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Company Research20 Mar 2024
Companies That Had Their IPO in 1991: Recovery From a Recession
An overview of the markets and the IPO landscape as the economy recovered from the early 90s recession.
Biogen (BIIB) investor relations material
Biogen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue reached $2.53 billion, up 3% year-over-year, with launch products delivering 67% revenue growth and offsetting MS portfolio declines.
LEQEMBI, SKYCLARYS, and ZURZUVAE showed strong global expansion and commercial momentum, with significant year-over-year and sequential growth.
Advanced late-stage pipeline with 10 Phase III or Phase III-ready programs, including accelerated lupus study timelines and regulatory milestones expected over the next 18 months.
Maintained disciplined cost management, reallocating $250 million in legacy product OpEx to support new launches and delivering $1.2 billion in free cash flow.
Net income for Q3 2025 was $466.5 million, with GAAP diluted EPS of $3.17 (up 19%) and Non-GAAP diluted EPS of $4.81 (up 18%).
Financial highlights
Q3 2025 total revenue: $2.53 billion, up 3% year-over-year; product revenue: $1.85 billion, up 4.4%.
Launch product revenue: $257 million, up 67% year-over-year.
Free cash flow: $1.2 billion; cash and marketable securities: $4 billion; net debt: $2.3 billion at quarter end.
GAAP diluted EPS: $3.17 (up 19% YoY); Non-GAAP diluted EPS: $4.81 (up 18% YoY); GAAP operating income: $467 million (up 19% YoY); Non-GAAP operating income: $898 million (up 21% YoY).
GAAP cost of sales included a $100 million pretax charge for Genentech royalties; excluding this, cost of sales decreased 11% year-over-year.
Outlook and guidance
Full-year 2025 Non-GAAP diluted EPS expected between $14.50 and $15.00, reflecting improved business performance and anticipated Q4 IPR&D expenses.
Full-year 2025 revenue expected to be flat to up 1% at constant currency versus 2024.
MS revenue expected to decline 5–8% in H2 2025 due to generic pressures in Europe; ex-U.S. MS business faces accelerating competition.
Fit for Growth initiative on track to deliver $1 billion gross and $800 million net savings by end of 2025.
IRA Medicare Part D redesign anticipated to have a modest net unfavorable impact of $50–100 million on 2025 revenue, mainly affecting SKYCLARYS and MS products.
LEQEMBI China inventory drawdown impact?
Detail the $1.25 EPS impact from acquired IPR&D.
What accelerated litifilimab Phase 3 data?
What is the impact of BBMs on LEQEMBI patient funnel?
Immunology strategy for long-term growth?
What tactics improved SKYCLARYS patient persistence?
Leukembi subcu initiation impact on AD access?
Immunology pipeline: late-stage conviction vs. early-stage BD
Sustainability of US MS growth vs. EU TECFIDERA erosion?
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Next Biogen earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Developing Breakthrough Medications
Biogen is a multinational biotechnology company operating in the field of discovery, development, and sale of various. The company was established in 1978 and is based in Cambridge, Massachusetts. Over the years, Biogen has emerged as a key player in the biotech sector, specifically in neurology, with several therapies targeting multiple sclerosis (MS) and spinal muscular atrophy (SMA). Beyond neurology, their portfolio spans therapies for conditions such as hemophilia and other rare disorders.
Decades of Experience
Founded in 1978, Biogen stands as one of the world's oldest independent biotechnology companies. Its roots trace back to a group of scientists who recognized the potential of biotechnology to produce breakthrough medicines. In addition to its offerings of medications currently on the market, the company has consistently invested in research and development, leading to numerous innovations in the biotechnology sector. Biogen has consistently been able to develop marketable medications that make a positive impact on patient health. The company has expanded through a combination of organic growth as well as through collaborations and acquisitions over the years.
The Portfolio
Biogen has a vast therapeutic portfolio of various medications. The company has developed a range of therapies over the years, with several being first-of-their-kind or best-in-class. A standout is their focus on neurology, particularly in multiple sclerosis. Products like TECFIDERA and AVONEX have been game-changers in the MS treatment landscape. Additionally, SPINRAZA, designed for spinal muscular atrophy, is another prime example of Biogen's novel treatments addressing severe medical conditions. The company is also constantly working on developing new drugs
A Global Company
The company has a significant global presence, spanning countries across multiple continents. Their expansive distribution network ensures that their therapies are accessible to patients around the world. This is nothing unique for this type of company and the world's largest biotechnology companies and medication producers such as Pfizer, Eli Lilly, and Amgen, to mention a few, all operate on a global scale.
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