Cash and investments at June 30 were $515 million, reflecting $115 million of common stock repurchased in the second quarter.
Korlym prescriptions volume grew by 49% year-over-year, though revenue growth was impacted by pharmacy capacity constraints estimated at a $15 million impact in Q2.
Net income was $35.1 million compared to $35.5 million in the second quarter of last year.
Revenue in the second quarter of 2025 was $194.4 million, compared to $163.8 million in the prior year period.
The company modified its 2025 revenue guidance to $850 million to $900 million.
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.
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.
Approximately 91,000 bottles were dispensed to patients, slightly above the top end of guidance.
Cash and cash equivalents stood at approximately $381 million at quarter end.
Gross margins remained strong and flat at 93%, with gross-to-net discount around 45%, improving sequentially due to reduced patient copays.
R&D expenses increased by $3.3 million primarily due to the TP-04 program and other development activities.
SG&A expenses increased by approximately $44 million year-over-year, driven by sales and marketing costs including DTC advertising and a larger sales force.
Tarsus reported record-breaking Q2 2025 net sales of $102.7 million for XDEMVY, marking the strongest quarter to date.
Alnylam reported total net product revenues of $672 million in Q2 2025, representing 64% year-over-year growth driven by a 77% increase in the TTR franchise.
Cash, cash equivalents, and marketable securities totaled $2.9 billion at quarter-end, up from $2.7 billion at year-end 2024.
Collaboration revenue decreased by $166 million to $61 million due to the modification of the cemdisiran agreement with Regeneron.
Gross margin on product sales was 79%, down from 84% in Q2 2024, mainly due to increased royalties on AMVUTTRA.
Non-GAAP operating income was $95 million, a $42 million decrease compared to last year, mainly due to lower collaboration revenue recognition.
Non-GAAP R&D expenses increased 11% to $274 million, driven by clinical trial expenses for zilebesiran and TRITON-CM studies.
Non-GAAP SG&A expenses increased 26% to $261 million, primarily due to investments supporting the AMVUTTRA ATTR-CM launch.
Royalty revenue increased by $18 million to $40 million, driven by higher Leqvio sales.
The U.S. TTR franchise grew 125% year-over-year, primarily due to the ATTR-CM launch of AMVUTTRA, contributing approximately $150 million in revenue from 1,400 cardiomyopathy patients on therapy.
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.
Adjusted operating profit increased 9% to $1.4 billion, with three of four segments delivering double-digit growth in adjusted operating profit.
Corporate expenses decreased 4% excluding McKesson Ventures gains, driven by lower opioid-related expenses and technology costs.
First quarter earnings per diluted share increased 5% to $8.26, or 14% excluding gains from McKesson Ventures equity investments.
Free cash flow was negative $1.1 billion, impacted by $3.4 billion cash used for acquisitions and $189 million in capital expenditures.
International segment revenues increased 1% to $3.7 billion, with operating profit down 3% due to divestitures; excluding divested businesses, revenues grew 5% and operating profit was flat.
McKesson reported record consolidated revenues of $97.8 billion for Q1 fiscal 2026, a 23% increase year-over-year.
Medical-Surgical Solutions segment revenues increased 2% to $2.7 billion, with operating profit up 22% due to operational efficiencies and cost optimization.
Prescription Technology Solutions segment revenues increased 16% to $1.4 billion, with operating profit up 21%, driven by higher demand for access solutions including prior authorization services for GLP-1 medications.
U.S. Pharmaceutical segment revenues rose 25% to $90 billion, driven by increased prescription volumes, growth in oncology and specialty products, and new strategic customer onboarding.
Adjusted EBITDA declined to $1.3 million from $2.9 million year-over-year due to lower gross profit.
GAAP gross profit was $23.9 million, down 6% year-over-year, with gross margin at 52% versus 55% last year due to lower product and service margins.
Net loss improved to $5.6 million from $10.4 million in the prior year quarter, helped by foreign exchange gains and a tax benefit.
Operating expenses increased 2% year-over-year to $34.5 million, driven by higher general and administrative costs.
Positive free cash flow of $0.9 million was offset by $4.5 million in share repurchases, reducing cash and marketable securities to $262 million.
Q2 2025 revenue was $45.6 million, down 2.2% year-over-year, driven by declines in EMEA and APAC product sales but offset by growth in U.S. product revenue and strong service revenue growth.
Recurring revenue from service and reagents grew 18% year-over-year, representing 32% of trailing 12-month sales and growing 16% versus last year.
U.S. revenue increased 7% in Q2, while EMEA declined 11% and APAC declined 12% in Q2 but grew 9% for the first half of 2025.
Dafinchi