Accelerated Adoption of Guardant360 Tissue ASP Achieving 2028 Target Three Years Early
Guardant360 Tissue ASP reached approximately $2,000 in Q2, surpassing the 2028 target three years ahead of schedule.
Major upgrade in April expanded the panel to include RNA and methylome analysis, with 40% fewer slides than industry norm, serving as a key differentiator.
Reported Q2 revenues of $720 million and adjusted EBITDA of $184 million, with confidence in raising 2025 guidance.
Emphasized diversified portfolio and multiple growth drivers including new product launches, complex medicines, biosimilars, and strategic partnerships.
Projected continued growth with a focus on innovative and affordable medicines, aiming to be America's #1 affordable medicines company.
Strong and Sustained Revenue Growth in Core Business and New Launch Countries
Amicus reported 17th consecutive quarter of double-digit revenue growth at CER, driven by Pompe and Fabry disease.
Q2 revenue reached $154.7 million, up 22% YoY, with significant contributions from newly launched countries including Italy, Switzerland, Portugal, Czech Republic, Sweden, and the Netherlands.
The company expects continued growth in these markets and plans to launch in up to 10 new countries in 2025.
ANI achieved all-time highs in net revenue, adjusted non-GAAP EBITDA, and EPS in Q2 2025, driven by strong growth across Rare Disease and Generics units.
The company highlighted broad momentum, with Rare Disease demand accelerating, especially for Cortrophin Gel, and positive results in their retina franchise.
Management emphasized that the quarter's performance was driven by underlying demand rather than seasonality or one-time benefits, with new patient starts more than doubling year-over-year.
Market Dynamics and Competitive Environment for Key Products
Management discussed increased competition affecting glucagon, epinephrine, and other legacy products.
Pricing erosion and market share shifts are impacting revenue and margins.
The company expects continued price competition, especially in glucagon and epinephrine markets, but also sees opportunities with new product launches and biosimilars.
Adjusted EBITDA was positive $12.5 million, improving by nearly $13 million compared to the prior year.
Gross margin was 82% for the quarter, slightly below Q1 due to nonroutine expenses related to Gvoke capacity expansion.
Gvoke revenue increased 17% to $23.5 million, supported by a 5% growth in total prescriptions and favorable gross-to-net adjustments.
Keveyis revenue rose modestly to $11.5 million, with a slight increase in patient numbers and new patient starts.
R&D expenses increased by $2.2 million to $8.1 million, reflecting investments in pipeline products including XP-8121.
Recorlev revenue surged 136% year-over-year to $31.4 million, with a 122% increase in the average number of patients on therapy.
SG&A expenses rose 11% year-over-year to $44.4 million, mainly due to Recorlev commercial expansion and personnel costs.
Xeris Biopharma reported a 49% year-over-year increase in total revenue to $71.5 million in Q2 2025, driven by a 46% increase in net product revenue to $67.7 million.
Capital Allocation and Shareholder Return Strategy
The company is committed to returning capital to shareholders through share repurchases and debt reduction, leveraging improved EBITDA and free cash flow.
Management announced a plan to reduce stock-based compensation as a percentage of revenue to mid- to high-single digits in 2026.
The company has no near-term plans for acquisitions, focusing instead on profitability and organic growth.
Leadership emphasizes that profitability improvements will help close the gap between intrinsic and market value, benefiting shareholders.
Cash and cash equivalents ended at $86.1 million, supporting the company’s path to sustainable profitability.
Collaboration revenue decreased 7% year-over-year to $42.1 million, impacted by a prior settlement milestone but grew 105% excluding that milestone.
Esperion achieved its first quarter of operating income from ongoing business of approximately $15 million.
Esperion reported total revenue of $82.4 million for Q2 2025, a 12% increase year-over-year despite a $25 million milestone payment in the prior year quarter.
Research and development expenses decreased 37% year-over-year to $7.2 million, and selling, general and administrative expenses decreased 11% to $39.5 million.
U.S. net product revenue grew 42% year-over-year to $40.3 million and increased 15% sequentially from Q1 2025.
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