Biogen Inc. announced on Wednesday that its revenue in the second quarter of the year observed an annual drop of 6.7% to land at $2.59 billion. On the other hand, the company's net income soared by 136.16% year-on-year to $1.06 billion. Meanwhile, its diluted earnings per share (EPS) surged by 142.14% compared to the same trimester in 2021 to hit at $7.24 per share.

"We continued to execute on our near-term operational priorities in the second quarter and are pleased to be raising our financial guidance for the year. At the same time, we continue to face revenue declines due in part to generic and biosimilar competition for [medicines] Tecfidera and Rituxan," Biogen's Chief Executive Officer (CEO) Michel Vounatsos commented.

Following the release of the report, the company's shares advanced by 4.76% in premarket trading.