Adjusted EBITDA was $46 million in Q2, surpassing guidance range of $10 million to $18 million, with a margin of 4.5%, expanding 360 basis points year-over-year.
Adjusted gross profit was $135 million, a 76% increase year-over-year, with a consolidated MBR of 86.7%, improving by 200 basis points.
Adjusted SG&A ratio improved by 160 basis points year-over-year to 8.8%.
Balance sheet ended Q2 with $504 million in cash, cash equivalents, and investments.
First half 2025 adjusted EBITDA was $66 million, exceeding the high end of initial full year guidance ($35 million to $60 million).
Health plan membership reached 223,700 members in Q2 2025, a 28% year-over-year increase.
Total revenue for Q2 2025 was $1 billion, up approximately 49% year-over-year.
Cash, cash equivalents, and investments totaled $322 million at June 30, a $29 million increase from the end of 2024.
Mirum Pharmaceuticals reported total net product revenue of $128 million for Q2 2025, representing a 64% increase over the prior year.
Mirum was operating cash flow positive for the quarter and expects to remain so for the full year.
Net product sales were driven by strong performance of Livmarli in both U.S. and international markets, with approximately $57 million in U.S. sales and $31 million internationally.
Noncash stock-based compensation expense was $18 million, and intangible amortization and other noncash items were $6 million.
The bile acid portfolio, including CTEXLI and COBACHOLBAM, contributed approximately $40 million in revenue.
Total operating expenses for the quarter were $133 million, including $46 million in R&D, $63 million in SG&A, and $23 million in cost of sales.
Day One Biopharmaceuticals reported Q2 2025 net product revenue of $33.6 million for OJEMDA, a 10% increase over Q1.
Net cash used in operating activities decreased by approximately 50% quarter-over-quarter.
The company ended Q2 with $453 million in cash and no debt.
Total costs and operating expenses were $68.9 million in Q2, including $10.9 million in noncash stock-based compensation, representing a 5% decrease quarter-over-quarter.
Dafinchi