The earnings call reflected a strong quarter with significant growth from new product launches and positive developments in the pipeline, offset by challenges in international markets and partnership disagreements. The company's financial outlook has improved, leading to raised guidance. Overall, the highlights outweigh the lowlights, indicating a positive sentiment.

Company Guidance -

Q3 2025

On the Biogen Second Quarter 2025 Earnings Call, the company provided several updates on its financial and operational performance. Revenue for the quarter grew by 7%, driven largely by the strong execution of four newly launched products, which generated $252 million. VUMERITY and LEQEMBI showed significant growth, with LEQEMBI's global sales increasing 29% sequentially, excluding a $35 million timing impact from China shipments. SKYCLARYS expanded to 29 markets, and ZURZUVAE revenue increased by 68% quarter-over-quarter. The company raised its full-year 2025 guidance for non-GAAP diluted EPS to $15.50-$16, reflecting a stronger business outlook. Biogen also highlighted progress in its pipeline, with multiple Phase III studies initiated, including those for felzartamab, and promising interim data for salanersen in SMA. Additionally, Biogen continues to explore business development opportunities while maintaining a disciplined approach to drive shareholder value.

Strong Growth from New Product Launches

New product launches generated $252 million in revenue, marking a 26% increase quarter-over-quarter and 91% year-over-year. The growth from these launches offset the decline in the MS portfolio.

LEQEMBI Revenue Growth

LEQEMBI saw a 20% quarter-over-quarter revenue increase in the U.S., with an increase in new prescribers by 34% year-to-date. Global sales, excluding China shipment timing impact, grew 29% sequentially and 211% year-over-year.

Positive Developments in Pipeline

Initiated 3 Phase III studies and obtained a positive CHMP opinion for zuranolone in Europe. Announced exciting interim Phase Ib data for salanersen in SMA, demonstrating proof of concept.

Raised Full Year 2025 Financial Guidance

Full year 2025 non-GAAP diluted earnings per share guidance raised to $15.50-$16 from $14.50-$15.50, reflecting a stronger expected business outlook.

Expansion of Blood-Based Biomarker Testing

Blood-based biomarker testing has grown by 50% in the past 6 months and nearly tripled in the past year, indicating high awareness and willingness to adopt these tests.

Biogen (BIIB) Earnings, Revenues Date & History

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BIIB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	3.86 / -	4.08	―	―	―
Jul 31, 2025	2025 (Q2)	3.90 / 5.47	5.28	3.60% (+0.19)
May 01, 2025	2025 (Q1)	2.90 / 3.02	3.67	-17.71% (-0.65)
Feb 12, 2025	2024 (Q4)	3.33 / 3.44	2.95	16.61% (+0.49)
Oct 30, 2024	2024 (Q3)	3.77 / 4.08	4.36	-6.42% (-0.28)
Aug 01, 2024	2024 (Q2)	4.07 / 5.28	4.02	31.34% (+1.26)
Apr 24, 2024	2024 (Q1)	3.47 / 3.67	3.4	7.94% (+0.27)
Feb 13, 2024	2023 (Q4)	3.18 / 2.95	4.05	-27.16% (-1.10)
Nov 08, 2023	2023 (Q3)	3.97 / 4.36	4.77	-8.60% (-0.41)
Jul 25, 2023	2023 (Q2)	3.78 / 4.02	5.25	-23.43% (-1.23)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

BIIB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$126.64	$128.00	+1.07%
May 01, 2025	$121.08	$120.93	-0.12%
Feb 12, 2025	$139.39	$133.43	-4.28%
Oct 30, 2024	$183.47	$181.18	-1.25%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.