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.
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.
Earnings per share were $3.63, reflecting 17% comparable EPS growth after adjusting for litigation expense benefits and share-based compensation.
Free cash flow was $152 million in Q2 and $360 million in the first half of 2025, with a net income to free cash flow conversion rate of 80% on a trailing 12-month basis.
Gross profit increased 12% as reported and 11% on a comparable basis, with gross margins expanding 110 basis points to 62.6%.
IDEXX reported Q2 2025 revenue growth of 11% as reported and 9% organically, driven by 7.5% organic growth in CAG Diagnostic Recurring Revenues and record premium instrument placements including nearly 2,400 inVue Dx instruments.
Leverage ratios remain strong at 0.8x gross and 0.6x net of cash; $103 million of long-term notes were repaid and $329 million allocated to share repurchases in Q2.
Operating expenses decreased 9% year-over-year due to the prior year litigation expense; adjusted operating expenses grew modestly below revenue growth at 9%.
Operating profit grew 14% on a comparable basis, benefiting from gross margin expansion and lapping a discrete litigation expense from Q2 2024.
Dafinchi