Q3 25 EPS
$4.81
BEAT +23.88%
Est. $3.88
Q3 25 Revenue
$2.53B
BEAT +8.20%
Est. $2.34B
vs S&P Since Q3 25
+19.6%
BEATING MARKET
BIIB +25.6% vs S&P +6.0%
Market Reaction
Did BIIB Beat Earnings? Q3 2025 Results
Biogen delivered a standout third quarter for fiscal 2025, posting non-GAAP diluted EPS of $4.81, a 23.88% beat against the $3.88 consensus, while revenue of $2.53 billion topped estimates by 8.20% and grew 2.8% year over year, driven by a collective… Read more Biogen delivered a standout third quarter for fiscal 2025, posting non-GAAP diluted EPS of $4.81, a 23.88% beat against the $3.88 consensus, while revenue of $2.53 billion topped estimates by 8.20% and grew 2.8% year over year, driven by a collective 67% surge across its newer launches in Alzheimer's disease, rare disease, and postpartum depression. The clearest engine of that outperformance was LEQEMBI, the Alzheimer's therapy developed with Eisai, which generated approximately $121 million in global in-market sales, up 82% year over year, with momentum expected to accelerate following the October FDA approval of the subcutaneous at-home formulation LEQEMBI IQLIK. SKYCLARYS contributed approximately $133 million and ZURZUVAE approximately $55 million, while the resilient MS franchise and growing anti-CD20 royalties added ballast. Analysts have grown increasingly confident in Biogen's expanding immunology pipeline, which now includes an IRAK4 degrader and a newly licensed C5aR1 antagonist. Looking ahead, the company raised its full-year revenue outlook to approximately flat to up 1% at constant currency and guided non-GAAP EPS to $14.50 to $15.00, a range that absorbs roughly $1.25 per share in expected business development charges in the fourth quarter.
Key Takeaways
- • 67% year-over-year growth across launch products in Alzheimer's disease, rare disease, and postpartum depression
- • LEQEMBI global in-market sales grew 82% year-over-year to approximately $121 million
- • SKYCLARYS revenue grew 30% year-over-year to approximately $133 million
- • MS franchise resilience with 1% year-over-year growth despite generic TECFIDERA erosion in Europe
- • Anti-CD20 therapeutic program revenue grew 11% driven by OCREVUS royalties
- • Fit for Growth initiative driving cost savings and disciplined cost management
- • Favorable product mix reducing Non-GAAP cost of sales as percentage of revenue
BIIB YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
BIIB Revenue by Segment
With YoY comparisons, source: SEC Filings
BIIB Revenue by Geography
With YoY comparisons, source: SEC Filings
“We delivered another quarter of strong financial performance driven by continued commercial momentum in our launch products, resilience in our MS franchise and our ongoing focus on disciplined cost management. Looking ahead we are further advancing our new Biogen roadmap with a cadence of potentially registrational Phase 3 readouts beginning next year, including data now expected in 2026 from both SLE studies for litifilimab which are fully enrolled. We believe this execution on our strategic objectives, combined with our resilient business model and footprint, positions Biogen to deliver long-term sustainable growth.”
— Christopher A. Viehbacher, Q3 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% |