Biogen's Q4 2025 results were strong, with growth products now exceeding legacy MS revenue. Management guided for a slight EPS increase but a decline in total revenue from lower MS sales, while highlighting several late-stage pipeline catalysts in 2026 and 2027. Growth products generated $3.3B in 2025, up 19%, and now exceed legacy MS business revenue.
Biogen's Q4 2025 results were strong, with growth products now exceeding legacy MS revenue. Management guided for a slight EPS increase but a decline in total revenue from lower MS sales, while highlighting several late-stage pipeline catalysts in 2026 and 2027. Growth products generated $3.3B in 2025, up 19%, and now exceed legacy MS business revenue.
Biogen's Q4 2025 results were strong, with growth products now exceeding legacy MS revenue. Management guided for a slight EPS increase but a decline in total revenue from lower MS sales, while highlighting several late-stage pipeline catalysts in 2026 and 2027.
Growth products generated $3.3B in 2025, up 19%, and now exceed legacy MS business revenue.
Guidance: FY2026 non-GAAP EPS of $15.25-$16.25, total revenue decline of mid-single-digit %, MS revenue ex-Vumerity down mid-teens %.
Lecanemab iClick is a key catalyst, with PDUFA date in May, and potential to transform patient care.
Management expresses confidence in the company's momentum, with growth products performing strongly and a robust pipeline, but guides for a top-line decline in 2026 as legacy MS products face generic competition.
Management repeatedly highlighted pipeline progress, strong commercial execution, and upcoming catalysts, projecting a positive forward view.
“We're seeing a growing, we're certainly hearing a number of stories from the physicians that they're actually seeing benefit in patients. You know, the CDR sum of boxes is really only used in clinical trials and not in actual practice.”
“We're already seeing with the increased use of blood-based diagnostics that those patients who have their diagnosis validated and who are actually eligible for therapy has actually increased from about 50% to 70%.”
“We're hoping that with the approval of the subcutaneous for induction, that as payers start to look at their formularies for 2027, I think there is a good chance that some payers will take the subcutaneous for both induction and maintenanc…”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $15.25–$16.25 | $15.75 | GUIDED |
| Revenue | FY2026 | -5% | -5% | GUIDED |
| RevenueMS_EXCL_VUMERITY | FY2026 | -15% | -15% | GUIDED |
Stoke's pipeline and upcoming data readout are a potential future catalyst for the partnership.
“Zorvanursin, our partner Stoke has indicated that they might be able to be having a data readout in 27 as well.”
… countries we only ship once or twice in the year. So the timing of shipments can distort actual trends if you're just looking at a single quarter. But then, you know, now that we've got those growing, and I just told you about how strong those products have been, We've got a whole next layer, next wave of potential growth with lidophilumab, the SLE data coming hopefully by the end of the year. Felzartumab will show data in AMR potentially next year. Zorvanursin, our partner Stoke has indicated that they might be able to be having a data readout in 27 as well. Dipyrrolizumab, we already have one positive phase three and we're executing on a second phase three. Salonersen had extremely interesting results after phase two. We were administering the drug in children who had already had gene therapy, for example, in infancy. But at age four or five, we're still not able to sit or stand. And, you know, we saw some examples of that. Obviously, all of this has to be confirmed in a phase three study, which we have ongoing. And then the can be preclinical is also potentially a real game changer. You know, we all have to remember that this disease is really a silent disease for many, many …
Eisai's Lecanemab sales continue to grow strongly, reinforcing the partnership and commercial momentum.
“McKembe continued to see steady sequential demand growth globally, with fourth quarter in-market sales booked by Azai of approximately $134 million, up 10% and 54% versus Q3 2025 and Q4 2024, respectively.”
… $2.1 billion in free cash flow for the year, exiting the year with $4.2 billion in cash and marketable securities. This further strengthened our balance sheet and provides us with flexibility as we continue to invest for growth. I'll now cover our Q4 revenue performance. In Q4, revenue from our growth products exceeded revenue from our MS business, excluding Vumerity, which we include in our growth products. McKembe continued to see steady sequential demand growth globally, with fourth quarter in-market sales booked by Azai of approximately $134 million, up 10% and 54% versus Q3 2025 and Q4 2024, respectively. Lakembi delivered steady sequential and year-over-year growth in the U.S. and internationally. Skyclarus saw sequential global patient demand growth with Q4 global revenue of $133 million, representing 30% growth year-over-year. In the U.S., Q4 revenue was $89 million. This represents sequential growth of $14 million, which benefited from approximately $9 million a favorable inventory dynamics. We expect this inventory build will be drawn down in Q1 2026. Outside the U.S., fourth quarter revenue of $44 million was impacted by approximately $12 million in net pricing …
Biogen sees its subcutaneous formulation as a competitive advantage over Roche's Gantenerumab, potentially eroding Roche's position.
“One of the competitive aspects of Denanumab is that it has once monthly infusions where we have once every two week infusions. Once you move to a subcutaneous injection, Now we're not talking about infusions at all anymore.”
… in October of last year. Now, that's a Part D reimbursement, and we won't have that reimbursed fully until 1-1-27. However, patients who want that are able to request formulary exemptions, and from what we've heard, that virtually everybody who has been asking for that seems to be getting that. We don't have obviously very clear data on that. Now, the game changer could be really the iClick for induction. One of the competitive aspects of Denanumab is that it has once monthly infusions where we have once every two week infusions. Once you move to a subcutaneous injection, Now we're not talking about infusions at all anymore. And, you know, we're hearing certainly stories that people want to travel and people don't necessarily aren't always able to drive long distances to infusion centers. So we think that the iClick could actually create a whole new opportunity and certainly reduce the burden for neurologists. Remember, there are about 500,000 new patients diagnosed every year with Alzheimer's. and only really 13,000 neurologists. So to the extent that we can make this care pathway more convenient for both the physician and the patient, we hope that that can increase the …