Biogen Reports $2.645 Billion Revenue in Q2 2025, Net Income Rises to $634.8 Million

Biogen Inc. reported a total revenue of $2.645 billion for the second quarter of 2025, marking a 7.3% increase from $2.465 billion in the same period last year. The company's product revenue, however, saw a slight decline of 1.1%, totaling $1.879 billion compared to $1.900 billion in Q2 2024. This decrease was primarily attributed to a drop in demand for multiple sclerosis (MS) products, particularly TECFIDERA and TYSABRI, due to increased competition from generics and biosimilars. In contrast, revenue from rare disease treatments, including SKYCLARYS and QALSODY, increased, contributing positively to the overall revenue figures.

In terms of profitability, Biogen's net income attributable to the company rose to $634.8 million, or $4.33 per diluted share, compared to $583.6 million, or $4.00 per diluted share, in the prior year. This represents an 8.3% increase in diluted earnings per share. The increase in net income was supported by a reduction in research and development expenses, which fell by 21.1% to $399 million, reflecting ongoing cost-saving measures under the company's Fit for Growth program. Total costs and expenses increased by 7.7% to $1.902 billion, driven by higher costs of sales and selling, general, and administrative expenses.

Strategically, Biogen completed the acquisition of HI-Bio in July 2024, which is expected to enhance its pipeline in immunology. The company also initiated several clinical trials for its investigational drugs, including felzartamab, which is being evaluated for multiple indications. Additionally, Biogen entered into a collaboration with City Therapeutics to develop RNAi therapies, making an upfront payment of $16 million as part of this agreement. The company is also focused on expanding its product offerings, with SKYCLARYS and QALSODY gaining traction in international markets.

Operationally, Biogen's cash and cash equivalents increased to approximately $2.759 billion as of June 30, 2025, up from $2.375 billion at the end of 2024. The company generated $420.2 million in net cash flow from operations during the first half of 2025, a significant decrease from $1.179 billion in the same period last year, largely due to higher tax payments. Biogen's total liabilities decreased to $10.696 billion, down from $11.333 billion at the end of 2024, primarily due to the redemption of its 4.050% Senior Notes.

Looking ahead, Biogen anticipates continued challenges in its MS product line due to increasing competition and pricing pressures, particularly from generics and biosimilars. The company expects to see a modest net unfavorable impact on its revenue from the Inflation Reduction Act's drug pricing controls, particularly affecting its SKYCLARYS and MS portfolio. However, Biogen remains committed to investing in its pipeline and strategic initiatives to drive future growth.