Biogen Inc. ( BIIB ) reported on Thursday that the second quarter of 2025 adjusted earnings per share were $5.47, up 4% year over year, beating the analyst consensus of $4.06.

The company reported sales of $2.65 billion, up 7% year over year on a reported basis, 8% on constant currency, beating the consensus of $2.32 billion.

Multiple sclerosis revenue of $1.1 billion decreased by 4% (down 4% on constant currency). Sales of the multiple sclerosis drug Tysabri were down to $454.6 million from $462.2 million.

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Rare disease revenue increased 2% year over year (up 3% on constant currency) to $543 million. Spinraza’s revenue decreased to $392.7 million from $429.1 million a year ago.

Revenues from Skyclarys, acquired via the Reata acquisition, reached $130.3 million during the quarter, up from $100 million a year ago, showing continued growth in demand; U.S. SKYCLARYS revenue of approximately $78 million represents sequential growth of 13%.

In Alzheimer’s disease, Biogen said Leqembi’s U.S. in-market sales of approximately $63 million represent sequential growth of 20%.

Global in-market sales of approximately $160 million include a one-time shipment to China of approximately $35 million to optimize global inventory levels.

Clinical data presented at AAIC demonstrate that four years of continuous treatment with Leqembi benefits early Alzheimer’s patients, including low tau patients, who continue to see sustained improvements in cognitive and daily living function.

Outlook

Biogen raised its 2025 adjusted earnings guidance from $14.50-$15.50 per share to $15.50-$16.00, compared to the consensus of $14.98.

The updated guidance reflects an 87 cents benefit from an expected stronger business outlook for the full year, partially offset by the ~($0.12) impact from the City Therapeutics transaction.

The company expects total revenue for the full year 2025 to be approximately flat, at constant currency, versus the full year 2024, which is up from a mid-single digit decline previously.

The outlook reflects the strong first-half revenue performance, including the resilient performance of the U.S. multiple sclerosis business.

Biogen expects increased competitive pressures on the ex-U.S. multiple sclerosis business in the second half of 2025, particularly for Tecfidera in Europe.

Due to planned plant maintenance activities, Biogen expects minimal contract manufacturing revenue in the fourth quarter of 2025.

Potential tariffs, even if the current exemption for pharmaceuticals ends, are not expected to affect the company’s 2025 financial outlook.

The Fit for Growth program is expected to generate approximately $1 billion of gross savings and $800 million net of reinvestment by the end of 2025.

In 2025, Biogen plans to make additional investments in R&D, primarily to support rare diseases. Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to total approximately $4 billion in 2025.

Price Action: BIIB stock is trading higher by 3.01% to $130.45 at last check Thursday.

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