Biogen reported second-quarter adjusted earnings per share of $5.47, a 4% increase year-over-year that exceeded consensus estimates of around $4.06. Total revenues reached $2.65 billion, up 7% on a reported basis and 8% in constant currency, surpassing analysts’ consensus of approximately $2.32 billion. This marks the company’s fourth consecutive quarter of top-line beats, driven by diversified product contributions and favorable currency trends. Multiple sclerosis franchise revenues of $1.10 billion declined 4% year-over-year, reflecting continued competitive pressures on legacy therapies. However, growth in newer assets partially offset these declines: Skyclarys delivered $130.3 million in quarterly sales, up 30% from a year earlier, with U.S. sales rising sequentially by 13%. Alzheimer’s therapy Leqembi posted U.S. in-market sales of $63 million, a 20% sequential increase, while global shipments—including a one-time inventory adjustment to China—totaled $160 million. As of the quarter end, Biogen maintained a conservative debt-to-equity ratio of 0.39, below the industry norm, underscoring a solid balance sheet. Net margin stood at 9.89%, outpacing sector averages and demonstrating effective cost management. Return on equity reached 1.43%, and return on assets was 0.86%, both exceeding peer medians and confirming efficient capital utilization. Biogen lifted its 2025 adjusted EPS guidance from a prior range of $14.50–$15.50 to $15.50–$16.00, above the consensus of $14.98. The upgrade reflects an 87-cent earnings tailwind from improved operating performance, partially offset by a $0.12 headwind from the City Therapeutics transaction. The company’s Fit for Growth initiative is on track to generate $1 billion in gross savings ($800 million net of reinvestment) by year-end, funding additional R&D investments primarily in rare diseases.
Biogen reported second-quarter adjusted earnings per share of $5.47, a 4% increase year-over-year that exceeded consensus estimates of around $4.06. Total revenues reached $2.65 billion, up 7% on a reported basis and 8% in constant currency, surpassing analysts’ consensus of approximately $2.32 billion. This marks the company’s fourth consecutive quarter of top-line beats, driven by diversified product contributions and favorable currency trends. Multiple sclerosis franchise revenues of $1.10 billion declined 4% year-over-year, reflecting continued competitive pressures on legacy therapies. However, growth in newer assets partially offset these declines: Skyclarys delivered $130.3 million in quarterly sales, up 30% from a year earlier, with U.S. sales rising sequentially by 13%. Alzheimer’s therapy Leqembi posted U.S. in-market sales of $63 million, a 20% sequential increase, while global shipments—including a one-time inventory adjustment to China—totaled $160 million. As of the quarter end, Biogen maintained a conservative debt-to-equity ratio of 0.39, below the industry norm, underscoring a solid balance sheet. Net margin stood at 9.89%, outpacing sector averages and demonstrating effective cost management. Return on equity reached 1.43%, and return on assets was 0.86%, both exceeding peer medians and confirming efficient capital utilization. Biogen lifted its 2025 adjusted EPS guidance from a prior range of $14.50–$15.50 to $15.50–$16.00, above the consensus of $14.98. The upgrade reflects an 87-cent earnings tailwind from improved operating performance, partially offset by a $0.12 headwind from the City Therapeutics transaction. The company’s Fit for Growth initiative is on track to generate $1 billion in gross savings ($800 million net of reinvestment) by year-end, funding additional R&D investments primarily in rare diseases.