For the three and six months ended June 30, 2025, Biogen recognized Alzheimer's collaboration revenue of approximately $54.9 million and $87.9 million, respectively, compared to $11.8 million and $14.6 million in the prior year comparative periods. The company cited higher sales volumes driven by the continued launch of LEQEMBI in the U.S. and international markets and the impact from the timing of shipments to China in Q2 as factors.

1. 01

   For the three and six months ended June 30, 2025, Biogen recognized Alzheimer's collaboration revenue of approximately $54.9 million and $87.9 million, respectively, compared to $11.8 million and $14.6 million in the prior year comparative periods. The company cited higher sales volumes driven by the continued launch of LEQEMBI in the U.S. and international markets and the impact from the timing of shipments to China in Q2 as factors.

2. 02

   For Q2 2025, the company said global TECFIDERA revenue decreased from $252.2 million to $193.6 million, or 23.2%, and global SKYCLARYS revenue increased from $100.0 million to $130.3 million, or 30.3%. It cited a decrease in demand resulting from multiple TECFIDERA generic entrants as the factor for the decline and an increase in rest of world sales volumes driven by the continued launch in Europe and certain markets in the Middle East as the factor for the increase.

3. 03

   The company said it issued 2025 Senior Notes with an aggregate principal amount of $1.75 billion on May 12, 2025 and used the net proceeds in June 2025 to redeem prior to maturity 4.050% Senior Notes maturing on September 15, 2025. As of June 30, 2025, the long-term debt balance was $6.3 billion after deducting unamortized discount and debt issuance costs.

4. 04

   The company said the phase 3 clinical fourth patient dosing milestone for felzartamab in AMR was achieved in Q2 2025, resulting in a payment of $150.0 million to the former HI-Bio shareholders, with the majority paid in July 2025. It said it expects to achieve the second $150.0 million milestone for IgAN in Q3 2025.

Key figures

Quarter ended June 30, 2025

Revenue

$2.6B

Net income

$635M

EPS

$4.33

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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