Financial Performance - Product revenue increased by 211% from $66 million in H1 2024 to $205 million in H1 2025[18] - Total revenue increased by 30% from $236 million in H1 2024 to $306 million in H1 2025[18] - Licensing revenue decreased by 40% from $170 million in H1 2024 to $101 million in H1 2025[18] - Gross profit decreased by 2% from $171 million in H1 2024 to $168 million in H1 2025[18] - EBITDA decreased by 16% from $64 million in H1 2024 to $54 million in H1 2025[18] - Strong cash flow from operations of $77 million, an improvement of $161 million year-on-year[22] - Cash and cash equivalents of $151 million as of June 30, 2025[22] - Total borrowings of $1,118 million as of June 30, 2025[22] Market and Product Updates - Biosimilar to Humira® has the 2nd largest market share for Humira® biosimilars in the U S[13] - Biosimilar to Stelara® continues to outperform in Europe with first or second largest share in each market where product has been launched[13] Strategic Partnerships and Acquisitions - Expanded partnership with Advanz to include four new biosimilars from early-stage pipeline[13] - Partnered with Dr Reddy's to jointly develop biosimilar candidate to Keytruda®[13] - Completed acquisition of Ivers-Lee in July, increasing capabilities and flexibility in assembly and packaging[13]