Adjusted earnings per share (EPS) for Q2 was $1.81, consistent with the prior year quarter.
Adjusted operating income was approximately $3.8 billion, up nearly 2% from the prior year quarter.
CVS Health reported second quarter 2025 revenues of nearly $99 billion, an 8% increase year-over-year driven by growth across all segments.
Health Care Benefits segment revenue increased over 11% to more than $36 billion, with adjusted operating income up nearly 40% to approximately $1.3 billion.
Health Services segment revenues grew over 10% to more than $46 billion, but adjusted operating income declined 18% due to higher medical benefit ratios in health care delivery.
Pharmacy and Consumer Wellness segment revenues increased over 12% to more than $33 billion, with adjusted operating income up nearly 8%.
Year-to-date cash flow from operations was approximately $6.5 billion, with $1.7 billion distributed in dividends and $2.4 billion cash on hand at quarter end.
Adjusted operating profit margin increased 230 basis points to 20.3%.
Cash balance increased by $25.1 million to $509.7 million as of June 30, 2025, despite $134 million in share repurchases.
Contract Manufacturing segment saw 0.5% organic revenue growth, driven by ramp-up of Dublin facility for auto-injectors and pens.
Gross profit was $273.9 million, up $43.9 million or 19.1% year-over-year, with a gross margin of 35.7%, a 290 basis point increase from Q2 2024.
Operating cash flow for the first six months was $306.5 million, an 8.2% increase from prior year, with capital spending down $44.3 million year-over-year to $146.5 million.
Proprietary Products segment grew 8.4% organically, driven by 11.3% growth in HVP components, including strong demand for GLP-1 elastomer products which accounted for 8% of total revenues.
West Pharmaceutical Services reported Q2 2025 net sales of $766.5 million, representing a 9.2% increase overall and 6.8% organic growth.
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.
Cash, cash equivalents, and marketable securities totaled $214.2 million as of June 30, 2025, with an additional $50 million raised in a July registered direct offering.
Dividend and interest income declined to $2.3 million in Q2 2025 from $2.9 million in Q2 2024, reflecting lower interest rates and invested balances.
GAAP total operating expenses for Q2 2025 were $30.5 million, up from $26.8 million in Q2 2024; adjusted operating expenses were $23.8 million, slightly down from $24.4 million.
Gross profit for Q2 2025 was $351,000 with a gross margin of 59%, including a 13% benefit from low or no value inventory utilization.
Q2 2025 revenue was $591,000, primarily from Platinum instruments, consumable kits, and related services, below expectations due to capital sales headwinds.
The company expects runway into Q2 2028 based on current cash and capital raise.
Cash used in operations for Q2 2025 was $6.4 million, a significant decrease from $13.3 million in Q2 2024.
General and administrative expenses decreased slightly to $7.4 million from $8.1 million year-over-year.
Net loss for Q2 2025 was $9.9 million or $0.30 per share, improved from a net loss of $17.8 million or $0.59 per share in Q2 2024.
R&D expenses decreased to $2.8 million in Q2 2025 from $10.7 million in Q2 2024, primarily due to winding down REL-1017 trials, partially offset by ramp-up costs for NDV-01 and sepranolone.
Relmada reported a cash balance of $20.6 million as of June 30, 2025, down from $44.9 million at the end of 2024.
Dafinchi