Dafinchi AI

Neurocrine Biosciences, Inc.

NBIX

Healthcare

2w

Financial Performance Summary

CRENESSITY sales grew from $15 million in Q1 2025 to $53 million in Q2 2025, reflecting strong early adoption.
Gross to net was impacted by contracting and co-pay assistance programs, particularly for INGREZZA.
INGREZZA delivered $624 million in Q2 sales, with 15% sequential growth and 8% year-over-year growth.
INGREZZA saw record new patient starts and total prescriptions, with prescription market share gains in the first half of 2025.
Neurocrine Biosciences reported $682 million in net product sales during Q2 2025, representing 17% year-over-year growth.
Over 75% of CRENESSITY dispensed prescriptions were reimbursed in Q2 2025.
There was a $5 million inventory build in the quarter reflecting channel growth for CRENESSITY.

QGEN

Healthcare

1w

QIAstat Growth Driven by Respiratory and GI Panels Expansion

QIAstat experienced 41% CER growth, driven primarily by respiratory panels, which constitute over 70% of the syndromic testing market.
The growth was supported by strong instrument placements, exceeding the quarterly goal of 150 systems, especially in North America and Europe.
New mini panels for outpatient settings contributed to addressing reimbursement challenges and expanding the market footprint.
The company reported that more systems were placed in North America in H1 2025 than in all of 2024, indicating accelerating momentum.
The growth is attributed to both assay portfolio strength and successful instrument placements, with no influence from companion diagnostics.

Centene Corporation

CNC

Healthcare

3w

Financial Performance Summary

Cash flow from operations was $1.8 billion in Q2, with unregulated cash on hand at $234 million and medical claims liability representing 47 days in claims payable.
Centene reported second quarter 2025 results with $42.5 billion in premium and service revenue and an adjusted diluted loss per share of $0.16.
Marketplace membership grew to 5.9 million members, generating over $10 billion in commercial premium and service revenue, but faced a $2.4 billion pretax earnings headwind due to risk adjustment transfer shortfalls.
Medicaid produced an unanticipated health benefits ratio (HBR) of 94.9%, driven by elevated medical cost trends in behavioral health, home health, and high-cost drugs.
Medicare PDP membership remained stable at 7.8 million, with performance exceeding expectations and contributing to a $700 million pretax favorability in the Medicare segment.

BIIB

Healthcare

2w

Financial Performance Summary

Biogen delivered 7% revenue growth in Q2 2025 driven by strong commercial execution from four launch products generating $252 million and the U.S. MS business.
Contract manufacturing revenue increased due to accelerated batch releases ahead of planned Q4 plant maintenance.
Ex-U.S. MS business faced expected generic and biosimilar pressures, particularly for TECFIDERA in Europe.
Free cash flow was $134 million in Q2, with $745 million in cash tax payments concentrated in the quarter.
Issued $1.75 billion of new debt to redeem senior notes due in September, resulting in $15-20 million incremental interest expense in H2 2025.
Launch products grew 26% quarter-over-quarter and 91% year-over-year, offsetting MS portfolio declines.
LEQEMBI global end market sales were approximately $160 million, including a $35 million favorable shipment timing impact to China.
Non-GAAP core operating expenses decreased 2% year-over-year due to R&D prioritization and Fit for Growth initiatives.
Non-GAAP diluted EPS grew 4% in the quarter; excluding $0.26 impact from acquired IPR&D expenses, EPS would have been $5.73, up 9%.
Non-GAAP operating income included $47 million of acquired IPR&D charges related to City Therapeutics and felzartamab milestones.
SKYCLARYS revenue grew 5% globally compared to last quarter, with U.S. growth offsetting Medicare discount impacts.
SPINRAZA demand remained consistent globally, with expected inventory drawdown continuing into Q3.
U.S. MS franchise revenue was $657 million, supported by favorable inventory dynamics and gross to net adjustments.
ZURZUVAE revenue was $46 million, up 213% year-over-year and 68% quarter-over-quarter, with 50% profit sharing recognized.

Guardant Health, Inc.

GH

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA loss improved by $10 million to a loss of $51.9 million in Q2 2025.
Biopharma business delivered record revenue of $56 million, up 28% year-over-year.
Cash, cash equivalents and restricted cash totaled approximately $735 million at quarter end.
Free cash flow burn reduced to $65.9 million from $99.1 million in the prior year period.
Guardant360 Liquid volume growth accelerated for the fourth consecutive quarter, exceeding 20% growth in Q2.
Guardant360 Tissue ASP reached approximately $2,000 in Q2, achieving the 2028 target three years early.
Non-GAAP gross profit increased 44% year-over-year to $153.8 million with a gross margin of 66%, up from 60% in Q2 2024.
Non-GAAP operating expenses increased 20% to $215.3 million, with sales and marketing expenses up 45% due to screening commercial build-out.
Oncology revenue increased 22% to $159 million with oncology volumes up 30% year-over-year to approximately 64,000 tests.
Q2 revenue grew 31% year-over-year to $232 million with strong performance across oncology, screening, biopharma and data businesses.
Shield testing revenue was $14.8 million in Q2 from approximately 16,000 tests with non-GAAP gross margin improving to 48%.

Arcutis Biotherapeutics, Inc.

ARQT

Healthcare

1w

Financial Performance Summary

Cash and marketable securities stood at $191.1 million as of June 30, 2025, with positive operating cash flow of $325,000 in the quarter.
Cost of sales increased to $7.5 million due to higher sales volume but decreased 15% sequentially due to a prior quarter expense.
Net loss decreased by $36.4 million year-over-year and $9.2 million sequentially, reflecting improved operating leverage.
Net product revenues for Q2 2025 were $81.5 million, up 164% year-over-year and 28% quarter-over-quarter.
R&D expenses remained stable at $19.5 million year-over-year, with increased pediatric development costs offset by decreased adult development costs.
SG&A expenses rose 19% year-over-year to $69.2 million, driven by commercial investments and new product launches.
Total debt was $108 million with an additional $100 million available through mid-2026, providing financial flexibility.

Adaptive Biotechnologies Corporation

ADPT

Healthcare

1w

MRD Business Achieves Profitability and Outperforms Expectations

MRD business delivered approximately $2 million in positive adjusted EBITDA, surpassing expectations.
MRD revenue grew 42% year-over-year to $49.9 million, driven by increased clinical volume.
Test volume increased 37% YoY to over 25,300 tests, with multiple myeloma being the largest contributor at 41%.
Blood-based testing now accounts for 44% of MRD tests, up 40% YoY.
The company integrated clonoSEQ into Flatiron's OncoEMR, expanding access in community settings.
Total sequencing gross margin improved by 14 percentage points to 64%.
Cash burn was approximately $11 million, a 36% improvement YoY, with a cash position of $222 million.
Full-year guidance was raised for MRD revenue to $190-$200 million, with expectations of continued volume growth.
The company expects positive adjusted EBITDA to continue into the second half of the year.

AbCellera Biologics Inc.

ABCL

Healthcare

1w

Financial Performance Summary

Cash and equivalents totaled $580 million, with an additional $170 million in committed government funding, providing total available liquidity of around $750 million.
General and administrative expenses were approximately $19 million, down from $20 million, including ongoing intellectual property defense costs.
Net loss for the quarter was roughly $35 million, an improvement from a $37 million loss in Q2 2024.
Research and development expenses were about $39 million, slightly lower than the previous year by $2 million due to timing of program-specific expenses.
Revenue for Q2 2025 was approximately $17 million, up from $7 million in Q2 2024, driven by a $10 million lump sum licensing fee from the Trianni platform.
Sales and marketing expenses decreased slightly to $3 million compared to the prior year.

Merck & Co., Inc.

MRK

Healthcare

3w

Financial Performance Summary

Animal Health sales grew 11%, driven by livestock demand and aqua portfolio acquisition.
CAPVAXIVE sales were $129 million, driven by demand from retail and non-retail customers.
Earnings per share were $2.13 on a non-GAAP basis.
Excluding China, global growth was 7%, driven by oncology, Animal Health, and new products WINREVAIR and CAPVAXIVE.
GARDASIL sales declined by approximately $1.3 billion in China, reducing growth by 9 percentage points.
GARDASIL sales were $1.1 billion, down 55% primarily due to China; excluding China, sales declined 4%.
Gross margin was 82.2%, up 1.3 percentage points due to favorable product mix.
KEYTRUDA sales increased 9% to $8 billion, with growth in metastatic and earlier-stage cancers.
Merck reported Q2 2025 revenue of $15.8 billion, a 2% decrease nominally and excluding foreign exchange impact.
Operating expenses increased to $6.6 billion, including a $200 million charge related to a license agreement.
VAXNEUVANCE sales increased 20%, with U.S. growth partly due to CDC stockpile activity.
WELIREG sales increased 29% to $162 million, driven by use in advanced renal cell carcinoma.
WINREVAIR sales reached $336 million globally, with cumulative net sales exceeding $1 billion in 15 months.

Nano-X Imaging Ltd.

NNOX

Healthcare

1w

Financial Performance Summary

AI solutions revenue remained flat at $0.1 million but continued to incur a gross loss of $2.0 million.
Gross loss on a GAAP basis was $3.2 million, slightly higher than $2.9 million in Q2 2024.
Imaging systems and OEM services revenue rose to $221,000 with a gross loss of $1.7 million.
Nanox reported a GAAP net loss of $14.7 million in Q2 2025, compared to $13.6 million in Q2 2024.
Non-GAAP gross loss margin increased to approximately 21% from 9% in the comparable period.
Operating expenses remained relatively stable with R&D at $4.8 million and sales and marketing expenses increasing to $1.2 million.
Revenue for Q2 2025 was $3.0 million, up from $2.7 million in the prior year period.
Teleradiology services revenue increased to $2.7 million with a gross profit margin of 18% on a GAAP basis.

Relmada Therapeutics, Inc.

RLMD

Healthcare

1w

Financial Performance Summary

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.