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BIOGEN INC. 8-K Report, Financial Results (Feb 6, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 6, 2026
Period End
February 6, 2026
Security
BIIB
In the record · 2016–202610-K1110-Q328-K112

BIIB filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 112 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Feb ’17Feb ’17
  2. Material agreement8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed February 6, 2026. Cited figures are marked; the original filing is the authoritative source.

Biogen reported fourth quarter and full year 2025 results on February 6, 2026, with full year total revenue of $9.9 billiona (up 2% year-over-year) and full year Non-GAAP diluted EPS of $15.28, above the upper end of its $14.50 to $15.00 guidance range.

Fourth quarter results were weaker: total revenue fell 7% to $2.28 billionb, and GAAP diluted EPS was $(0.33), driven by a roughly $131 million litigation charge and a $52.9 million impairment of a right-of-use asset. Non-GAAP diluted EPS fell 42% to $1.99. The core multiple sclerosis franchise continues to decline (MS product revenue down 7% for the full year and 14% in the fourth quarter), while growth products such as LEQEMBI, SKYCLARYS, and ZURZUVAE are increasing, and growth product revenue rose 19% for the full year.

Management guided 2026 Non-GAAP diluted EPS to $15.25 to $16.25c, which implies roughly flat to modestly higher earnings despite a mid-single-digit decline in total revenue. The guidance excludes acquired IPR&D, business development, and pending litigation. Biogen ended 2025 with about $4.2 billion in cash and $6.3 billion in total debt, for net debt of about $2.0 billion.

Full year free cash flow was about $2.1 billiond. The pipeline news flow is a key near-term driver: LEQEMBI IQLIK subcutaneous initiation has a PDUFA date of May 24, 2026, litifilimab received Breakthrough Therapy Designation in cutaneous lupus, and two Phase 3 lupus readouts are expected in Q4 2026.

The filing is furnished under Item 2.02 and is not deemed filed for Section 18 purposes. Investors should weigh the strong full year earnings and cash generation against the fourth quarter GAAP loss, the ongoing erosion of MS revenue, and the dependence on pipeline readouts in 2026 and beyond.

02—Key points

Key Highlights

  1. FY2025 total revenue of $9.89 billion, up 2% year-over-year (2% at constant currency), while Q4 2025 revenue declined 7% to $2.28 billion.
  2. FY2025 Non-GAAP diluted EPS of $15.28 exceeded the upper end of the $14.50 to $15.00 guidance range; GAAP diluted EPS was $8.79, down 21%.
  3. Q4 2025 GAAP diluted EPS was a loss of $(0.33), driven by about $131 million in litigation charges and a $52.9 million Reata right-of-use asset impairment.
  4. Growth products rose 19% for the full year 2025, with LEQEMBI Q4 global in-market sales of about $134 million (up 54%) and ZURZUVAE Q4 revenue of about $66 million.
  5. MS product revenue declined 7% for the full year 2025 and 14% in Q4, reflecting continued erosion of TECFIDERA, AVONEX, and PLEGRIDY.
  6. 2026 guidance calls for Non-GAAP diluted EPS of $15.25 to $16.25 and a mid-single-digit percentage decline in total revenue, with a Non-GAAP tax rate of about 17% to 18%.
  7. Balance sheet: about $4.2 billion in cash, $6.3 billion in total debt, net debt of about $2.0 billion, and FY2025 free cash flow of about $2.1 billion.

03—Questions

Frequently Asked Questions

  1. Did Biogen beat its 2025 earnings guidance?

    Yes. Full year 2025 Non-GAAP diluted EPS was $15.28, above the upper end of the $14.50 to $15.00 guidance range. On a GAAP basis, diluted EPS was $8.79, down from $11.18 in 2024.

  2. Why was Q4 2025 GAAP EPS negative?

    GAAP diluted EPS was $(0.33) for Q4 2025. The main drivers were roughly $131 million in litigation matter charges, a $52.9 million impairment of a right-of-use asset related to the Reata Plano lease, and about $222 million in acquired IPR&D, upfront and milestone expense. Non-GAAP diluted EPS was $1.99.

  3. What does 2026 guidance imply for investors?

    Biogen guided to Non-GAAP diluted EPS of $15.25 to $16.25, roughly in line with or slightly above 2025's $15.28, while expecting total revenue to decline by a mid-single-digit percentage. Guidance excludes acquired IPR&D, business development deals, and pending litigation, so results could differ if those items occur.

  4. Which pipeline events could affect the stock in 2026?

    Key catalysts include the FDA decision on LEQEMBI IQLIK subcutaneous initiation (PDUFA date May 24, 2026), the SPINRAZA high-dose U.S. PDUFA date of April 3, 2026, and two Phase 3 lupus readouts for litifilimab expected in Q4 2026. Litifilimab also received Breakthrough Therapy Designation for cutaneous lupus.

04—Continue

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