Biogen (BIIB) Q4 2025 earnings summary

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%.