5 Insightful Analyst Questions From Biogen's Q3 Earnings Call

Biogen’s third quarter results came in ahead of Wall Street’s revenue and profit expectations, driven by robust performance from recently launched products and continued strength in its multiple sclerosis portfolio. Management attributed much of the growth to LEQEMBI, SKYCLARYS, and ZURZUVAE, which together posted significant year-on-year gains. CEO Christopher Viehbacher highlighted that “launch products again in this quarter, and if I look at this year-to-date as well, more than have offset the MS decline on a year-to-date basis.” Despite generic pressures in Europe, particularly for the MS franchise, the company’s ability to grow new products and maintain cost discipline supported an improved operating margin.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Biogen’s Q3 Earnings Call

• Umer Raffat (Evercore): Asked about the potential commercial impact of the EVOKE trial on the LEQEMBI franchise and whether Biogen would need to consider collaborations for new treatment approaches. CEO Christopher Viehbacher said outcomes could expand primary care use but noted the company is evaluating its options as data emerge.
• Evan Seigerman (BMO Capital Markets): Inquired about how Biogen’s renewed focus on immunology could drive growth. Viehbacher stated that the company’s MS experience is directly applicable to new immunology indications, and emphasized the long-term opportunity to build a broader portfolio.
• Salveen Richter (Goldman Sachs): Questioned confidence in the late-stage pipeline and the rationale for early-stage business development. Viehbacher cited strong Phase II data for assets like felzartamab and a more disciplined progression from “moonshots” to derisked late-stage programs.
• Brian Abrahams (RBC Capital Markets): Sought details on early uptake and access for the LEQEMBI subcutaneous maintenance formulation. Alisha Alaimo, President and Head of North America, reported positive feedback and expects gradual but meaningful adoption as providers and payers adapt.
• Paul Matteis (Stifel): Asked about the challenges of commercializing treatments for asymptomatic Alzheimer’s patients, given diagnostic and capacity constraints. Alaimo explained that advances in blood-based biomarkers and streamlined care pathways should help increase diagnosis and treatment rates over time.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be monitoring (1) the pace of commercial adoption for LEQEMBI’s subcutaneous and at-home formulations, (2) progress on reimbursement and geographic expansion for SKYCLARYS and other launches, and (3) advancement of key Phase III pipeline programs, including litifilimab and BIIB080. Execution on cost management and the impact of generic pressures in Europe will also be important to track.

Biogen currently trades at $152.95, up from $148.19 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free for active Edge members).

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