Core Insights - Biogen Inc. (NASDAQ:BIIB) is recognized as a strong investment opportunity by hedge funds, with multiple analysts raising their price targets following positive fiscal Q4 and full year 2025 results [1][2][3] Price Target Adjustments - Wedbush raised its price target for Biogen to $187 from $178 while maintaining a Neutral rating, highlighting the company's top- and bottom-line performance but noting the lack of revenue growth drivers [1] - RBC Capital increased its price target to $233 from $217, keeping an Outperform rating, citing stability and predictability in the company's performance and a solid foundation for future growth [2] - BMO Capital revised its price target to $196 from $165, maintaining a Market Perform rating after the fiscal Q4 earnings beat [3] Company Overview - Biogen is a global biopharmaceutical company focused on discovering, developing, and delivering therapies for serious diseases, including multiple sclerosis, spinal muscular atrophy, Alzheimer's disease, and amyotrophic lateral sclerosis [4] - The company's marketed product portfolio includes treatments for multiple sclerosis such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA, as well as SPINRAZA for spinal muscular atrophy and SKYCLARYS for Friedreich's Ataxia [4]

Core Viewpoint - Biogen Inc. reported stronger-than-expected fourth-quarter 2025 results, leading to a more than 3% increase in shares, and provided an optimistic profit outlook for 2026 [1] Financial Performance - Adjusted earnings per share for Q4 2025 were $1.99, exceeding the analyst consensus of $1.61 [1] - Revenue for the quarter was $2.28 billion, surpassing expectations of $2.21 billion, although it represented a 7% decline year over year [1] Growth Products - Growth products showed positive momentum, with revenue increasing by 6% year over year in the quarter [2] - Global in-market sales of LEQEMBI reached approximately $134 million, marking a 54% year-over-year increase [2] - ZURZUVAE generated about $66 million in revenue, indicating strong demand growth [2] - SKYCLARYS expanded its global patient base by roughly 30% in 2025 [2] 2026 Outlook - For fiscal 2026, Biogen forecasts adjusted earnings per share in the range of $15.25 to $16.25, above the analyst consensus of $14.92 [3] - The company anticipates total revenue to decline by a mid-single-digit percentage compared to 2025, with expected declines in multiple sclerosis products, excluding VUMERITY, partially offset by growth in newer therapies [3]

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; ...

January 12, 2026 DELIVERING THE NEW BIOGEN: THE NEXT CHAPTER OF INNOVATION AND GROWTH CHRISTOPHER A. VIEHBACHER PRESIDENT AND CHIEF EXECUTIVE OFFICER FORWARD-LOOKING STATEMENTS This presentation and discussions during this webcast 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 presentatio ...

Core Insights - Biogen Inc. is recognized as one of the best-performing pharmaceutical stocks in 2025, with multiple rating updates from various financial institutions [1][2][3] Group 1: Rating Updates - Truist raised the price target for Biogen Inc. to $190 from $142 while maintaining a Hold rating, indicating that fundamental views remain unchanged for 2025 [1] - Goldman Sachs increased the price target to $225 from $197, keeping a Buy rating, and expects continued momentum in 2026 due to improving fundamentals and market dynamics [2] - Mizuho raised the price target to $207 from $177 and maintained an Outperformed rating, suggesting a more favorable outlook for 2026 [3] Group 2: Company Overview - Biogen Inc. is a global biopharmaceutical company focused on discovering, developing, and delivering advanced therapies for serious diseases, including multiple sclerosis, spinal muscular atrophy, Alzheimer's disease, and amyotrophic lateral sclerosis [4] - The company's marketed product portfolio for multiple sclerosis includes TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA, along with SPINRAZA for spinal muscular atrophy and SKYCLARYS for Friedreich's Ataxia [4]

Core Viewpoint - The biopharma sector is expected to experience significant growth in 2026, driven by strong M&A activity and the resolution of drug-pricing concerns, with a focus on cardiometabolic, obesity, cardiovascular, and oncology drugs [1][2][3]. Industry Trends - M&A activity in the pharmaceutical sector has started strong in 2026, with expectations for increased activity due to major patent cliffs anticipated in 2028 and 2029 [3]. - The biopharma industry, particularly biotech, is poised for recovery after a challenging few years, with optimism surrounding the performance of pharma stocks [2]. Company Performance - Biogen Inc. (NASDAQ:BIIB) is highlighted as a top-performing pharma stock in 2025, with a 1-year performance of 20.95% and 59 hedge fund holders [8]. - AbbVie Inc. (NYSE:ABBV) also ranks among the best performers, achieving a 1-year performance of 26.15% with 93 hedge fund holders [13]. Analyst Ratings - Biogen Inc. received multiple rating updates on January 8, with price targets raised by Truist to $190, Goldman Sachs to $225, and Mizuho to $207, reflecting positive sentiment for 2026 [9][10][11]. - AbbVie Inc. was downgraded by Wolfe Research to Peer Perform, while UBS raised its price target to $240, indicating a balanced risk/reward outlook amid competitive pressures [13][15]. Company Profiles - Biogen Inc. specializes in therapies for serious diseases, including multiple sclerosis and Alzheimer's, with a diverse product portfolio [12]. - AbbVie Inc. focuses on chronic disease treatments across various therapeutic areas, including oncology and immunology [16].

Core Insights - Alkermes plc reported strong financial results for Q3 2025, with revenues of $394.2 million, a 4% increase from $378.1 million in Q3 2024 [3][4] - The company achieved a GAAP net income of $82.8 million, with diluted earnings per share of $0.49 [3][20] - Alkermes raised its financial expectations for 2025, indicating positive momentum in its business operations [2][7] Financial Performance - Total revenues for the nine months ended September 30, 2025, were $1,091.4 million, compared to $1,127.6 million for the same period in 2024 [3] - Proprietary net sales for Q3 2025 were $317.4 million, up from $273.0 million in Q3 2024, marking a 16% increase [3][5] - Key product sales included VIVITROL at $121.1 million (up 7%), ARISTADA at $98.1 million (up 16%), and LYBALVI at $98.2 million (up 32%) compared to Q3 2024 [3][5] Profitability Metrics - GAAP net income from continuing operations was $82.8 million for Q3 2025, down from $92.8 million in Q3 2024 [3][20] - Adjusted EBITDA for Q3 2025 was $121.5 million, compared to $134.3 million in Q3 2024 [3][21] - The company reported a total operating income of $89.1 million for Q3 2025, down from $104.8 million in Q3 2024 [3][20] Research and Development - Alkermes advanced its development pipeline, particularly in the orexin 2 receptor agonist program, with positive data from the Vibrance-1 study for narcolepsy type 1 [2] - The company plans to initiate its phase 3 clinical program for alixorexton in early 2026, which is expected to be a significant growth driver [2] Updated Financial Guidance - Alkermes updated its 2025 financial expectations, raising total revenue guidance to $1,430 – $1,490 million from the previous range of $1,340 – $1,430 million [7][8] - The updated expectations for VIVITROL net sales increased to $460 – $470 million, ARISTADA net sales to $360 – $370 million, and LYBALVI net sales to $340 – $350 million [8]

Financial Data and Key Metrics Changes - The company reported a 7% revenue growth in Q2 2025, driven by strong commercial execution, particularly from four launch products generating $252 million in revenue [35][36] - Non-GAAP diluted EPS grew by 4% in the quarter, with an adjusted EPS of $5.73, reflecting a 9% increase when excluding certain expenses [36][44] - The company raised its full-year 2025 financial guidance, now expecting non-GAAP diluted EPS to be in the range of $15.5 to $16, up from $14.5 to $15.5 [47][48] Business Line Data and Key Metrics Changes - The MS franchise in the U.S. generated $657 million in revenue, supported by higher demand for VUMERITY and favorable inventory dynamics [37][38] - Launch products collectively saw a 26% quarter-over-quarter increase and a 91% year-over-year increase in revenue [39] - SKYCLARIS revenue grew by 5% globally compared to the previous quarter, with a 13% quarter-over-quarter growth in the U.S. [24][40] Market Data and Key Metrics Changes - The U.S. Alzheimer's market is evolving, with Leukembi's revenue growing by 20% quarter-over-quarter, and new prescribers increasing by 34% year-to-date [31][32] - Blood-based biomarker testing has increased by 50% in the past six months, indicating a growing acceptance in the market [30][94] - The anti-amyloid market is estimated to be growing approximately 15% in Q2 2025 [32] Company Strategy and Development Direction - The company is focused on expanding its pipeline and has initiated several phase three studies, including for zuranolone and talzartamab [15][16] - The company is committed to maintaining a disciplined approach to business development, looking for collaborations that drive shareholder value [13] - Investments in R&D are expected to increase to support the acceleration of clinical development activities, particularly in rare diseases [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the MS business and the growth potential of new products, despite competitive pressures [37][38] - The company is encouraged by the strong performance of its launch products and the overall pipeline, with multiple key scientific milestones expected in the next 12 to 18 months [21][49] - Management acknowledged the challenges posed by generic competition and biosimilars in the MS market, particularly for TECFIDERA in Europe [38][49] Other Important Information - The company generated $134 million in free cash flow in Q2 2025, reflecting significant cash tax payments concentrated in this quarter [44] - The company plans to modernize its North Carolina manufacturing operations to support its late-stage pipeline and future product advancements [46] - The relationship with Eisai remains strong despite ongoing arbitration regarding commercialization allocations in Europe [86][88] Q&A Session Summary Question: Inquiry about the AHEAD-three 45 trial and its design differences - Management highlighted significant differences in trial design and endpoints between AHEAD-three 45 and competitors, with a focus on preventing cognitive decline in presymptomatic patients [54][56] Question: Competitive dynamics of Leukembi in the U.S. market - Management noted that while there is competition, Leukembi continues to hold a significant market share, and new treatment options are expected to expand the market [61][62] Question: Dynamics of the SMA market and myostatin products - Management believes myostatin products will be additive rather than competitive to existing SMA therapies, indicating a positive outlook for patient benefits [70] Question: Update on the lupus pipeline and competitive landscape - Management discussed the unique approach to lupus treatment and the expected timeline for data from ongoing studies, emphasizing the importance of addressing unmet needs [79][80] Question: Status of the Eisai relationship and arbitration - Management confirmed a strong working relationship with Eisai, despite the arbitration process regarding commercialization allocations [86][88] Question: Expansion of blood-based biomarkers in Alzheimer's diagnosis - Management noted the rapid evolution and increasing adoption of blood-based biomarkers, emphasizing the need for education and awareness among physicians [94][96] Question: Feedback on subcutaneous Leukembi from physicians - Management expressed excitement about the potential of subcutaneous formulations and the positive feedback received from physicians regarding its convenience [101]

Financial Data and Key Metrics Changes - The company reported a 7% revenue growth in Q2 2025, driven by strong commercial execution, particularly from four launch products generating $252 million in revenue [31][32] - Non-GAAP diluted EPS grew by 4% in the quarter, with an adjusted EPS of $5.73, reflecting a 9% increase when excluding certain expenses [32][40] - The company raised its full-year 2025 financial guidance, now expecting non-GAAP diluted EPS to be in the range of $15.5 to $16, up from $14.5 to $15.5 [44] Business Line Data and Key Metrics Changes - The MS franchise in the U.S. generated $657 million in revenue, supported by higher demand for VUMERITY and favorable inventory dynamics [33] - Launch products collectively saw a 26% quarter-over-quarter increase and a 91% year-over-year increase in revenue [35] - SKYCLARIS revenue grew by 5% globally compared to the previous quarter, with a 13% quarter-over-quarter growth in the U.S. [21][36] Market Data and Key Metrics Changes - The U.S. Alzheimer's market is evolving, with Leukembi's revenue growing by 20% quarter-over-quarter, and new prescribers increasing by 34% year-to-date [28] - Blood-based biomarker testing has increased by 50% in the past six months, indicating a growing acceptance in the market [27][90] - The anti-amyloid market is estimated to be growing approximately 15% in Q2 [28] Company Strategy and Development Direction - The company is focused on expanding its pipeline and has initiated several phase three studies, including for salinersen and zuranolone [10][13] - The Fit for Growth initiative continues to drive capital reallocation towards new product launches and operational efficiency [19][31] - The company plans to invest in its North Carolina manufacturing operations to support its late-stage pipeline and future products [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the MS business and the growth potential of new products, despite competitive pressures [5][12] - The company is encouraged by the strong uptake of new treatments and the evolving market dynamics in Alzheimer's and rare diseases [19][28] - Management highlighted the importance of educating healthcare providers on new diagnostic tools and treatment options to enhance patient access [90] Other Important Information - The company is actively pursuing research collaborations and M&A opportunities to enhance its development pipeline [11] - The company reported a free cash flow of $134 million in Q2, maintaining a strong balance sheet with $2.8 billion in cash [40][41] - The company is addressing competitive pressures in the MS market, particularly for TECFIDERA in Europe, while expecting minimal contract manufacturing revenue in Q4 due to planned maintenance [46] Q&A Session Summary Question: Can you discuss the AHEAD-three 45 trial and its design differences compared to Trailblazer ALS three? - Management highlighted significant differences in trial design, including patient recruitment criteria and endpoints, with AHEAD-three focusing on preventing cognitive decline in presymptomatic patients [50][52][54] Question: What are the competitive dynamics for Leukembi in the U.S. market? - Management noted that while there is competition, Leukembi continues to hold a majority market share, and new treatment options are expected to expand the market [56][58] Question: How does the company view the impact of myostatin products on the SMA market? - Management believes myostatin therapies will be additive rather than competitive to existing SMA treatments, viewing them as beneficial for patients [68] Question: What is the status of the lupus pipeline and competitive landscape? - Management emphasized the unmet need in lupus treatment and the company's multi-mechanistic approach, with data expected in the 2027-2028 timeframe [72][76] Question: Can you provide an update on the relationship with Eisai and any ongoing arbitration? - Management confirmed a strong working relationship with Eisai, despite some disagreements leading to arbitration, which has not affected overall collaboration [81][84] Question: How is the company addressing the use of blood-based biomarkers in Alzheimer's diagnosis? - Management noted the rapid evolution of blood-based biomarkers and the need for education and real-world evidence to establish these tests as standard practice [90][92]

Core Insights - Alkermes reported revenue of $390.66 million for the quarter ended June 2025, reflecting a year-over-year decline of 2.1% and an EPS of $0.52 compared to $0.72 a year ago, exceeding the Zacks Consensus Estimate of $338.57 million by 15.38% and delivering an EPS surprise of 26.83% [1] Revenue Breakdown - Manufacturing and Royalty revenues were $83.42 million, surpassing the average estimate of $61.5 million, but showing a year-over-year decline of 35.8% [4] - Product sales, net, reached $307.24 million, exceeding the estimated $276.98 million and representing a year-over-year increase of 14.1% [4] - Proprietary Sales for VIVITROL amounted to $121.7 million, above the estimated $111.47 million, marking an 8.8% increase year-over-year [4] - Proprietary Sales for ARISTADA were $101.3 million, exceeding the average estimate of $84.2 million, with a year-over-year growth of 17.8% [4] - Proprietary Sales for LYBALVI reached $84.3 million, compared to the estimated $79.41 million, reflecting an 18.1% year-over-year increase [4] - Manufacturing and Royalty Revenues for VUMERITY were $39.4 million, surpassing the estimated $27.92 million, with an 11.9% year-over-year increase [4] Stock Performance - Alkermes shares have returned -8.6% over the past month, contrasting with the Zacks S&P 500 composite's +3.6% change, and the stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]