Approximately 94.2 million shares of common stock were outstanding as of July 29, 2025, with 111.9 million fully diluted shares.
Crinetics Pharmaceuticals reported $1 million in revenue for Q2 2025 from licensing and supply agreements with its Japanese partner SKK.
Net cash used was $77.8 million during the quarter, with a cash balance of $1.2 billion at quarter-end.
Research and development expenses increased to $80.3 million in Q2 from $76.2 million in Q1, reflecting investments in multiple clinical programs.
Selling, general and administrative expenses rose to $49.8 million from $35.5 million, driven by commercial capability building and launch preparations.
Adjusted EBITDA margin improved by 240 basis points to 12.4%, driven by volume growth, pricing, and G&A productivity, partially offset by transactional FX losses.
Adjusted EPS was $0.26, up $0.15 from Q2 2024, supported by EBITDA growth and a lower tax rate of 33.3%.
Envista reported Q2 2025 sales of $682 million with core sales growth of 5.6% year-over-year, aided by a 200 basis point currency exchange tailwind.
Envista repurchased $82 million of stock in Q2, totaling $100 million year-to-date under a $250 million 2-year authorization.
Equipment & Consumables segment core sales increased 7.3%, with adjusted operating margin improving 140 basis points versus prior year.
Free cash flow in Q2 was $76 million, down about $10 million from last year due to higher working capital driven by faster growth.
Specialty Products & Technologies segment grew core revenue by 7.2%, with adjusted operating margin up over 400 basis points despite FX headwinds.
Year-to-date free cash flow conversion was 84%, with a net debt to adjusted EBITDA ratio of approximately 1x.
CABOMETYX net product revenues were $518 million with approximately $600,000 in clinical trial sales, significantly lower than $12 million in Q1 2025.
Cash and marketable securities totaled approximately $1.4 billion at quarter end.
Exelixis reported total revenues of approximately $568 million for Q2 2025, including cabozantinib franchise net product revenues of $520 million.
GAAP net income was approximately $184.8 million or $0.68 per share basic and $0.65 diluted; non-GAAP net income was $212.6 million or $0.78 basic and $0.75 diluted.
Gross to net deductions for cabozantinib were 30.2%, higher than Q1 2025, primarily due to increased 340B volume now over 24% of total volume.
The company repurchased approximately $302 million of shares in Q2 2025, retiring about 7.5 million shares at an average price of $40.10.
Total operating expenses were $355 million, down from $369 million in Q1 2025, driven by lower manufacturing, clinical trial, and general administrative costs.
Dafinchi
