Biogen Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
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 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.
- 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
“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.”
Biogen CEO, on the earnings call
Forward Guidance & Outlook
Biogen updated full year 2025 guidance: Non-GAAP diluted EPS is expected between $14.50 and $15.00, reflecting a $0.25 benefit from a stronger business outlook offset by an expected approximately ($1.25) EPS impact from acquired IPR&D expense related to Q4 business development transactions. The revised underlying business outlook (before BD impact) is $15.75 to $16.25, up from prior guidance of $15.50 to $16.00. Total revenue is now expected to be approximately flat to increasing 1% at constant currency versus full year 2024, upgraded from approximately flat previously. The company expects increased competitive pressures on ex-U.S. MS business in Q4 2025, particularly for TECFIDERA in Europe. Contract manufacturing revenue in Q4 2025 is expected between $10 million and $20 million. Combined Non-GAAP R&D and SG&A expense is expected to total approximately $1.1 billion in Q4 2025. The Fit for Growth program is expected to generate approximately $1 billion gross savings and $800 million net of reinvestment by end of 2025. The company does not expect material impact from potential tariffs.
BIIB YoY Financials
BIIB Revenue by Segment
BIIB Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.