Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $165 million, a decrease from $168 million in the same quarter last year [17] - Net product sales were $158 million, with royalty, licensing, and other revenues at $7 million; excluding Trokendi XR and Oxtellar XR, total revenues increased by 17% compared to the same quarter last year [17] - GAAP net earnings were $22 million or $0.40 per diluted share, compared to $20 million or $0.36 per diluted share in the same quarter last year [18] - As of June 30, 2025, the company had approximately $523 million in cash, cash equivalents, and marketable securities, up from $454 million as of December 31, 2024 [21] Business Line Data and Key Metrics Changes - KELBY experienced 31% growth in net sales and 23% growth in prescriptions, with approximately 36,000 prescribers, a 23% increase year-over-year [8][9] - GOCOVRI saw a 16% increase in net sales and a 14% increase in prescriptions, reaching approximately 1,900 prescribers [10] - ONAPCO launched successfully with over 750 patient enrollment forms submitted by more than 300 prescribers [11] - ZERZUVE reported Q2 2025 net revenues of $23.2 million, a 68% increase from $13.8 million in Q2 2024 [12] Market Data and Key Metrics Changes - KELBY's adult prescriptions grew by 29%, while pediatric prescriptions grew by 20% [30] - GOCOVRI's Medicare copay decreased significantly, with 97% of prescriptions having a copay of less than $25, down from 77% in 2024 [10] Company Strategy and Development Direction - The company is transitioning from legacy products to a new growth phase, focusing on KELBY, GOCOVRI, ONAPCO, and ZERZUVE as core growth drivers [7][70] - The acquisition of Sage Therapeutics is expected to accelerate mid to long-term revenue growth and cash flow [12] - Corporate development will prioritize revenue-generating products and opportunities in women's health, particularly in the OBGYN space [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting strong performance in the first half of 2025 and the positive impact of the Sage acquisition [22] - The company expects total revenues for 2025 to range from $670 million to $700 million, up from a previous range of $600 million to $630 million [22] - Operating loss for the full year 2025 is expected to be between $70 million and $80 million, primarily due to acquisition-related costs [23] Other Important Information - The company is on track to initiate a phase 2b trial for SPN-820 in adults with major depressive disorder [13] - The company completed a pharmacokinetic study for SPN-443, a new product candidate for ADHD and other CNS disorders [14] Q&A Session Summary Question: Pricing dynamics for KELBY and adult segment update - Management indicated that net pricing for KELBY remains above $300 per prescription, with adult prescriptions growing significantly [26][28] Question: Enrollment forms and sales for ONAPCO - Management reported over 750 enrollment forms submitted and approximately 200 patients currently receiving the product, with reimbursement processes going smoothly [27][32] Question: Sales growth for ZERZUVE - Management noted a 36% growth in prescriptions for ZERZUVE, attributing it to strong sales force expansion and investment [37][39] Question: KELBY launch initiatives and prescriber interest - Management highlighted the importance of new label changes and educational efforts for physicians, contributing to strong performance [45][46] Question: Future M&A focus and cash position post-Sage acquisition - Management confirmed a strong cash position of approximately $240 million to $260 million post-acquisition, with a focus on revenue-generating products in CNS and women's health [48][51]

Core Viewpoint - Biogen's latest quarterly earnings report exceeded Wall Street expectations, driven by strong sales of Alzheimer's drug Leqembi, prompting the company to raise its financial guidance [1][2] Financial Performance - Biogen reported total sales of $2.6 billion for the second quarter, a 7% year-over-year increase, surpassing analyst expectations of $2.3 billion [1] - The company's net profit for the quarter was $635 million, up from $584 million in the same period last year, with adjusted earnings per share reaching $5.47, a 4% increase and well above the average analyst estimate of $3.86 [1] - Revenue from the Alzheimer's drug Leqembi was $125 million in the latest quarter, significantly exceeding Wall Street's expectations [1] Product Performance - The Alzheimer's treatment Leqembi, developed in collaboration with Eisai, faced initial logistical challenges and regulatory hurdles but has shown strong sales growth, with previous quarters reporting $87 million and $96 million in sales [1] - The rare disease treatment Skyclarys contributed approximately $130 million in revenue, meeting market expectations [2] Future Outlook - Biogen raised its earnings per share forecast for 2025 from the previous range of $14.50-$15.50 to $15.50-$16.00 and adjusted its full-year revenue forecast to be flat compared to 2024 [2] - The company aims to alleviate investor concerns regarding the decline of its traditional multiple sclerosis business by focusing on new drug sales, including Leqembi [2] Strategic Initiatives - Since taking over as CEO in late 2022, Chris Viehbacher has focused on transforming Biogen by enhancing Leqembi sales, implementing cost reductions, and decreasing reliance on high-risk neurological treatments [2] - Biogen is open to acquiring new immunotherapy and rare disease treatment assets as part of its strategy to strengthen its research and development pipeline [2] Production and Tariff Policy - Biogen stated that the potential cancellation of drug tariff exemptions in the U.S. would not significantly impact its annual performance due to the majority of its U.S. revenue coming from domestic production [3] - To mitigate potential tariff risks, the company announced a $2 billion investment to expand its core manufacturing facility in North Carolina [3]