Q2 25 EPS
$5.47
BEAT +41.31%
Est. $3.87
Q2 25 Revenue
$2.65B
BEAT +13.90%
Est. $2.32B
vs S&P Since Q2 25
+25.4%
BEATING MARKET
BIIB +39.4% vs S&P +14.0%
Market Reaction
Did BIIB Beat Earnings? Q2 2025 Results
Biogen delivered a standout second quarter for 2025, posting earnings per share of $5.47 against a consensus estimate of $3.87, a 41.31% beat, while revenue of $2.65 billion topped expectations by 13.90% and grew 7.3% year over year. The headline dri… Read more Biogen delivered a standout second quarter for 2025, posting earnings per share of $5.47 against a consensus estimate of $3.87, a 41.31% beat, while revenue of $2.65 billion topped expectations by 13.90% and grew 7.3% year over year. The headline driver behind the blowout quarter was a surge in contract manufacturing revenue, which more than doubled to $244.60 million as Biogen accelerated batch production ahead of planned fourth-quarter plant maintenance shutdowns. Launch products added meaningful momentum: SKYCLARYS contributed approximately $130.00 million globally, ZURZUVAE revenue of $46.40 million rose 68% sequentially, and LEQEMBI U.S. In-market sales reached approximately $63.00 million with 20% sequential growth, a signal worth watching as broader market sentiment turns more constructive on large-cap earnings. Looking ahead, Biogen raised its full-year 2025 non-GAAP diluted EPS guidance to $15.50 to $16.00 and now expects total revenue to be approximately flat at constant currency versus 2024, a notable improvement from its prior forecast of a mid-single digit decline.
Key Takeaways
- • Strong sequential growth across launch products: LEQEMBI, SKYCLARYS, and ZURZUVAE
- • Contract manufacturing revenue more than doubled year-over-year due to accelerated batch production ahead of Q4 maintenance shutdowns
- • Resilience in U.S. MS business driven by VUMERITY demand and approximately $75 million in favorable gross-to-net adjustments and inventory timing
- • Anti-CD20 therapeutic program revenue grew 5% year-over-year
- • Fit for Growth cost discipline program generating savings
- • Favorable effective tax rate reduction from 15.9% to 13.5% Non-GAAP
BIIB YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BIIB Revenue by Segment
With YoY comparisons, source: SEC Filings
BIIB Revenue by Geography
With YoY comparisons, source: SEC Filings
“We delivered another quarter of strong execution against our strategy to transform our portfolio and build the new Biogen. Our performance reflects robust financial results, ongoing cost discipline, continued growth of our launch products, and meaningful strides expanding and advancing our late-stage pipeline. We are now progressing salanersen to registrational studies in SMA following exciting interim Phase 1b results, and have initiated all three Phase 3 studies for felzartamab in rare kidney disease. These achievements reinforce our commitment to building a stronger company, with the potential for sustainable growth and long-term value for our shareholders.”
— Christopher A. Viehbacher, Q2 2025 Earnings Press Release
BIIB Earnings Trends
BIIB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BIIB EPS Trend
Earnings per share: estimate vs actual
BIIB Revenue Trend
Quarterly revenue: estimate vs actual
BIIB Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.57 | — | $2.48B | +10.22% |
| Q4 25 BEAT FY | $1.61 | $1.99 | +23.60% | $2.28B | -0.60% |
| FY Full Year | $15.02 | $15.28 | +1.70% | $9.89B | +0.67% |
| Q3 25 BEAT | $3.88 | $4.81 | +23.88% | $2.53B | +8.20% |
| Q2 25 BEAT | $3.87 | $5.47 | +41.31% | $2.65B | +13.90% |
| Q1 25 MISS | $3.04 | $3.02 | -0.72% | $2.43B | +8.80% |