Core Insights - Biogen reported fourth-quarter 2025 adjusted EPS of $1.99, exceeding the Zacks Consensus Estimate of $1.61, despite a 42% year-over-year decline in earnings [2][10] - Total revenues for the quarter were $2.28 billion, down 7% year over year, but above the Zacks Consensus Estimate of $2.21 billion, driven by weak sales of key drugs [3][10] Revenue Breakdown - Product sales decreased to $1.67 billion, a 9% decline year over year [4] - Revenues from anti-CD20 therapeutic programs increased by 12% to $521 million, including royalties from Roche's Ocrevus and Biogen's share of other drugs [4] - Contract manufacturing and royalty revenues fell 66% to $44 million, while Alzheimer's collaboration revenues rose to $47 million from $27 million year-over-year [5][6] Multiple Sclerosis (MS) Drug Performance - MS revenues totaled $917 million, down 14% year over year, impacted by generic competition for Tecfidera [7] - Tecfidera sales plummeted 51% to approximately $112 million, missing estimates, while Tysabri sales fell 4% to $397.5 million, beating estimates [8] - Vumerity sales increased by 3% to $181 million, but also missed estimates [7] Rare Disease Drug Performance - Spinraza sales declined over 15% to $356 million, missing estimates [9] - Skyclarys generated over $133 million in sales, up nearly 31% year over year, driven by demand growth [11] - Qalsody added $25 million in sales compared to $12 million in the previous year [11] Cost and Expense Management - Adjusted R&D expenses decreased by 6% to $478 million due to cost-saving initiatives [14] - Adjusted SG&A expenses rose 1% to $678 million, reflecting higher costs for new product launches [14] 2025 Financial Performance - Biogen's total revenues for 2025 reached $9.89 billion, surpassing estimates and showing a 2% year-over-year increase [15] - Earnings per share were $15.28, down 7% year over year, but above estimates [15] 2026 Guidance - Total revenues are expected to decline by a mid-single-digit percentage in constant currency terms, with adjusted EPS projected between $15.25 and $16.25, above consensus estimates [16] - Gross margin is expected to remain flat, with R&D and SG&A costs anticipated to be consistent year over year [17] Market Outlook - Despite challenges in the MS franchise and declining Spinraza sales, newer therapies like Leqembi, Skyclarys, and Zurzuvae are gaining traction [18][21] - The company is focused on building a multi-franchise portfolio through internal development and collaborations, with key pipeline products having a peak revenue potential of $14 billion [21][22]

Core Insights - Biogen Inc. has a market capitalization of $24.6 billion and specializes in therapies for neurological and neurodegenerative diseases, with a portfolio that includes multiple sclerosis treatments and biosimilars [1] Stock Performance - Over the past 52 weeks, Biogen's stock has risen by 1.6%, underperforming the S&P 500 Index, which gained 13.2% during the same period [2] - Year-to-date, Biogen shares have returned 9.6%, compared to a 14.5% increase in the S&P 500 Index [2] - Biogen has also lagged behind the Health Care Select Sector SPDR Fund, which gained 5.1% over the past 52 weeks [3] Financial Performance - On October 30, Biogen's shares rose by 1.2% after the company reported Q3 2025 adjusted earnings of $4.81 per share, exceeding Wall Street estimates [4] - The company reported stronger-than-expected sales of multiple sclerosis drugs at $1.06 billion, an 80% increase in global Leqembi sales to approximately $121 million, and an 8% growth in its rare-disease portfolio to $533 million [4] Earnings Forecast - For the fiscal year ending December 2025, analysts expect Biogen's adjusted EPS to decline by 9.5% year-over-year to $14.90 [5] - Biogen has a mixed earnings surprise history, having topped consensus estimates in three of the last four quarters [5] Analyst Ratings - Among 33 analysts covering Biogen, the consensus rating is a "Moderate Buy," consisting of 14 "Strong Buy" ratings, one "Moderate Buy," and 18 "Holds" [5] - The current configuration of ratings is more bullish than three months ago, with 12 "Strong Buy" ratings [6] Price Target - On October 31, Baird reduced its price target for Biogen to $250 while maintaining an "Outperform" rating [7] - The mean price target of $176.07 indicates a 5.1% premium to Biogen's current price, while the highest price target of $260 suggests a potential upside of 55.2% [7]

Company Overview - Biogen Inc. has a market cap of $21.8 billion and specializes in therapies for neurological and neurodegenerative diseases, including multiple sclerosis and spinal muscular atrophy treatments [1] - The company is classified as a "large-cap" stock, valued at $10 billion or more, and is advancing treatments in Alzheimer's disease and other neurological disorders through strategic collaborations and innovation [2] Stock Performance - Biogen's shares have declined 28.3% from its 52-week high of $204.18, while the stock has risen nearly 11% over the past three months, underperforming the Nasdaq Composite's 12.6% increase [3] - Year-to-date, BIIB stock is down nearly 4%, lagging behind the Nasdaq's 14.7% gain, and has decreased 25.8% over the past 52 weeks compared to the Nasdaq's over 26% return [4] Financial Results - On July 31, Biogen reported Q2 2025 adjusted EPS of $5.47 and revenues of $2.65 billion, both exceeding expectations, driven by stronger sales of MS drugs like Vumerity and Tysabri [5] - Management raised its full-year adjusted EPS guidance to $15.50 - $16, indicating a more optimistic outlook for 2025 [5] Analyst Sentiment - Despite the stock's underperformance, analysts maintain a moderately optimistic view on Biogen, with a consensus rating of "Moderate Buy" from 34 analysts and a mean price target of $170.24, representing a 16.5% premium to current levels [6]

Core Viewpoint - Biogen reported first-quarter 2025 adjusted earnings per share (EPS) of $3.02, missing the Zacks Consensus Estimate of $3.32, with an 18% year-over-year decline in earnings due to a $165 million upfront payment to Stoke Therapeutics for a collaboration agreement [1][2][19] Financial Performance - Total revenues for Q1 2025 were $2.43 billion, reflecting a 6% year-over-year increase on a reported basis and an 8% increase on a constant-currency basis, surpassing the Zacks Consensus Estimate of $2.23 billion [2] - Total product sales reached $1.73 billion, up 1% year over year on a reported basis and 3% on a constant-currency basis [4] - Contract manufacturing and royalty revenues surged 61% year over year to $293 million, while Alzheimer's collaboration revenues increased to $33 million from $3 million in the prior year [5][6] Product Sales Breakdown - Multiple sclerosis (MS) revenues totaled $953 million, down 11% on a reported basis due to generic competition for Tecfidera [9] - Sales of Spinraza rose 24.2% to $423.9 million, exceeding the Zacks Consensus Estimate of $365 million [12] - New drug Qalsody for ALS recorded sales of $15.5 million, while Zurzuvae for postpartum depression generated $28 million in sales, reflecting a 21.7% sequential increase [13][14] Cost and Guidance - Adjusted R&D expenses decreased 3% year over year to $427 million, while adjusted SG&A expenses rose 1% to $572 million [16] - The company reaffirmed its total revenue guidance for 2025, expecting a mid-single-digit percentage decline in constant currency terms compared to 2024, and lowered its adjusted EPS guidance to a range of $14.50 to $15.50 [18][19] Market Performance - Year to date, Biogen's shares have declined 20.9%, compared to a 3.3% decrease in the industry [3]