Shares of Biogen (BIIB) surged 5.03% intraday on Wednesday after the biotechnology company reported second-quarter financial results that significantly exceeded Wall Street expectations, fueled by strong demand for its newer drugs.

The company posted adjusted earnings of $3.60 per share, well above the analyst consensus estimate of $2.95 per share. Quarterly revenue rose 3.4% to $2.74 billion, beating the $2.46 billion forecast. The outperformance was driven by Biogen's growth portfolio, which includes rare disease medicines and the Alzheimer's drug Leqembi, generating nearly $1.1 billion in revenue—up 24% from the prior year and outpacing its legacy multiple sclerosis franchise for the second time in company history.

Adding to investor optimism, Biogen raised its full-year revenue guidance, now expecting a mid-single-digit percentage increase, a reversal from its prior forecast of a decline. The company also received an analyst price target boost from Barclays, which lifted its target to $200 from $185, reflecting confidence in the evolving pipeline and acquisition strategy.