Adjusted EBITDA margin improved by 240 basis points to 12.4%, driven by volume growth, pricing, and G&A productivity, partially offset by transactional FX losses.
Adjusted EPS was $0.26, up $0.15 from Q2 2024, supported by EBITDA growth and a lower tax rate of 33.3%.
Envista reported Q2 2025 sales of $682 million with core sales growth of 5.6% year-over-year, aided by a 200 basis point currency exchange tailwind.
Envista repurchased $82 million of stock in Q2, totaling $100 million year-to-date under a $250 million 2-year authorization.
Equipment & Consumables segment core sales increased 7.3%, with adjusted operating margin improving 140 basis points versus prior year.
Free cash flow in Q2 was $76 million, down about $10 million from last year due to higher working capital driven by faster growth.
Specialty Products & Technologies segment grew core revenue by 7.2%, with adjusted operating margin up over 400 basis points despite FX headwinds.
Year-to-date free cash flow conversion was 84%, with a net debt to adjusted EBITDA ratio of approximately 1x.
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.
Cash position remained strong at approximately $340 million with near cash-neutral operations and expected $27 million in taxes related to the TRELEGY sale accrued in Q2.
Collaboration revenue grew 31% year-over-year, driven by YUPELRI sales growth and improved profit margins.
Non-GAAP losses improved to $4.2 million compared to $6.3 million in the prior year, excluding onetime items.
The company recognized a $7.5 million milestone payment following YUPELRI's regulatory approval in China.
Theravance Biopharma reported strong Q2 2025 financial results with YUPELRI net sales reaching approximately $66 million, a 22% year-over-year increase, marking the highest Q2 sales since launch.
Theravance completed the $225 million sale of its remaining TRELEGY royalty interest to GSK, recognizing $75 million of other income and strengthening the balance sheet.
Dafinchi