Biogen Inc. (NASDAQ:BIIB) on Friday reported better-than-expected fourth-quarter earnings, with adjusted EPS of $1.99, beating the consensus of $1.59.
The Alzheimer's drug maker reported revenues of $2.28 billion, beating the consensus of $2.20 billion, down 7% on a reported and constant currency basis.
Drugs Performance
Biogen on Friday said fiscal 2025 revenue from growth products increased 19% year-over-year and offset the year-over-year revenue decline from multiple sclerosis products, excluding Vumerity.
Leqembi (Alzheimer's drug) collaboration revenue was $47 million, with in-market sales of around $134 million, up 54%, booked by Eisai. U.S. in-market sales of approximately $78 million, representing continued growth.
Multiple sclerosis revenue of $917 million decreased by 14% (down 15% on constant currency). Sales of the multiple sclerosis drug Tysabri were down to $397.5 million from $415.4 million.
Rare disease revenue decreased 4% year over year (-4% on constant currency) to $514.6 million. Spinraza's revenue decreased to $356.2 million from $421.4 million a year ago.
Spinraza's fourth quarter revenue declined 15% year-over-year, impacted by the timing of shipments outside the U.S., with full year revenue down 2% year-over-year.
Revenues from Skyclarys (Friedreich's ataxia drug), acquired via the Reata acquisition, reached $133.4 million during the quarter, up from $102.2 million a year ago.
Skyclarys grew global patients on therapy by approximately 30% in 2025; the fourth quarter U.S. revenue of approximately $89 million was driven by demand growth, with ex-U.S. revenue of approximately $44 million
reflecting continued demand growth, also impacted by a one-time reimbursement true-up.
Zurzuvae's (postpartum depression drug) fourth quarter revenue of approximately $66 million showed strong continued demand growth. Vumerity grew 3% year-over-year in the fourth quarter to $181.1 million.
"Our 2025 performance reflected continued focus on strong execution and financial discipline, driven by our revenue of nearly $1 billion from LEQEMBI, SKYCLARYS, ZURZUVAE, and QALSODY, progression of our pipeline, and resilience of our MS franchise," commented Christopher Viehbacher, President and CEO.
Outlook
Biogen expects fiscal 2026 earnings between $15.25 and $16.25 per share, versus the consensus of $14.92.
The company expects revenue to decline by mid-single digits compared to 2025, as further declines in Multiple sclerosis product revenue, excluding Vumerity, are expected to be partially offset by increases in revenue from growth
products.
Biogen forecasts Multiple sclerosis product revenue, excluding Vumerity, to decline by a mid-teen percentage versus fiscal 2025.
Biosimilars are expected to continue to decline by low double-digit percentages.
The company expects roughly $300 million in each of the first and second halves of 2026 in contract manufacturing revenues.
BIIB Price Action: Biogen shares were up 4.28% at $193.29 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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