Adjusted EBITDA loss improved by $14 million year-over-year to approximately $8 million loss in Q3, aided by a $48.8 million one-time accounting gain from the Atlas Data Storage transaction.
Biopharma Services revenue increased 10% year-over-year to $5.6 million, with 111 active programs and 88 new programs started in the quarter.
Cash, cash equivalents, and short-term investments totaled approximately $250.8 million at quarter-end.
Geographically, Americas revenue increased 16%, EMEA revenue grew 30%, and APAC revenue declined slightly to $5.9 million.
Gross margin improved significantly to 53.4% from 43.3% in the prior year quarter, driven by volume leverage, mix benefits, and continuous improvement initiatives.
Healthcare revenue rose 32% year-over-year to $56.4 million, industrial chemical revenue was flat at $23.1 million, and academic revenue grew 7% to $15.9 million.
NGS revenue grew 27% year-over-year to $55.3 million, driven by commercial assays for diagnostic tests and growth in smaller accounts.
SynBio revenue was $35.2 million, growing 7% year-over-year, with underlying growth exceeding 20% when excluding a large one-time order from the prior year.
Twist Bioscience reported record revenue of $96.1 million for Q3 fiscal 2025, an 18% year-over-year increase.
Annualized savings from Q2 headcount reductions are expected to be approximately $30 million, up from $25 million in Q1, with a target of 150 FTEs or less by year-end.
Coherus Oncology reported Q2 2025 net revenue of $10 million for LOQTORZI, a 36% increase quarter-over-quarter and a 65% increase year-over-year.
SG&A expenses for 2025 are projected between $90 million and $100 million, with R&D expenses dependent on ongoing portfolio prioritization and data readouts.
The company ended Q2 with $238 million in cash and investments, projecting sufficient runway through 2026 beyond key data readouts.
The company used $483 million in upfront cash proceeds from divestiture to pay off $230 million convertible notes and reduce royalty obligations.
Adjusted diluted EPS grew 9% operationally and 13% on an organic operational basis.
Adjusted gross margins were 73.7%, up 200 basis points reported, with favorable foreign exchange impact of 130 basis points.
Adjusted net income was $783 million, growing 10% on both reported and organic operational bases.
Adjusted operating expenses increased 5% operationally, driven by 6% SG&A growth and 1% R&D growth.
Companion Animal revenue was $1.8 billion, growing 8% operationally, with Simparica franchise contributing $448 million growing 17%, and Key Dermatology $460 million growing 11%.
International segment revenue grew 3% reported and 9% organic operational; Companion Animal grew 8%, Livestock 10% organically internationally.
Livestock business grew 7% on an organic operational basis year-to-date, outperforming low single-digit market growth projections.
U.S. revenue grew 4% reported and 7% organic operational; Companion Animal grew 9%, Livestock declined 2% organically in the U.S.
Zoetis reported $2.5 billion in revenue for Q2 2025, growing 4% on a reported basis and 8% on an organic operational basis, excluding foreign exchange and MFA divestiture impacts.
Dafinchi