Biogen Raises 2025 Outlook on Strong Rare Disease and Alzheimer's Drug Sales

Biogen reported Q2 2025 adjusted EPS of $5.47, up 4% YoY, beating the consensus of $4.06. Sales reached $2.65 billion, up 7% YoY and 8% on constant currency, beating the consensus of $2.32 billion. Multiple sclerosis revenue decreased 4%, while rare disease revenue increased 2%. Alzheimer's drug Leqembi's US in-market sales grew 20% sequentially, and global sales reached $160 million. Biogen raised its 2025 adjusted EPS guidance to $15.50-$16.00 and expects total revenue to be approximately flat YoY.

Biogen Inc. (NASDAQ: BIIB) reported robust second-quarter (Q2) 2025 financial results, with adjusted earnings per share (EPS) of $5.47, up 4% year-over-year (YoY), surpassing the consensus of $4.06. The company’s revenue reached $2.65 billion, up 7% YoY and 8% on a constant currency basis, exceeding analysts’ expectations of $2.32 billion [1].

Key highlights of the quarter include a mixed performance across Biogen’s portfolio. Multiple sclerosis (MS) revenue decreased 4% to $1.1 billion, while rare disease revenue increased 2%. Alzheimer's drug Leqembi’s US in-market sales grew 20% sequentially, and global sales reached $160 million. The company’s newer products, such as Skyclarys for Friedreich’s ataxia and ZURZUVAE for postpartum depression, also demonstrated strong growth [2].

Biogen’s financial position remains solid, with $134 million in free cash flow generated during the quarter. As of June 30, 2025, the company reported $2.8 billion in cash and cash equivalents against $6.3 billion in debt, resulting in a net debt position of $3.5 billion [3].

In response to the strong Q2 performance, Biogen raised its full-year 2025 adjusted EPS guidance to a range of $15.50 to $16.00, up from the previous forecast of $14.50 to $15.50. The company expects total revenue to be approximately flat YoY, an improvement from the mid-single-digit decline projected earlier in the year [3].

The positive outlook reflects Biogen’s strategy of focusing on newer products while managing the decline of mature franchises. The company’s pipeline advancements, including positive Phase 1b interim results for salanersen in spinal muscular atrophy (SMA) and new data for dapirolizumab pegol in lupus, provide multiple opportunities for future growth [3].

Biogen’s stock jumped 4.3% in premarket trading to $132.08 following the announcement, reflecting investor optimism about the results and outlook. The company continues to position itself for growth through geographic diversification, strategic investments, and potential acquisitions in immunology and rare disease treatments [2].

References:
[1] https://seekingalpha.com/news/4475413-biogen-reports-q2-results
[2] https://www.bloomberg.com/news/articles/2025-07-31/biogen-lifts-profit-guidance-on-rising-sales-of-alzheimer-s-drug
[3] https://www.investing.com/news/company-news/biogen-q2-2025-slides-raised-guidance-pipeline-expansion-drive-stock-higher-93CH-4162776