Cash balance ended at $401 million, up $90 million from March 31, 2025.
Cash increased by approximately $90 million to over $400 million at quarter end due to improved billing cycle and healthy AR collections.
Earnings per share were $1.03 and diluted EPS was $0.92 for 2Q 2025.
Net income for 2Q was $35 million, a 186% year-over-year increase and 36% sequentially.
OCS Lung experienced approximately 14% sequential growth in 2Q.
Operating expenses for 2Q were $60 million, up 6% year-over-year, driven by 15% increase in R&D and 3% increase in SG&A.
Operating income for 2Q was $37 million, up 192% year-over-year and 33% sequentially, with operating margin expanding to 23%.
Operating profit was approximately $36.6 million in 2Q, representing more than 23% of total revenue and up from $27.4 million or 19% of total revenue in 1Q 2025.
Overall gross margin for 2Q was steady at 61.4%, similar to Q1.
Product revenue for 2Q reached $96 million, up 34% year-over-year and 9% sequentially.
Sequential growth was experienced across all 3 organ segments, driven by higher overall utilization and center penetration of OCS NOP in the U.S.
Service revenue for 2Q was $61 million, a 44% increase year-over-year and 11% sequentially.
Total gross margin for the quarter was approximately 61%, up 78 basis points compared to Q2 2024.
Total revenue for 2Q 2025 was $157.4 million, representing approximately 38% growth year-over-year and approximately 10% sequential growth from 1Q 2025.
Transplant logistics service revenue for 2Q was $29.8 million, representing 56% year-over-year and 14% sequential growth.
U.S. transplant revenue was approximately $152 million, up 40% year-over-year and 10% sequentially.
Breyanzi revenues were $344 million, growing 122% globally, with U.S. sales more than doubling to $255 million.
Camzyos global sales were $260 million, growing 86%, driven by new patient starts and inventory build.
Cash, cash equivalents, and marketable securities totaled roughly $13.9 billion as of June 30.
Cash flow from operations was about $3.9 billion in the second quarter.
Cobenfy sales were $35 million in the quarter and $62 million year-to-date, tracking as expected with steady weekly prescription growth.
Diluted earnings per share was $1.46, including a $1.5 billion or $0.57 per share charge related to the BioNTech partnership.
Eliquis global sales were $3.7 billion, growing 6%, with U.S. sales up 4% and ex-U.S. sales up 12%.
Gross margin was approximately 73%, primarily due to product mix.
Growth portfolio sales increased approximately 17% year-over-year, driven primarily by demand for the IO portfolio, Breyanzi, Reblozyl, and Camzyos.
Opdivo global sales were approximately $2.6 billion, up 7%, with strong U.S. launch in MSI-high colorectal cancer and growth in first-line non-small cell lung cancer.
Operating expenses were approximately $260 million lower than the prior year, reflecting strategic productivity initiatives.
Qvantig sales were approximately $30 million, with a successful U.S. launch and permanent J-Code received on July 1.
Reblozyl global sales were $568 million in the quarter, with 30% growth in the U.S. and 46% growth outside the U.S.
Sotyktu sales grew 29% globally, with 5% growth in the U.S. despite higher rebates.
The company is on track to pay down $10 billion of debt by the first half of 2026.
Total company revenues were approximately $12.3 billion in Q2 2025, reflecting strong demand across the business.
Dafinchi