Revenue and Income - Revenue from continuing operations was approximately $25.8 million, a decrease from $26.7 million in the same quarter last year[12]. - Net income attributable to common shareholders was approximately $3.5 million, or $0.09 per share, compared to a net loss of approximately $(24.4) million, or $(0.67) per share, for the same quarter last year[13]. - Rental income for the three months ended September 30, 2025, was $25,800 thousand, down from $26,731 thousand in the same period of 2024, a decrease of about 3.5%[32]. - Net income for the three months ended September 30, 2025, was $3,780, compared to a net loss of $26,549 in the same period of 2024[42]. - The company reported a net income from discontinued operations of $10,813 for Q3 2025, compared to $9,583 in Q3 2024, showing a year-over-year increase of approximately 12.9%[53]. Funds from Operations - Core Funds from Operations (Core FFO) was approximately $19.1 million, or $0.48 per share, down from $24.0 million, or $0.61 per share, in the same quarter last year[14]. - Adjusted Funds from Operations (AFFO) was approximately $18.6 million, or $0.47 per share, compared to $25.7 million, or $0.65 per share, for the same quarter last year[14]. - Funds from Operations (FFO) for the three months ended September 30, 2025, were $18,312 thousand, down from $23,060 thousand in 2024, a decrease of about 20.5%[38]. - Core Funds from Operations (Core FFO) for the three months ended September 30, 2025, were $19,057 thousand, compared to $23,959 thousand in 2024, reflecting a decline of approximately 20.5%[38]. - Adjusted Funds from Operations (AFFO) for the three months ended September 30, 2025, were $18,637 thousand, down from $25,689 thousand in 2024, a decrease of about 27.4%[38]. Expenses and Liabilities - Total expenses for the three months ended September 30, 2025, were $24,648 thousand, significantly lower than $68,880 thousand in the same period of 2024, indicating a reduction of approximately 64%[32]. - Total liabilities decreased from $1,524,210 thousand as of December 31, 2024, to $1,209,518 thousand as of September 30, 2025, a reduction of about 20.6%[30]. - The Company ended the quarter with a liquidity of $438.0 million, including cash and cash equivalents of $326.1 million[19]. Asset and Equity Changes - Total assets decreased from $2,676,232 thousand as of December 31, 2024, to $1,986,374 thousand as of September 30, 2025, representing a decline of approximately 26%[30]. - Shareholders' equity decreased from $1,152,022 thousand as of December 31, 2024, to $776,856 thousand as of September 30, 2025, representing a decline of approximately 32.5%[30]. Operational Performance - Same Store Cash Net Operating Income (Same Store Cash NOI) increased by 3.7% to approximately $11.4 million compared to the same quarter last year[16]. - Total Net Operating Income (NOI) increased to $22,520 for Q3 2025, up from $20,738 in Q3 2024, representing a growth of approximately 8.5%[42]. - Cash NOI for the same store portfolio was $11,390 in Q3 2025, compared to $10,986 in Q3 2024, indicating an increase of about 3.7%[42]. - EBITDA for Q3 2025 was reported at $41,848, while EBITDAre was $36,045, reflecting the company's operational performance[51]. - Adjusted EBITDAre for Q3 2025 stood at $33,397, demonstrating the company's ability to manage expenses effectively[51]. Real Estate Transactions - The Company executed several Industrial Outdoor Storage (IOS) leases that will add approximately $1.1 million of incremental IOS ABR, with weighted average releasing spreads of 116% on a cash basis[9]. - The Company sold eight office properties totaling approximately 1.2 million square feet for approximately $247.5 million during the quarter[15]. - Rental income from discontinued operations was $25,225 in Q3 2025, down from $28,229 in Q3 2024, a decrease of approximately 7.1%[53]. - Total expenses related to discontinued operations increased to $37,330 in Q3 2025, compared to $17,120 in Q3 2024, primarily due to real estate impairment provisions[53]. - The company recorded a real estate impairment provision of $25,604 in Q3 2025, compared to none in Q3 2024, indicating a significant change in asset valuation[53].

Exhibit 99.1 DoorDash Releases Third Quarter 2025 Financial Results November 5, 2025 SAN FRANCISCO—(BUSINESS WIRE)—DoorDash, Inc. (NASDAQ: DASH) today announced its financial results for the quarter ended September 30, 2025. In Q3 2025, DoorDash drove accelerated year-over-year (Y/Y) growth in revenue, Total Orders, and Marketplace GOV. Our ability to generate growth in our business through strong execution and consistent reinvestment drives our ability to positively impact local economies. In Q3 2025, we g ...

Financial Performance - Total revenue for Q3 2025 was $303.6 million, a 2.9% increase from $295.1 million in Q3 2024[5] - GAAP operating income was $30.5 million, with an operating margin of 10.0%, compared to $31.8 million and 10.8% in Q3 2024[6] - Non-GAAP operating income reached $54.5 million, reflecting an adjusted operating margin of 19.5%, up from 18.4% in Q3 2024[7] - GAAP EPS for Q3 2025 was $0.73, an increase of 9.0% from $0.67 in Q3 2024, while non-GAAP EPS was $1.31, up 23.6% from $1.06[4] - Operating income for the nine months ended September 30, 2025, was $89.7 million, slightly up from $89.0 million in the same period of 2024[17] - Net income for the nine months ended September 30, 2025, was $48.9 million, down 6.4% from $52.4 million in 2024[18] - CSG's GAAP net income for Q3 2025 was $20,483,000, compared to $19,088,000 in Q3 2024, reflecting a year-over-year increase of approximately 7.3%[34] - Non-GAAP net income for Q3 2025 was $36,775,000, with an EPS of $1.31, up from $30,054,000 and $1.06 in Q3 2024[32] Cash Flow and Liquidity - Cash flows from operations were $47.9 million, with non-GAAP adjusted free cash flow of $43.9 million, a 37.3% increase from $32.0 million in Q3 2024[9] - Cash provided by operating activities for the nine months ended September 30, 2025, was $96.7 million, significantly higher than $53.2 million in 2024[18] - Total cash, cash equivalents, and restricted cash at the end of Q3 2025 was $461.7 million, compared to $361.0 million at the end of Q3 2024[18] - Cash flows from operating activities for Q3 2025 were $47,943,000, an increase from $39,459,000 in Q3 2024, marking a growth of approximately 21.5%[36] - Non-GAAP adjusted free cash flow for the nine months ended September 30, 2025, was $90,584,000, compared to $36,685,000 for the same period in 2024, showing significant growth[36] Expenses and Costs - Research and development expenses for Q3 2025 were $40.3 million, a decrease of 3.3% from $41.7 million in Q3 2024[17] - CSG's total operating expenses for the nine months ended September 30, 2025, were $810.5 million, an increase from $791.6 million in 2024[17] - Total amortization expenses for Q3 2025 amounted to $14,491,000, slightly higher than $13,320,000 in Q3 2024[35] - The company incurred restructuring and reorganization charges of $5,591,000 in Q3 2025, compared to $2,943,000 in Q3 2024, indicating increased costs related to restructuring efforts[34] - Interest expense for Q3 2025 was $7,367,000, down from $7,778,000 in Q3 2024, reflecting a decrease of approximately 5.3%[34] Shareholder Returns - CSG declared a quarterly cash dividend of $0.32 per share, totaling approximately $9 million[4] - The company repurchased approximately 275,000 shares for about $18 million during Q3 2025[4] Mergers and Acquisitions - CSG is in the process of a merger agreement with NEC Corporation, which may impact future operations and financial results[14] - CSG's acquisition-related expenses included $3,200,000 in transaction-related costs for Q3 2025, compared to $32,000 in Q3 2024, highlighting increased acquisition activity[30] - CSG's acquisition-related expenses included $3,474,000 for amortization of acquired intangible assets in Q3 2025, compared to $3,929,000 in Q3 2024[35] Customer Revenue - CSG's revenue from significant customers included Charter at $58.9 million (19% of revenue) and Comcast at $53.2 million (18% of revenue) for Q3 2025[20] - The Americas accounted for 85% of total revenue in Q3 2025, down from 88% in Q3 2024[22] Taxation - The effective non-GAAP income tax rate for Q3 2025 was 27%, consistent with the nine-month period, compared to 28.5% in the same periods of 2024[33] Operational Efficiency - Non-GAAP adjusted EBITDA for Q3 2025 reached $68,975,000, up from $63,901,000 in Q3 2024, representing an increase of about 3.4%[34] - Non-GAAP adjusted EBITDA as a percentage of revenue was 24.7% for Q3 2025, compared to 23.4% in Q3 2024, indicating improved operational efficiency[34] - Non-GAAP adjusted operating margin percentage improved to 19.5% in Q3 2025, compared to 18.4% in Q3 2024[30]

Financial Performance - Hasbro's net revenues for Q3 2025 increased by 8.3% to $1,387.5 million from $1,281.3 million in Q3 2024, driven primarily by a 41.6% growth in the Wizards of the Coast and Digital Gaming segment [131]. - The company reported an operating profit of $341.1 million for Q3 2025, representing 24.6% of net revenues, compared to $301.9 million or 23.6% in Q3 2024 [143]. - Total net revenues increased by 7.3% to $3,255.4 million for the first nine months of 2025, up from $3,033.9 million in 2024, with significant growth in the Wizards of the Coast and Digital Gaming segment [180]. - The Wizards of the Coast and Digital Gaming segment net revenues increased by 32.8% to $1,556.5 million for the first nine months of 2025, driven by strong demand for tabletop gaming products [181]. - The Consumer Products segment net revenues decreased by 8.9% to $1,637.6 million for the first nine months of 2025, primarily due to declining sales volumes for brands like NERF and PLAY-DOH [183]. Segment Performance - The Grow Brands portfolio saw a revenue increase of $167.0 million, or 19.9%, in Q3 2025, primarily due to strong performance from MAGIC: THE GATHERING, which grew by $163.2 million, or 55.1% [132][135]. - Operating profit for the Wizards of the Coast and Digital Gaming segment rose to $251.5 million, or 44.0% of segment net revenues, compared to $181.2 million, or 44.9%, in the prior year [152]. - The Consumer Products segment experienced a revenue decline of $63.2 million, or 7.3%, in Q3 2025, indicating challenges in this area [131]. - Entertainment segment net revenues increased by 8.1% to $18.6 million in Q3 2025, driven by streaming renewals and investments in the PEPPA PIG brand [155]. - The Reinvent Brands portfolio revenues decreased by 19.3% to $354.3 million in the first nine months of 2025, primarily due to lower sales of NERF products and decreased licensing revenues for MY LITTLE PONY [162]. Expenses and Costs - Selling, distribution, and administration expenses decreased to $287.3 million, or 20.7% of net revenues, in Q3 2025, down from $299.3 million, or 23.4% in Q3 2024, due to cost savings initiatives [142]. - Cost of sales for the first nine months of 2025 was $844.1 million, or 25.9% of net revenues, compared to $820.8 million, or 27.1% of net revenues, for the same period in 2024, reflecting improved supply chain efficiencies [163]. - Product development expenses rose to $255.6 million, or 7.9% of net revenues, for the first nine months of 2025, compared to $212.2 million, or 7.0% of net revenues, in 2024, due to higher investments in Grow Brands [166]. - Advertising expenses increased to $227.3 million, or 7.0% of net revenues, for the first nine months of 2025, from $213.8 million, or 7.0% of net revenues, in 2024, primarily to support growth in the Grow Brands category [167]. Cash Flow and Debt - Net cash provided by operating activities was $490.0 million in the first nine months of 2025, down from $587.6 million in the same period of 2024, a decrease of $97.6 million attributed to changes in net working capital and tariffs [200]. - Net cash utilized for investing activities was $191.8 million in the first nine months of 2025, significantly lower than $635.4 million in the same period of 2024, with long-term investments of $55.2 million made in 2025 [201]. - Net cash utilized by financing activities was $375.1 million in the first nine months of 2025, compared to a cash inflow of $190.8 million in 2024, primarily due to $294.2 million in dividends paid [202]. - The Company had $3.3 billion of long-term debt due from 2026 through 2044, with $65.0 million of outstanding debt repurchased during 2025 [196]. - The Company is exposed to approximately $20 million in tariffs during the first nine months of 2025, which may impact future financial results [192]. Strategic Initiatives - The company plans to relocate its Rhode Island operations to Boston, Massachusetts, expected to be completed in Q4 2026, to enhance innovation and attract talent [120]. - Hasbro's Playing to Win strategy includes five strategic building blocks aimed at expanding consumer reach and driving profitability through innovation and partnerships [118][121]. Market Risks and Economic Factors - The Company continues to monitor the impact of trade policy changes and tariffs on its operations, which could adversely affect financial results [123]. - The Company is monitoring inflation's impact on its operations and may need to implement price adjustments to mitigate future inflation effects [214]. - Future volatility in general price inflation could negatively affect consumer purchases and spending on entertainment [214]. - The impact of inflation on material costs, shipping, warehousing, and operational overhead could adversely affect the Company's financial results [214].

Customer Metrics - Active customers increased to 4.07 million for the three months ended September 30, 2025, compared to 4.05 million in the same period of 2024[95]. - For the nine months ended September 30, 2025, net sales increased by $20.6 million, or 5%, driven by a 6% increase in the number of processed orders[124]. Financial Performance - Net loss for the three months ended September 30, 2025, was $4.96 million, a slight improvement from a net loss of $5.44 million in the same period of 2024[99]. - Adjusted EBITDA for the three months ended September 30, 2025, was $7.02 million, compared to $8.21 million in the same period of 2024[99]. - Gross profit for the nine months ended September 30, 2025, was $238.6 million, an increase of $14.4 million or 6% compared to 2024, driven by a 5% increase in net sales[126]. - The net loss for the three months ended September 30, 2025, was $4.960 million, compared to a net loss of $5.439 million in 2024[115]. Sales and Margins - Average order value decreased to $78 for the three months ended September 30, 2025, from $81 in the same period of 2024[95]. - Gross margin improved to 59% for the three months ended September 30, 2025, compared to 58% in the same period of 2024[99]. - Net sales for the three months ended September 30, 2025, decreased by $2.8 million, or 2%, compared to the same period in 2024, primarily due to a 4% decrease in average order value[116]. - Gross profit remained flat at $86.983 million for the three months ended September 30, 2025, with gross margin increasing to 59% from 58% in 2024[118]. Expenses - Selling expenses increased by $1.3 million, or 3%, for the three months ended September 30, 2025, attributed to the opening of additional stores[119]. - Marketing expenses decreased by $0.8 million, or 4%, for the three months ended September 30, 2025, remaining flat as a percentage of net sales at 13%[120]. - General and administrative expenses decreased by $1.1 million, or 4%, for the three months ended September 30, 2025, primarily due to a reduction in non-routine legal expenses[121]. - Selling expenses rose by $9.5 million or 8% to $126.8 million, representing 29% of net sales, attributed to the opening of additional stores[127]. - Marketing expenses increased by $1.2 million or 2% to $53.6 million, accounting for 12% of net sales[128]. - General and administrative expenses grew by $3.5 million or 5% to $79.9 million, remaining flat at 18% of net sales[129]. Cash Flow and Investments - Free Cash Flow increased to $2.41 million for the nine months ended September 30, 2025, compared to a negative $14.03 million in the same period of 2024[104]. - Net cash provided by operating activities increased by $21.1 million for the nine months ended September 30, 2025, compared to the same period in 2024[105]. - Net cash provided by operating activities was $14.7 million, a significant increase of $21.1 million compared to a net cash used of $6.3 million in 2024[141][143]. - Net cash used in investing activities increased by $4.6 million to $12.3 million, primarily due to capital expenditures for new store openings[145]. - Net cash used in financing activities rose by $19.5 million to $3.3 million, mainly due to additional repayments under the senior secured credit facility[147]. Strategic Initiatives - The company plans to continue investing in performance marketing and brand awareness to drive future growth[108]. - The company plans to continue investing in operations, including headcount and logistics, to support growth and improve customer experience[112]. - The company is exploring sourcing products from suppliers outside of China to mitigate tariff impacts, which may affect gross margins and product quality[107]. Economic Environment - The macroeconomic environment, including inflation and tariffs, poses risks that could negatively impact consumer spending and operational results[107]. Goodwill and Accounting - As of June 30, 2025, the estimated fair value of the mnml reporting unit exceeded its carrying value by 4.6%, with the carrying value of related goodwill at $30.0 million[150]. - A 60 basis points increase in the selected discount rate would result in impairment for the mnml reporting unit[150]. - No goodwill impairment was required during the three or nine months ended September 30, 2025[150]. - There have been no significant changes in critical accounting estimates from those reported in the 2024 Form 10-K[151].

Financial Position - Tyra Biosciences reported cash, cash equivalents, and marketable securities of $274.9 million as of September 30, 2025, providing a runway through at least 2027[5]. - Total current assets decreased from $347,463,000 on December 31, 2024, to $281,216,000 on September 30, 2025, representing a decline of approximately 19%[26]. - Cash and cash equivalents decreased from $91,966,000 on December 31, 2024, to $61,951,000 on September 30, 2025, a decline of approximately 33%[26]. - The total liabilities increased from $20,407,000 on December 31, 2024, to $21,342,000 on September 30, 2025, an increase of about 5%[26]. - The accumulated deficit grew from $(251,311,000) on December 31, 2024, to $(337,424,000) on September 30, 2025, reflecting a deterioration of approximately 34%[26]. Expenses - Research and Development (R&D) expenses for Q3 2025 were $25.5 million, up from $22.7 million in Q3 2024, primarily due to start-up and enrollment activities for clinical studies[13]. - General and Administrative (G&A) expenses increased to $7.5 million in Q3 2025 from $5.9 million in Q3 2024, driven by higher personnel-related costs[13]. - Research and development expenses increased by 12% from $22,697,000 in Q3 2024 to $25,469,000 in Q3 2025[28]. - General and administrative expenses rose by 26% from $5,907,000 in Q3 2024 to $7,475,000 in Q3 2025[28]. - Total operating expenses for the nine months ended September 30, 2025, were $96,246,000, up 29% from $74,433,000 for the same period in 2024[28]. Net Loss - The net loss for Q3 2025 was $29.9 million, compared to a net loss of $24.0 million for the same period in 2024[13]. - The net loss for Q3 2025 was $29,868,000, compared to a net loss of $24,016,000 in Q3 2024, reflecting a 24% increase in losses[28]. - The comprehensive loss for the nine months ended September 30, 2025, was $86,441,000, compared to $59,539,000 for the same period in 2024, indicating a 45% increase[28]. - Net loss per share, basic and diluted, was $0.50 for Q3 2025, compared to $0.41 for Q3 2024, indicating a worsening in per-share losses[28]. Development Pipeline - Tyra is advancing the development of dabogratinib into low-grade upper tract urothelial carcinoma (LG-UTUC), with an IND cleared by the FDA for a Phase 2 study expected to initiate in 2026[5]. - Interim results from the BEACH301 Phase 2 study for pediatric achondroplasia are expected in 2H 2026, while initial three-month complete response data from the SURF302 study is anticipated in 1H 2026[13]. - Approximately 85% of low-grade upper tract urothelial carcinoma cases have FGFR3 alterations, reinforcing the focus on dabogratinib for this indication[3]. - Tyra's lead candidate, dabogratinib, is an oral FGFR3-selective inhibitor currently in development for multiple indications, including pediatric achondroplasia and bladder cancer[11]. - The SURF431 study for TYRA-430, an FGFR4/3-biased inhibitor, is currently enrolling patients with hepatocellular carcinoma and other solid tumors[7]. - The company continues to advance its SNÅP platform for precision medicine, aimed at developing targeted therapies for oncology and genetically defined conditions[9].

Financial Performance - Net sales for Q3 2025 decreased by 1.9% to $147.1 million, compared to $149.9 million in Q3 2024, and down 2.7% on a constant currency basis [5]. - Adjusted EBITDA for Q3 2025 was $7.0 million, or 4.8% of net sales, compared to $8.2 million, or 5.5% of net sales in Q3 2024 [6]. - The net loss for Q3 2025 was $(5.0) million, or $(0.46) per share, compared to a net loss of $(5.4) million, or $(0.51) per share in Q3 2024 [5]. - Net loss for the nine months ended September 30, 2025, was $16,935 million, slightly higher than the net loss of $16,633 million for the same period in 2024 [23]. - Adjusted EBITDA for the three months ended September 30, 2025, was $7,022 million, compared to $8,208 million in 2024, reflecting a decrease of 14.5% [24]. Margins and Expenses - Gross margin improved to 59.1% in Q3 2025, up from 58.0% in Q3 2024, primarily due to a higher mix of retail stores and less promotional activity [6]. - Selling expenses increased to $43.2 million, or 29.4% of net sales, compared to $41.9 million, or 27.9% of net sales in Q3 2024 [6]. - Marketing expenses decreased to $18.5 million, or 12.6% of net sales, compared to $19.3 million, or 12.9% of net sales in Q3 2024 [6]. - Gross margin improved to 59.1% for the three months ended September 30, 2025, compared to 58.0% in 2024 [24]. Sales and Customer Metrics - Active customers increased to 4.07 million for the three months ended September 30, 2025, a 0.5% increase from 4.05 million in 2024 [25]. - Average order value (AOV) decreased to $78 for the three months ended September 30, 2025, down 3.7% from $81 in 2024 [25]. - Total sales for the three months ended September 30, 2025, were $147,077 million, a decrease of 1.9% compared to $149,903 million in 2024 [25]. - U.S. sales for the three months ended September 30, 2025, were $96,562 million, down 3.6% from $100,180 million in 2024 [25]. Outlook and Cash Position - The updated full-year 2025 net sales outlook is $598 - $602 million, down from the prior outlook of $608 - $612 million [8]. - Cash and cash equivalents at the end of Q3 2025 totaled $23.4 million, down from $24.2 million at the end of fiscal year 2024 [12]. - Cash and cash equivalents at the end of the period were $23,426 million, compared to $24,192 million at the end of 2024 [21]. - Total current liabilities increased to $107,626 million as of September 30, 2025, from $97,038 million at the end of 2024, an increase of 10.5% [21]. Inventory and Assets - Inventory at the end of Q3 2025 was $96.7 million, compared to $106.0 million at the end of Q3 2024 [12]. - Total assets increased to $411,327 million as of September 30, 2025, up from $385,204 million on December 31, 2024, representing a growth of 6.0% [21]. - The company opened its 11th Princess Polly store during the quarter and expanded wholesale partnerships [2].

Financial Performance - Merck's worldwide sales reached $17.3 billion in Q3 2025, a 4% increase compared to Q3 2024, with total sales for the first nine months of 2025 at $48.6 billion, showing slight growth from the same period in 2024[188][189]. - The oncology franchise drove growth, particularly from Keytruda, which generated $8.1 billion in Q3 2025, a 10% increase year-over-year, and $23.3 billion for the first nine months, an 8% increase[192]. - Merck's sales performance in the first nine months of 2025 was negatively affected by pricing pressures and cost-reduction measures from governments[184][185]. - The company anticipates ongoing negative impacts on sales and profits due to healthcare cost containment efforts and government pricing policies[185]. - Combined worldwide sales of Gardasil and Gardasil 9 declined 24% in Q3 2025 and 40% in the first nine months of 2025, primarily due to lower demand in China and Japan[205]. - Global sales of Keytruda grew 10% in Q3 2025 and 8% in the first nine months of 2025, driven by higher demand and net pricing in the U.S.[193]. - Alliance revenue related to Lynparza increased 12% in both Q3 and the first nine months of 2025, primarily due to higher demand in the U.S. and certain international markets[198]. - Sales of Welireg rose 42% in both Q3 and the first nine months of 2025, primarily due to higher demand in the U.S. and continued launch uptake in international markets[200]. - Total income before taxes for Q3 2025 was $6,745 million, up from $4,090 million in Q3 2024[250]. Acquisitions and Collaborations - Merck acquired Verona Pharma for approximately $10.5 billion, gaining rights to Ohtuvayre, a treatment for chronic obstructive pulmonary disease (COPD)[177]. - Merck entered a funding arrangement with Blackstone Life Sciences for $700 million to support development costs for MK-2870, which will reduce R&D expenses as costs are incurred[178]. - The company recorded a $150 million upfront payment to Dr. Falk Pharma for the global rights to MK-8690, impacting Q4 2025 R&D expenses by approximately $0.05 per share[176]. - Merck's exclusive license agreement with Jiangsu Hengrui Pharmaceuticals for MK-7262 included a $200 million upfront payment, recorded as R&D expense[180]. - Merck acquired Verona Pharma in October 2025, gaining Ohtuvayre, a treatment for COPD, which is currently under clinical evaluation[265]. Research and Development - Research and development (R&D) expenses decreased by 28% in Q3 2025 and 11% for the first nine months, largely due to lower business development charges compared to the previous year[232]. - Keytruda is in clinical development for over 30 cancer types, with several currently in Phase 3 trials[259]. - MK-3475A, a new subcutaneous formulation of Keytruda, is under review in the EU, with a decision expected in Q4 2025[256]. - MK-8591A, an investigational HIV treatment, has a target action date set by the FDA for April 28, 2026[257]. - Enflonsia, a monoclonal antibody for RSV prevention, received a positive recommendation from the CHMP but faces a delay in final decision due to data entry issues[258]. - Merck announced positive topline results from three Phase 3 trials for MK-0616, demonstrating significant reductions in LDL-C compared to placebo and other therapies[263][264]. Sales and Market Trends - The decline in vaccine sales was primarily due to lower sales of Gardasil products, offset by new product launches like Capvaxive[190]. - U.S. Keytruda sales in Q3 2025 benefited by approximately $100 million due to the timing of wholesaler purchases[193]. - Sales of Capvaxive reached $244 million in Q3 2025 and $480 million in the first nine months of 2025, following its U.S. launch in Q3 2024[212]. - Enflonsia sales in the U.S. were $79 million in Q3 2025, driven by inventory stocking after FDA approval[213]. - Bridion sales grew 5% in Q3 2025 and 2% in the first nine months, but are expected to decline significantly after losing U.S. market exclusivity in July 2026[214]. - Prevymis sales increased 28% in Q3 2025 and 23% in the first nine months, primarily due to higher demand in the U.S.[215]. - Dificid sales declined 55% in Q3 2025 and 15% in the first nine months due to generic competition in the U.S.[216]. - Winrevair sales were $360 million in Q3 2025 and $976 million in the first nine months, reflecting higher demand in the U.S. and international markets[218]. - Combined sales of Januvia and Janumet grew 29% in Q3 2025 and 15% in the first nine months, driven by higher net pricing in the U.S.[222]. Financial Position and Cash Flow - Cash provided by operating activities was $13.6 billion in the first nine months of 2025, down from $18.0 billion in the same period of 2024[270]. - Cash used in investing activities decreased to $2.5 billion in the first nine months of 2025 from $6.3 billion in 2024, primarily due to lower acquisition costs[271]. - Cash used in financing activities increased to $6.7 billion in the first nine months of 2025, compared to $4.0 billion in 2024, driven by higher treasury stock purchases and dividends[272][273]. - The company has $19.3 billion in cash and investments as of September 30, 2025, up from $14.2 billion at the end of 2024[270]. - The total debt to total liabilities and equity ratio was 31.9% as of September 30, 2025, slightly up from 31.7% at the end of 2024[270]. - The company factored $1.7 billion of accounts receivable as of September 30, 2025, compared to $2.1 billion at the end of 2024[274]. Shareholder Returns and Stock Activity - Dividends paid to stockholders increased to $6.2 billion for the first nine months of 2025, compared to $5.9 billion in the same period of 2024[277]. - The Company repurchased $3.8 billion (46 million shares) of its common stock during the first nine months of 2025, with a remaining share repurchase authorization of $8.6 billion as of September 30, 2025[278]. - The Company has a $6.0 billion credit facility maturing in May 2030, which has not been drawn upon[279]. - In January 2025, the Board of Directors authorized an additional $10 billion for stock repurchases, with no time limit on the purchases[278]. - The Company expects the pace of share repurchases to continue at the current level for the remainder of 2025[278]. Tax and Regulatory Matters - The effective income tax rate for Q3 2025 was 14.2%, influenced by geographical income mix and discrete items[244]. - Merck expects the global minimum tax to impact its effective income tax rate by approximately 2% for the full year 2025[246]. Cost Management - Cost of sales decreased by 6% in Q3 2025 and 5% for the first nine months, reflecting lower amortization of intangible assets and restructuring costs[228]. - Selling, general and administrative expenses declined by 4% in Q3 2025, driven by lower administrative and restructuring costs[231]. - Pharmaceutical segment profits increased by 9% in Q3 2025, reaching $12,538 million, driven by higher sales and lower costs[243]. - Animal Health segment profits were flat in Q3 2025 at $511 million, with a 10% increase in the first nine months of 2025 to $1,737 million[243]. - Other (income) expense, net was $238 million in Q3 2025, an increase from $162 million in Q3 2024, primarily due to income from investments in equity securities[240]. - The 2025 Restructuring Program is expected to incur approximately $3.0 billion in costs, with annual savings of about $1.7 billion anticipated by the end of 2027[236]. Market Risks and Accounting Policies - The Company’s significant accounting policies have not changed since December 31, 2024, indicating stability in financial reporting[280]. - There have been no material changes in market risk exposures affecting disclosures since the 2024 Form 10-K[282].

Financial Performance - Porch Group reported Q3 2025 revenue of $115.1 million, with a net loss of $(10.9) million and Adjusted EBITDA of $20.6 million, an increase of $3.7 million from Q3 2024 [2]. - Revenue for Q3 2025 increased to $118,082,000, up from $111,200,000 in Q3 2024, representing a growth of 6.7% [59]. - Gross profit for Q3 2025 was $86,947,000, compared to $61,717,000 in Q3 2024, marking a significant increase of 40.8% [59]. - Operating income for Q3 2025 was $16,335,000, a turnaround from an operating loss of $2,504,000 in Q3 2024 [59]. - The net loss attributable to Porch for Q3 2025 was $10,857,000, compared to a net income of $14,382,000 in Q3 2024 [59]. - Adjusted EBITDA for Porch Shareholder Interest improved to $20,626,000 in Q3 2025, compared to a loss of $5,529,000 in Q3 2024, a positive change of $26,155,000 [61]. Revenue Breakdown - Total revenue for the Insurance Services segment was $73,845,000, with a gross profit of $62,250,000, resulting in a gross margin of 84% [32]. - The Software & Data segment generated revenue of $11,595,000, with a gross profit of $18,155,000, leading to a gross margin of 74% [32]. - The Consumer Services segment reported revenue of $24,635,000 and a gross profit of $16,609,000, achieving a gross margin of 86% [32]. - Reciprocal Written Premium (RWP) for Q3 2025 was $137.5 million, with 47.7 thousand policies written, resulting in RWP per policy of $2,884 [9]. - Average Revenue per Company in Software & Data segment was $4,140, with 23.8 thousand companies [9]. Cash Flow and Assets - Porch Shareholder Interest Cash Flow from Operations was $28.8 million for Q3 2025, contributing to a total cash and investments of $132.1 million as of September 30, 2025 [11]. - Cash Flow from Operations for Porch Shareholder Interest was primarily driven by Adjusted EBITDA of $53.1 million and a $7.1 million receipt from the Vesttoo bankruptcy process [11]. - Total current assets decreased to $116,302,000 as of September 30, 2025, from $365,127,000 as of December 31, 2024 [54]. - Cash and cash equivalents at the end of Q3 2025 were $192,796,000, compared to $187,893,000 at the beginning of the period, indicating a net increase of $4,903,000 [63]. Expenses and Liabilities - Operating expenses totaled $54,906,000, with selling and marketing expenses accounting for $35,719,000 [32]. - Total liabilities decreased to $777,259,000 as of September 30, 2025, from $857,193,000 as of December 31, 2024, reflecting a reduction of 9.3% [57]. - Long-term debt as of September 30, 2025, was $379,368,000, a slight decrease from $403,788,000 as of December 31, 2024 [57]. Future Outlook - Full year 2025 guidance for Porch Shareholder Interest revenue is projected between $410 million and $420 million, with Adjusted EBITDA expected at $70 million [15]. - The company plans to prioritize Reciprocal surplus generation to scale premiums and profits rapidly in 2026 and beyond [3]. - The company emphasized the importance of developing new products and enhancing existing services to drive future growth [26]. - Future profitability is contingent on managing growth and navigating regulatory challenges in the insurance sector [26]. - The company plans to launch the Porch Insurance product, which will include a 10% surplus contribution from policyholders, aligning RWP with the full economic payment expected [52].

Revenue Growth - Subscription and support revenue increased by 23% year-over-year in Q3 2025, contributing to total revenue of $224 million, which represents a 21% growth compared to $186 million in Q3 2024[6] - Total revenue for the three months ended September 30, 2025, was $224.166 million, a 20.7% increase from $185.621 million in the same period of 2024[24] - Subscription and support revenue increased to $209.560 million, up 22.5% from $171.035 million year-over-year[24] Profitability - GAAP net income for Q3 2025 was $3 million, a significant improvement from a net loss of $(17) million in Q3 2024, resulting in a GAAP net income per share of $0.05 compared to a net loss per share of $(0.31) in the prior year[7] - Workiva's non-GAAP net income for Q3 2025 was $35 million, compared to $12 million in Q3 2024, with non-GAAP net income per diluted share of $0.55[7] - The net loss for the three months ended September 30, 2025, was $2.786 million, a significant improvement compared to a net loss of $16.992 million in the same quarter of 2024[24] Operating Margin - Non-GAAP operating margin for Q3 2025 was 12.7%, up from 4.1% in Q3 2024, reflecting a 400 basis point increase in the operating margin target for FY 2025[3] - Non-GAAP operating margin improved to 12.7% in Q3 2025, up from 4.1% in Q3 2024[35] - The company expects a GAAP operating margin range of 0.0% to 0.8% for Q4 2025[36] Customer Metrics - Workiva had 6,541 customers as of September 30, 2025, with a net increase of 304 customers from the previous year, and a gross retention rate of 97%[7] - Customers with an annual contract value (ACV) over $500,000 grew by 42% year-over-year, reaching 236 customers[8] Cash and Investments - Workiva's cash, cash equivalents, and marketable securities totaled $857 million as of September 30, 2025, an increase from $816 million at the end of 2024[7] - Cash and cash equivalents as of September 30, 2025, were $315.914 million, an increase from $301.835 million at the end of 2024[26] - The total cash, cash equivalents, and restricted cash at the end of the period was $316.626 million, compared to $248.754 million at the end of Q3 2024, an increase of 27%[30] Expenses - Operating expenses for the three months ended September 30, 2025, totaled $181.193 million, a 10.6% increase from $163.732 million in the prior year[24] - Research and development expenses for Q3 2025 were $51.403 million, up from $48.425 million in Q3 2024, reflecting a growth of 4%[33] - The company reported stock-based compensation expense of $30.246 million for the three months ended September 30, 2025, compared to $27.470 million in the prior year[28] Future Outlook - For Q4 2025, total revenue is expected to be in the range of $234 million to $236 million, with a GAAP operating margin forecasted between 0.0% and 0.8%[15] - Non-GAAP net income per diluted share is projected to be between $0.67 and $0.70 for the year ending December 31, 2025[36] Share Repurchase - The company repurchased $10 million of Class A common stock during Q3 2025, with approximately $40 million remaining under the share repurchase plan[6] Deferred Revenue - Deferred revenue increased to $489.694 million as of September 30, 2025, up from $457.608 million at the end of 2024, indicating strong future revenue recognition[26] Cash Flow - Net cash provided by operating activities for the three months ended September 30, 2025, was $46.155 million, compared to $18.906 million in the same period of 2024[28] - Free cash flow for Q3 2025 was $46.064 million, compared to $18.663 million in Q3 2024, indicating a growth of 147%[35]