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.
Cash and investments totaled $900.4 million as of June 30, 2025, with 138.1 million common shares outstanding.
Net loss for Q3 2025 was $175.2 million or $1.26 per share, compared to a net loss of $170.8 million or $1.38 per share in Q3 2024.
Operating expenses increased to $193.3 million from $176.1 million year-over-year, driven by higher R&D and SG&A costs.
Post-quarter events include a $100 million milestone payment from Sarepta and a $130 million upfront payment from Sanofi for Greater China rights to plozasiran.
Revenue for the quarter was $27.8 million, primarily from the license and collaboration agreement with Sarepta.
Adjusted EBITDA was $14.5 million, a 24% increase year-over-year, with adjusted EPS of $0.05 for the quarter.
Adjusted gross margin improved by 140 basis points to 71.5%, reflecting operational efficiencies and favorable test mix.
Average revenue per test grew 2% year-over-year, driven by favorable test mix, sales targeting, revenue cycle projects, and expanding payer coverage.
GeneSight revenue declined 12% year-over-year due to UnitedHealthcare coverage changes but volume growth rebounded to 5% in Q2.
Hereditary cancer testing revenue grew 9% year-over-year, with oncology channel volume up 14%.
Myriad Genetics reported Q2 2025 revenue of $213 million, a 5% increase year-over-year excluding impacts from UnitedHealthcare's GeneSight coverage decision and the divested European EndoPredict business.
Prenatal revenue grew 7% year-over-year despite a 7% volume decline due to order management system issues, which have since been resolved.
Prolaris revenue grew 4% year-over-year, with volume up 6% sequentially from Q1 2025.
The company recognized a noncash goodwill and intangible impairment charge of $317 million due to market capitalization decline, excluded from non-GAAP EPS.
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.
Dafinchi
