10-QPeriod: Q3 FY2025

BIOGEN INC. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 30, 2025For Securities:BIIB

Summary

Biogen Inc. reported solid financial results for the third quarter and first nine months of 2025, demonstrating revenue growth driven by key product lines. Total revenue increased by 2.8% year-over-year to $2.53 billion for the quarter, with product revenue showing a 4.4% increase to $1.85 billion. This growth was primarily fueled by the Rare Disease segment, up 7.8%, and a 0.7% increase in Multiple Sclerosis (MS) revenue, with VUMERITY and TYSABRI showing particular strength, despite continued generic competition for TECFIDERA. The company also saw substantial growth in its Alzheimer's collaboration revenue, up 129.6% year-over-year, reflecting increased sales of LEQEMBI. Despite revenue growth, the company faced increased costs, notably in Cost of Sales, up 5.6% driven by a litigation charge and higher SKYCLARYS inventory step-up amortization. However, Research and Development (R&D) expenses decreased by 15.5%, partly due to cost-saving measures and R&D funding from Royalty Pharma, while Selling, General, and Administrative (SG&A) expenses saw a modest increase to support product launches. Diluted earnings per share (EPS) rose by 19.2% to $3.17, reflecting the revenue growth and improved R&D efficiency. Biogen's liquidity remains strong, with cash, cash equivalents, and marketable securities increasing to $4.0 billion.

Financial Highlights

50 data points
Beta

Revenue

$2.53B

73.4% Gross Margin

Net Income

$466.50M

18.4% Net Margin

EPS (Diluted)

$3.17

Total Assets

$29.21B

Cash & Equivalents

$3.86B

Free Cash Flow

$1.23B

Financial Statements
Beta
Revenue$2.53B
Cost of Revenue$674.40M
Gross Profit$1.86B
SG&A Expenses$594.80M
Operating Expenses$1.98B
Interest Expense$67.40M
Net Income$466.50M
EPS (Basic)$3.18
EPS (Diluted)$3.17
Shares Outstanding (Basic)146.60M
Shares Outstanding (Diluted)147.10M

Key Highlights

  • 1Total revenue increased by 2.8% to $2.53 billion for Q3 2025, driven by product revenue growth.
  • 2Rare Disease segment revenue grew by 7.8%, bolstered by new product launches like SKYCLARYS and QALSODY.
  • 3Alzheimer's collaboration revenue surged by 129.6% due to increased LEQEMBI sales.
  • 4Diluted Earnings Per Share (EPS) grew by 19.2% to $3.17.
  • 5Research and Development (R&D) expenses decreased by 15.5%, aided by cost-saving initiatives and external funding.
  • 6Cash, cash equivalents, and marketable securities increased to $4.0 billion, indicating strong liquidity.

Frequently Asked Questions

Biogen's revenue growth in Q3 2025 was primarily driven by its Rare Disease segment, which saw a 7.8% increase, and a 4.4% rise in overall product revenue. The strong performance of VUMERITY and TYSABRI within the Multiple Sclerosis segment, along with significant growth in Alzheimer's collaboration revenue from LEQEMBI, also contributed significantly.

While Cost of Sales increased due to a litigation charge and higher amortization costs, Biogen successfully reduced Research and Development (R&D) expenses by 15.5%. This reduction was attributed to cost-saving measures, portfolio prioritization, and R&D funding from Royalty Pharma. Selling, General, and Administrative (SG&A) expenses saw a slight increase to support product launches.

Biogen's financial position remains robust, with cash, cash equivalents, and marketable securities increasing to $4.0 billion as of September 30, 2025. The company also managed its debt effectively, redeeming its 4.050% Senior Notes due September 15, 2025, with proceeds from its 2025 Senior Notes issuance.

New product launches like SKYCLARYS and QALSODY contributed significantly to the Rare Disease segment's growth. The Alzheimer's collaboration with Eisai for LEQEMBI showed substantial revenue growth, indicating a successful commercial launch and increasing market penetration.