Biogen’s second quarter delivered results that exceeded Wall Street’s revenue and profit expectations, a performance that was met with a positive market reaction. Management highlighted continued growth from newly launched products, which offset ongoing declines in the multiple sclerosis portfolio. CEO Christopher Viehbacher emphasized the “strength of VUMERITY” and the “consistent growth with LEQEMBI,” noting these were key contributors to the quarter. Product expansion in rare diseases and neurology, particularly with SKYCLARYS and ZURZUVAE, also contributed to the improved results, buoyed by what the company called “strong discipline on costs.”

Is now the time to buy BIIB? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Biogen’s Q2 Earnings Call

• Philip M. Nadeau (TD Cowen) asked about interim analysis plans for the AHEAD 3-45 Alzheimer’s trial. Dr. Priya Singhal explained that while there is optionality for an interim, no interim readout is planned before 2028.
• Eric Thomas Schmidt (Cantor) inquired about LEQEMBI’s U.S. market share and new competition. President Alisha Alaimo responded that LEQEMBI maintains about 70% share and that new entrants are expanding the overall market rather than displacing existing share.
• Michael Jonathan Yee (Jefferies) questioned competition in SMA from myostatin products. Alaimo stated that myostatin agents are seen as additive rather than a direct threat to Biogen’s SMA therapies.
• David A. Amsellem (Piper Sandler) asked about data timelines and competition in the lupus pipeline. Dr. Singhal provided timelines for upcoming data, emphasized the heterogeneity of lupus, and noted confidence in Biogen’s multi-mechanistic approach.
• Brian Corey Abrahams (RBC Capital Markets) sought clarity on the adoption of blood-based biomarkers in Alzheimer’s diagnosis. Alaimo highlighted rapid uptake and ongoing efforts to drive education and payer clarity, but noted that most physicians still use PET or CSF confirmation.

Catalysts in Upcoming Quarters

In the coming quarters, our team will be closely monitoring (1) the commercial rollout and adoption of subcutaneous LEQEMBI and its effect on patient access, (2) progress toward regulatory approvals and reimbursement for new therapies in key international markets, and (3) the pace of enrollment and data updates from ongoing Phase III studies in rare diseases and immunology. Additional milestones in product launches and external collaborations could further influence Biogen’s growth outlook.

Biogen currently trades at $129.50, up from $126.96 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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