Biogen Inc. · BIIB · FY2025 Q2 · Calendar Q3 2025

Biogen Q2 2025: Launch Products Offset MS Decline

The quarter supports a measured growth case: launch products and pipeline milestones are offsetting multiple-sclerosis pressure, but competition, reimbursement, and execution risks remain material.

Reported Before market openNASDAQHealthcare $32.49B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $5.47 Consensus $3.90
EPS surprise +40.3% Reported versus consensus
Reported revenue $2.65B Consensus $2.33B
Revenue surprise +13.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.1% Event window
SPY move -0.4% Same window
Abnormal move +1.4% Stock minus SPY
Volume 2.7× Versus trailing sessions
Subsequent drift +3.6% Up to 20 sessions
BIIBSPY benchmark

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Transcript intelligence

What changed

The current-quarter analysis describes 7% revenue growth, a full-year EPS guidance raise, and expanded pipeline activity, while emphasizing subcutaneous LEQEMBI and broader blood-based biomarker adoption.

Guidance delta

Management raised full-year 2025 non-GAAP diluted EPS guidance to $15.50-$16.

Key takeaways

  • Revenue growth was driven by VUMERITY, LEQEMBI, SKYCLARYS, and ZURZUVAE, offsetting multiple-sclerosis franchise pressure.
  • Management highlighted pipeline progress, including Phase III starts for felzartamab, salanersen, and lupus programs.
  • Subcutaneous LEQEMBI, blood-based biomarkers, and new product launches are central to the growth narrative.

Management priorities

  • Seek approval for subcutaneous LEQEMBI maintenance and initiation.
  • Advance felzartamab, salanersen, and lupus programs through clinical development.
  • Expand manufacturing capacity and early-stage collaborations to support pipeline growth.

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Earnings History

Estimate Beat Miss Match
BIIB EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $3.47 Q1 '24 actual $3.67, beat Q2 '24 estimate $4.07 Q2 '24 actual $5.28, beat Q3 '24 estimate $3.77 Q3 '24 actual $4.08, beat Q2 '25 estimate $3.90 Q2 '25 actual $5.47, beat Q3 '25 estimate $3.88 Q3 '25 actual $4.81, beat Q4 '25 estimate $1.63 Q4 '25 actual $1.99, beat Q1 '26 estimate $3.05 Q1 '26 actual $3.57, beat Q2 '26 estimate $2.94 Q2 '26 actual $3.60, beat Q3 '26 estimate $2.03 Q4 '26 estimate $3.54 Q1 '27 estimate $3.69
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Analyst Consensus ?

ConsensusBuy49 ratings
Bullish3163.3%
Neutral1734.7%
Bearish12.0%

Analyst 52W Price Targets

$219.88Current
$157Low
$250.52Average
$415High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
HSBC Reduce ReduceMaintainSep 10, 2026
Piper Sandler Overweight OverweightMaintainSep 3, 2026
RBC Capital Outperform OutperformMaintainAug 25, 2026
Wolfe Research Outperform Peer PerformUpgradeAug 13, 2026
Mizuho Outperform OutperformMaintainAug 4, 2026
Show 44 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $219.88. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Stifel NicolausPaul Matteis$242$214.77 +10.1%Sep 10, 2026
HSBCAnalyst unavailable$175$210.73 -20.4%Sep 10, 2026
Piper SandlerAnalyst unavailable$245$222.67 +11.4%Sep 3, 2026
RBC CapitalAnalyst unavailable$260$218.12 +18.2%Aug 25, 2026
Wolfe ResearchAnalyst unavailable$300$208.87 +36.4%Aug 13, 2026
See 136 more

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Company context

Snapshot as of publication

Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications addressing multiple sclerosis (MS), such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. For spinal muscular atrophy (SMA), Biogen provides SPINRAZA, while FUMADERM is available for the treatment of plaque psoriasis. Among its other key offerings is ADUHELM, specifically developed for Alzheimer's disease. The company also markets a selection of biosimilar drugs, including BENEPALI (an etanercept biosimilar akin to ENBREL), IMRALDI (an adalimumab biosimilar comparable to HUMIRA), and FLIXABI (an infliximab biosimilar referencing REMICADE).…

Historical context

All BIIB earnings

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-04T18:40:44.143254+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T18:40:44.140740+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.