Adjusted net loss was $505 million, driven by a $905 million non-tax deductible acquired IPR&D charge from the Chimerix acquisition.
Epidiolex net product sales grew 2% year-over-year to approximately $252 million, impacted by inventory dynamics in the U.S.
Jazz Pharmaceuticals reported $1.05 billion in total revenues for Q2 2025, a 2% increase year-over-year, driven primarily by 13% growth in Xywav net product sales.
Oncology product sales decreased 1% year-over-year, with declines in Rylaze and Zepzelca largely offset by higher sales of Ziihera, Defitelio, and Vyxeos.
Operating cash flow was strong at $519 million in the first half of 2025, with a cash and investments balance of $1.7 billion at quarter end.
Alkermes reported total revenues of $390.7 million in Q2 2025, with proprietary product net sales of $307.2 million, reflecting 14% year-over-year growth.
Cost of goods sold decreased to $49.5 million from $61.5 million in Q2 2024, reflecting manufacturing efficiencies.
GAAP net income was $87.1 million, EBITDA was $101.6 million, and adjusted EBITDA was $126.5 million for the quarter.
Gross to net favorability contributed approximately $20 million tailwind in Q2 due to Medicaid utilization rates and other credits.
R&D expenses increased to $77.4 million from $59.6 million, driven by investments in Phase II studies of alixorexton.
SG&A expenses were $170.8 million, slightly up from $168.1 million in Q2 2024, with expectations of stable to modestly decreasing expenses in H2 2025.
The company ended Q2 with $1.05 billion in cash and investments and $200 million remaining share repurchase authorization.
Adjusted EBITDA margin improved by 500 basis points to 8.4%, compared to 3.4% in Q2 2024, reflecting operational efficiencies and volume leverage.
Adjusted net loss improved to $10.2 million or $0.32 per share from $18.8 million or $0.61 per share in Q2 2024.
Adjusted operating expenses increased 16% year-over-year to $145.2 million due to remediation activities, global volume growth support, and investments in innovation and commercial initiatives.
Expanded access to Zio services as an in-network benefit to over 10 million additional patients in the U.S.
Gross margin was 71.2%, ahead of expectations, benefiting from volume leverage and operational efficiencies despite higher costs from increased Zio AT mix.
iRhythm reported Q2 2025 revenue of $186.7 million, up 26.1% year-over-year, driven by growth in core long-term continuous monitoring and Zio AT product lines.
New store growth accounted for approximately 68% of year-over-year volume growth, with home enrollment for Zio Services at about 23% of volume in the U.S.
Cash and investments ended at $7.5 billion, down from $8.4 billion at the end of Q1, primarily due to operating losses.
Cost of sales was $119 million, representing 105% of net product sales, up from 62% last year, driven by lower volume.
In Q2 2025, Moderna reported revenues of $2.1 billion and a net loss of $0.8 billion, in line with expectations and reflecting the seasonal nature of the respiratory vaccine business.
Net loss improved by $454 million compared to Q2 2024, with loss per share improving from $3.33 to $2.13.
Net product sales were $114 million, primarily from COVID vaccine sales, with the U.S. accounting for approximately 80% of sales.
Other revenue totaled $28 million, down from last year due to a $30 million upfront licensing payment recognized in Q2 2024.
Product sales declined 38% year-over-year but were slightly above expectations due to a stronger-than-expected U.S. spring booster season.
R&D expenses were $700 million, down 43% year-over-year, primarily due to winding down respiratory trials and lower clinical manufacturing costs.
SG&A expenses were $230 million, down 14% year-over-year, reflecting broad-based cost reductions.
Adjusted EBITDA was $327.6 million or 28.3% of revenue, consistent with the prior year quarter.
Cash and cash equivalents stood at approximately $2.9 billion, supporting financial flexibility.
DexCom reported second quarter 2025 worldwide revenue of $1.16 billion, a 15% increase compared to $1 billion in Q2 2024, with U.S. revenue at $841 million (up 15%) and international revenue at $316 million (up 16%).
Gross profit was $695.9 million or 60.1% of revenue, down from 63.5% in Q2 2024, impacted by investments in expedited shipping and supply chain stabilization.
Net income was $192.8 million or $0.48 per share.
Operating expenses increased to $474.1 million from $442.7 million in Q2 2024, with operating income at $221.8 million or 19.2% of revenue.
Cash, cash equivalents, and marketable securities totaled $614 million at the end of Q2 2025, down from $714 million at the end of 2024, primarily due to completion of a $200 million share repurchase program.
Dynavax reported record Q2 2025 net product revenue for HEPLISAV-B at $92 million, a 31% increase year-over-year.
GAAP net income was $19 million in Q2 2025 compared to $11 million in Q2 2024.
HEPLISAV-B gross margin improved to 85% in Q2 2025 from 83% in Q2 2024, with full-year 2025 gross margin expected around 80%.
Non-GAAP adjusted EBITDA improved to $37 million in Q2 2025 from $20 million in Q2 2024.
R&D expenses increased slightly to $17 million in Q2 2025 from $15 million in Q2 2024, reflecting pipeline progress.
SG&A expenses rose to $50 million in Q2 2025 from $42 million in Q2 2024, mainly due to $13 million in proxy contest-related costs.
Total revenues for Q2 2025 were approximately $95 million, up 29% year-over-year.
Cash and receivables totaled over $850 million, including the $175 million milestone payment.
Combined R&D and SG&A expenses were $123 million, a 41% reduction from the prior year, with SG&A down 57% due to the transfer of commercial activities to Sanofi and infrastructure reductions.
Licensing, royalties, and other revenue totaled $229 million, primarily from Sanofi ($199 million) and Takeda ($27 million) agreements.
Net income was $107 million or $0.62 per diluted share for Q2 2025.
Novavax reported total revenue of $239 million in Q2 2025, down from $415 million in Q2 2024, including a $175 million milestone payment from Sanofi for FDA BLA approval of Nuvaxovid in the U.S.
Product sales were $11 million, with $13 million from supply sales and negative $2 million from Nuvaxovid product sales due to U.S. market closeout and return reserves.
2025 cash burn is expected to be approximately $150 million with full-year GAAP operating expenses around $230 million.
Cash, cash equivalents, and investments totaled $302.6 million as of June 30, 2025.
Cash runway extends into the second half of 2027, supporting ongoing operations and clinical trials.
Financial guidance excludes any impact from potential business development activities.
G&A expenses for Q2 2025 were $14.3 million, including $6.1 million in noncash stock-based compensation.
Net loss for Q2 2025 was $50.9 million or $0.23 per share, including $8.7 million noncash stock-based compensation and $2.4 million impairment charges.
R&D expenses for Q2 2025 were $40.2 million, including $2.6 million in noncash stock-based compensation.
A $3 million gain was recorded from the sale of the Kv7 asset to Angelini Pharma, partially offset by an increase in CBR liability.
Cash balance at quarter-end was $41.6 million with $2 million cash used during the quarter.
Net loss for Q2 2025 was $15.9 million or $0.15 per share, compared to a net loss of $13.6 million or $0.13 per share in Q2 2024.
OmniAb reported Q2 2025 revenue of $3.9 million, down from $7.6 million in Q2 2024, primarily due to lower milestone achievements and service revenue declines.
Operating expenses decreased to $20.1 million from $23.9 million year-over-year, driven by reductions in R&D and G&A expenses.
Dafinchi