Strong Q2 Financial Performance: Biogen reported a 7% revenue growth in Q2 2025 compared to Q2 2024, largely driven by successful launches of new products, which collectively generated $252 million in revenue. The company's MS portfolio in the U.S. generated $657 million, reflecting resilience despite challenges from generics and biosimilars.

Upgraded Financial Guidance: The company raised its full-year 2025 non-GAAP diluted EPS guidance to a range of $15.50 to $16, up from $14.50 to $15.50. This increase reflects strong first-half performance, particularly in the U.S. and from launch products, although the expected revenue for TECFIDERA internationally is in decline.

Pipeline Advancements and Regulatory Milestones: Biogen announced key pipeline successes, including positive CHMP opinions for zuranolone in Europe and the initiation of multiple Phase III trials, including for felzartamab and salanersen. The latter shows promise in SMA with encouraging Phase Ib data indicating potential for significant motor function improvements.