Biogen's earnings call reflected strong product growth and a positive outlook, particularly with new product launches and pipeline advancements. Despite some challenges in the MS market and a partnership arbitration, the overall performance and strategic direction suggest a positive sentiment.

Company Guidance

During Biogen's second quarter 2025 earnings call, the company highlighted several key metrics and updates reflecting its growth strategy and pipeline progress. Revenue for the quarter increased by 7%, driven by strong commercial execution, particularly from four new product launches, which generated $252 million in revenue, marking a 26% quarter-over-quarter and 91% year-over-year growth. The MS business in the U.S. also showed resilience, contributing $657 million in revenue, with VUMERITY experiencing a notable $32 million increase in demand. SPINRAZA maintained consistency in global demand, and the company anticipates its full-year revenue to remain similar to 2024 levels. Biogen raised its full-year 2025 non-GAAP diluted EPS guidance to a range of $15.50 to $16, up from $14.50 to $15.50, reflecting strong first-half performance. The company also discussed advancements in its pipeline, including three Phase III study initiations and progress in developing LEQEMBI's subcutaneous formulation, with a PDUFA date at the end of August. The company underscored its commitment to Alzheimer's research, citing continued collaboration with Eisai and strategic investments in pipeline expansion, aiming for long-term growth.

Strong Product Growth

Biogen reported a 26% quarter-over-quarter and 91% year-over-year increase in revenue from its four launch products, generating $252 million in the quarter. Notably, LEQEMBI's global end market sales grew 29% sequentially and 211% year-over-year.

Pipeline Advancements

Biogen initiated three Phase III studies and expressed excitement about their pipeline, including salanersen for SMA and dapirolizumab for lupus, highlighting their strategic focus on transforming their pipeline.

Improved Financial Guidance

Biogen raised its full-year 2025 non-GAAP diluted EPS guidance to between $15.50 and $16, reflecting a stronger business outlook, including resilient U.S. MS business performance and launch products.

Blood-Based Biomarker Adoption

Rapid growth in blood-based biomarker testing for Alzheimer's diagnosis, with claims data showing adoption by both neurologists and PCPs, indicating potential for accelerating diagnosis.

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)	3.84 / -	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.

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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.