Biogen's 2025 Financials Exceed Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1d ago
0mins
Should l Buy BIIB?
Source: NASDAQ.COM
- Strong Financial Performance: Biogen's Q4 2025 report revealed total revenue of nearly $2.28 billion, down 7% year-over-year, yet surpassing analyst expectations of $2.21 billion, demonstrating the company's resilience in challenging market conditions.
- Declining Net Income: Non-GAAP net income fell to $294 million ($1.99 per share), a significant drop from over $502 million a year ago, reflecting increased competitive pressures impacting profitability.
- Product Revenue Decline: Product revenue decreased by 9% to $1.67 billion, with the largest drug category, multiple sclerosis (MS) treatments, experiencing a 14% year-over-year decline to $917 million, highlighting the impact of generics and biosimilars on sales.
- Positive 2026 Outlook: Biogen anticipates mid-single-digit revenue decline for 2026, with adjusted net income projected between $15.25 and $16.25 billion, exceeding the average analyst estimate of $14.92 billion, indicating growth potential in its new product lines.
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Analyst Views on BIIB
Wall Street analysts forecast BIIB stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BIIB is 186.19 USD with a low forecast of 135.00 USD and a high forecast of 250.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
25 Analyst Rating
11 Buy
13 Hold
1 Sell
Moderate Buy
Current: 185.360
Low
135.00
Averages
186.19
High
250.00
Current: 185.360
Low
135.00
Averages
186.19
High
250.00
About BIIB
Biogen Inc. is a global biopharmaceutical company. The Company is focused on discovering, developing, and delivering advanced therapies for people living with serious and complex diseases worldwide. It operates a portfolio of medicines to treat multiple sclerosis (MS), spinal muscular atrophy (SMA), Alzheimer's disease, and amyotrophic lateral sclerosis (ALS). It is focused on advancing its pipeline in neurology, specialized immunology, and rare diseases. Its marketed products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of Friedreich's Ataxia; QALSODY for the treatment of ALS, and FUMADERM for the treatment of severe plaque psoriasis. It also collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Sage on the commercialization of ZURZUVAE for the treatment of Postpartum Depression (PPD).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Significant Market Potential: Eisai estimates that there were 17 million patients with mild cognitive impairment or mild dementia in China in 2024, a number expected to rise with the aging population, indicating a growing demand for LEQEMBI® in the market.
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- Declining Net Income: Non-GAAP net income fell to $294 million ($1.99 per share), a significant drop from over $502 million a year ago, reflecting increased competitive pressures impacting profitability.
- Product Revenue Decline: Product revenue decreased by 9% to $1.67 billion, with the largest drug category, multiple sclerosis (MS) treatments, experiencing a 14% year-over-year decline to $917 million, highlighting the impact of generics and biosimilars on sales.
- Positive 2026 Outlook: Biogen anticipates mid-single-digit revenue decline for 2026, with adjusted net income projected between $15.25 and $16.25 billion, exceeding the average analyst estimate of $14.92 billion, indicating growth potential in its new product lines.
See More
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- Significant Net Income Decline: The company's non-GAAP net income fell sharply to $294 million ($1.99 per share) from over $502 million a year ago, reflecting increased market competition impacting profitability.
- Product Revenue Decline: Product revenue decreased by 9% to $1.67 billion, with multiple sclerosis treatment sales dropping 14% year-over-year to $917 million, highlighting the competitive pressure from generics and biosimilars.
- Positive Future Outlook: Biogen anticipates mid-single-digit revenue decline for 2026, with adjusted net income projected between $15.25 and $16.25 billion, exceeding the average analyst estimate of $14.92 billion, showcasing potential in new drug development and market expansion.
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- Priority Review Approval: The subcutaneous autoinjector formulation (SC-AI) of LEQEMBI® received Priority Review from China's National Medical Products Administration in January 2026, which is expected to expedite its market launch, thereby providing a more convenient treatment option for Alzheimer's disease patients.
- Home Administration Convenience: The 500 mg autoinjector allows for a once-weekly home administration, replacing the current biweekly intravenous infusions in hospitals, which is anticipated to significantly enhance patient adherence and quality of life.
- Significant Market Potential: Eisai estimates that there were 17 million patients with mild cognitive impairment or mild dementia in China in 2024, a number expected to rise with the aging population, indicating a growing demand for LEQEMBI® in the market.
- New Insurance Coverage Policy: LEQEMBI® has been included in the “Commercial Insurance Innovative Drug List” effective January 2026, which will encourage commercial insurance companies to develop insurance products for it, further enhancing patient accessibility and market penetration.
See More
China Grants Priority Review for Biogen and Eisai's Alzheimer's Treatment
- Priority Review Approval: China's drug regulator has granted Priority Review for Biogen and Eisai's Alzheimer's treatment Leqembi, which, if approved, would allow patients to self-administer a 250 mg dose weekly at home, significantly enhancing patient convenience and adherence to treatment.
- Significant Stock Surge: Following the announcement, Biogen's stock jumped 9% to close at $201.18, marking its highest level in over 16 months, reflecting strong market confidence in the company's future growth potential.
- Analysts Raise Targets: After Biogen's Q4 earnings beat expectations, several analysts raised their price targets, with Citi increasing its target to $215, implying a 7% upside, indicating optimism about the company's ability to launch new products successfully.
- Strong Market Sentiment: On Stocktwits, retail sentiment for BIIB is described as 'extremely bullish', with users highlighting the stock's characteristics as a high-quality large-cap biotech, suggesting it has the potential for further price increases in the future.
See More
LEQEMBI® Receives Priority Review in China
- Priority Review Approval: The subcutaneous autoinjector formulation (SC-AI) of LEQEMBI® received Priority Review from China's National Medical Products Administration in January 2026, aimed at accelerating the development and launch of clinically valuable new medicines, which is expected to shorten the assessment period and enhance patient access to treatment.
- Home Administration Convenience: If approved, the 500 mg SC-AI will allow patients to self-administer a weekly injection at home, replacing the current biweekly intravenous administration in hospitals, significantly improving patient convenience and alleviating healthcare resource burdens associated with IV dosing.
- Significant Market Potential: Eisai estimates that there were 17 million patients with mild cognitive impairment or mild dementia in China in 2024, a number projected to rise with the aging population, and the home administration option of LEQEMBI® will provide more flexible treatment choices for these patients.
- Insurance Coverage Expansion: LEQEMBI® has been included in the
See More
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- Strong Financial Performance: Biogen's Q4 2025 report revealed total revenue of nearly $2.28 billion, down 7% year-over-year, yet surpassing analyst expectations of $2.21 billion, demonstrating the company's resilience in challenging market conditions.
- Declining Net Income: Non-GAAP net income fell to $294 million ($1.99 per share), a significant drop from over $502 million a year ago, reflecting increased competitive pressures impacting profitability.
- Product Revenue Decline: Product revenue decreased by 9% to $1.67 billion, with the largest drug category, multiple sclerosis (MS) treatments, experiencing a 14% year-over-year decline to $917 million, highlighting the impact of generics and biosimilars on sales.
- Positive 2026 Outlook: Biogen anticipates mid-single-digit revenue decline for 2026, with adjusted net income projected between $15.25 and $16.25 billion, exceeding the average analyst estimate of $14.92 billion, indicating growth potential in its new product lines.
See More
Biogen Reports 2025 Earnings Exceeding Expectations
- Strong Financial Performance: Biogen's 2025 earnings report revealed total revenue of $2.28 billion, down 7% year-over-year, yet surpassing analyst expectations of $2.21 billion, indicating resilience amid challenges.
- Significant Net Income Decline: The company's non-GAAP net income fell sharply to $294 million ($1.99 per share) from over $502 million a year ago, reflecting increased market competition impacting profitability.
- Product Revenue Decline: Product revenue decreased by 9% to $1.67 billion, with multiple sclerosis treatment sales dropping 14% year-over-year to $917 million, highlighting the competitive pressure from generics and biosimilars.
- Positive Future Outlook: Biogen anticipates mid-single-digit revenue decline for 2026, with adjusted net income projected between $15.25 and $16.25 billion, exceeding the average analyst estimate of $14.92 billion, showcasing potential in new drug development and market expansion.
See More
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- Performance Exceeds Expectations: Biogen reported a non-GAAP diluted EPS of $1.99 for Q4 2025 and $15.28 for the full year, both surpassing expectations, indicating strong growth from its new product portfolio and market performance, with total revenue reaching $9.9 billion, up 2% year-over-year.
- Growth Product Success: The company’s growth products generated $3.3 billion in revenue for 2025, a 19% increase, with Q4 contributing $800 million, demonstrating significant market acceptance of new products like VUMERITY and LEQEMBI, thereby enhancing the company's competitive position.
- Significant Pipeline Progress: Management highlighted the pipeline advancements as the
See More
