Jornay prescriptions increased by 23% year-over-year in Q2 2025, indicating strong growth momentum.
Market share of Jornay in the long-acting branded methylphenidate market grew to 23%, up 7.6 percentage points from the previous year.
The prescriber base for Jornay reached over 26,000, a 23% increase compared to Q2 2024, with efforts focused on expanding awareness and adoption.
The company expanded its ADHD sales force by approximately 55 representatives, now totaling around 180, targeting 21,000 prescribers, up from 17,000.
Market research shows over 60% of healthcare professionals intend to increase Jornay prescriptions, and unaided awareness is just over 50%, ranking it second after Vyvanse and Concerta.
The company is investing in targeted marketing campaigns and digital outreach to capitalize on the back-to-school season, aiming to boost awareness and prescriptions.
Management emphasizes the importance of adult ADHD market growth, with Jornay already generating 20% of its business from adult patients, and expects this to increase.
Expansion of ATTR-CM Study and Its Strategic Implications
The expansion does not impact the previously projected enrollment timeline or cash runway, demonstrating operational efficiency and financial prudence.
The increased enrollment is expected to provide more definitive evidence of nex-z’s efficacy both as a monotherapy and in combination with stabilizers, which is a key market differentiator.
Management emphasizes that this strategic move aligns with their goal of multiple prospective launches by 2030, reinforcing their long-term market strategy.
Cash and equivalents stood at $462 million as of June 30, 2025.
Drug discovery revenue increased 19% year-over-year to $14.2 million, reflecting recognition of a $150 million upfront payment from the Novartis collaboration.
Net loss narrowed to $43 million ($0.59 per share) from $54 million ($0.74 per share) in Q2 2024.
R&D expenses decreased over 15% to $43.1 million, driven by expense shifts and cost reduction initiatives.
Sales and marketing expenses increased 11% to $10.7 million, while G&A expenses rose 7% to $25.2 million.
Software gross margin declined to 68% from 80% in Q2 2024 due to revenue mix changes and investments in the predictive toxicology initiative.
Software revenue grew 15% year-over-year to $40.5 million, driven by hosted contracts and Gates Foundation grant contributions.
Total operating expenses decreased 6% to $79 million compared to Q2 2024.
Total revenue for Q2 2025 was $54.8 million, a 16% increase year-over-year.
Arcutis reported $81.5 million in net product revenues for ZORYVE in Q2 2025, representing 28% quarter-on-quarter growth and 164% year-over-year growth.
The company received FDA approval for ZORYVE foam 0.3% for scalp and body plaque psoriasis in May, expanding the treatment options for patients with scalp involvement.
Management emphasized the importance of converting topical steroid prescriptions to ZORYVE, with over 69% of prescriptions last year being steroids, highlighting a significant shift in treatment paradigms.
The company sees a substantial long-term opportunity through label expansion for pediatric atopic dermatitis and other indications, leveraging ZORYVE's anti-inflammatory and antipruritic properties.
Sales from new indications and label expansions contributed over two-thirds of Q2 sales, demonstrating successful lifecycle management and market penetration.
ZORYVE's broad applicability across multiple inflammatory skin conditions positions it as a foundational long-term therapy, with potential to reach over $1 billion in market share if it captures 10% of the topical market.
Cash and securities ended at $319.5 million, up $17 million for the quarter, with record cash from operations of $20.3 million.
Gross margin improved to 70%, up 110 basis points from the prior year, supported by higher average selling prices, manufacturing efficiencies, and favorable product mix.
Net income increased 17% to $13.8 million, and fully diluted EPS grew 16% to $0.60.
Operating income rose 12% to $16.1 million, with an operating margin of 25%.
Q2 2025 sales increased 15% year-over-year, driven by strong growth in catheters (27%), grafts (19%), Valvulotomes and Chunnt (both 13%).
Adjusted EBITDA was $14.5 million, a 24% increase year-over-year, with adjusted EPS of $0.05 for the quarter.
Adjusted gross margin improved by 140 basis points to 71.5%, reflecting operational efficiencies and favorable test mix.
Average revenue per test grew 2% year-over-year, driven by favorable test mix, sales targeting, revenue cycle projects, and expanding payer coverage.
GeneSight revenue declined 12% year-over-year due to UnitedHealthcare coverage changes but volume growth rebounded to 5% in Q2.
Hereditary cancer testing revenue grew 9% year-over-year, with oncology channel volume up 14%.
Myriad Genetics reported Q2 2025 revenue of $213 million, a 5% increase year-over-year excluding impacts from UnitedHealthcare's GeneSight coverage decision and the divested European EndoPredict business.
Prenatal revenue grew 7% year-over-year despite a 7% volume decline due to order management system issues, which have since been resolved.
Prolaris revenue grew 4% year-over-year, with volume up 6% sequentially from Q1 2025.
The company recognized a noncash goodwill and intangible impairment charge of $317 million due to market capitalization decline, excluded from non-GAAP EPS.
FIRDAPSE generated $84.8 million in net product revenue in Q2 2025, up $7.5 million from Q2 2024, with a reaffirmed full-year guidance of $355-$360 million.
The growth was impacted in 2024 by the Change Healthcare cybersecurity breach, which shifted volume from Q1 to Q2, but the impact was fully resolved by June 2024.
Year-to-date, FIRDAPSE revenue increased 16.9% over the first half of 2024, indicating strong underlying demand and market durability.
Management emphasizes high prescription approval rates above 90% and low discontinuation rates below 20%, supporting sustained performance.
The company is actively expanding education efforts supported by updated NCCN guidelines, targeting undiagnosed cancer-associated LEMS patients, with an opportunity to reach a high-potential underserved population.
BioMarin achieved double-digit year-over-year revenue growth with total revenues growing 16% in Q2 2025 and 15% in the first half of 2025 compared to 2024.
Enzyme Therapies revenue rose 15% year-over-year to $555 million, with PALYNZIQ and VIMIZIM showing strong growth of 20% and 21% respectively.
Non-GAAP diluted EPS was $1.44 in Q2, increasing more than 3x the rate of revenue growth, with full year guidance raised to $4.40-$4.55.
Non-GAAP operating margin expanded significantly in Q2 and full year 2025 guidance for operating margin was raised to 33%-34%.
Non-GAAP R&D expenses decreased compared to Q2 2024 due to focused investment in prioritized assets.
Non-GAAP SG&A expenses increased due to ERP system implementation and strategic initiatives.
Operating cash flow reached $185 million in Q2, a 55% increase versus Q2 2024.
ROCTAVIAN revenue was $9 million in Q2, led by the U.S. and Italy.
VOXZOGO revenue increased 20% year-over-year to $221 million in Q2, driven by global expansion and new patient starts.
In Q2 2025, Incyte delivered total product revenues of $1.06 billion, a 17% year-over-year increase driven by Jakafi, Opzelura, and Niktimvo.
Jakafi net product revenue was $764 million, up 8% year-over-year, with strong demand across all indications.
Niktimvo net product revenues were $36 million, reflecting strong commercial execution and rapid adoption.
Operating expenses grew 13% year-over-year, slower than the 16% revenue growth, improving operating leverage and margins.
Operating expenses included a $242 million benefit from a contract dispute settlement with Novartis, reducing COGS guidance to 8%-9% of net product revenues.
Opzelura net product revenue was $164 million, a 35% increase year-over-year, with $132 million from the U.S. and $32 million ex-U.S.
Other hematology/oncology products generated $131 million, a 66% increase year-over-year, driven by Niktimvo and Zynyz.
R&D expenses increased 8% year-over-year to $495 million, driven by late-stage development investments and new collaborations.
SG&A expenses increased 16% year-over-year to $331 million, mainly due to legal costs and marketing timing.
Total revenues were $1.22 billion, up 16% year-over-year.
Dafinchi
