Biogen raises 2025 EPS guidance to $15.50-$16.00 as Q2 revenue rises 7% to $2.6 billion
Biogen reported second quarter 2025 revenue of $2.6 billion, up 7% from a year earlier, with GAAP diluted EPS of $4.33, up 8%, and non-GAAP diluted EPS of $5.47, up 4%. The company raised its full-year 2025 non-GAAP diluted EPS guidance to $15.50-$16.00 from $14.50-$15.50, and its revenue outlook to roughly flat at constant currency from a mid-single-digit decline, which points to higher expected earnings for shareholders.
Key points
- Q2 2025 total revenue was $2,646 million, up 7% year over year; GAAP diluted EPS was $4.33 and non-GAAP diluted EPS was $5.47.
- Full-year 2025 non-GAAP diluted EPS guidance was raised to $15.50-$16.00 from $14.50-$15.50, including a $0.87 benefit from a stronger outlook partly offset by a ~$0.12 impact from the City Therapeutics transaction.
- Q2 results included about $47 million of acquired IPR&D, upfront and milestone expense, an approximately $0.26 per-share impact.
- Biogen expects minimal contract manufacturing revenue in Q4 2025 due to planned plant maintenance and expects increased competitive pressure on ex-U.S. MS sales in the second half.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 31, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.