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.
Auvelity net product sales were $119.6 million, up 84% year-over-year and 24% quarter-over-quarter.
Cash and cash equivalents ended at $303 million, sufficient to fund operations into cash flow positivity.
Gross to net discounts for Auvelity and Sunosi were in the mid-50% range; SYMBRAVO's gross to net was in the low 80% range.
Net loss was $48 million or $0.97 per share, improved from $59.4 million loss in the previous quarter and $79.3 million loss in Q2 2024.
R&D expenses were $49.5 million, slightly down from $49.9 million in Q2 2024 due to completion of certain trials, partially offset by higher personnel costs.
Selling, general and administrative expenses increased to $130.3 million from $103.6 million, driven by commercialization activities and SYMBRAVO launch expenses.
Sunosi net product revenues were $30 million, up 35% year-over-year and 19% quarter-over-quarter, including $1.1 million in royalty revenue.
SYMBRAVO launched mid-June and generated $410,000 in net sales for the partial quarter.
Total cost of revenue was $13.4 million, up from $8.1 million in Q2 2024.
Total revenue for Q2 2025 was $150 million, representing 72% year-over-year growth and 24% sequential growth.
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.
Adjusted EBITDA margin expanded by approximately 260 basis points year-over-year to 12.3%.
Balance sheet remains strong with $550 million in cash and no debt.
Free cash flow was $15 million for the quarter, driven by improved working capital and reduced accounts receivable.
Multiomics gross margin declined 500 basis points to 42.6%, due to product mix, lower volume in Sanger Sequencing and Gene Synthesis, and nonrecurring items.
Multiomics segment revenue was $66 million, up 4% reported and 3% organic, driven by next-generation sequencing growth and large customer deals.
Non-GAAP EPS for the quarter was $0.19.
Non-GAAP gross margin improved to 48.5%, up 180 basis points year-over-year, driven by favorable sales mix and operational efficiencies.
Q3 revenue totaled $144 million, flat year-over-year on a reported basis and down 2% organically.
Sample Management Solutions (SMS) revenue was $78 million, down 4% reported and 6% organic, impacted by softer bookings and timing delays.
SMS segment gross margin increased 760 basis points to 53.6%, reflecting favorable product mix and cost management.
Adjusted net income decreased to $40.9 million or $0.85 per share from $48.7 million or $0.94 per share in Q2 2024.
Amphastar reported Q2 2025 net revenues of $174.4 million, a 4% decrease from $182.4 million in Q2 2024, primarily due to increased competition in legacy products.
BAQSIMI sales grew 21% year-over-year to $46.7 million, driven by Amphastar's full global commercialization starting in 2025.
Epinephrine sales dropped 42% to $16.2 million due to increased competition and supplier re-entry.
Glucagon injection sales declined 25% to $20.6 million due to competition and market shift to ready-to-use products like BAQSIMI.
Gross margins declined to 49.6% from 52.2% due to inclusion of all product costs post-transition and pricing pressures.
Lidocaine sales increased 17% to $15 million due to higher demand from shortages of other suppliers.
Net income decreased to $31 million or $0.64 per share from $37.9 million or $0.73 per share in Q2 2024.
Operating expenses increased: selling, distribution and marketing by 14%, general and administrative by 5%, and R&D by 14%.
Primatene MIST sales remained stable at $22.9 million with a 10% year-to-date growth.
Cash, cash equivalents, and restricted cash totaled $253.4 million as of June 30, 2025, with a cash runway extended into 2028.
General and administrative expenses decreased to $10.3 million in Q2 2025 from $12.3 million in Q2 2024, due to reduced share-based compensation and headcount.
Net loss for Q2 2025 was approximately $9.2 million or $0.34 per diluted share, improved from a net loss of $17.2 million or $0.64 per diluted share in Q2 2024.
Research and development expenses decreased to $29.6 million in Q2 2025 from $58.7 million in Q2 2024, reflecting lower manufacturing and clinical costs for COVID, flu, and OTC programs, partially offset by higher clinical costs for cystic fibrosis.
Revenue for Q2 2025 was $28 million, down $22 million year-over-year, primarily due to lower revenues from the CSL collaboration and amortization of upfront payments as CoStave progresses toward commercialization.
Total operating expenses for Q2 2025 were $40 million, down from $71 million in Q2 2024, driven by reduced manufacturing costs, clinical trial expenses, payroll, and employee benefits.
Dafinchi
