Biogen raises FY25 adjusted EPS view to $15.50-$16.00 from $14.50-$15.50

Consensus $14.64. The company stated: “Biogen (BIIB) is raising its full year 2025 financial guidance reflecting an expected stronger business outlook for the full year. This updated Non-GAAP diluted EPS guidance range reflects an $0.87 benefit from an expected stronger business outlook for the full year, partially offset by the ~($0.12) impact from the City Therapeutics transaction. For 2025 as compared to 2024, Biogen expects total revenue to be approximately flat, at constant currency, up from a mid-single digit decline previously. This reflects the strong first half revenue performance, including the resilient performance of the U.S. MS business. Biogen expects increased competitive pressures on the exU.S. MS business in the second half of 2025, particularly for TECFIDERA in Europe. Due to planned plant maintenance activities, Biogen expects minimal contract manufacturing revenue in the fourth quarter of 2025. The Fit for Growth program is expected to generate approximately $1 billion of gross savings and $800 million net of reinvestment by the end of 2025. In 2025, Biogen plans to make additional investments in R&D to enable acceleration and expansion of the clinical development activities, primarily in support of rare disease. Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to total approximately $4.0 billion in 2025. This financial guidance incorporates the Company’s view that Biogen’s 2025 financial outlook is not currently expected to be materially impacted by potential tariffs announced by the U.S. Administration on April 2, 2025, even if the exemption for pharmaceuticals were to be removed. This expectation is based on both a significant proportion of U.S. revenue being derived from products which have manufacturing operations in the U.S., and the Company’s current global inventory positions. The U.S. and international tariff landscape remains uncertain, and this guidance does not include contemplation of any new tariffs.”