10-KPeriod: FY2025

BIOGEN INC. Annual Report, Year Ended Dec 31, 2025

Filed February 6, 2026For Securities:BIIB

Summary

Biogen Inc. (BIIB) reported its annual results for the fiscal year ending December 31, 2025. The company experienced a modest increase in total revenue, driven by strong performance in its Rare Disease segment, particularly from the launches of SKYCLARYS and QALSODY, and continued growth for ZURZUVAE. However, this was partially offset by a decline in Multiple Sclerosis (MS) revenue due to increased competition for TECFIDERA and TYSABRI, and a decrease in Biosimilars revenue. Strategic business development activities in 2025 included several key acquisitions and collaborations aimed at strengthening Biogen's pipeline, particularly in neurology and rare diseases. Notably, the company acquired Alcyone Therapeutics and entered into significant collaborations with Dayra, Vanqua Bio, City Therapeutics, and Stoke Therapeutics. These moves underscore Biogen's commitment to expanding its portfolio and addressing unmet medical needs in complex diseases.

Financial Highlights

50 data points
Beta

Revenue

$9.89B

75.7% Gross Margin

Net Income

$1.29B

13.1% Net Margin

EPS (Diluted)

$8.79

Total Assets

$29.44B

Cash & Equivalents

$3.01B

Free Cash Flow

$2.05B

Financial Statements
Beta
Revenue$9.89B
Cost of Revenue$2.40B
Gross Profit$7.49B
SG&A Expenses$2.43B
Operating Expenses$8.33B
Interest Expense$267.50M
Net Income$1.29B
EPS (Basic)$8.83
EPS (Diluted)$8.79
Shares Outstanding (Basic)146.50M
Shares Outstanding (Diluted)147.10M

Key Highlights

  • 1Total revenue increased by 2.2% to $9.89 billion in 2025, primarily driven by growth in the Rare Disease segment.
  • 2Rare Disease revenue saw an 8.4% increase, bolstered by the successful launches and sales of SKYCLARYS ($520.5 million) and QALSODY ($86.9 million), along with ZURZUVAE ($195.1 million).
  • 3Multiple Sclerosis (MS) revenue decreased by 7.1% ($310.9 million), largely due to generic competition for TECFIDERA and biosimilar competition for TYSABRI, though VUMERITY showed growth.
  • 4Biogen completed the acquisition of Alcyone Therapeutics for $85.0 million, gaining ThecaFlex DRx, an investigational device for intrathecal drug delivery.
  • 5Significant R&D collaborations were initiated or advanced, including with Stoke Therapeutics for zorevunersen (Dravet syndrome), Royalty Pharma for litifilimab, and Eisai for LEQEMBI (Alzheimer's disease), with positive clinical updates reported.
  • 6The company ended the year with a strong cash position of approximately $4.2 billion, an increase from $2.4 billion in the prior year.
  • 7Biogen continues to manage its portfolio, discontinuing development for BIIB143 (cemdomespib) and a study for felzartamab in lupus nephritis, while divesting certain biosimilar assets.

Frequently Asked Questions

Biogen's total revenue grew by 2.2% to $9.89 billion in 2025. The primary growth driver was the Rare Disease segment, which increased by 8.4%. This growth was significantly contributed by the new product launches of SKYCLARYS and QALSODY, as well as continued sales of ZURZUVAE. Despite this, revenue from the Multiple Sclerosis segment declined due to increased competition.

Biogen is actively pursuing growth through strategic acquisitions and collaborations. In 2025, the company acquired Alcyone Therapeutics to enhance its CNS delivery capabilities and entered into several key partnerships, including with Stoke Therapeutics for zorevunersen (Dravet syndrome) and Royalty Pharma for litifilimab. These initiatives focus on strengthening its presence in neurology and rare diseases, indicating a strategy to diversify its portfolio and invest in promising late-stage assets.

The Inflation Reduction Act's (IRA) Medicare Part D redesign had a modest net unfavorable impact of approximately $90.0 million on Biogen's 2025 revenue. This impact was primarily concentrated in SKYCLARYS and MS portfolio product revenues. Biogen is closely monitoring the evolving implementation of the IRA and other legislative changes.

Biogen ended 2025 with a robust cash, cash equivalents, and marketable securities balance of approximately $4.2 billion, up from $2.4 billion in the prior year. The company generated strong operating cash flow and believes its current financial resources, combined with operational cash flow and potential access to financing, are sufficient to meet its obligations and fund future growth initiatives.