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.
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 non-GAAP EBITDA was $54.1 million, a 63% increase from the prior year period, and adjusted non-GAAP EPS was $1.80, up from $1.02.
ANI Pharmaceuticals reported record Q2 2025 results with net revenues of $211.4 million, up 53% year-over-year on an as-reported basis and 37% organically.
Cash flow from operations was $110.8 million in the first half of 2025, with unrestricted cash increasing to $217.8 million at quarter-end.
Generics revenues increased 22% to $90.3 million, supported by new product launches including prucalopride tablets with 180-day exclusivity.
Non-GAAP gross margin improved to 64.9%, up over 6 points from the prior year, due to favorable product mix and strong generics performance.
Operating expenses increased, with R&D up 130% to $16 million and SG&A up 66% to $67.1 million, reflecting investments in sales teams and clinical studies.
Rare Disease revenues doubled year-over-year to $104 million, driven by Cortrophin Gel revenues of $81.6 million, up 66% year-over-year.
Adjusted operating expenses were $30.6 million, or 38% of revenue, improved from 40% in Q2 2024.
Adjusted professional services gross margin was 18%, down 190 basis points year-over-year but improved 250 basis points sequentially.
Adjusted technology gross margin was 66%, down 140 basis points year-over-year due to platform migration costs.
Adjusted total gross margin was 50%, slightly down 30 basis points year-over-year but up 30 basis points sequentially.
Cash and equivalents ended at $97 million, down from $392 million at year-end 2024, with term loan face value at $162 million after paying off $230 million convertible notes in April 2025.
Health Catalyst reported Q2 2025 revenue of $80.7 million, a 6% year-over-year increase, and adjusted EBITDA of $9.3 million, exceeding guidance and marking the highest adjusted EBITDA in company history.
Professional Services revenue declined 1% year-over-year to $27.8 million, impacted by contract restructuring and exits.
Technology segment revenue grew 11% year-over-year to $52.9 million, driven primarily by recurring revenue from new and acquired clients.
Dafinchi
