Corneal Health franchise delivered net sales of $20.6 million, a 4% year-over-year growth, including Photrexa net sales of $17.9 million.
Glaukos reported record second quarter consolidated net sales of $124.1 million, up 30% on a reported basis or 29% on a constant currency basis versus the year ago quarter.
Gross margins came in at 83% for the quarter, showing modest accretion year-over-year and quarter-over-quarter.
International glaucoma franchise delivered record net sales of $31.3 million, a 20% year-over-year growth on a reported basis and 15% on a constant currency basis.
Underlying cash and equivalents grew by more than $4 million in the second quarter excluding one-time investments.
U.S. glaucoma franchise delivered record second quarter net sales of $72.3 million, a 45% year-over-year growth, driven by iDose TR sales of approximately $31 million.
Cytokinetics ended Q2 2025 with approximately $1.04 billion in cash, cash equivalents, and investments, slightly down from $1.09 billion in Q1 2025.
G&A expenses rose to $65.7 million from $50.8 million year-over-year, primarily due to commercial readiness investments and personnel costs.
Net loss narrowed to $134.4 million or $1.12 per share in Q2 2025 compared to $143.3 million or $1.31 per share in Q2 2024.
R&D expenses increased to $112.6 million in Q2 2025 from $79.6 million in Q2 2024, driven by clinical trial advancement and higher personnel and medical affairs costs.
The company exercised its option on the Tranche 4 loan from Royalty Pharma, receiving $75 million, with an option to draw $100 million on Tranche 5 before November 25, 2025.
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.
Adjusted net income decreased to $40.9 million or $0.85 per share from $48.7 million or $0.94 per share in Q2 2024.
Amphastar reported Q2 2025 net revenues of $174.4 million, a 4% decrease from $182.4 million in Q2 2024, primarily due to increased competition in legacy products.
BAQSIMI sales grew 21% year-over-year to $46.7 million, driven by Amphastar's full global commercialization starting in 2025.
Epinephrine sales dropped 42% to $16.2 million due to increased competition and supplier re-entry.
Glucagon injection sales declined 25% to $20.6 million due to competition and market shift to ready-to-use products like BAQSIMI.
Gross margins declined to 49.6% from 52.2% due to inclusion of all product costs post-transition and pricing pressures.
Lidocaine sales increased 17% to $15 million due to higher demand from shortages of other suppliers.
Net income decreased to $31 million or $0.64 per share from $37.9 million or $0.73 per share in Q2 2024.
Operating expenses increased: selling, distribution and marketing by 14%, general and administrative by 5%, and R&D by 14%.
Primatene MIST sales remained stable at $22.9 million with a 10% year-to-date growth.
Bayer collaboration revenue grew 11% to $415 million, with $383 million related to Regeneron's share of net profits outside the U.S.
Effective tax rate was 8.3%, lowered by a favorable IRS audit settlement.
Free cash flow through the first six months of 2025 was $1.7 billion; cash and marketable securities totaled $17.5 billion with $2.7 billion in debt.
Gross margin on net product sales was 86%, lower than prior year due to investments in manufacturing and higher inventory write-offs.
Other revenue was $184 million, including $118 million of profit share and royalties, up 70% from the prior year.
R&D expense was $1.3 billion, reflecting continued investments in mid- to late-stage pipeline programs.
Regeneron's second quarter 2025 total revenues were $3.7 billion, growing 4% compared to the prior year, driven by higher Sanofi collaboration revenue, increased U.S. net sales of EYLEA HD, and growth in global net sales of Libtayo.
Sanofi collaboration revenues were approximately $1.4 billion, with $1.3 billion related to Regeneron's share of collaboration profits, which grew 30% year-over-year.
Second quarter diluted net income per share grew 12% to $12.89 on net income of $1.4 billion.
SG&A expense was $542 million, down 19% from the prior year due to lower general and administrative expenses.
Share repurchases totaled approximately $1.1 billion in Q2 and $2.2 billion year-to-date, reducing shares outstanding by 3.2 million.
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 loss was $8.4 million compared to $7.6 million last year.
Cash, cash equivalents and marketable securities totaled $84.2 million at quarter end, down $4.5 million from March 31, 2025, with total cash utilization for the first half of 2025 at $17.3 million.
Gross margin was 72%, down from 74% last year, primarily due to a shift in geographic revenue mix with more international and distributor sales.
International revenue reached a record $9.1 million, a 32% increase compared to $6.9 million last year and a 27% increase on a constant currency basis, driven by growth in Europe and Asia.
Net loss was $15.2 million or $0.38 per share, compared to a net loss of $15.3 million or $0.39 per share last year.
Pulmonx reported second quarter 2025 revenue of $23.9 million, a 15% increase from $20.8 million in the same period last year and a 13% increase on a constant currency basis.
Research and development expenses were $5.3 million, down from $5.6 million last year due to a one-time impairment charge in 2024; excluding that, R&D spending increased 36%.
Sales, general and administrative expenses increased 5% to $26.7 million, driven by investments in commercial efforts including direct-to-patient outreach.
Total operating expenses were $32 million, a 3% increase from $30.9 million last year, with noncash stock-based compensation at $5.6 million.
U.S. revenue was $14.7 million, up 6% from $13.9 million in the prior year period but below expectations due to tough year-over-year comparisons and operational pressures.
Dafinchi
