Analyst Conference Call Summary

biotechnology

conference date: July 31, 2025 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2025 (second quarter, Q2 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, down % sequentially from $2.43 billion and up % from $ billion in the year-earlier quarter.

Net income $ million, down % sequentially from $241 million and down % from $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, down % sequentially from $1.64 and down % from $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher A. Viehbacher said: ""

In Q2 2025 a Phase 3 Felzartamab sutdy in late antibody-mediated kidney transplant rejection (AMR) initiated. Plans Phase 3 trials in IgA nephropathy and primary membranous nephropathy later in 2025.

Leqembi (lecanemab) for Alzheimer's patients global growth continued, with U.S. sales at $ million, up sequentially from $52 million, and global at $ million, up sequentially from $96 million. Not in table below because Biogen gets half of net after expenses. Partnered with Eisai, which is doing strong sales in Asia, including China. EU approved Leqembi in Q1 2025. Introduction of blood-based diagnostics in H2 2025 would also help. Has approval for IV maintenance; expects approval for subc version in August. AHEAD 3-45 study in presymptomatic AD should readout in 2028.

In Q2 2025 BIIB080 for tau in Alzheimer's received FDA Fast Track. Currently in a Phase 2 trial with data readout due in 2026.

Zurzuvae launch is going well, over 10,000 women now treated for PPD. Physicians are writing repeat prescriptions and are becoming more proactive about diagnosing PPD.

Spinraza (Nusinersen) for SMA high dose filings accepted by FDA and EMA. PDUFA September 22, 2025.

Non-GAAP net income was $ million, down % sequentially from $443 million and down % from $ million year-earlier. Non-GAAP EPS diluted was $, down % sequentially from $ and down % from $3.02 year-earlier.

Total product revenue was $ billion, down % sequentially from $1.73 billion and up % from $ billion year-earlier. That excludes the Rituxan revenue, royalties and other revenue.

* unconsolidated joint business revenue, Anti-CD20 products
** mainly contract manufacturing

Cash and equivalents (including marketable securities) balance ended at $ billion, up sequentially from $2.60 billion. $ billion debt. $0 million was spent to repurchase shares. $ million cash flow from operations. $ million cap ex. $ million free cash flow. $ billion remains authorized for share repurchases.

GAAP Cost of sales was $ million. R&D expense was $ million. SG&A expense $ million. Amortization of acquired intangible assets $ million. Collaboration profit sharing income $ million. Restructuring charges $ million. Loss on contingent consideration $ million. Other expense $ million. Total cost and expenses $ billion. Leaving income from operations of $ million. Income tax $ million.

See also the Biogen product pipeline. The entire pipeline includes 27 clinical programs.

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