Cash flow from operations was $1.8 billion in Q2, with unregulated cash on hand at $234 million and medical claims liability representing 47 days in claims payable.
Centene reported second quarter 2025 results with $42.5 billion in premium and service revenue and an adjusted diluted loss per share of $0.16.
Marketplace membership grew to 5.9 million members, generating over $10 billion in commercial premium and service revenue, but faced a $2.4 billion pretax earnings headwind due to risk adjustment transfer shortfalls.
Medicaid produced an unanticipated health benefits ratio (HBR) of 94.9%, driven by elevated medical cost trends in behavioral health, home health, and high-cost drugs.
Medicare PDP membership remained stable at 7.8 million, with performance exceeding expectations and contributing to a $700 million pretax favorability in the Medicare segment.
Acquired 1.9 million shares at a cost of approximately $332 million in the first half of 2025, repurchasing about 34% of outstanding shares since 2019.
Available borrowing capacity was approximately $1 billion under a $1.3 billion revolving credit facility as of June 30, 2025.
Behavioral health hospitals' same-facility net revenues increased 5.4% excluding Tennessee Medicaid directed payment program, driven by 4.2% revenue per adjusted day increase and 1.2% adjusted patient days growth.
Capital expenditures were $505 million in the first half of 2025, with 25% related to two new/replacement facilities opening in spring 2026.
Cash generated from operating activities decreased by $167 million to $909 million in the first half of 2025 compared to the same period in 2024.
Net income attributable to UHS per diluted share was $5.43 for Q2 2025, with adjusted net income per diluted share at $5.35 after adjustments.
Operating expenses on a same-facility basis increased 3.1% excluding insurance subsidiary impact.
Same-facility adjusted admissions to acute care hospitals increased 2.0% year-over-year, while surgical volumes declined slightly.
Same-facility EBITDA in acute care hospitals increased by 10% due to solid revenues and expense controls.
Same-facility net revenues in acute care hospitals increased 5.7% excluding insurance subsidiary impact.
ARCALYST collaboration profit grew 75% year-over-year to $104.8 million in Q2 2025, driven by sales volume and disciplined commercial investments.
ARCALYST net revenue was $156.8 million in Q2 2025, a 52% year-over-year increase driven by new patient enrollments, prescribers, and active commercial patients.
Cash balance increased by approximately $40 million to $307.8 million in Q2 2025, with expectations to remain cash flow positive on an annual basis.
Net income was $17.8 million in Q2 2025 compared to a net loss of $3.9 million a year ago, reflecting strong revenue growth and moderate expense growth.
Operating expenses grew 26% year-over-year due to cost of goods sold, collaboration expenses, and SG&A supporting ARCALYST commercialization.
Cash and marketable securities stood at approximately $433 million as of June 30, 2025, down from $503 million at the end of 2024.
Geron reported Q2 2025 net product revenue of $49 million, a 24% increase over Q1 driven by increased demand from new patient starts.
Gross to net deductions remained in the mid-teens percent range, consistent with prior guidance.
Research and development expenses decreased to $22 million in Q2 2025 from $31 million in Q2 2024, primarily due to lower clinical trial costs post FDA approval of RYTELO.
Selling, general and administrative expenses remained steady at $39 million compared to the prior year period.
Day One Biopharmaceuticals reported Q2 2025 net product revenue of $33.6 million for OJEMDA, a 10% increase over Q1.
Net cash used in operating activities decreased by approximately 50% quarter-over-quarter.
The company ended Q2 with $453 million in cash and no debt.
Total costs and operating expenses were $68.9 million in Q2, including $10.9 million in noncash stock-based compensation, representing a 5% decrease quarter-over-quarter.
Cash and equivalents totaled $187.4 million at quarter-end, with cash use down approximately 60% year-over-year.
Net loss was $18.5 million, 46% lower than Q2 2024.
Non-GAAP gross margin expanded by 110 basis points to 38.4%, with product gross margin increasing nearly 400 basis points to 48.9%.
Non-GAAP operating expenses declined 19% to $25.4 million, resulting in a non-GAAP operating loss of $13.4 million, a 36% improvement from the prior year.
Recurring revenue reached $22.5 million, up 11% from Q2 2024, including a 17% increase in consumable revenue.
Revenue for Q2 2025 was $31.4 million, a 15% increase year-over-year, driven by strong Tablo console sales and consistent utilization.
Dafinchi
