Biogen(US:BIIB) 美股IPO·2026-02-07 00:35Core Viewpoint - Biogen's forecast for 2026 profits exceeds Wall Street's average expectations, indicating that significant cost-cutting measures are mitigating the impact of declining sales from its multiple sclerosis (MS) products [1][3]. Financial Performance - Biogen reported Q4 2025 total revenue of approximately $2.279 billion, a year-over-year decline of 7%, but still above Wall Street expectations. Adjusted earnings per share (EPS) were $1.99, also exceeding analyst forecasts [4]. - For the full year 2025, total revenue reached $9.891 billion, reflecting a 2% year-over-year increase, with adjusted EPS at $15.28, down 7% year-over-year, both surpassing Wall Street expectations [4]. - The company anticipates a mid-single-digit percentage decline in overall revenue for 2026, continuing the operational pressure on its MS treatment business [3][4]. Product Performance and Pipeline - The revenue from new drugs, particularly Leqembi, is crucial for Biogen's growth. In 2025, combined revenue from Leqembi, Skyclarys, Zurzuvae, and Qalsody approached $1 billion [4]. - Leqembi's sales in Q4 2025 were approximately $134 million, up from $121 million in the previous quarter, but growth is constrained by systemic bottlenecks in the healthcare system [5][7]. - Biogen is focusing on reducing reliance on neuroscience by enhancing its rare disease portfolio through acquisitions and shifting research emphasis towards immunology [6][9]. Strategic Initiatives - CEO Chris Viehbacher has implemented strict cost discipline, including job cuts and the removal of certain drugs from the development pipeline, to support new product growth [7]. - The company is seeking FDA approval for a subcutaneous administration of Leqembi, which could improve accessibility and differentiate it from competitors [9]. - Biogen is also awaiting key trial data for several experimental drugs, including a new Alzheimer's treatment and litifilimab for lupus, which could further diversify its product offerings [10].