
Coherus Oncology reported Q2 2025 net revenue of $10 million for LOQTORZI, a 36% increase quarter-over-quarter and a 65% increase year-over-year.
SG&A expenses for 2025 are projected between $90 million and $100 million, with R&D expenses dependent on ongoing portfolio prioritization and data readouts.
The company ended Q2 with $238 million in cash and investments, projecting sufficient runway through 2026 beyond key data readouts.
The company used $483 million in upfront cash proceeds from divestiture to pay off $230 million convertible notes and reduce royalty obligations.
Adjusted EBITDA increased by approximately 33% to $24.8 million, with an adjusted EBITDA margin of 21.9%, a 300 basis point improvement from the prior year.
Artivion reported total constant currency revenue growth of over 14% year-over-year in Q2 2025, reaching $113 million.
Free cash flow was $11.7 million in Q2 2025, with a net leverage ratio reduced to 2.2 from 4.1 in the prior year due to retiring convertible notes.
Gross margins improved slightly to 64.7% (non-GAAP gross margin of 65.1%), driven by favorable mix from AMDS HDE revenues and strong On-X growth.
On-X revenues grew 24%, stent graft revenues grew 22%, BioGlue grew 4%, and tissue processing revenues grew 3% year-over-year on a constant currency basis.
Regional revenue growth was 18% in North America, 15% in Asia Pacific, 10% in EMEA, and 7% in Latin America.
Adjusted EBITDA loss improved by $14 million year-over-year to approximately $8 million loss in Q3, aided by a $48.8 million one-time accounting gain from the Atlas Data Storage transaction.
Biopharma Services revenue increased 10% year-over-year to $5.6 million, with 111 active programs and 88 new programs started in the quarter.
Cash, cash equivalents, and short-term investments totaled approximately $250.8 million at quarter-end.
Geographically, Americas revenue increased 16%, EMEA revenue grew 30%, and APAC revenue declined slightly to $5.9 million.
Gross margin improved significantly to 53.4% from 43.3% in the prior year quarter, driven by volume leverage, mix benefits, and continuous improvement initiatives.
Healthcare revenue rose 32% year-over-year to $56.4 million, industrial chemical revenue was flat at $23.1 million, and academic revenue grew 7% to $15.9 million.
NGS revenue grew 27% year-over-year to $55.3 million, driven by commercial assays for diagnostic tests and growth in smaller accounts.
SynBio revenue was $35.2 million, growing 7% year-over-year, with underlying growth exceeding 20% when excluding a large one-time order from the prior year.
Twist Bioscience reported record revenue of $96.1 million for Q3 fiscal 2025, an 18% year-over-year increase.
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