Biogen Inc. has reported strong financial results for the second quarter of 2025, with total revenue reaching $2.6 billion, marking a 7% increase year-over-year. The company's GAAP diluted earnings per share $(EPS)$ rose by 8% to $4.33, while the Non-GAAP diluted EPS increased by 4% to $5.47. This period's EPS figures were impacted by a $0.26 effect from $47 million of acquired in-process research and development expenses. The company highlighted robust growth in its launch products covering Alzheimer's disease, rare disease, and postpartum depression, with LEQEMBI U.S. in-market sales reaching approximately $63 million, reflecting a 20% sequential growth. Global in-market sales for LEQEMBI were approximately $160 million, including a one-time shipment to China valued at around $35 million. Biogen has updated its full-year 2025 Non-GAAP diluted EPS guidance to a range of $15.50 to $16.00, attributing an $0.87 benefit to an expected stronger business outlook, partially offset by a $0.12 impact from the City Therapeutics transaction. The company anticipates total revenue for 2025 to remain approximately flat at constant currency, an improvement from the previously forecasted mid-single digit decline. This outlook reflects a strong performance in the first half of the year and the resilience of the U.S. MS business. However, Biogen foresees increased competitive pressures on its ex-U.S. MS business in the latter half of 2025, particularly for TECFIDERA in Europe. Additionally, due to planned plant maintenance, Biogen expects minimal contract manufacturing revenue in the fourth quarter.