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]

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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-19311 BIOGEN INC. (Exact name of registrant as specified in its charter) Delaware 33-0112644 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identi ...

Core Viewpoint - Biogen's stock is rising despite a significant decline in multiple sclerosis revenue and ongoing challenges within its drug portfolio [1] Group 1: Financial Performance - Biogen reported fourth-quarter adjusted earnings and revenue that exceeded analysts' expectations [1] Group 2: Market Reaction - Investors are focusing on the positive earnings report while overlooking the declining sales and poor performance of most of Biogen's drug portfolio in the fourth quarter [1]

Growth products up 6% year-over-year in the fourth quarter demonstrating continued strong commercial execution 1 Continued to deliver progress across key late-stage pipeline programs Biogen Inc. (Nasdaq: BIIB) today reported fourth quarter and full year 2025 financial results. Press Release Cambridge, Mass. – February 6, 2026 Biogen reports strong fourth quarter and full year 2025 results and provides full year 2026 financial guidance Fourth quarter 2025 total revenue $2.3 billion; GAAP diluted EPS $(0.33); ...

Group 1 - Biogen forecasts 2026 profit exceeding Wall Street estimates, driven by demand for newer medicines and its Alzheimer's treatment Leqembi [1] - The company faces competition as older multiple sclerosis drugs encounter pressure from cheaper alternatives [1]