Biogen Q4 EPS $1.99 Beats on $2.28B Sales, 2026 EPS Guided $15.25–$16.25
Biogen reported Q4 adjusted EPS of $1.99 beating estimates by 24 cents despite a 42% YoY decline, with revenues of $2.28B down 7% but topping consensus. MS drug sales fell as Tecfidera plunged 51%, while Leqembi U.S. sales rose 13% to $78M and 2026 EPS guidance was $15.25–$16.25, above consensus.
1. Q4 Financial Results
Biogen delivered Q4 adjusted EPS of $1.99, exceeding consensus by $0.24, while total revenues came in at $2.28 billion, down 7% year over year but above forecasts.
2. Legacy MS Performance
Multiple sclerosis revenues totaled $917 million, a 14% decline led by Tecfidera’s 51% drop to $112 million and a 4% decrease in Tysabri sales to $397.5 million, reflecting generic erosion and competitive pressures.
3. New Therapy Momentum
Growth in newer assets supported results: Leqembi U.S. sales rose 13% to $78 million, Skyclarys revenue jumped 31% to $133 million, and Zurzuvae recorded $66 million, up 19% sequentially.
4. 2026 Guidance
Biogen forecast 2026 adjusted EPS of $15.25–$16.25, above consensus, with total revenues expected to decline mid-single digits in constant currency and gross margins projected to stay flat.