Gross margin was 31% excluding noncash items, with expectations for improvement due to restructuring and manufacturing optimization.
Iovance reported $60 million in total revenue for Q2 2025, a 22% increase over the prior quarter, with $54 million from Amtagvi infusions and $6 million from Proleukin.
Net cash burn is expected to be less than $245 million over the next four quarters, with a cash position of approximately $307 million sufficient to fund operations into Q4 2026.
Operating expenses increased to approximately $117 million from $102 million year-over-year, driven by higher headcount, clinical trials, and marketing costs.
The company announced a strategic restructuring including a 19% workforce reduction expected to generate over $100 million in annual cost savings starting Q4 2025.
For the first half of 2025, product sales totaled $85 million, with additional research and development revenues of $2 million for Q2 and $3 million for the six months ended June 30, 2025.
Pretax operating income for Q2 2025 was approximately $46 million, with net income of about $35 million and fully diluted EPS of $0.49 for both the quarter and the six-month period.
SIGA maintained a strong balance sheet with approximately $182 million in cash and no debt as of June 30, 2025.
SIGA reported product sales of $79 million for Q2 2025, consisting of $53 million from oral TPOXX and $26 million from IV TPOXX delivered to the U.S. Strategic National Stockpile.
There remain $26 million of outstanding orders from the U.S. government related to the 19C contract, targeted for delivery in 2026.
Adjusted SG&A as a percentage of revenue improved by 280 basis points year-over-year to 17%, demonstrating operating leverage despite growth investments.
Clover Health reported 32% year-over-year Medicare Advantage membership growth to over 106,000 members in Q2 2025.
Days in claims payable decreased by 5 days sequentially to 32 days, indicating normalization of claims processing.
GAAP net loss improved by $4 million year-to-date to $12 million, with adjusted EBITDA and adjusted net income steady at $43 million and $42 million respectively.
Insurance Benefit Expense Ratio (BER) increased to 88.4% in Q2 2025 from 76.1% in Q2 2024, reflecting elevated Part D and supplemental benefit utilization.
Insurance revenue increased 34% year-over-year to $470 million in Q2 and 34% year-to-date to $927 million.
The recent equity raise and strong sales from ARIKAYCE have resulted in a cash position of approximately $1.9 billion, the strongest in company history.
Operational expenses increased due to launch preparations and pipeline investments, but cash burn is expected to decrease as revenue from brensocatib begins.
Insmed anticipates up to 10 key milestones in the next 12 months, with a focus on maximizing value through strategic capital deployment and pipeline execution.
AbbVie delivered adjusted earnings per share of $2.97, $0.11 above guidance midpoint, with total net revenues of $15.4 billion, exceeding expectations by over $400 million.
Adjusted gross margin was 84.4%, R&D expense 13.7%, SG&A 21%, and operating margin 44.3%, including unfavorable impact from acquired IPR&D expense.
Aesthetics revenues nearly $1.3 billion, down 8% due to economic challenges and lower consumer sentiment.
HUMIRA global sales declined 58.2% due to biosimilar competition.
Neuroscience revenues approximately $2.7 billion, up 24% operationally, led by Vraylar, BOTOX Therapeutic, Ubrelvy, and QULIPTA.
Neuroscience revenues grew double digits, driven by Vraylar, Vyalev, and migraine portfolio.
Oncology revenues nearly $1.7 billion with IMBRUVICA down 9.5%, Venclexta up 8.3%, and early launch of EMRELIS.
Sales growth of 22% from ex-HUMIRA platform driven by strong performance of Skyrizi and Rinvoq, now on pace to deliver over $25 billion combined sales in 2025.