Filing Flows › Biogen (BIIB) › Q2 2025
Biogen (BIIB) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Biogen (BIIB) reported revenue of $2.6B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +9% from the quarter before. Operating margin was 28.1%, net earnings $635M (24.0% of revenue).
Biogen, Q2 2025: revenue $2.6B (+7% year over year), operating margin 28.1%, net earnings $635M, operating cash flow $161M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +9% | +7% |
| Operating profit | $744M | +139% | +6% |
| Net earnings | $635M | +164% | +9% |
| Operating cash flow | $161M | -38% | -74% |
| Free cash flow | $134M | — | -77% |
What changed
Revenue was $2.6B in Q2 2025, up 7% year over year and up 9% from the previous quarter. Rare Disease Product Revenue was the largest line at 21% of revenue. Contract manufacturing, royalty and other revenue added $0.14B year over year (up 124%), 75% of the total change. TECFIDERA declined 23%.
Operating profit was $0.74B, a 28.1% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, below the 28% margin then. Total costs grew 8% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+95%). Net earnings were $0.63B, up 9% year over year. The effective tax rate was 14.7%.
Operating cash flow was $0.16B (down 74% year over year), 25% of net earnings. Non-cash charges added back $0.19B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.74B. After purchases of property, plant and equipment ($0.03B), free cash flow as the company reports it was $0.13B.
Questions
What was Biogen's revenue in the second quarter 2025?
Biogen (BIIB) reported revenue of $2.6B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +9% from the quarter before.
Was Biogen profitable in the second quarter 2025?
Operating profit was $744M (28.1% of revenue) and net earnings $635M.
Source: Biogen 10-Q on SEC EDGAR.