Biogen delivered 7% revenue growth in Q2 2025 driven by strong commercial execution from four launch products generating $252 million and the U.S. MS business.
Contract manufacturing revenue increased due to accelerated batch releases ahead of planned Q4 plant maintenance.
Ex-U.S. MS business faced expected generic and biosimilar pressures, particularly for TECFIDERA in Europe.
Free cash flow was $134 million in Q2, with $745 million in cash tax payments concentrated in the quarter.
Issued $1.75 billion of new debt to redeem senior notes due in September, resulting in $15-20 million incremental interest expense in H2 2025.
Launch products grew 26% quarter-over-quarter and 91% year-over-year, offsetting MS portfolio declines.
LEQEMBI global end market sales were approximately $160 million, including a $35 million favorable shipment timing impact to China.
Non-GAAP core operating expenses decreased 2% year-over-year due to R&D prioritization and Fit for Growth initiatives.
Non-GAAP diluted EPS grew 4% in the quarter; excluding $0.26 impact from acquired IPR&D expenses, EPS would have been $5.73, up 9%.
Non-GAAP operating income included $47 million of acquired IPR&D charges related to City Therapeutics and felzartamab milestones.
SKYCLARYS revenue grew 5% globally compared to last quarter, with U.S. growth offsetting Medicare discount impacts.
SPINRAZA demand remained consistent globally, with expected inventory drawdown continuing into Q3.
U.S. MS franchise revenue was $657 million, supported by favorable inventory dynamics and gross to net adjustments.
ZURZUVAE revenue was $46 million, up 213% year-over-year and 68% quarter-over-quarter, with 50% profit sharing recognized.
Dafinchi