Biogen's Q2 Earnings Exceed Expectations, Analyst Keeps Buy Rating

Biogen's strong Q2 performance and positive future outlook have led William Blair analyst Myles Minter to maintain a Buy rating on the stock. The company exceeded revenue expectations, driven by Leqembi and legacy MS franchise sales. Biogen has revised its 2025 revenue guidance to be stable compared to 2024 and has initiated Phase III studies for new treatments. TipRanks analyst Minter has a 4-star rating with an 11.7% average return and a 50.92% success rate.

Biogen Inc. (NASDAQ: BIIB) reported its second quarter 2025 financial results on July 31, 2025, showcasing a robust performance that exceeded market expectations. The company’s stock jumped 4.3% in premarket trading to $132.08, reflecting investor optimism about the results and outlook. The biotechnology company reported revenue growth of 7% year-over-year, continuing its recovery trajectory after facing headwinds in its multiple sclerosis franchise [1].

Key Financial Highlights
- Total revenue of $2.65 billion for Q2 2025, a 7% increase compared to the same period last year.
- GAAP diluted earnings per share (EPS) of $4.33, up 8% year-over-year.
- Non-GAAP diluted EPS reached $5.47, representing a 4% increase.

Product Performance and Commercial Strategy
Biogen’s newer products, such as SKYCLARYS and ZURZUVAE, have shown strong momentum. ZURZUVAE, a treatment for postpartum depression, demonstrated exceptional growth with Q2 U.S. sales of $46 million, representing a 213% year-over-year increase and 68% quarter-over-quarter growth [1]. LEQEMBI, a treatment for early Alzheimer’s disease, continues to gain momentum with worldwide sales of $160 million [2].

Pipeline Advancements
Biogen’s pipeline saw significant advancements during Q2 2025, with progress across multiple therapeutic areas. The company reported positive Phase 1b interim results for salanersen in spinal muscular atrophy (SMA) patients who previously received gene therapy and new data showing that dapirolizumab pegol improved fatigue, reduced disease activity, and enhanced quality of life in lupus patients [1].

Financial Outlook and Guidance
Based on the strong Q2 performance and positive business outlook, Biogen raised its full-year 2025 guidance. The company now expects non-GAAP diluted EPS of $15.50 to $16.00, up from the previous guidance of $14.50 to $15.50. For the full year 2025, Biogen expects total revenue to be approximately flat at constant currency, an improvement from the mid-single-digit decline projected earlier in the year [1].

Analyst Views
William Blair analyst Myles Minter maintained a Buy rating on Biogen's stock, citing the company’s strong performance and positive future outlook. The company exceeded revenue expectations, driven by Leqembi and legacy MS franchise sales. Minter has initiated Phase III studies for new treatments, which is expected to drive further growth [1].

References
[1] https://ca.investing.com/news/company-news/biogen-q2-2025-slides-raised-guidance-pipeline-expansion-drive-stock-higher-93CH-4129111
[2] https://investors.biogen.com/news-releases/news-release-details/early-alzheimers-patients-continue-benefit-four-years-leqembir