Biogen reported mixed Q4 2025 results with a revenue decline driven by MS products, partially offset by growth in newer therapies like LEQEMBI and SKYCLARYS. The company is focusing on pipeline progression and provided 2026 guidance anticipating a mid-single digit revenue decline.
Full year 2025 Non-GAAP diluted EPS of $15.28 exceeded the upper end of guidance ($14.50 to $15.00).
positiveGrowth products (SKYCLARYS, QALSODY, ZURZUVAE, VUMERITY, SPINRAZA, and LEQEMBI collaboration share) increased 6% year-over-year in Q4 2025.
positiveLEQEMBI showed strong growth with Q4 global in-market sales of approximately $134 million, up 54% year-over-year.
positiveSKYCLARYS grew global patients on therapy by approximately 30% in 2025, with Q4 U.S. revenue of approximately $89 million.
positiveZURZUVAE Q4 revenue of approximately $66 million showed strong continued demand growth.
positiveFDA granted Priority Review for LEQEMBI IQLIK subcutaneous treatment with a PDUFA date of May 24, 2026.
positiveFDA Breakthrough Therapy Designation granted for litifilimab in cutaneous lupus (CLE).
positiveFull year 2026 Non-GAAP diluted EPS is expected to be between $15.25 and $16.25.
positiveTotal revenue declined 7% year-over-year in Q4 2025 to $2.3 billion, and increased 2% year-over-year for full year 2025 to $9.9 billion.
negativeGAAP diluted EPS was $(0.33) in Q4 2025, a significant decrease from $1.83 in Q4 2024.
negativeNon-GAAP diluted EPS decreased 42% year-over-year in Q4 2025 to $1.99, down from $3.44 in Q4 2024.
negativeMultiple Sclerosis (MS) product revenue declined 14% year-over-year in Q4 2025 to $917 million.
negativeSPINRAZA fourth quarter revenue declined 15% year-over-year, with full year revenue down 2% year-over-year.
negativeBiosimilars revenue declined 16% year-over-year in Q4 2025 to $170 million.
negativeContract manufacturing, royalty and other revenue decreased 66% year-over-year in Q4 2025 to $44 million.
negativeFull year 2026 total revenue is expected to decline by a mid-single digit percentage versus full year 2025.
negativeInventory levels decreased 8% year-over-year in Q4 2025 to $2,168.1 million.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Multiple Sclerosis (MS) product revenue | N/A | — | — | — | -7.1% |
Rare disease revenue | N/A | — | — | — | +8.8% |
Biosimilars revenue | N/A | — | — | — | -7.0% |
Other product revenue | N/A | — | — | — | +140.0% |
Revenue from anti-CD20 therapeutic programs | N/A | — | — | — | +6.3% |
Alzheimer's collaboration revenue | N/A | — | — | — | +197.0% |
Contract manufacturing, royalty and other revenue | N/A | — | — | — | +12.3% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Our 2025 performance reflected continued focus on strong execution and financial discipline, driven by our revenue of nearly $1 billion from LEQEMBI, SKYCLARYS, ZURZUVAE, and QALSODY, progression of our pipeline, and resilience of our MS franchise.
Our pipeline momentum continues with a strong start in 2026, with the FDA recently granting Priority Review for LEQEMBI IQLIK initiation and Breakthrough Therapy Designation for litifilimab in CLE.
These milestones highlight both the innovative and differentiated value of our medicines and the strength of our late-stage pipeline.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.