Biogen Leans Heavily Onto One Drug In Fourth-Quarter Beat | Investor's Business DailyBREAKING: [Dow Leads Stocks Higher As Nvidia, Goldman Sachs Rally]---Biogen (BIIB) narrowly topped Wall Street's fourth- quarter expectations Friday, thanks to far better-than-expected sales of multiple sclerosis treatment Tysabri. But Tysabri's victory lap could be short-lived. In November, Sandoz launched its generic version of the multiple sclerosis drug in the U.S. Biosimilars have existed in Europe for years and Tysabr ...

Financial Data and Key Metrics Changes - The company reported a strong fourth quarter and full-year performance, with non-GAAP diluted EPS of $1.99 for Q4 and $15.28 for the full year 2025, exceeding expectations [26][35] - Total revenue for the full year 2025 was $9.9 billion, up 2% compared to 2024, with growth products generating $3.3 billion, a 19% increase [4][28] - Free cash flow for the year was $2.1 billion, with cash and marketable securities totaling $4.2 billion at year-end [28][33] Business Line Data and Key Metrics Changes - Growth products generated over $800 million in Q4 2025, up 6% year-over-year, and $3.3 billion for the full year, up 9% [27] - Leqembi saw fourth quarter in-market sales of approximately $134 million, up 10% sequentially and 54% year-over-year [29] - Spinraza revenue in Q4 was $356 million, with U.S. revenue of $169 million, showing resilience despite a competitive market [30] Market Data and Key Metrics Changes - The U.S. MS business generated total revenue of $9.9 billion for the full year 2025, reflecting a 2% increase from 2024 [28] - Leqembi maintained over 60% market share in the anti-amyloid therapy market, indicating strong competitive positioning [8] - The market for anti-amyloid therapy has more than doubled, with increasing physician reports of patient benefits [11] Company Strategy and Development Direction - The company is focusing on growth through new medicines, with a pipeline that includes several first-in-class treatments [12][22] - Strategic investments are being made in pre-launch activities for lupus and nephrology products, with a focus on maintaining financial discipline [34][35] - The company aims to build a bridge to growth by expanding its early-stage pipeline and pursuing business development opportunities [19][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future growth of the company, particularly with expected approvals for key products like Leqembi and Litifilimab [18][25] - The company anticipates a decline in total revenue by a mid-single-digit percentage for 2026, primarily due to competitive pressures in the MS market [36] - Management highlighted the importance of upcoming phase 3 data readouts for Litifilimab and Felzartamab, which could significantly impact future growth [19][25] Other Important Information - The company has secured priority review for Leqembi and received breakthrough therapy designation for Litifilimab, indicating strong external recognition of its pipeline [21][24] - The company is actively pursuing collaborations and business development opportunities to enhance its pipeline and market position [6][8] Q&A Session Summary Question: Can you walk us through the cadence of Leqembi sales growth this year? - Management indicated a persistency rate of about 70% for patients transitioning to maintenance therapy, with expectations for continued sequential growth [39][40] Question: When do you think Biogen's top line could return to growth? - Management noted that growth products have outstripped declines in the MS portfolio, but positive phase 3 results and potential acquisitions are crucial for returning to growth [45][46] Question: How important is the upcoming BIIB080 data? - Management emphasized the significance of the data, noting that the neurology community is closely watching the potential impact of tau reduction on cognition [52][53] Question: What is the conviction level for Litifilimab's phase 3 trials? - Management expressed high conviction in Litifilimab due to its targeting of the BDCA2 pathway and previous positive data from earlier studies [63][64] Question: How important is it to hit the eGFR endpoint for Felzartamab? - Management acknowledged the importance of the eGFR endpoint while focusing on the primary endpoint, with ongoing evaluations for broader applications in other transplants [68][70]

Financial Data and Key Metrics Changes - The company reported a strong fourth quarter and full-year performance, with non-GAAP diluted EPS of $1.99 for Q4 2025 and $15.28 for the full year, exceeding expectations [28] - Total revenue for the full year 2025 was $9.9 billion, reflecting a 2% increase compared to 2024 [29] - Free cash flow for the year was $2.1 billion, with cash and marketable securities totaling $4.2 billion at year-end [35] Business Line Data and Key Metrics Changes - Growth products generated $3.3 billion in fiscal 2025, up 19%, with Leqembi contributing approximately $134 million in Q4, marking a 54% increase year-over-year [5][30] - Spinraza revenue for Q4 was $356 million, with U.S. revenue at $169 million, while full-year revenue decreased by 2% [31] - Vumerity generated $181 million in Q4, with a 19% year-over-year growth for the full year [31] Market Data and Key Metrics Changes - Leqembi maintained over 60% market share in the anti-amyloid therapy market, with steady growth in both U.S. and international markets [9] - The market for anti-amyloid therapy has more than doubled, indicating a growing acceptance and demand for these treatments [12] Company Strategy and Development Direction - The company is focusing on expanding its pipeline, with several key readouts expected in 2026, including litifilimab for lupus and felzartamab for AMR [20][27] - Strategic investments are being made in pre-launch activities to support the lupus and nephrology portfolio, aiming for successful product launches [36] - The company is actively seeking business development opportunities to enhance its pipeline, particularly looking for acquisitions in the $5 billion range [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of new products, anticipating that growth products will offset declines in legacy franchises [46] - The company expects full-year non-GAAP diluted EPS for 2026 to be between $15.25 and $16.25, despite a projected mid-single-digit decline in total revenue [36][37] - Competitive pressures in the MS market are expected to impact revenue, but growth from new products is anticipated to mitigate these effects [37] Other Important Information - The company has transformed its late-stage pipeline to focus on high-scientific conviction programs with significant commercial potential [24] - The approval of high-dose Spinraza in the U.S. is anticipated in April 2026, which could positively impact the rare disease business [75] Q&A Session Summary Question: Can you walk us through the cadence of Leqembi sales growth this year? - Management indicated that there is a persistency of about 70% for patients transitioning to maintenance therapy, with expectations for continued sequential growth [41] Question: When do you think Biogen's top line could return to growth? - Management noted that growth products have outpaced declines in the MS portfolio, and positive phase III results from upcoming trials could lead to product launches in 2028 [48] Question: How important is the eGFR endpoint for felzartamab? - Management acknowledged the importance of the eGFR endpoint and indicated ongoing evaluation of the impact of addressing CD38 autoantibodies in other transplants [71] Question: What could high-dose Spinraza approval do for top-line growth in 2026? - Management expressed optimism about the initial results from Japan and the potential for increased efficacy and adoption in the U.S. market [75]

Financial Data and Key Metrics Changes - The company reported a strong fourth quarter, finishing slightly above the upper end of its guidance with a non-GAAP diluted EPS of $1.99 for Q4 2025 and $15.28 for the full year 2025, reflecting robust financial performance [27][28] - Total revenue for the full year 2025 was $9.9 billion, up 2% compared to 2024, with growth products generating $3.3 billion, a 19% increase [4][28] - Free cash flow for the year was $2.1 billion, with cash and marketable securities totaling $4.2 billion at year-end [28][33] Business Line Data and Key Metrics Changes - Growth products generated over $800 million in Q4 2025, up 6% year-over-year, and $3.3 billion for the full year, up 9% [28] - Leqembi saw fourth quarter in-market sales of approximately $134 million, up 10% sequentially and 54% year-over-year [29] - Spinraza revenue in Q4 was $356 million, with U.S. revenue at $169 million, demonstrating resilience despite a competitive market [30] Market Data and Key Metrics Changes - Leqembi maintained over 60% market share in the anti-amyloid therapy market, with a strong demand growth trajectory [7] - The market for anti-amyloid therapy has more than doubled, indicating a growing acceptance and utilization of these therapies [11] - The company is seeing increased use of blood-based diagnostics, which has improved patient eligibility for treatment [11] Company Strategy and Development Direction - The company is focused on growing its pipeline with new collaborations and acquisitions, including the acquisition of Alcyone Therapeutics to enhance patient experience [6][7] - The strategic emphasis is on launching new medicines and expanding the early-stage pipeline, with a goal to build a bridge to growth [12][23] - The company aims to maintain a strong balance sheet while investing in pre-launch activities for its lupus and nephrology portfolio [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future growth of its products, particularly with expected approvals for key therapies like Litifilimab and Spinraza [18][34] - The company anticipates a decline in total revenue by a mid-single-digit percentage for 2026, primarily due to competitive pressures in the MS market [35] - Management highlighted the importance of upcoming phase 3 data readouts and the potential for new product launches to drive future growth [47][49] Other Important Information - The company has transformed its development pipeline to focus on high-scientific conviction programs with significant commercial potential [23][24] - The company is preparing for multiple key data readouts in the next 18 months, which are expected to drive momentum in its pipeline [20][25] Q&A Session Summary Question: Can you walk us through the cadence of Leqembi sales growth this year? - Management indicated a persistency rate of about 70% for patients transitioning to maintenance therapy, with expectations for continued sequential growth [38][39] Question: When do you think Biogen's top line could return to growth? - Management noted that growth products have outstripped declines in the MS portfolio, but positive phase 3 results and potential acquisitions are crucial for returning to growth [45][47] Question: How important is the eGFR endpoint for Felzartamab? - Management emphasized the importance of the eGFR endpoint while also focusing on the primary endpoint, with ongoing evaluations for other transplant indications [68][70] Question: What impact could high-dose Spinraza approval have on top-line growth? - Management expressed optimism about the potential for increased sales from high-dose Spinraza, particularly in the context of efficacy versus convenience [74][76]

Core Insights - Biogen reported a financial loss due to a significant decline in revenue from its primary multiple sclerosis treatments, indicating challenges in its core business operations [1] Company Performance - The company experienced a double-digit percentage decline in revenue from its multiple sclerosis treatments, which are crucial to its financial health [1]

Core Insights - Neuroscience has historically been viewed as a high-risk area in pharmaceutical R&D, particularly for conditions like Alzheimer's disease and schizophrenia, due to complex pathophysiological mechanisms leading to high failure rates [1] - Recently, there has been a notable shift as the neuroscience sector is gaining momentum, driven by commercial success in Alzheimer's treatments and advancements in technologies such as small molecules, RNAi, cell therapy, and AI [1][6] - The combination of technological breakthroughs and market confidence is prompting multinational corporations (MNCs) to engage in mergers, acquisitions, and collaborations, signaling a potential "gold rush" in neuroscience [1] Industry Trends - The number of clinical trials and transactions in the neuroscience field is increasing, with 138 new drugs currently undergoing 182 clinical trials for Alzheimer's disease, marking a 9% increase from 2024 [2] - Over the past five years, more than 200 new clinical trials have been initiated for Alzheimer's disease, depression, and Parkinson's disease, indicating a growing interest in these areas [5] Market Developments - Confidence in the sector is rising, particularly due to breakthroughs in Alzheimer's treatments, such as Biogen's Leqembi, which achieved sales of $214 million in 2024 and $121 million in Q3 2025, reflecting an 82% year-over-year increase [6] - The approval of diagnostic methods, such as the Elecsys® pTau181 blood test by Roche and Eli Lilly, is enhancing the efficiency of Alzheimer's diagnosis and treatment [7] Technological Innovations - Emerging technologies like brain-computer interfaces and brain stimulation devices are becoming part of the investment narrative in neuroscience, with companies like Neuralink and Synchron conducting human clinical trials [8] - Advances in biomarkers and imaging agents are improving patient stratification in drug development, enhancing predictability of treatment efficacy [8] Policy Support - Significant government investments in brain science initiatives, such as the U.S. "Brain Initiative" with over $4 billion funding from 2014 to 2023, and China's brain plan with a budget exceeding 5 billion yuan, are fostering growth in the sector [8] Treatment Paradigms - The treatment landscape for Alzheimer's is evolving, with new therapies targeting Tau proteins gaining prominence over traditional Aβ-targeting approaches [9] - Innovations in drug delivery methods, such as brain-penetrating antibodies and RNAi technologies, are redefining treatment boundaries in neuroscience [11][12] Conclusion - After decades of exploration, the neuroscience field is experiencing unprecedented research intensity and commercialization, marking the onset of a new "gold rush" in the industry [13]

February 6, 2026 Q4 AND FULL YEAR 2025 FINANCIAL RESULTS AND BUSINESS UPDATE FORWARD-LOOKING STATEMENTS This presentation and discussions during this conference call contain forward-looking statements, relating to: our strategy and plans; potential of, and expectations for, our commercial business and pipeline programs; capital allocation and investment strategy; clinical development programs, clinical trials, and data readouts and presentations; regulatory discussions, submissions, filings, and approvals; ...

分组1 - Biogen Inc. reported quarterly earnings of $1.99 per share, exceeding the Zacks Consensus Estimate of $1.61 per share, but down from $3.44 per share a year ago, representing an earnings surprise of +23.40% [1] - The company posted revenues of $2.28 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.06%, compared to $2.45 billion in revenues a year ago [2] - Biogen has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times during the same period [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call, with Biogen shares up about 5.3% since the beginning of the year, while the S&P 500 has declined by 0.7% [3] - The current consensus EPS estimate for the coming quarter is $3.48 on revenues of $2.28 billion, and for the current fiscal year, it is $14.84 on revenues of $9.32 billion [7] - The Medical - Biomedical and Genetics industry, to which Biogen belongs, is currently in the top 37% of Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

1. 2月6日(周五)美股盘前，美股三大股指期货均转涨。截至发稿，纳指期货现涨0.51%，标普500指数期货涨0.52%，道指期货涨0.60%，此 前纳指期货一度跌超1.6%。 3. 截至发稿，WTI原油涨1.39%，报71.99美元/桶。布伦特原油涨1.34%，报75.66美元/桶。 | ■ WTI原油 | 2026年3月 | 63.02 | 64.58 | 62.32 | -0.27 | -0.43% | | --- | --- | --- | --- | --- | --- | --- | | 謡 伦敦布伦特原油 | 2026年4月 | 67.37 | 68.82 | 66.87 | -0.18 | -0.27% | 市场消息 今夜无非农，下周"双炸弹"。受此前美国政府停摆影响，美国1月非农报告推迟至2月11日(下周三)21:30公布，1月CPI报告推迟至2月13日 (下周五)21:30公布。双重重磅数据或将引发新一轮市场动荡。 美股常胜策略突然失效!动量交易遭遇历史性回撤：资金从科技撤离，价值股成新宠。多年来，在股市中追涨动量一直是常胜策略，然而 这一策略在过去一周却突然失效。此次动量策略的崩塌，是美 ...

Core Viewpoint - Biogen (BIIB.US) reported its Q4 2025 earnings and future outlook, indicating that cost-cutting measures are mitigating the impact of declining sales in its multiple sclerosis (MS) business, with 2026 profit projections exceeding Wall Street expectations [1][2] Financial Performance - Q4 2025 total revenue was approximately $2.3 billion, a slight year-over-year decline of 7%, while adjusted EPS was $1.99, both exceeding Wall Street forecasts [1][2] - For the full year 2025, total revenue was $9.891 billion, reflecting a 2% year-over-year increase, with adjusted EPS at $15.28, down 7% year-over-year, but still above analyst expectations [2] Product Performance - Sales of the drugs Skyclarys and Spinraza fell short of analyst expectations, with Spinraza affected by shipping delays outside the U.S. [1] - Leqembi, a new Alzheimer's treatment, generated approximately $134 million in Q4 2025, showing a sequential increase from $121 million in the previous quarter, but still facing growth constraints due to systemic bottlenecks [2][4] Strategic Initiatives - The company is focusing on reducing reliance on its neuroscience portfolio by acquiring Reata to enhance its rare disease offerings and shifting R&D focus towards immunology [3][5] - Cost discipline has been emphasized, with significant job cuts and reductions in spending since the current CEO took office over three years ago [4] Regulatory Developments - The FDA is expected to make a decision on a higher dose of Spinraza by April 2026, which has been approved in Japan and Europe [6] - Biogen is also awaiting key trial data for a new Alzheimer's drug and a lupus treatment, which could further diversify its product pipeline [6]