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Company Research20 Mar 2024
Companies That Had Their IPO in 1991: Recovery From a Recession
An overview of the markets and the IPO landscape as the economy recovered from the early 90s recession.
Biogen
Biogen (BIIB) investor relations material
Biogen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved strong Q4 and full-year 2025 results, with full-year revenue of $9.9B and non-GAAP EPS of $15.28, both surpassing guidance.
Growth products generated $3.3B in 2025, up 19% year-over-year, with new launches like LEQEMBI, SKYCLARYS, ZURZUVAE, and QALSODY contributing nearly $1B.
Significant pipeline expansion and business development, including the acquisition of Alcyone Therapeutics and collaborations in immunology.
LEQEMBI achieved over $500M in sales, up 140% year-over-year, maintaining over 60% anti-amyloid market share.
Multiple late- and early-stage pipeline advancements, including FDA Breakthrough Therapy Designation for litifilimab and pivotal Spinraza high-dose data published.
Financial highlights
FY 2025 total revenue was $9.9B, up 2% year-over-year; Q4 revenue was $2.28B, down 7% year-over-year.
Non-GAAP diluted EPS for FY 2025 was $15.28; Q4 was $1.99.
Free cash flow for FY 2025 was $2.1B; year-end cash and marketable securities totaled $4.2B; net debt was $2.0B.
Growth products delivered $808M in Q4 and $3.3B for the year, up 6% and 19% respectively.
Q4 included $222M in IPR&D charges, $180M in one-time litigation and other charges, and a $52.9M impairment related to a Reata lease.
Outlook and guidance
2026 non-GAAP diluted EPS expected between $15.25 and $16.25.
Total revenue for 2026 projected to decline by a mid-single-digit percentage due to MS erosion, partially offset by growth products.
MS product revenue (excluding VUMERITY) expected to decline by mid-teens percent in 2026.
Gross margin and core OpEx expected to remain roughly consistent with 2025; effective tax rate for 2026 expected between 17%-18%.
LEQEMBI in-market sales vs. Biogen revenue share
Key pipeline assets for post-2026 revenue growth
How sustainable are Fit for Growth cost savings?
LEQEMBI IQLIK full reimbursement timeline
Biogen top-line growth return timeline
Early-stage pipeline strategy: new focus areas
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Next Biogen earnings date
Q1 202630 Apr, 2026
Biogen
Next Biogen earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Developing Breakthrough Medications
Biogen is a multinational biotechnology company operating in the field of discovery, development, and sale of various. The company was established in 1978 and is based in Cambridge, Massachusetts. Over the years, Biogen has emerged as a key player in the biotech sector, specifically in neurology, with several therapies targeting multiple sclerosis (MS) and spinal muscular atrophy (SMA). Beyond neurology, their portfolio spans therapies for conditions such as hemophilia and other rare disorders.
Decades of Experience
Founded in 1978, Biogen stands as one of the world's oldest independent biotechnology companies. Its roots trace back to a group of scientists who recognized the potential of biotechnology to produce breakthrough medicines. In addition to its offerings of medications currently on the market, the company has consistently invested in research and development, leading to numerous innovations in the biotechnology sector. Biogen has consistently been able to develop marketable medications that make a positive impact on patient health. The company has expanded through a combination of organic growth as well as through collaborations and acquisitions over the years.
The Portfolio
Biogen has a vast therapeutic portfolio of various medications. The company has developed a range of therapies over the years, with several being first-of-their-kind or best-in-class. A standout is their focus on neurology, particularly in multiple sclerosis. Products like TECFIDERA and AVONEX have been game-changers in the MS treatment landscape. Additionally, SPINRAZA, designed for spinal muscular atrophy, is another prime example of Biogen's novel treatments addressing severe medical conditions. The company is also constantly working on developing new drugs
A Global Company
The company has a significant global presence, spanning countries across multiple continents. Their expansive distribution network ensures that their therapies are accessible to patients around the world. This is nothing unique for this type of company and the world's largest biotechnology companies and medication producers such as Pfizer, Eli Lilly, and Amgen, to mention a few, all operate on a global scale.
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