Biogen Q4 Earnings Call Highlights

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Biogen (NASDAQ:BIIB) executives said the institution ended 2025 “slightly supra the precocious end” of its guidance, pointing to continued momentum successful newer products and a late-stage pipeline that has expanded importantly implicit the past year. Management besides laid retired 2026 expectations, including a mid-single-digit gross diminution driven by aggregate sclerosis (MS) pressures, partially offset by maturation products, alongside non-GAAP diluted EPS guidance of $15.25 to $16.25.

Chief Executive Officer Chris Viehbacher said Biogen’s “growth products” generated $3.3 cardinal successful fiscal 2025, up 19%, and the institution has present added Vumerity to that class fixed it is “about the lone branded medicine left” successful the oral MS segment. Viehbacher besides highlighted that 4 products launched since 2023—Leqembi, Skyclarys, Zurzuvae, and Qalsody—are generating “around $1 billion” successful revenue.

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Chief Financial Officer Robin Kramer provided further item connected the 4th and year. Full-year 2025 full gross was $9.9 billion, up 2% versus 2024. Fourth 4th non-GAAP diluted EPS was $1.99, and full-year non-GAAP diluted EPS was $15.28, some “above our expectations,” according to Kramer.

Kramer said results reflected $222 cardinal of IPR&D charges tied to fourth-quarter transactions—license agreements with Vanqua Bio and Deira Therapeutics and the acquisition of Alcyone Therapeutics—representing a $1.26 interaction connected EPS. GAAP operating income was besides impacted by astir $180 cardinal of one-time charges related to litigation and different matters.

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On currency generation, Kramer said Biogen delivered $2.1 cardinal successful escaped currency travel successful 2025 and ended the twelvemonth with $4.2 cardinal successful currency and marketable securities and $2 cardinal of nett debt.

Viehbacher said Leqembi remains the marketplace leader, with “over 60%” stock of the anti-amyloid therapy marketplace based connected full prescriptions, emphasizing that Leqembi has a attraction indication. He besides discussed persistence, noting institution information suggest “about a 70% persistency” for patients continuing therapy aft plaque removal.

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Kramer reported Leqembi fourth-quarter in-market income booked by ASI of astir $134 million, up 10% versus the anterior 4th and 54% year-over-year.