Valued at a market cap of $22.1 billion, Biogen Inc. (BIIB) is a top biotechnology company. Headquartered in Cambridge, Massachusetts, it specializes in the discovery, development, and delivery of therapies for neurological, neurodegenerative, and rare diseases. Founded in 1978, Biogen has built a strong presence in neuroscience, focusing on addressing unmet medical needs in conditions such as multiple sclerosis (MS), spinal muscular atrophy (SMA), and Alzheimer’s disease. The biotech titan is scheduled t ...

Company Overview - Biogen Inc. has a market cap of $21.8 billion and specializes in therapies for neurological and neurodegenerative diseases, including multiple sclerosis and spinal muscular atrophy treatments [1] - The company is classified as a "large-cap" stock, valued at $10 billion or more, and is advancing treatments in Alzheimer's disease and other neurological disorders through strategic collaborations and innovation [2] Stock Performance - Biogen's shares have declined 28.3% from its 52-week high of $204.18, while the stock has risen nearly 11% over the past three months, underperforming the Nasdaq Composite's 12.6% increase [3] - Year-to-date, BIIB stock is down nearly 4%, lagging behind the Nasdaq's 14.7% gain, and has decreased 25.8% over the past 52 weeks compared to the Nasdaq's over 26% return [4] Financial Results - On July 31, Biogen reported Q2 2025 adjusted EPS of $5.47 and revenues of $2.65 billion, both exceeding expectations, driven by stronger sales of MS drugs like Vumerity and Tysabri [5] - Management raised its full-year adjusted EPS guidance to $15.50 - $16, indicating a more optimistic outlook for 2025 [5] Analyst Sentiment - Despite the stock's underperformance, analysts maintain a moderately optimistic view on Biogen, with a consensus rating of "Moderate Buy" from 34 analysts and a mean price target of $170.24, representing a 16.5% premium to current levels [6]

Core Viewpoint - Alkermes reported a strong second quarter for 2025, with earnings and proprietary product sales exceeding expectations, despite a slight decline in total revenues compared to the previous year [2][3][5]. Financial Performance - Alkermes reported earnings from continuing operations of 52 cents per share, beating the Zacks Consensus Estimate of 41 cents and slightly lower than 53 cents per share from the year-ago quarter [2]. - Total revenues for the second quarter were $390.7 million, a decrease of 2.1% year over year, but significantly above the Zacks Consensus Estimate of $339 million [3]. - Sales from proprietary products grew 14% year over year to $307.2 million, surpassing management's expectations of $260-$280 million [5]. Product Sales Breakdown - Vivitrol sales increased 9% year over year to $121.7 million, exceeding the Zacks Consensus Estimate of $111 million [6]. - Aristada sales rose 18% year over year to $101.3 million, beating the Zacks Consensus Estimate of $84 million [6]. - Lybalvi generated sales of $84.3 million, up 18% year over year, also surpassing the Zacks Consensus Estimate of $79 million [7]. Revenue Sources - Alkermes' revenue sources include net sales from proprietary products and manufacturing/royalty revenues from partnered products [4]. - Manufacturing and royalty revenues decreased 35.8% year over year to $83.4 million, with specific contributions from Biogen's Vumerity and other products [7][8]. Expenses and Cash Position - Research and development expenses increased by almost 30% year over year to $77.4 million, driven by ongoing studies on pipeline candidate alixorexton [8]. - As of June 30, 2025, Alkermes had cash and cash equivalents of $1.05 billion, up from $916.2 million as of March 31, 2025 [9]. Guidance and Estimates - Alkermes reiterated its financial guidance for 2025, expecting total revenues of $1.34-$1.43 billion [10]. - The company anticipates net sales of Vivitrol to be $440-$460 million, Aristada sales to be $335-$355 million, and Lybalvi's net sales to be in the range of $320-$340 million [11]. Market Position and Trends - Estimates for Alkermes have trended downward recently, with a consensus estimate shift of -14.21% [12]. - Alkermes holds a Zacks Rank 3 (Hold), indicating an expectation of in-line returns in the coming months [14].

Core Insights - Biogen reported strong second-quarter 2025 results, with adjusted earnings per share (EPS) of $5.47, significantly exceeding the Zacks Consensus Estimate of $3.93, and a 4% year-over-year increase in earnings [1] - Total revenues for the quarter reached $2.65 billion, up 7% year over year, surpassing the Zacks Consensus Estimate of $2.32 billion [2] Revenue Breakdown - Product sales were $1.9 billion, a slight decline of 1% year over year, while revenues from anti-CD20 therapeutic programs increased by 5% to $467 million [3] - Contract manufacturing and royalty revenues surged 124% year over year to $245 million, and Alzheimer's collaboration revenues rose to $55 million from $12 million in the previous year [4][5] Performance of Key Products - Sales of Biogen's multiple sclerosis (MS) drugs totaled $1.1 billion, down 4% year over year, primarily due to generic competition for Tecfidera and biosimilar competition for Tysabri [7] - Tecfidera sales fell nearly 23% to $193.6 million, while Vumerity sales increased by around 30% to $212.2 million [8] - Spinraza sales declined 8.5% to $392.7 million, missing estimates, while rare disease drug Skyclarys generated $130.3 million, up 5.2% sequentially [12] New Product Performance - New drugs Leqembi, Skyclarys, and Zurzuvae showed strong demand and sequential sales growth, with Leqembi generating $63 million in U.S. sales, a 20% increase [5][11] - Zurzuvae recorded $46.4 million in sales, up 68% sequentially, driven by increased demand [13] Cost and Guidance Updates - Adjusted R&D expenses decreased by 13% to $394 million, while SG&A expenses rose 7% to $579 million [16] - Biogen raised its 2025 EPS outlook to $15.50-$16.00, reflecting a stronger business outlook, and expects total revenues to be flat compared to 2024 [18] Market Reaction and Future Outlook - The positive guidance and strong sales of Leqembi boosted investor confidence, leading to a more than 5% rise in pre-market trading [20] - Despite rising competitive pressure on MS drugs, new products have the potential to drive growth, although it remains uncertain if they can offset declines in existing products [21]

Core Insights - Alkermes plc reported earnings from continuing operations of 52 cents per share for Q2 2025, surpassing the Zacks Consensus Estimate of 41 cents and slightly down from 53 cents in the same quarter last year [1] - Total revenues for the second quarter were $390.7 million, a decrease of 2.1% year-over-year, primarily due to lower manufacturing and royalty revenues, but still exceeding the Zacks Consensus Estimate of $339 million [1][6] Financial Performance - Proprietary product sales increased by 14% year-over-year to $307.2 million, driven by strong demand for Vivitrol, Aristada, and Lybalvi, exceeding management's expectations of $260-$280 million [4][6] - Manufacturing and royalty revenues fell by 35.8% year-over-year to $83.4 million, negatively impacting overall revenue performance [6][8] - Research and development expenses rose by nearly 30% year-over-year to $77.4 million, attributed to higher costs related to ongoing studies for the investigational pipeline candidate, alixorexton [9] Product Sales Breakdown - Vivitrol sales grew by 9% year-over-year to $121.7 million, surpassing the Zacks Consensus Estimate of $111 million [7] - Aristada sales increased by 18% year-over-year to $101.3 million, exceeding the Zacks Consensus Estimate of $84 million [7] - Lybalvi generated sales of $84.3 million, up 18% year-over-year, also beating the Zacks Consensus Estimate of $79 million [8] Guidance and Future Outlook - Alkermes reiterated its 2025 financial guidance, expecting total revenues between $1.34 billion and $1.43 billion, with specific net sales targets for Vivitrol, Aristada, and Lybalvi [11] - The company is planning to initiate a global phase III program for alixorexton in patients with narcolepsy type 1 following positive results from the phase II Vibrance-1 study [12][14] Pipeline Development - The phase II Vibrance-1 study showed statistically significant improvements in wakefulness for patients treated with alixorexton compared to placebo [13] - Alixorexton is also being studied for narcolepsy type 2 and idiopathic hypersomnia, with data from the Vibrance-2 study expected in the fall [15][16]

Core Viewpoint - Biogen is expected to report second-quarter 2025 results on July 31, with sales and earnings estimates at $2.32 billion and $3.95 per share, respectively, following a previous earnings miss of 7.4% [1][11]. Group 1: Sales Performance - Lower sales of Biogen's multiple sclerosis (MS) drugs are anticipated, likely offset by revenue growth from new products [2]. - Sales of Tecfidera and Tysabri are projected to decline due to generic and biosimilar competition, with estimates for Tecfidera at $178.0 million and Tysabri at $373.0 million [3][4]. - Vumerity's sales are expected to rise, with estimates at $70.0 million and $181.9 million [4]. - Spinraza's sales are estimated at $397.0 million and $403.0 million, with a potential reversal in favorable shipment timing impacting second-quarter results [5]. - Skyclarys is likely to see mixed dynamics in the U.S. and global markets, with growth driven more by ex-U.S. sales [6][9]. Group 2: Collaborations and New Products - Biogen's collaboration with Sage Therapeutics for Zurzuvae involves shared profits and losses, with strong patient demand expected to continue [7]. - Alzheimer's collaboration revenues, including Biogen's share from Leqembi, are expected to rise, with Leqembi's sales improving sequentially [8][10]. Group 3: Earnings Expectations - Biogen's earnings surprise history shows a mixed performance, with a four-quarter average surprise of 8.36% [11]. - The Earnings ESP for Biogen is -0.85%, indicating a lower likelihood of an earnings beat this quarter [14].

Core Viewpoint - Alkermes plc reported disappointing earnings and revenue for the first quarter of 2025, missing consensus estimates and showing a decline in total revenues compared to the previous year [1][2]. Financial Performance - Earnings from continuing operations were 13 cents per share, missing the Zacks Consensus Estimate of 28 cents and down from 21 cents per share in the same quarter last year [1]. - Total revenues for the first quarter were $306.5 million, a decrease of 12.5% year over year, and also below the Zacks Consensus Estimate of $317 million [2]. - The proprietary products portfolio generated sales of $244.5 million, up 4.7% year over year, driven primarily by Lybalvi [5][6]. Product Sales Breakdown - Vivitrol sales increased by 3.4% year over year to $101 million, beating the Zacks Consensus Estimate of $99 million but missing the internal estimate of $103.8 million [6]. - Lybalvi generated sales of $70 million, up 22.8% year over year, but missed both the Zacks Consensus Estimate of $71 million and the internal estimate of $75.1 million [7]. - Aristada sales decreased by 6.8% year over year to $73.5 million, missing the Zacks Consensus Estimate of $79 million [7]. Revenue Sources - Manufacturing and royalty revenues fell by approximately 46.9% year over year to $62 million, with specific contributions from Biogen's Vumerity and other products [7][8]. Expenses and Cash Position - Research and development expenses totaled $71.8 million, up 6.2% year over year, while selling, general, and administrative expenses decreased by 4.4% to $171.7 million [9]. - As of March 31, 2025, Alkermes had cash and cash equivalents of $916.2 million, an increase from $824.8 million as of December 31, 2024 [9]. Guidance and Future Outlook - Alkermes reiterated its financial guidance for 2025, expecting total revenues in the range of $1.34 billion to $1.43 billion, with specific sales expectations for Vivitrol, Aristada, and Lybalvi [10]. - Net sales from proprietary products are anticipated to be between $260 million and $280 million in the second quarter of 2025 [11]. Pipeline Development - The company initiated the phase II Vibrance-3 study for ALKS 2680, targeting idiopathic hypersomnia, with primary endpoints focused on sleepiness reduction compared to placebo [12][13]. - Additional studies for ALKS 2680 are ongoing for narcolepsy type 1 and type 2, with data expected in the latter half of 2025 [14].

Core Viewpoint - Biogen reported first-quarter 2025 adjusted earnings per share (EPS) of $3.02, missing the Zacks Consensus Estimate of $3.32, with an 18% year-over-year decline in earnings due to a $165 million upfront payment to Stoke Therapeutics for a collaboration agreement [1][2][19] Financial Performance - Total revenues for Q1 2025 were $2.43 billion, reflecting a 6% year-over-year increase on a reported basis and an 8% increase on a constant-currency basis, surpassing the Zacks Consensus Estimate of $2.23 billion [2] - Total product sales reached $1.73 billion, up 1% year over year on a reported basis and 3% on a constant-currency basis [4] - Contract manufacturing and royalty revenues surged 61% year over year to $293 million, while Alzheimer's collaboration revenues increased to $33 million from $3 million in the prior year [5][6] Product Sales Breakdown - Multiple sclerosis (MS) revenues totaled $953 million, down 11% on a reported basis due to generic competition for Tecfidera [9] - Sales of Spinraza rose 24.2% to $423.9 million, exceeding the Zacks Consensus Estimate of $365 million [12] - New drug Qalsody for ALS recorded sales of $15.5 million, while Zurzuvae for postpartum depression generated $28 million in sales, reflecting a 21.7% sequential increase [13][14] Cost and Guidance - Adjusted R&D expenses decreased 3% year over year to $427 million, while adjusted SG&A expenses rose 1% to $572 million [16] - The company reaffirmed its total revenue guidance for 2025, expecting a mid-single-digit percentage decline in constant currency terms compared to 2024, and lowered its adjusted EPS guidance to a range of $14.50 to $15.50 [18][19] Market Performance - Year to date, Biogen's shares have declined 20.9%, compared to a 3.3% decrease in the industry [3]

Core Viewpoint - Biogen is expected to report first-quarter 2025 results on May 1, with sales and earnings estimates at $2.24 billion and $3.34 per share, respectively. The company faces challenges from declining sales of multiple sclerosis (MS) drugs, which may be offset by revenues from new drugs [1][2][5]. Sales Performance of MS Drugs - Sales of Biogen's MS drugs, including Tecfidera and Tysabri, are anticipated to decline due to increased competition and the introduction of generic versions in various markets [2][5]. - The Zacks Consensus Estimate for Tecfidera sales is $199.0 million, while the internal estimate is $185.7 million. For Tysabri, the estimates are $363.0 million and $348.6 million, respectively [3][4]. - Vumerity's sales rose in the fourth quarter due to higher demand, with estimates for the first quarter at $141.0 million (Zacks) and $139.8 million (internal) [4]. Impact of Biosimilars and Generics - The decline in MS revenues is expected to be more pronounced in 2025 due to the anticipated entry of biosimilars for Tysabri and generics for Tecfidera in certain European markets [5]. Other Drug Sales - Spinraza's sales improved in the fourth quarter, but demand may have decreased in the first quarter, with estimates at $364.0 million (Zacks) and $338.1 million (internal) [6]. - Sales of Skyclarys for Friedreich's ataxia are expected to rise year-over-year, with estimates at $110.0 million (Zacks) and $111.4 million (internal) [7]. - Zurzuvae's launch has exceeded expectations, with strong patient demand likely contributing to improved sales in the first quarter [8][9]. Alzheimer's Collaboration and Revenues - Revenues from contract manufacturing, royalties, and Alzheimer's collaboration are expected to rise, particularly from the drug Leqembi, which has shown strong sales growth in recent quarters [10][11]. - Leqembi's sales have improved sequentially, with strong growth noted in China and Japan, and it was recently approved in the European Union [11][12]. Overall Revenue Expectations - Overall revenues for the first quarter of 2025 are expected to be negatively impacted by seasonality, higher discounts, and channel dynamics in the U.S., along with foreign exchange headwinds [13]. Key Events - Biogen announced a collaboration with Stoke Therapeutics to develop zorevunersen for Dravet syndrome, with a pivotal study expected to begin in the first quarter of 2025 [14]. Earnings Surprise History - Biogen has consistently beaten earnings estimates in the past four quarters, with an average earnings surprise of 11.8%. However, the current model does not predict a beat for the upcoming quarter, with an Earnings ESP of -15.8% [15][16][17].