Biogen Inc. reported third‑quarter 2025 revenue of $2.53 billion, up 2.8% year‑over‑year, and an adjusted earnings per share of $4.81, beating the consensus estimate of $4.58 by 23.9%. The company’s adjusted EPS rose to $4.81 from $4.08 in the same quarter of 2024.
Revenue growth was driven by the rare‑disease segment, which generated $533 million, up 8% YoY, largely due to SKYCLARYS sales of $133 million, up 30% YoY. The Alzheimer’s segment posted $121 million in sales, an 82% increase driven by LEQEMBI. Launch‑product revenue reached $257 million, up 67% YoY. The multiple‑sclerosis franchise generated $1.06 billion, up 1% YoY, while legacy MS product sales declined 11.4% YoY.
The company noted that the decline in legacy MS product sales reflects competitive pressure from biosimilars and pricing challenges, but the overall franchise growth of 1% indicates resilience from newer products such as Vumerity. The contrast between legacy product decline and franchise growth is a key context for the MS segment performance.
Biogen lowered its full‑year adjusted EPS guidance to $14.50–$15.00 from the previously forecast $15.50–$16.00. The cut reflects a $1.25 per share hit from research and development charges associated with two small‑biotech acquisitions completed in Q4 2025. Management said the guidance reduction will be offset by a modest increase in operating cash flow.
Operating cash flow for the quarter was $1.30 billion, and free cash flow rose to $1.23 billion from $901 million in Q3 2024, underscoring the company’s strong liquidity position. The company’s Fit for Growth program continues to deliver cost efficiencies that help mitigate the impact of the R&D charges.
Strategically, Biogen is expanding beyond its legacy MS franchise. LEQEMBI’s subcutaneous maintenance dosing option was approved in August 2025, and the drug’s U.S. launch occurred in early October. ZURZUVAE, a collaboration with Supernus Pharmaceuticals, generated $55 million in U.S. sales, up 151% YoY. These launches, along with the acquisitions, support Biogen’s diversification strategy.
Management highlighted strong demand for LEQEMBI and SKYCLARYS, noted competitive pressures in the MS market, and emphasized the company’s focus on building a robust pipeline and executing the Fit for Growth program to sustain long‑term profitability.
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