The company said total revenue for Q2 2025 was $2,646 million, up 7% from a year earlier, with GAAP diluted EPS of $4.33 and Non-GAAP diluted EPS of $5.47. Both EPS figures include an impact of about ($0.26) from $47 million of acquired IPR&D expense.

1. 01

   The company said total revenue for Q2 2025 was $2,646 million, up 7% from a year earlier, with GAAP diluted EPS of $4.33 and Non-GAAP diluted EPS of $5.47. Both EPS figures include an impact of about ($0.26) from $47 million of acquired IPR&D expense.

2. 02

   Biogen said MS product revenue for Q2 was $1,107 million, down 4%, while rare disease revenue rose 2% to $543 million. Total product revenue fell 1% to $1,879 million.

3. 03

   The company said net cash flow from operations for Q2 was about $161 million, including about $745 million in cash tax payments, and free cash flow was about $134 million. As of June 30, 2025, it had about $2.8 billion in cash, about $6.3 billion in total debt and about $3.5 billion in net debt.

4. 04

   The company said it raised its full-year 2025 Non-GAAP diluted EPS outlook to $15.50 to $16.00 from the previous $14.50 to $15.50. Total revenue at constant currency is now expected to be roughly flat versus the prior year, up from the previous mid-single-digit decline.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

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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