BIIB Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Biogen delivered a mixed but fundamentally encouraging fourth quarter, posting non-GAAP diluted EPS of $1.99 against a $1.61 consensus estimate, a 23.60% beat driven largely by disciplined cost management under the company's Fit for Growth initiative… Read more Biogen delivered a mixed but fundamentally encouraging fourth quarter, posting non-GAAP diluted EPS of $1.99 against a $1.61 consensus estimate, a 23.60% beat driven largely by disciplined cost management under the company's Fit for Growth initiative, even as revenue of $2.28 billion fell fractionally short of the $2.29 billion estimate and declined 7.10% year-over-year. The headline profit figure masked considerable complexity beneath the surface: GAAP results reflected a net loss of $48.90 million, weighed down by $131.00 million in litigation charges and $222.00 million in acquired IPR&D and milestone expenses, while the legacy multiple sclerosis franchise continued its structural retreat with MS product revenue of $917.00 million declining 14% in the quarter. The more forward-looking story belongs to growth products, where LEQEMBI's global in-market sales climbed 54% year-over-year to roughly $134.00 million and SKYCLARYS and ZURZUVAE added meaningful momentum. Looking ahead, Biogen guided for full-year 2026 non-GAAP EPS of $15.25 to $16.25, though it also projected a mid-single digit revenue decline as MS erosion continues to pressure the top line, a dynamic familiar to large-cap biopharma peers navigating franchise transitions.