Biogen Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
Did BIIB Beat Earnings? Q2 2025 Results
Biogen delivered a standout second quarter for 2025, posting earnings per share of $5.47 against a consensus estimate of $3.87, a 41.31% beat, while revenue of $2.65 billion topped expectations by 13.90% and grew 7.3% year over year. The headline driver behind the blowout quarter was a surge in contract manufacturing revenue, which more than doubled to $244.60 million as Biogen accelerated batch production ahead of planned fourth-quarter plant maintenance shutdowns. Launch products added meaningful momentum: SKYCLARYS contributed approximately $130.00 million globally, ZURZUVAE revenue of $46.40 million rose 68% sequentially, and LEQEMBI U.S. in-market sales reached approximately $63.00 million with 20% sequential growth, a signal worth watching as <a href="https://247wallst.com/investing/2025/07/31/stock-market-live-july-31-sp-500-voo-rises-on-positive-china-earnings-news/">broader market sentiment</a> turns more constructive on large-cap earnings. Looking ahead, Biogen raised its full-year 2025 non-GAAP diluted EPS guidance to $15.50 to $16.00 and now expects total revenue to be approximately flat at constant currency versus 2024, a notable improvement from its prior forecast of a mid-single digit decline.
- Strong sequential growth across launch products: LEQEMBI, SKYCLARYS, and ZURZUVAE
- Contract manufacturing revenue more than doubled year-over-year due to accelerated batch production ahead of Q4 maintenance shutdowns
- Resilience in U.S. MS business driven by VUMERITY demand and approximately $75 million in favorable gross-to-net adjustments and inventory timing
- Anti-CD20 therapeutic program revenue grew 5% year-over-year
- Fit for Growth cost discipline program generating savings
- Favorable effective tax rate reduction from 15.9% to 13.5% Non-GAAP
“We delivered another quarter of strong execution against our strategy to transform our portfolio and build the new Biogen. Our performance reflects robust financial results, ongoing cost discipline, continued growth of our launch products, and meaningful strides expanding and advancing our late-stage pipeline. We are now progressing salanersen to registrational studies in SMA following exciting interim Phase 1b results, and have initiated all three Phase 3 studies for felzartamab in rare kidney disease. These achievements reinforce our commitment to building a stronger company, with the potential for sustainable growth and long-term value for our shareholders.”
Biogen CEO, on the earnings call
Forward Guidance & Outlook
Biogen raised its full year 2025 Non-GAAP diluted EPS guidance to $15.50–$16.00, up from $14.50–$15.50 previously, reflecting $0.87 of benefit from a stronger business outlook partially offset by ~($0.12) from the City Therapeutics transaction. Total revenue is now expected to be approximately flat at constant currency versus 2024, improved from a prior expectation of a mid-single digit decline, reflecting strong first-half performance and resilient U.S. MS business. Biogen expects increased competitive pressures on the ex-U.S. MS business in H2 2025, particularly for TECFIDERA in Europe, and expects minimal contract manufacturing revenue in Q4 2025 due to planned plant maintenance. The Fit for Growth program is expected to generate approximately $1 billion in gross savings and $800 million net of reinvestment by end of 2025. Combined Non-GAAP R&D and SG&A expense is expected to total approximately $4.0 billion in 2025. The company's 2025 outlook is not expected to be materially impacted by potential tariffs given U.S. manufacturing footprint and inventory positions.
BIIB YoY Financials
BIIB Revenue by Segment
BIIB Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.