Q1 25 EPS
$3.02
MISS 0.72%
Est. $3.04
Q1 25 Revenue
$2.43B
BEAT +8.80%
Est. $2.23B
vs S&P Since Q1 25
+21.5%
BEATING MARKET
BIIB +50.5% vs S&P +29.0%
Market Reaction
Did BIIB Beat Earnings? Q1 2025 Results
Biogen posted a mixed but ultimately encouraging first quarter for 2025, with a top-line beat obscuring a narrow earnings miss as the company's strategic pivot toward rare disease continued to reshape its revenue profile. Total revenue climbed 6.1% y… Read more Biogen posted a mixed but ultimately encouraging first quarter for 2025, with a top-line beat obscuring a narrow earnings miss as the company's strategic pivot toward rare disease continued to reshape its revenue profile. Total revenue climbed 6.1% year-over-year to $2.43 billion, well ahead of the $2.23 billion consensus, while non-GAAP diluted EPS of $3.02 fell just short of the $3.04 estimate, weighed down by a roughly $0.95 per-share headwind from a $165 million upfront payment to Stoke Therapeutics for a collaboration on zorevunersen. Rare disease revenue surged 33% to $563 million, underscoring how meaningfully the business has diversified, with nearly 45% of product revenue now generated outside the legacy multiple sclerosis franchise, which itself declined 11% to $953 million. LEQEMBI global in-market sales reached approximately $96 million, aided by a European approval during the quarter. Looking ahead, Biogen trimmed its full-year non-GAAP EPS guidance to $14.50 to $15.50, reflecting the Stoke payment, though management noted the company's substantial U.S. Manufacturing presence offers meaningful insulation from tariff headwinds.
Key Takeaways
- • Portfolio transformation with ~45% of total product revenue from medicines outside MS business
- • Rare disease revenue growth of 33% YoY driven by SPINRAZA shipment timing and SKYCLARYS demand growth
- • Contract manufacturing, royalty and other revenue growth of 61% YoY
- • Fit for Growth initiative generating R&D and SG&A savings
- • LEQEMBI continued sequential growth with global in-market sales of ~$96 million
- • Product mix shift partially offset by launch product revenue growth
BIIB YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
BIIB Revenue by Segment
With YoY comparisons, source: SEC Filings
BIIB Revenue by Geography
With YoY comparisons, source: SEC Filings
“Biogen delivered strong first-quarter results, supporting our strategy for long-term growth. We are encouraged by the transformation in our commercial product portfolio, with approximately 45% of total product revenue in the first quarter derived from important medicines outside of our MS business.”
— Christopher A. Viehbacher, Q1 2025 Earnings Press Release
BIIB Earnings Trends
BIIB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BIIB EPS Trend
Earnings per share: estimate vs actual
BIIB Revenue Trend
Quarterly revenue: estimate vs actual
BIIB Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.57 | — | $2.48B | +10.22% |
| Q4 25 BEAT FY | $1.61 | $1.99 | +23.60% | $2.28B | -0.60% |
| FY Full Year | $15.02 | $15.28 | +1.70% | $9.89B | +0.67% |
| Q3 25 BEAT | $3.88 | $4.81 | +23.88% | $2.53B | +8.20% |
| Q2 25 BEAT | $3.87 | $5.47 | +41.31% | $2.65B | +13.90% |
| Q1 25 MISS | $3.04 | $3.02 | -0.72% | $2.43B | +8.80% |